London: A data and AI innovation hub
This month we released our joint report with London & Partners – ‘London: An innovation hub for health and life sciences through the application of data and AI’.
The convergence of London’s world-leading life sciences cluster and its AI capabilities are not to be missed for companies looking to grow, scale and collaborate around bioinformatics and healthcare delivery. The report outlines the opportunities for companies in this growing ecosystem, alongside new data and stories from entrepreneurs already scaling here.
Read the full report here, or keep reading for a brief summary of some the areas the report covers:
London is well placed for companies to access what they need to grow and scale. It benefits from:
- Trusted data sources, including via the UK’s Health Data Research Hubs
- Funding opportunities
- Agencies supporting access to market
- Assurance of trust and transparency in data
- Close links to governmental organisations and policymakers
And investors recognise this too. Our report highlights that AI investment into London-based companies has grown rapidly in the past few years, with £3bn raised in 2019 and 2020.
Our report also highlights UK Government support that make setting up in the UK a good option for companies. From tax incentives, to Government initiatives such as the NHSX AI Lab, to funding streams, the UK offers a highly supportive environment for the growth of AI and data in life sciences.
Whilst London’s numerous clusters remain well connected, both to each other, and globally, the choice presented is another of London’s selling points that has been highlighted.
- The Knowledge Quarter (around King’s Cross Station) has emerged as a leading cluster for AI in life sciences. Companies and institutions already at home there include DeepMind, University College London and the Francis Crick Institute. And, with Merck and GlaxoSmithKline investing heavily in also moving into the area, it is only growing as a central player.
- Whitechapel benefits from the talent of both Queen Mary University of London, and Barts NHS Trust, and has opened its doors to enterprise with Queen Mary Bioenterprises Innovation Centre and the Queen Mary Enterprise Zone.
- The White City Innovation District has made itself the destination for biotech, digital and creative industries. Several biotech companies have based themselves in and around the Translation & Innovation Hub (I-HUB), alongside global pharmaceuticals company Novartis.
- South London is also rapidly developing as a cluster, with the Cell & Gene Therapy Catapult at Guy’s Hospital just one example at Southbank. The exciting development of the London Cancer Hub illustrates how the cluster is growing further south to Sutton.
Case studies in success
Our report highlights numerous case studies of companies successfully growing their AI and data healthcare business in London.
In 2020, Kheiron was successful in receiving Innovate UK funding for an evaluation of their product – a deep learning software targeting the NHS Breast Screening Programme. They also won the UK Government’s first AI in Health and Care Award to help them roll it out in 15 UK hospitals.
“London has made it possible to work on policy, commercial and science all in one city.” Sarah Kerruish, Chief Strategy Officer, Kheiron Medical.
MultiplAI is a genomics-driven diagnostics company that offers a whole blood screening test using RNA sequencing and AI to detect virtually any complex diseases.
“London attracts the world class scientific talent and potential partners that are needed to succeed in our efforts.” Mark Ramondt, Co-Founder, MultiplAI.
InstaDeep is a global leader in decision-making AI products, with a track record for close partnerships with research institutions and leading commercial enterprises alike.
“InstaDeep started as a bootstrap… in 2014, and today we are listed as one of the top 100 most promising AI startups in the world by CB Insights for the second year running. This is thanks to London’s vibrant ecosystem of research institutions, investors, accelerators and fast-growing companies creating the perfect environment for our company to scale.” Karim Beguir, Co-Founder and CEO, InstaDeep.
If your company is considering setting up in London, MedCity can support your landing, and connect you to our growing communities in Cell and Gene therapies, Diagnostics, Digital Health and Data and AI. Contact us.