London has maintained its position as the top destination in Europe for technology investment according to a report by Pitchbook and London & Partners.
The UK’s capital city saw close to double the amount of investment than its closest rival, Berlin.
In 2018, technology companies in London attracted £1.8 billon in venture capital funding, 72% of the total £2.5 billion pounds raised by UK tech businesses.
These figures stand against the backdrop of the UK’s departure from the EU, something London’s tech sector had previously warned could hinder the appeal of the capital city for companies looking to invest in its digital economy.
Across the UK as a whole, investment in AI rose 47% to £736 million, while £1.2 billion went into the flourishing fintech sector. Other growth sectors included big data, blockchain and cryptocurrencies, which also saw all-time high investment numbers.
Global interconnection and data centre company Equinix has been instrumental in developing the UK’s digital infrastructure.
In November of last year, the US-based firm announced the launch of a new £90 million high performance data centre, LD7, at its London Slough campus. This project forms part of a total new investment in the UK’s digital infrastructure of £295 million.
A key driver of London’s data growth is its strategic positioning, where fintech companies are nearby to a leading financial district and health tech companies operate in close proximity to pharmaceutical and life-science firms.
London is also a global leader in AI and broader technology, due to its links to universities such as Oxbridge and University College London.