British Business Bank Invests £180m in Six AI Funds

The British Business Bank has committed £180 million across six venture capital funds specializing in artificial intelligence (AI) and deeptech. This significant investment aims to fuel the growth and development of the UK's AI ecosystem.

The funding will be distributed among the selected funds, including those managed by Evantic, founded by former Sequoia partner Matt Miller, and Entrepreneurs First. The initiative prioritizes backing growth-stage companies developing AI-driven solutions for sectors such as autonomous driving, healthcare, and advanced materials.

"The British Business Bank understands growth-stage risk as we do," stated Matt Miller, Evantic's founder. "This is a substantial endorsement for the sector and enables us to more effectively support AI innovations and their commercialization."

These investments are intended to support critical AI infrastructure development and accelerate the commercialization of AI innovations within the UK. The recipient funds will focus on areas including large language models, generative AI, and robotics, which are seen as foundational for future technological advancements.