The British Business Bank has committed £180m to six AI-focused funds, according to Sifted. Evantic and EF are named among the recipients, with the investment targeting venture funds that back artificial intelligence startups.
The deployment adds to the bank's activity as a limited partner in UK venture capital, giving selected fund managers more capital to invest in early-stage companies.
The move is notable for concentrating a large sum of state-backed money into AI, one of the most competitive areas of technology investing. It also signals that the British Business Bank sees AI as a priority for UK innovation and growth.