British AI company Quantexa is a global leader in Decision Intelligence (DI) solutions for the public and private sectors. In a recent development, the company announced that it will invest an additional £125 million in the global AI industry over the next three years to help clients advance the use of AI to protect, optimise, and grow their organisations.
By 2027, Quantexa’s total global investment in AI will surpass £200 million. This follows the $129 million funding round that helped Quantexa attain unicorn status.
This investment marks Quantexa’s continued advancements in AI with the preview of its Generative AI technology, Q Assist. Also, Quantexa furthered its commitment to advancing the company’s existing AI Stack to enable its growing global ecosystem of clients and partners to unlock new industry-specific use cases for financial services, insurance, telecommunications, healthcare, and in the public sector.
In addition to this commitment from the company, analysis from University of Washington suggests this investment will boost the global AI industry by £600 million as the multiplier effect is realised.
Rishi Sunak, Prime Minister of the United Kingdom said: “We want to ensure the UK remains the best place in the world to build, test, and use safe AI technology. Quantexa’s new £85M London AI Innovation Centre will help cement this reality. It will create over 170 jobs, harness the extraordinary potential of AI as we grow our economy, and lead the way on responsible AI development around the world.”
Vishal Marria, CEO and Founder, Quantexa said: “While many companies are talking about AI and machine learning, we have been investing in it since our inception. We are investing our time, money, and resources into the biggest technological breakthrough for generations as it will transform how organisations make decisions. We’re proud to invest in London-based innovation but the impact will be felt by the global economy and will start a ripple effect that will unlock decision intelligence capabilities for our clients and their respective industries.”
Technology Secretary Chloe Smith said: “The Government is serious about AI, which is why we’ve invested £2.5bn in AI infrastructure and skills since 2014 and this year set out our plan for AI regulation to drive innovation and build trust. Quantexa’s investment is a huge vote of confidence in those plans and will unlock new opportunities for growth and job creation, enabling us to continue to pave the way as a global leader in the development of AI.”
Dr Oren Etzioni, Professor at the University of Washington’s Computer Science and founding CEO of the Allen Institute for AI said: “An investment of 100 AI jobs will drive economic growth not just in London but around the world. The places most likely to benefit are AI innovation hubs like New York City, Seattle, and San Francisco. Based on my research into the impact of AI on employment and economic growth, the long-term monetary benefits of this announcement will increase significantly because of the multiplier effect from job creation and innovation.”
QAssist, a generative AI assistant
Q Assist will allow clients to use their own proprietary, open source, or commercially available models including ChatGPT, a leading LLM from OpenAI. Quantexa’s market-leading entity resolution, graph analytics, and scoring capabilities become turbo-charged when they can be queried with natural language questions and prompts in Quantexa’s Decision Intelligence Platform.
Quantexa demonstrated one of what could become many potential use cases for Q Assist. The financial crime investigation scenario was chosen to show the potential in using natural language to query vast amounts of structured and unstructured data at scale, allowing even junior analysts to understand the complex data behind graph analytics and alerts.
The preview also showed the ability to automate the generation of Suspicious Activity Reports (SARs) and investigative summaries in close to 100 languages driving further efficiency in what is typically a manually intensive process and allowing more time to be redirected to strategic activities.
Use cases of its Decision Intelligence platform
Quantexa’s Decision Intelligence platform and suite of solutions for data management, customer intelligence, KYC, risk, fraud, and financial crime have been deployed in over 70 countries.
Enterprises and government agencies are using Quantexa’s Decision Intelligence to become more effective and efficient at organising siloed, messy data to obtain 360-degree views of customers and suppliers to identify fraud, qualify eligibility for services, stop dangerous goods at borders, or optimise supply chains.
