The Top 15 AI Companies in London 2020

| Ryley Charlwood

Artificial Intelligence—or AI—refers to a field of computer science that solves problems through collating data points and learning from them. This human-like process makes it great for complex and dynamic tasks. 

With COVID-19 quickening the overall trend towards all things digital and remote—workplaces shifting heavily to remote-based solutions, e-commerce adapting to a low-touch economy, and people interacting online more than ever—the AI sector is only set to grow.

AI will continue to aid decision-making and automation, completing intelligent tasks at ever-growing speed and scale. In doing this, AI frees up human labour to focus on high priority risks and automate the rest.

London is the hub of the UK AI industry, so we’ve decided to focus our sights there today. There are currently 1,136 high-growth AI companies operating in the UK, 720 of which are located in London. But which are the top companies in this space right now? How do they use AI, and what are they working on? How much have they raised? Let’s find out!

Top AI companies London 2020

1. Babylon  

Founded: 2010
Location: Lambeth
Total funding rounds: 6
Total funds raised: £518m

Image of Babylon company logo. #1 AI Company

Babylon Health—one of the few unicorn companies on this list—is the UK’s best-funded AI startup by a margin of £192m. Babylon is just six years old, yet boasts £518m in equity fundraising. Its mission is to ‘to put an accessible and affordable health service in the hands of every person on earth.’

Babylon’s AI-powered chatbot asks patients a number of medical questions and then assesses the symptoms using algorithms and deep learning. The chatbot will reply to the client, providing informed medical information on causes, next steps and appropriate measures—such as a virtual meeting with a GP. Prescriptions can be administered electronically after a virtual consultation, too.

The bulk of Babylon’s fundraising came from a £454m round in August 2019 for the purpose of research and development, along with expansion into US and Asian markets. This round was backed by Kinnevik, Munich Re’s Ergo Fund, Public Investment Fund, Vostok New Ventures, and other undisclosed investors. 

2. OneTrust

Founded: 2016
Location: City of London
Total funding rounds: 2
Total funds raised: £322m

Image of OneTrust logo. #2 AI Company

OneTrust is a SaaS company that uses artificial intelligence and machine learning to automate privacy and security operations, and is trusted by 6000+ clients including Vevo, Oracle, and Allianz. It has built various applications informed by an ‘intelligent database’ containing hundreds of laws. OneTrust’s technology improves security and ensures clients are compliant with ‘all the world’s privacy laws’, such as GDPR and CCPA. 

OneTrust has raised £322m in equity investment through just two funding rounds: £160m in July 2019, and £162m in February 2020. It has offices all over the world, including San Francisco, London, Bangkok, and Hong Kong.

3. BenevolentAI

Founded: 2013
Location: Camden
Total funding rounds: 5
Total funds raised: £208m

Image of Benevolent AI Logo. #3 AI company

BenevolentAI applies artificial intelligence to find new ways to treat disease, accelerating medical research and drug discovery. Benevolent AI’s software analyses academic papers, clinical trial data, and other scientific documents to make new discoveries. AI can collate and learn from biomedical and scientific data on a scale and depth unattainable to humans.

BenevolentAI’s software may take one compound that failed in a clinical trial, for example, and then predict how the same compound could be more efficiently targeted towards another disease. Its AI technology enables scientists to decipher the complex code within compounds and humans faster. It’s currently applying this exact process to discovering potential treatment for COVID-19

BenevolentAI was the third British startup to ever achieve unicorn status, following Zoopla and JustEat. Based out of Camden, it’s raised £208m across five rounds since its inception in 2013. 

4. Behavox

Founded: 2014
Location: Lambeth
Total funding rounds: 6
Total funds raised: £151m

Image of Behavox Logo. #4 AI company

Powered by machine learning and advanced AI, Behavox is able to extract behavioural meaning from big data. It is a SaaS data operation platform, with applications ranging from compliance to CRM automation. 

By analysing all of a company’s internal data, Behavox picks out employee behaviours and signals that drive success. It offers reports, visualisations, and case management so they can view company-wide data clearly. Based on the insights Behavox provides, companies can mitigate risks and identify revenue opportunities. Its automated people analytics platform also assists with regulatory and compliance risks.

Behavox—a company we’ve previously listed as one of UK’s hottest tech startups —recently won Business Wire’s ‘Best Overall AI Solution’ award in August 2020. Its fundraising numbers are impressive too, having secured £151m in investment across six rounds. The most recent round was a striking £77.2m equity fundraising in February 2020, funded entirely by Softbank Vision Fund.

5. Thought Machine

Founded: 2014
Location: Islington
Total funding rounds: 6
Total funds raised: £123m

Image of Though Machine logo. #5 AI company

Thought Machine works within the retail banking and financial services technology sector. Its main product is called Vault, a software that allows for banks to centrally manage their financial products through a cloud-based, end-to-end platform. The company has set out to relieve banks from old legacy software and systems, by offering their platform and functionality as an alternative. Its AI-powered API functionality runs the bank’s online operations and services, and claims to run any bank system regardless of complexity. 

Thought Machine has offices in London, Singapore, America, and Australia. Clients include Lloyds and Atom Bank. It secured an incredible £97.3m in equity fundraising this year alone—£64.7m in March, and £32.6m in July 2020.

6. ComplyAdvantage

Founded: 2014
Location: Westminster
Total funding rounds: 5
Total funds raised: £77.1m

Image of ComplyAdvantage Logo. #6 AI company

ComplyAdvantage provides a platform that identifies and tracks financial crime. Companies, particularly in the financial sector, use ComplyAdvantage to undertake due diligence and ensure compliance. A bank might use ComplyAdvantage for insights, like ensuring current and potential clients aren’t associated in financial crime such as money laundering.

ComplyAdvantage uses AI and machine learning to automate the process of compliance, giving clients live insights by  monitoring billions of data points every day. 

Backers include two of the UK’s leading venture capital funds: Index Ventures and Balderton Capital. Clients include huge names such as Santander, Visa, and Oaknorth.

7. Roborace

Founded: 2014
Location: Hammersmith and Fulham
Total funding rounds: 6
Total funds raised: £72.7m

Image of Roborace logo. #7 AI company

Roborace runs a motor racing championship for electric self-driving cars. In their championships, competing teams must develop their own real-time computing and AI technology in order to gain the advantage. The cars drive using computer vision, sensors and AI algorithms. Rather than different cars and drivers offering an advantage—like in conventional F1 racing—it’s the AI software each team develops that gives them advantages. Cool, right?

Roborace has raised £72.7m across six funding rounds, all of which were unannounced. Its most round was completed at a lower valuation than the previous, making it a down round. Its current COVID-19 impact status has been changed from severe to moderate, suggesting that they’re on the mend—however, our platform also shows that its employee count has decreased in recent months. Nevertheless, Roborace is planning to move on to their second racing season in September 2020, with its social media (Twitter here) providing regular updates.

8. Quantexa

Founded: 2016
Location: Croydon
Total funding rounds: 4
Total funds raised: £71.7m

Image of Quantexa Logo. #8 AI Company

Quantexa is a SaaS company offering advanced network and data analytics. Quantexa’s API audits and monitors clients’ systems, creating a contextual and analytical view of data across the company. 

The use cases of this software include uncovering hidden risk, identifying new opportunities, and providing data-driven insights. Similarly to ComplyAdvantage, Quantexa implements and researches AI technology to flag illegal activity. Quantexa and ComplyAdvantage are actually licensing partners, granting access to each others’ database.  

Quantexa received its largest and most recent funding in July 2020 for £50.8m, and says it’s using this capital injection to launch into new industries, such as the public sector. Its key industries include banking, insurance, and government. The company now employs over 200 people in offices across the world, including London, Melbourne, Toronto, and Singapore.

9. Huma

Founded: 2016
Location: Westminster
Total funding rounds: 7
Total funds raised: £57.3m

Image of Huma Logo. #9 AI company

Huma (previously Medopad) develops technology that allows hospitals to manage health records and enables clinicians to monitor and share patient data through mobile devices. The company’s software supports third party integrations and apps.

Huma works with healthcare providers, technology professionals, and scientists to offer them digital health insights. It does this through digital biomarkers and wearable technology. Huma is currently working with the NHS to monitor COVID-19 patients through an app, allowing remote supervision.

The company has secured £57.3m in fundraising to date, and in April 2020 acquired two businesses: BioBeats and Tarilian.

10. ContractPodAI

Founded: 2012
Location: Tower Hamlets
Total funding rounds: 6
Total funds raised: £47.1m

Image of ContractPodAI Logo. #10 AI company

ContractPodAI provides AI-powered legal management services for law firms and corporations to automate contract management. Its software is heavily informed by machine-learning, legal engineering, and cloud infrastructure.

ContractPodAi’s software works to analyse and interpret legal contracts, provide legal summaries, and extract key figures. This saves time and labour for some of the world’s largest corporations such as EY, Total Petroleum, and Bosch Siemens.

In 2019 ContractPodAI expanded into Toronto, and in July 2020 partnered with leading corporate law firm, Bowmans, to expand into Africa. The company has raised £47.1m in total, the vast majority of which came from a July 2019 equity investment of £44.3m by Insight Partners and Eagle Investment.

11. Eigen Technologies

Founded: 2014
Location: City of London
Total funding rounds: 5
Total funds raised: £46.0m

Image of Eigen Technologies Logo. #11 top AI company

Eigen Technologies provides businesses with bespoke AI data analysis tools. Eigen’s AI-led software automates the extraction of information and classifications from documents. Eigen Technology converts information within financial and legal documents into structured and usable profiles. It claims to only need 2-50 documents in order to train its algorithms, which is a much smaller dataset than most require. 

It utilises Natural Language Processing (NLP) technology to parse and understand an array of document types. Machine learning algorithms then analyse and recognise patterns within the text, providing accurate answers and saving time. 

Founded in 2014, Eigen Technologies works with names such as Goldman Sachs and Blackrock, and has offices in both London and New York. It has secured £46.0m in fundraising, the most recent being a £4.01m equity investment in March 2020 from ING Ventures. 

12. Tessian

Founded: 2013
Location: City of London
Total funding rounds: 6
Total funds raised: £44.4m

Image of Tessian Logo. #12 top AI company

Tessian, which placed 8th in our top 27 UK cybersecurity startups list, uses AI technology to automate threat prevention and remediation. Its software can detect phishing, block unauthorised or unsafe inbound and outbound emails, and guard against cybersecurity threats. By providing in-house company security teams with automated intelligence, threat detection tools, and insights, Tessian can reduce clients’ operational risks and quickly fix problems if they do occur.

Clients such as Dentons, Rightmove, and Evercore all use Tessian to bring an intelligent, machine-learning solution to their everyday online security.

Founded in 2013, Tessian has secured £44.4m in fundraisings and £100k from a SMART innovation grant. It’s appeared on a number of high growth lists, such as the Regtech 100 and Fast Track Tech Track 100, which is one of our key triggers for tracking a high-growth company.  

13. Decibel

Founded: 2011
Location: Hackney
Total funding rounds: 2
Total funds raised: £39.6m

Image of Decibel Logo. #13 top AI company

Decibel provides businesses with software that analyses how consumers use and interact with the company’s websites and apps. Its algorithm-based solution crunches a vast array of data points to identify poor experiences on websites and apps, giving a ‘Digital Experience Score’ and suggesting how to optimize their platform and customer experience.

Working with household names like Lego, Adidas, and Sony, Decibel Insight provides AI applications for better decisions, online conversion, engagement, and customer loyalty. 

Decibel secured fundraising during the pandemic—£32.6m in May 2020 from Perwyn, Draper Esprit, Eight Roads Ventures, and Ventureforgood. Decibel, like a few others on our list of AI startups, was featured on Fast Track’s Tech Track 100 on the 9th September 2020.

14. Signal AI

Founded: 2013
Location: Hackney
Total funding rounds: 5
Total funds raised: £39.4m

Image of Signal AI logo. #14 AI company

Signal AI monitors online media and directs tailored business news and insights to clients depending on their interests. The company’s mission is to ‘discover and extract the best information at the right time from the most reliable sources’. In a world where information is consumed at an overwhelming and industrial level, Signal AI aims to identify the best information using patented algorithms.  

AI comes into this by analysing information from millions of sources in real-time—something impossible for human-power alone. Signal AI’s clients purchase their platform to stay on top of coverage, data, and news in their sector. By providing meaningful insight and information flow, Signal AI helps clients save time on monitoring and reporting. 

We mentioned SignalAI in our article on COVID-19’s impact on UK AI startups earlier this year, listing them as an example of a company creating job opportunities during the pandemic. The company has been through a number of accelerators—such as PwC Scale Programme and Fintech Innovation Lab London—and has secured £41.2m in fundraising, most recently raising £19.3m in October 2019 from GMG Ventures, Hearst Ventures, Redline Capital Management, and Scale Up Fund.

15. Patsnap

Founded: 2015
Location: Hounslow
Total funding rounds: 4
Total funds raised: £37.5m

Image of Patsnap logo. #15 top AI company

Patsnap develops web-based AI software through which subscribers can access intellectual property (IP) patents, such as patent expiry dates, renewals, licensing, and litigation data.   

It searches through millions of data points, namely patents and IPs, and uses advanced neural networks and modern data science techniques to read and analyse documents. Patsnap analyses documents like chemical structures, clinical trials, financial reports, and litigation records— translated them into insights that users extract in seconds rather than poring over everything first-hand.

Patsnap has been around since 2015, and this isn’t the first time it’s been featured on our top startups list—in 2019 we ranked them as one of the top AI startups in the United Kingdom. 8000+ customers—including Tesla, Dyson, and NASA—in 40+ countries use Patsnap’s AI solution for innovation intelligence and, as stated on their site, to ‘connect the dots’ so they can ‘innovate better’.

And there we are—the top 15 artificial intelligence companies in the UK, ordered by total amount raised. 

This list and the figures contained were extracted from our platform in just a few moments. 

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