• Saturday, June 15, 2024

Business

Tej Kohli pumps £79m into artificial intelligence and machine learning firms

According to the McKinsey Global Institute, AI is expected to provide a 22 per cent boost to the British economy by 2029 (Photo: BEN STANSALL/AFP/Getty Images).

By: Radhakrishna N S

ASIAN origin investor Tej Kohli has pumped another £79million into artificial intelligence (AI) and machine learning ventures.

London based billionaire said he would be investing the sum into Rewired, a venture capital studio.

Founded in 2017, Rewired targets AI start-ups and robotic firms.

Kohli, the chairman of Kohli Ventures has invested in the Rewired heavily when the fund first launched.

Bristol-based Open Bionics, Californian firm, Aromyx are among the list of companies backed by Rewired.

The company was focusing on the firms that would power the new economy, transform businesses, revolutionise global healthcare and even improve and extend human life.

According to the experts, the global market for AI will be worth anywhere between $3.9 trillion by 2022 to as much as $15.7 trillion by 2030.

The latest investment in the space declared during London Tech Week.

According to the McKinsey Global Institute, AI is expected to provide a 22 per cent boost to the British economy by 2029.

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