Barclays Backs UK AI Push With CommonAI Investment | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
On Tuesday, Barclays announced an investment in CommonAI, a collaborative AI engineering platform founded by Anthemis and Cambridge AI Venture Partners.
The company said the move is aimed at accelerating the development of trusted artificial intelligence infrastructure across the UK.
CommonAI is said to operate through a membership model designed to close the scale and knowledge gap that can prevent start-ups and small businesses from competing globally, providing access to models, training data, hardware design and affordable compute power so organisations can build business-specific AI solutions without prohibitive development costs.
Coinciding with the investment, CommonAI is launching its High Assurance AI programme, focused on developing AI systems capable of operating autonomously in high-risk environments such as financial services, where accuracy, explainability and accountability are essential.
Anthemis also intends to raise a dedicated fund to back start-ups operating in this space.
Barclays will join the High Assurance programme as a member, looking to identify strategic use cases and develop solutions to industry-wide challenges in financial services.
“By supporting CommonAI, we are helping to build a more open and collaborative ecosystem that can accelerate the development and adoption of AI across the UK,” said Kristen Bennie, Group Head of Innovation and Partnerships at Barclays.
AI Minister Kanishka Narayan said CommonAI is building trusted, home-grown AI infrastructure that gives UK businesses the tools to develop and deploy AI with confidence.
