STORY
The Government’s Sovereign AI fund has invested in OLIX, a British company developing computer chips for artificial intelligence systems. The equity investment forms part of a nine figure fundraising round and makes OLIX the fifth business backed by the state venture fund since the programme was launched.
OLIX is based in London and has offices in Bristol. The company is developing chips intended to make AI processing faster, cheaper and more energy efficient. The Government said the company had achieved a valuation exceeding $1 billion, placing it among the United Kingdom’s newly established technology unicorns.
Ministers said the investment was intended to strengthen domestic capability in advanced semiconductors and retain more of the employment and economic activity associated with AI infrastructure. Sovereign AI was established to take stakes in selected British companies considered capable of scaling internationally. The value and detailed commercial terms of the Government’s investment in OLIX were not disclosed in the announcement.