Ten teams from across the country have been chosen as finalists of the inaugural Manchester Prize, a prestigious challenge prize that rewards breakthroughs in AI for the public good.
This was announced by the Prime Minister as the AI Seoul Summit kicks off today. The finalists will each receive a share of £1 million to develop their solutions over the next eight months.
The teams in the running for the final £1 million prize will focus on energy, environment and infrastructure in their first year, working on breakthroughs in artificial intelligence that could help tackle food security, improve how solar energy flows into the electricity grid, and revolutionize it. battery production.
Chancellor of the Exchequer Jeremy Hunt said: “With over 50,000 people already working in the sector and billions expected to be generated for the UK economy in the coming years, the potential for AI innovation to drive our growth is enormous.
“That's why this financing is one of the best investments we can make.”
Viscount Camrose, (photo) Minister for AI and Intellectual Property said: “This award puts brilliant British AI innovation at the heart of tackling some of our biggest shared challenges. We're backing our unrivaled AI talent with an annual top prize of £1 million to create the next wave of breakthrough technology solutions.
“I look forward to seeing our finalists further develop their solutions in the coming months as we look to harness the incredible potential of AI to drive transformative change in energy, the environment and infrastructure.”
The Manchester Prize finalists include:
Quartz Solar AI Nowcasting by Open Climate Fix: Using AI to predict cloud formation, improving the integration of solar energy into the electricity grid.
CRE.AI.TIEF by Phytoform Labs: Addressing food safety challenges through AI-driven discovery of crop traits that are resilient to climate change.
Greyparrot Insight by Greyparrot.ai: Using AI waste analytics to map global waste streams, driving improvements in recycling and packaging design.
Polaron by Polaron: Revolutionizing battery manufacturing through AI-driven analysis of advanced materials.
In its first year, the Manchester Prize called on the ingenuity of innovators, academics, entrepreneurs and disruptors to submit their solutions using AI for public benefit. The prize attracted almost 300 entries from British-led teams, showcasing a wide range of groundbreaking ideas.
The finalists will each receive a £100,000 prize to help them develop their projects further over the next eight months. In addition, they will benefit from comprehensive support packages, including funding for computing resources, investor readiness support and access to a network of experts, setting them up for success in pursuing the £1 million top prize in spring 2025.
The potential for AI-powered innovation to boost economic growth is enormous, with estimates suggesting it could generate £400 billion for the UK economy by 2030. There are already more than 50,000 people working in the AI sector, with an expected market growth of more than 15%. Over the next six years there are enormous opportunities for new businesses to flourish and contribute to the country's prosperity.
Britain is already seeing the results of how AI can drive investment in its economy, with the recent announcement that British AI company Wayve has received a $1.05 billion investment to develop the next generation of AI-powered self-driving vehicles.
Hayaatun Sillem CBE, CEO of the Royal Academy of Engineering and judge of the Manchester Prize said: “British innovators have been crucial to the advancement of computing and information technology that has transformed the world we live in. AI has the potential to support productivity, the delivery of public services, make our national infrastructure function better and accelerate the transition to a net-zero economy. Choosing just ten finalists from such a diverse application area was difficult; Choosing a winner will be even more difficult. I look forward to seeing how the ideas develop over the coming months.”
With AI already beginning to unlock enormous opportunities in tackling climate change, transforming healthcare and more, the Manchester Prize looks set to lead to more groundbreaking innovations in using AI for good, delivering real change for people in the whole country.
Britain is committed to promoting innovation and harnessing the transformative power of AI for the betterment of society. As these projects continue to develop and progress towards tangible impact, they serve as evidence of Britain's position at the forefront of AI innovation on the global stage.
