Sovereign AI Fund
The question
To ask the Secretary of State for Science, Innovation and Technology, what steps are being taken to ensure value for money for taxpayers in the deployment of the £500 million Sovereign AI Fund, and what criteria will be used to assess the Fund’s success in supporting UK-based AI companies.
Answered by Kanishka Narayan
Delivering value for money for taxpayers is central to the Sovereign AI Fund. This will be assessed through robust monitoring and evaluation against the Fund’s strategic objectives, including its effectiveness in growing and anchoring strategically significant AI companies in the UK, mobilising private capital, and strengthening the wider UK AI ecosystem, alongside standard public money controls and financial oversight.
Equity Investments by the Sovereign AI Fund will be delivered through DSIT’s existing Government-owned company, British Technology Investments (BTI) Ltd and its governance structures. The BTI Board will review the Fund’s performance and the Sovereign AI Strategy Board will provide strategic oversight of the overall programme. The vast majority of individual investment decisions will be taken by an independent Investment Committee with delegated authority from BTI Board. Exceptional cases may be decided on by the BTI Board.
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