The surge in healthtech investments has played a pivotal role in maintaining this position, trailing only behind the US and China.
Despite facing economic challenges, the UK’s technology sector continues to stand strong, retaining its third-place global ranking, with a combined valuation of £820 billion. The surge in healthtech investments has played a pivotal role in maintaining this position, trailing only behind the US and China.
Recent data from HSBC Innovation Banking (formerly Silicon Valley Bank UK) and Dealroom reveals that UK startups are collectively valued at $996.8 billion, showing an increase from last year’s valuation of $988 billion.
Throughout this year, UK tech startups have successfully secured funding totaling $12.4 billion (£10.2 billion). While this marks a significant achievement, it is unlikely to match the remarkable £24 billion raised in 2022.
This report coincides with the introduction of “The Data Commons,” a collaborative initiative between HSBC Innovation Banking and Dealroom aimed at establishing a comprehensive national database focused on the UK’s startup ecosystem.
Erin Platts, CEO of HSBC Innovation Banking UK, emphasized the importance of real-time, accessible data in the ever-evolving innovation landscape. Platts stated, “With Data Commons, the public and private sectors now have a critical tool to analyse and track the performance of the innovation economy to support investment and strategic decisions.”
Notably, healthtech startups have attracted the largest share of investment, surpassing fintech for the first time. This shift underscores the growing significance of health-related technological advancements.
The data also highlights that the UK has given rise to 151 unicorn companies, each valued at $1 billion or more.
Sheeraz Saleem, CTO of foreign exchange firm DKK Partners, emphasized the pivotal role of technology and innovation in propelling UK businesses forward. Saleem noted, “Tech and innovation is a central driver for UK businesses and it is great to see the value of our tech sector rising in the global standings.”
He continued, “These innovations can play a key role in the growth of businesses, so it is important that the UK continues to cement itself as a leading tech hub and a prime investment centre in order to attract funding and continue to fuel R&D in order to give businesses access to the technology they need to thrive across different markets.”
In 2022, the combined value of the UK’s public and private sector tech companies surpassed $1 trillion for the first time, highlighting the robust and resilient nature of the UK technology sector.