DeepMind, the UK’s star artificial intelligence company owned by Google, has tripled the amount of money it spends on top talent.
Spending on administration largely driven by its wage bill jumped to £164m in 2016, up from £54m a year earlier, according to its newly published annual accounts, as it splashed the cash on attracting and retaining experts in the highly competitive field.
“We're really proud that some of the world's most exciting AI research and real-world application is taking place right here in London," said a spokesperson for DeepMind.
"We intend to keep investing in our scientific mission, and to work with the world’s brightest minds to tackle society's most complex problems.”
The London-based tech firm which was snapped up by Google for £400m in 2014, brought in revenue for the first time last year of £40m from its research and development into AI, the figures also reveal. Losses grew to £94m, up from £34m a year earlier.
It was also revealed to have spent £1.4m acquiring a tech company spun out of Imperial Innovations last year, Hark Health, which has formed a part of its major push into health. The value of the acquisition has not previously been disclosed.