Cervest, a London climate intelligence firm hailed by the Government as one of the UKs 10 most exciting AI firms just three months ago has gone bust with staff left unpaid, the Standard can reveal.
All of Cervests more than 100 staff have lost their jobs. Its 71 UK employees havent been paid since April.
The collapse of a supposed AI champion is the latest dent in a London tech sector struggling with layoffs, falling valuations and dwindling investment. In particular, its a blow to Rishi Sunaks vision of making London a world-leading artificial intelligence hub, laid out at London Tech Week just days before Cervest entered administration.
It is maybe the biggest downfall so far in the UK AI sector, which had appeared to be the one area…
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