UK tech start-ups are valued at $996.8bn (£817bn), up from $988bn (£812bn) last year, following a surge in the use of artificial intelligence tools. 

The valuation places the UK as the third-largest global tech player, behind the US and China.

The numbers come as part of a new ‘Data Commons’ initiative from analysis firm Dealroom and HSBC Innovation Banking. The latter was launched earlier this summer and includes the former Silicon Valley Bank UK (SVB UK), which collapsed in March. 

The two organisations have partnered to analyse the overall health of the start-up and innovation industry in the UK, tracking data including job openings, active investors and capital injected into the UK. 

Their findings also showed that venture capital investment into UK start-ups has significantly decreased in 2023. In the first nine months of the year, UK tech start-ups have raised $12.4bn (£10.2bn), far short of the £24bn raised in 2022.

It also revealed that investment...