Google-owned AI firm Deepmind suffers ballooning losses as debt mounts
.jpg)
The London-headquartered company reported a loss of £470m in 2018, compared to £302m the previous year, according to its latest accounts.
While Deepmind almost doubled its revenue over the year to £103m, this was offset by a near doubling of staff costs to £400m.
Deepmind also said it has a debt pile of £1.04bn due for repayment this year, £883m of which is owed to Google’s parent company Alphabet.
A Deepmind spokesperson said: “Our DeepMind for Google team continues to make great strides bringing our expertise and knowledge to real-world challenges at Google scale, nearly doubling revenues in the past year.
“We will continue to invest in fundamental research and our world-class, interdisciplinary team, and look forward to the breakthroughs that lie ahead.”
Google bought the AI firm for £400m in 2014 after fending off rival bidder Facebook. Deepmind has since proved to be a costly venture for Alphabet, with huge staff costs accounting for most of its expenses.
However, Deepmind last month announced that its technology had helped to cut Google’s energy bill for cooling its data centre by up to 40 per cent.
Last year Google announced it would take control of Deepmind Health, a division of the company that uses AI to identify and diagnose health problems.

Latest Jobs
-
- Lead Cyber Security Incident Response Consultant.
- United Kingdom
- N/A
-
Seeking skilled and passionate UK-based individual for a Lead Cyber Security Incident Response Consultant opportunity 3 core skillsets for the role Hands on technical incident response (triage and planning). Business consultancy (engaging with clients). Commercial awareness. Being able to engage in business growth conversations. Consultancy experience is an essential as it the ability to visit clients and the office. Additional experience will include, but not be limited to: Developing incident response strategies, guides and procedures for effective incident handling Proactive and reactive defense plans based on cyber threat actors' techniques Offering guidance, supervision, and fostering opportunities for team development Significant career development opportunities for the right individuals.
-
- OUTSIDE IR35 Contract- Functional tester- SC clearance Microsoft Windows Server
- London
- Outside IR35 contract
-
Front End Functional tester with SC clearance needed for an Outside IR35 project. Current valid SC clearance is required Experience with functional testing with exchange, sharepoint, SQL and other applications relating across a windows server Migration to 2019. Must be able to get to Central London 3 days a week. Jira, Wiki documentation and automation experience highly desirable.
-
- ForgeRock Consultant- UK
- United Kingdom
- Upto £100,000 plus benefits
-
ForgeRock Consultant/ Architect is require for niche consultancy who are looking to expand their presence within the UK/European Market Looking for a lead IAM architect, ideally with ForgeRock experience but would consider other vendors, But looking for someone who is able to advice and consultant with Clients but have the implementation background so they can get involved in projects as and when needed. Key duties will be: Provider IAM consultancy to clients, with a focus on ForgeRock Product stack ·Responsible for the design and implementation of ForgeRock solutions ·Install and configure ForgeRock stack to meet customer authentication and authorization requirements, ·Design and implement OAuth2 protocol using ForgeRock OpenAM, ·Design and develop OpenAM custom authentication modules, ·Configure ForgeRock stack to protect RESTful API, ·Troubleshoot and support ForgeRock IAM stack. This is a great role to join a niche play as they look to kick of their European expansion
-
- ForgeRock Consultant- Netherlands
- Netherlands
- N/A
-
ForgeRock Consultant required for 6 Month Contract This will be a mix of on site and home based, so need people to be based in the Netherlands We are looking for a lead ForgeRock Technical Consultant/ Architect with strong experience of ForgeRock to lead a new deployment project. ·Responsible for the design and implementation of ForgeRock stack ·Install and configure ForgeRock stack to meet customer authentication and authorization requirements, ·Design and implement OAuth2 protocol using ForgeRock OpenAM, ·Design and develop OpenAM custom authentication modules, ·Configure ForgeRock stack to protect RESTful API, ·Troubleshoot and support ForgeRock IAM stack. ·Designed and developed Restful APIs, This is a great project with an expanding leading IAM player within Europe, We are looking for someone with the above experience, who is comfortable hitting the ground running and taking on the reins at the start of a project