Deepmind, the artificial intelligence company owned by Google, has posted a huge increase in loss for the full year as its debt level reached more than £1bn.
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 Googles 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.
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