UK’s tech sector has seen a huge boom this year as more and more businesses as well as individuals adopted new and innovative technologies to work amid the pandemic.

The tech sector in the UK received a record level of investment amounting to £29.4 billion this year, according to the latest analysis for the UK’s advisory committee of the independent members, the Digital Economy Council (DEC). This analysis was done by data platform Dealroom and job search site Adzuna.

The UK’s £29.4 billion tech investment accounted for about 33 per cent of Europe’s total tech investment of £89.5 billion this year.

Moreover, this year’s investment level was higher by a multiple of 2.3 times from the UK’s investment total of £11.5 billion in the previous year. This growth of 2.3x was the highest recorded tech investment growth rate since 2013/2014, when it rose to £3.5 billion in 2014, up from £1.5 billion in 2013.

The analysis found Cambridge to be on top of the Levelling Up Power Tech League 2021 and turning up to be the UK’s leading regional tech hub. Cambridge’s number 1 position was based on a combination of several factors, including high venture capital (VC) funding levels, the tech salaries which were advertised, the number of unicorns (i.e tech firms having a valuation of over US$ 1 billion), amongst other factors.

29 UK unicorns were created this year, which accounted for 25 per cent of the UK’s total number of 115 unicorns.

About 37 tech and consumer internet companies which got listed on the LSE this year had a total market cap of £31 billion.

Let us explore the investment prospects in these 2 FTSE tech stocks and see how they reacted to the development:

1. Oxford Nanopore Technologies PLC (LON: ONT)

Main market-listed firm Oxford Nanopore is a British nanopore sequencing products developer and seller.

The company reported several product releases, including the new Kit 12 and the R10.4 flow cells, amongst others, in its latest technology update at the company’s Nanopore Community Meeting.

Image source: Refinitiv

Oxford Nanopore’s shares were trading at GBX 672.00, higher by 1.05 per cent on 20 December at 09:44 AM BST. The company’s market cap was at £5,455.69 million as of Monday. ONT was admitted to the LSE on 30 September this year.

2. Wise PLC (LON: WISE)

Wise is a UK based fintech firm. Its revenue, for the 6 months ended on 30 September, rose by 33 per cent to £256.3 million, up from £192.2 million in the previous year.

The group forecasts its FY 2022 annual revenue growth percentage to be in the mid-to-high 20s.

Image source: Refinitiv

Wise’s shares were trading at GBX 745.20, down by 0.67 per cent on 20 December at 09:44 AM BST. The company’s market cap was at £7,461.41 million as of Monday. WISE was admitted to the LSE on 07 July 2021.