The Business Secretary said: "Alan Turing's genius played a pivotal role in cracking the codes that helped us win the Second World War. It is therefore only right that our country's top universities are chosen to lead this new institute named in his honour.
"Headed by the universities of Cambridge, Edinburgh, Oxford, Warwick and UCL - the Alan Turing Institute will attract the best data scientists and mathematicians from the UK and across the globe to break new boundaries in how we use big data in a fast moving, competitive world."
The Institute will build on the UK's existing academic strengths and help position the country as a world leader in the analysis and application of big data and algorithm research. Its headquarters will be based at the British Library at the centre of London's Knowledge Quarter.
The Institute is being funded over five years with £42 million from the UK government. The selected university partners will contribute further funding. In addition, the Institute will seek to partner with other business and government bodies.
