A new study by London based venture capitals firms MMC has said that about 40 percent of EU AI start-ups actually not using AI to their business.
Artificial Intelligence is one of the most hype tech terms nowadays, according to London based venture capitals firms has said that 40 percent of European start-ups classified as AI start-ups, don’t actually use artificial intelligence that is actually 'material' to their business.
MMC studied some 2,830 AI start-ups in 13 European Union countries to come to its conclusion, reviewing the “activities, focus, and funding” of each firm.
“In 40 percent of cases, we could find no mention of evidence of AI” - David Kelnar, Head of Research at MMC
David Kelnar, who compiled the report told to the Forbes Magazine, the claim that these start-ups are “AI companies” does not necessarily come from the firms themselves. Third-party analytic sites are often responsible for the classification, and it’s not clear from MMC’s report what percent of fake AI start-ups it identified was actively misleading their customers.
The report also found out that when companies deploy AI, its use-case is quite linear and boring. Most of the companies surveyed used AI that included chatbots and fraud detection. In both cases, it's not known how exactly does it benefit the customer.
MMC found that start-ups that claim to work in AI attract between 15 and 50 percent more funding compared to other companies.
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