40% of 'AI Startups' in Europe Don't Actually Use AI, Claims Report

Two-fifths of Europe's AI startups do not use any AI programs in their products, according to a report that highlights the hype around the technology. From a report: Out of 2,830 startups in Europe who were classified as being AI companies, only 1,580 accurately fit that description according to the eye-opening stat on page 99 of a new report from MMC, a London-based venture capital firm. The label, which refers to computer systems that can perform tasks normally requiring human intelligence, was simply wrong.

'We looked at every company, their materials, their product, the website, and product documents,' says David Kelnar, head of research for MMC which has $400 million under management and a portfolio of 34 companies. 'In 40% of cases we could find no mention of evidence of AI.' In such cases, he added, 'companies that people assume and think are AI companies are probably not.'

Read more of this story at Slashdot.