40% of Europe's artificial intelligence start-ups found to lack AI

Four in ten of Europe's artificial intelligence start-ups demonstrate little evidence of actually using AI in their products and services, according to a new report that explores the hype around the technology. For the study, London-based investment firm MMC Ventures, in association with Barclays, analysed 2,830 AI start-ups in Europe and based their findings on public information and interviews with executives. The study also found that one in every 12 newly founded tech companies is an AI company. "AI has grown rapidly over the past few years and already we've seen the impact on our everyday lives, from facial recognition to the recommendations we're served up. As the technology becomes more prevalent and complex, however, it's important to remember any AI proposition must meet two criteria: to solve a real-life problem for people, businesses and society, and to do so in a responsible and inclusive way," said Steven Roberts, Managing Director of Barclays UK Ventures. "These two priorities are at the heart of the work we've done in the space, whether that be supporting start-ups and scale-ups, hosting events to demystify the technology, or connecting larger businesses to the most exciting entrepreneurs in the space.