European “AI startups” aren’t in fact utilizing AI

Here’s another interesting article from Itproportal titled:  European “AI startups” aren’t actually using AI

An amazingly high number of firms purporting to be AI-powered do not appear to in fact use the modern technology at all, a new report has found.

A study by London-based equity capital firm MMC found that 40 per cent of European startups classified as ‘AI companies’ do not really make use of fabricated intelligence in such a way that is “material” to their organisations.

MMC evaluated 2,830 AI start-ups throughout 13 EU nations analyzing the “activities, focus, and funding” of each to come to its verdict.

Regardless of the somewhat deceptive misnomer, companies that say they are AI-related frequently verify to bring in even more rate of interest and financial investment, with MMC searching for that those asserting AI association attracting in between 15 and 50 per cent much more funding contrasted to various other firms.

For those companies really selecting to utilise AI in their everyday service, the benefits can be spread across several locations, the report located.

Chatbots (utilized by 26 percent of firms) as well as procedure automation tools such as fraud detection (21 per cent) were the most prominent options, with the potential to expand into multiple new locations an attractive possibility.

On the whole, one in 12 startups made use of AI as part of their services or products , up from one in 50 about six years back. Nevertheless bigger firms were much less most likely to make use of AI, with simply 12 per cent of huge companies are making use of AI applications in their company, up from 4 percent simply a year earlier.

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