A survey by London's MMC investors showed that even 40% of European startups who say they work with artificial intelligence do not use artificial intelligence.
Investors analyzed data from 2,830 European startups from 13 EU Member States. Of this number of analyzed companies, only 1 580 have something to do with artificial intelligence. The others cannot be ranked at this group says the representative of the MMC for Forbes.
"We've looked at all companies, their materials, their products, websites, and product documentation," said David Kelnard, of the MMC. "In 40% of cases, we could not find any elements of artificial intelligence. In this case, companies that people assume and think are companies with artificial intelligence, are probably not like that. "
Although sometimes the startups themselves are guilty of a wrong classification, this is not always the case. Often this classification comes from third-party companies that merely classify startups.
When abuse is at stake then probably the main reason for this is the desire for better positioning before investors. Startups that work with, and artificial intelligence, have between 15 and 50% larger investments than other startups.
The most common cause of the wrong classification is the problematic use of the term "smart". In some of these cases, often technology has nothing to do with artificial intelligence. The most commonly used artificial intelligence in the companies that were looking at MMC is chatbots and fraud protection systems.