Artificial intelligence (AI) attracts investors. However, as a recent study now shows, many so-called AI startups do not use the technology at all.
How is it even possible?
AI start-ups, but without artificial intelligence – this is how one could summarize briefly a result of a recent study of the London lender MMC Ventures. In the study – for which MMC claims to have investigated 2,830 AI startups in 13 EU countries – it was found that for 40 percent of AI startups, artificial intelligence is not an essential part of their product or service ,
Artificial intelligence attracts investors
Although these startups do not always spell out the technology themselves, they are also classed as AI startups by analytics websites such as Pitchbook and Crunchbase. But with regard to investor funds, this classification can be very lucrative. For example, Software & Analytics, which includes KI, BlockChain, AR, VR, Cloud Computing, Cyber and Analytics, saw massive investment growth in Germany last year alone.
Also published on Medium.