In an interesting article from CNBC, Schulze 6 March, a London-based firm surveyed start-ups in Europe and 40 percent that claimed that they were A.I. firms, in 40 percent of the cases, had little to do with artificial intelligence. Clearly there is goring concern that many start-ups are using the term “A.I.” to attract attention for their firms – but after closer inspection, these firms are involved in, sometimes, unrelated businesses. The London firm, MMC Ventures is a venture capital firm that has knowledge of these markets.
Evidence points to confusion in this A.I. industry and both companies and regulators say one problem is that there is no unified definition of exactly what is artificial intelligence. The report covers start-ups in 13 EU countries, and the total counted was 2,830 start-ups – A.I. start-ups that were identified. The reason many people are using the term A.I. is that when compared to other software start-ups, an A.I. start-up can draw another 15 to 50 percent more capital in their funding rounds.
Currently, health care is the most active and popular sector for A.I. start-ups in Europe with one in five new firms focused on health, healthcare and human wellbeing. Finance and media were also popular, with retail in the mix as well. This field will see increased activity in the coming 5 years as firms are finding new ways to use A.I. in our daily lives.