One in 12 new European startups is an AI company
A new report suggests that that one in 12 new startups in Europe is an AI company, compared to just one in 50 in 2013.
The State of AI 2019: Divergence report, from venture capital firm MMC Ventures in association with Barclays, shows that corporate adoption of AI has tripled in the last 12 months, with one in seven large companies adopting some form of AI.
Over three years, the proportion of enterprises with AI initiatives will have grown from one in 25 to one in three, and of the 2,830 European AI companies analysed, the researchers found that while 40 per cent of ‘AI’ companies demonstrate little evidence of AI, Europe has a thriving ecosystem of 1,600 AI startups.
Europe’s AI ecosystem is also maturing, says the report. One in six European AI companies is at ‘growth-stage’, with over $8m of venture funding.
It also reports that the UK has nearly 500 AI startups, a third of Europe’s total and twice as many as any other country.
“As the technology becomes more prevalent and complex 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 Steve 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.
“We believe that collaboration is key to ensuring AI is a force for good and we’re excited to continue playing our part in this hugely innovative environment, bringing together people, ideas and funding.”