London venture capital firm MMC Ventures has conducted a damning survey which revealed that 40% of “AI” firms in Europe don’t use AI at all, and are simply using the term to capitalize on the hype associated with the term. MMC examined 2,830 self-described AI startups throughout 13 EU countries. The VC firm found that 40% don’t use AI technology in a way material to their business, generally without even investing in artificial intelligence/machine learning technology at all. “In 40% of cases we could find no mention of evidence of AI. companies that people assume and think are AI

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