MMC releases ground breaking new AI research

New research identifies ‘the age of the AI entrepreneur’ – as one in 12 new European startups is an AI company.

Our latest report ‘The State of AI 2019: Divergence’, published in association with Barclays, provides a unique insight into the proliferation of AI, Europe’s 1,600 AI entrepreneurs, and AI’s implications for society.

The report highlights that the landscape for Europe’s entrepreneurs is changing. Our research team, led by David Kelnar, found that while hype around AI remains extensive, Europe has a thriving ecosystem of 1,600 AI startups. Europe’s AI ecosystem is also maturing – one in six (16%) of Europe’s AI companies is a ‘growth-stage’ company with over $8m of venture funding.

The UK is the powerhouse of European AI, with nearly 500 startups – a third of Europe’s total and twice as many as any other country. Germany and France are flourishing AI ecosystems with high-quality talent, increasing investment and a growing roster of breakout AI companies.

Healthcare is a focal point for AI innovation. More AI startups – one in five (21%) – serve the health and wellbeing sector than any other. In the coming decade, it is anticipated that developers will have a greater impact on the future of healthcare than doctors.

Report author and MMC, Partner & Head of Research, David Kelnar commented:

At MMC, our research team has been anticipating the advance of AI and investing in its promise. In 2017, our ‘State of AI’ report highlighted that AI was at a tipping point, poised to proliferate. Our new report highlights that today, as AI goes mainstream, a divide is emerging. Between nations and within industries, winners and losers are emerging in the race for AI adoption, the war for talent and the competition for value creation. The landscape for Europe’s entrepreneurs, meanwhile, is in flux and presents new opportunities and challenges.

DAVID KELNARPARTNER & HEAD OF RESEARCH, MMC VENTURES

At MMC, AI remains a core area of research, conviction and investment. We help the entrepreneurs we back take advantage of the power of AI, succeed in a changing market, and navigate the complex challenges AI presents.

DAVID KELNARPARTNER & HEAD OF RESEARCH, MMC VENTURES

Findings from the report were covered by The Financial Times, CNBC, Bloomberg and Forbes.

You can download the full report at https://www.stateofai2019.com/