European AI companies grapple with rigid Rules, funds
AI regulations.
Stringent regulations such as the proposed EU Artificial Intelligence Act could potentially undermine the global competitiveness of European AI startups, likely pushing more companies to shift to place like the United States —a seismic blow to Europe’s tech ecosystem, ET has learnt after speaking with multiple industry executives, global founders, and investors at the Slush 2024 event in Helsinki.
“The reality is that the regulations here are far removed from the reality of how businesses operate,” said Andreas Klinger, founder of Prototype Capital, an early-stage solo general partner fund based in Berlin. “If we look at the high-risk aspects, everyone will agree, but things get muddier very quickly. I invest in artificial intelligence startups, so I have a good sense of what is likely to happen.”
He said the concept of future preemptive regulations is stifling technological innovation in the continent, as companies face the risk of being sued and then having to determine in court what went wrong.
Klinger, a former chief technology officer of Product Hunt, has backed over 90 companies including Remote.com, Lumalabs, Fly.io and Acquire. His Prototype Capital has also backed Indian startups like PierSight, a maritime surveillance-focused spacetech startup, and Noida-based Skillbee, a jobs platform for migrant workers.
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