(Bloomberg) -- For years, the rap on Europe’s technology scene was that it was dominated by consumer-oriented e-commerce companies, some of which were blatant knock-offs of successful U.S. businesses, while the real pioneering innovation was taking place back in Silicon Valley.

That is no longer the case, London-based venture capital firm Atomico says in its latest annual report on the state of European tech. Startups focusing on deep technology -- which would encompass the kind of artificial intelligence developed by Google’s DeepMind, or typing prediction from Microsoft-acquired SwiftKey -- are drawing an increasing share of European venture funding.

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