This week’s UK tech funding deals include AI engineering platform PhysicsX, tax software platform Record OS and more. UKTN tracked £266.48m worth of UK tech investment this week (08 June to 12 June), a 44% week-on-week decrease across six funding rounds. Here’s your weekly roundup of UK tech startup funding deals. PhysicsX – £225m Sector: ... Read more ›
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The head of the audio team at Stability AI has resigned over the company’s stance on training generative models on copyrighted works. Stability has become one of the UK’s biggest players in the generative AI space. Founded in 2019, the firm – which develops generative AI tools in competition with ChatGPT creator OpenAI – has ... Read more ›
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Tech giant Microsoft has unveiled a new in-house chip based on Arm architecture to run general-purpose compute workloads in the cloud. Microsoft said it will roll out the Azure Cobalt 100 CPU next year into its data centres to power services such as Microsoft Copilot or its Azure OpenAI service. In addition to the chip ... Read more ›
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R&D tax credits must be extended, not scaled back, to support a thriving startup ecosystem, according to a new report. The Startup Coalition, an entrepreneur network that advocates for tech startups, has called for reforms that would simplify the R&D tax credit scheme and support a greater number of startups. The state-backed R&D tax credit ... Read more ›
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Now that the dust has settled on the first AI Safety Summit, we can consider the event a success. Kudos to Prime Minister Rishi Sunak and his team for bringing together attendees with such political and commercial heft and for securing global consensus on the need for governments to act on AI safety. AI has ... Read more ›
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London-based AI coaching app Bloom is launching in the UK and US after raising a $10m (£8m) seed investment. Founded last year, the Bloom app merges insights of “industry leaders”, behavioural science, AI, psychometrics and check-ins to provide a personalised coaching experience. Bloom says it has achieved more than “10,000 coaching moments” and is used ... Read more ›
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The government has published amendments to the Digital Markets, Competition and Consumers Bill that will give Big Tech firms greater ability to challenge competition decisions. The Digital Markets Bill was first proposed as a way to grant the Competition and Markets Authority (CMA) extended power to regulate tech firms over competition concerns. Under the new ... Read more ›
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UK-founded crypto exchange Blockchain.com has closed a $110m (£88m) investment round that has halved the valuation of the unicorn. The Series E round, which was led by Kingsway Capital, has valued the company at less than $7bn, a sharp drop compared to the $14bn valuation the company received following a funding round from March of ... Read more ›
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Prime Minister Rishi Sunak has reshuffled his cabinet, spurred on by intense pressure against the former home secretary, Suella Braverman, who was sacked after she wrote an unauthorised opinion piece bashing the Metropolitan Police for their handling of protests. The unexpected return of David Cameron to government may have taken centre stage, but there has ... Read more ›
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Pharmaceutical and biotech giant and Covid-19 vaccine maker Pfizer will cut around 500 UK jobs in a cost-cutting move affecting its Kent facility. The New York-headquartered drug firm will axe its pharmaceutical sciences small molecule plans at its facility in Sandwich, where the firm employs about 940 people. First established 69 years ago, the Sandwich ... Read more ›
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When I founded iONLINE ISP Ltd 18 years ago, the tech landscape was a far cry from what it is today. Back then, BlackBerry was the hottest mobile device, MySpace was huge, and YouTube had only just entered the scene. If you needed to pay for something, you reached for cash, wrote a cheque, or ... Read more ›
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Money transfer firm Wise has more than tripled its profits in its latest financial results thanks to an interest rate boost. Wise, which facilitates the transfer of funds internationally, posted £114m of profit, a 247% increase from the £32.9m made in 2022. The profit surge was down to a significant boost in revenue from £559.9m ... Read more ›
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British Business Investments (BBI) pre-tax profits dropped by 80% in the group’s latest full-year results. As the investment subsidiary of the state-backed British Business Bank, BBI’s focus is on supplying funds to SMEs to boost the UK’s startup ecosystem and deliver commercial returns. In the group’s full-year results for the period ending 31 March 2023, ... Read more ›
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Maven Capital Partners has led a £3.1m investment round into Belfast-based wireless sensor company Sensoteq. Established in 2016, Sensoteq has developed a range of sensors used to monitor industrial machinery’s temperature and vibration, which can be analysed remotely through the firm’s software. The sensors have applications in various sectors such as renewable energy, pharmaceuticals and ... Read more ›
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The Secretary of State for the Department for Science, Innovation and Technology (DSIT) Michelle Donelan has called on the US to fall in line with the UK’s recent online safety legislation. Speaking at the Family Online Safety Institute (FOSI) annual conference in Washington DC, Donelan said the US should follow the example of the Online ... Read more ›
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Paul Scully has been sacked from his role as minister for tech and the digital economy as part of Prime Minister Rishi Sunak’s cabinet reshuffle. The MP for Sutton and Cheam has also lost his position as minister for London. During his tenure at the department for tech, the MP worked on the Online Safety Bill, ... Read more ›
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Fnality International, a fintech startup which provides digital payment infrastructure, has secured £77.7m in a Series B round led by Goldman Sachs and BNP Paribas. Founded in 2019, Fnality is looking to build tokenised versions of currencies backed by funds held in central banks. Among the intended benefits of Fnality’s blockchain-based system is the simplification ... Read more ›
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Finding suitable talent and competition with rival companies are the greatest challenges for European impact CEOs in 2024, a new survey has found. The survey of 1,250 CEOs in Europe, conducted by impact business community Unreasonable, found that sourcing talent and competing with peers each received 27% of the votes for the top challenges in 2024. ... Read more ›
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In this week’s UKTN Podcast, Music For Pets founder Amman Ahmed reveals how he built a successful brand from nothing to a life-changing exit. Ahmed launched Music For Pets as a side project with business partner Ricardo Henriquez in 2017. The pair researched how music can have a therapeutic effect on anxious and overly excited animals. ... Read more ›
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Economics 101 will tell you to study the gap between supply and demand. Where supply is low and demand is high, there is a clear market opportunity. Globally, there are approximately four billion women in the world and yet historically, women’s health has been underserved, underfunded and underrepresented. It is strikingly clear that not enough is ... Read more ›
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George Freeman has resigned as the minister for science, research and innovation amid Prime Minister Rishi Sunak’s cabinet reshuffle. Freeman, who was reappointed as science minister by Sunak in October 2022, said he was stepping down to focus on “health, family wellbeing and life beyond the front bench”. The MP for Mid Norfolk was first ... Read more ›
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17.06.2026 22:00
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