Wise has posted a major boost in pre-tax profits over the past year, scoring a 234% increase in part due to rising interest rates. The remittance app, which listed on the London Stock Exchange in 2021, increased pre-tax profits from £43.9m to £146.5m. The surge can be in part credited to interest income from customer ... Read more ›
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Generative AI systems such as those powering advanced chatbot ChatGPT could provide a £31bn boost to the UK economy, according to a report. Generative AI, a subset of artificial intelligence that creates new content based on prompts, is estimated to have the capability to do 2.5% of all tasks, with those productivity improvements equivalent to ... Read more ›
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Octopus Investments has launched a £40m deep tech venture capital fund that will back pre-seed startups in the UK and Europe. The new fund from the investment wing of Octopus Group, which also includes Octopus Energy and Real Estate, will act as the lead investor for early-stage deep tech firms operating in areas such as ... Read more ›
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B2B fintech company Fennech, which provides tools such as auto payments and virtual accounts, has landed £2.3m in a round led by Lloyds Banking Group. The round consisted of £2m from Lloyds Banking Group’s Strategic Fintech Investment team and the remainder came from high-net-worth angels. “Lloyds Banking Group’s support means we can accelerate our growth ... Read more ›
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Autonomous warehouse robot company Dexory has secured $19m (£14.95m) in funding to fuel international expansion as it looks to capitalise on the boom in ecommerce coupled with logistics inefficiencies exacerbated by global supply chain shocks. The London-headquartered company has created robots that autonomously navigate and scan a fulfilment centre to create a digital replica using ... Read more ›
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Upp.AI, a London-based startup that provides software tools for ecommerce firms to improve sales and product discovery, has secured $10m in funding. Founded in 2019, Upp.AI’s platform analyses data from ecommerce businesses with the goal of optimising ad spend, product discovery and ultimately boost sales. Upp.AI, not to be confused with the Shropshire-based broccoli upcycling ... Read more ›
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The UK published its long-awaited semiconductor strategy last month to a mixed reception from the tech industry. One of those “frustrated” by the strategy is Dr Simon Thomas, co-founder and CEO of Paragraf, a British firm commercialising graphene-based electronics. In this episode of the UKTN Podcast, Thomas explains what the semiconductor strategy gets right – ... Read more ›
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Spinouts from the University of Oxford receive pre-money valuations that are on average £4m higher than their University of Cambridge counterparts but they are 2.5 times more likely to go bust, research suggests. On top of better valuations, data compiled by accounting firm Price Bailey found that University of Oxford spinouts have more equity capital ... Read more ›
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Health tech company Babylon has agreed to delist itself from the New York Stock Exchange to become a private company again, wiping out existing shareholders at a loss running into the millions. The troubled British-founded firm, which built a remote healthcare app in 2013, will restructure itself into a new private entity with the Swiss ... Read more ›
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It was the end of August 2020 and I’d had one hell of a summer. In March 2020 my marketing agency shrank by 25% in one week, when our clients in hospitality, events and travel were forced to close their doors during the pandemic. My team responded by pulling together in a big way. Together, ... Read more ›
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The owner of the buyer of Britishvolt has denied “any wrongdoing” after Australian federal police raided the company’s offices and seized computers as part of a tax fraud investigation. The move is a setback to electric vehicle battery maker Britishvolt, which was acquired by Recharge Industries in January after it entered administration in January. Recharge ... Read more ›
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London-based fintech TreasurySpring, an investment platform for enterprises to diversify their assets, has secured £23m in funding. Founded in 2017, TreasurySpring is aimed at firms that have secured funds and are looking to put excess cash towards investment opportunities. The company describes its service as a secure and flexible platform that reduces the risk of ... Read more ›
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NHS trusts are being invited to bid for a share of £21m in government funding to integrate AI systems, such as image diagnostic tools that use machine learning to help doctors diagnose cancer. Unveiled by Health and Social Care Secretary Steve Barclay today, NHS trusts can submit bids for any AI diagnostic tool within their ... Read more ›
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Tech platforms could be forced to hand over the personal data of children who have died due to online harm to telecommunications regulator Ofcom. The measure was added as an amendment to the Online Safety Bill, which has been making its way through Parliament since it was introduced back in March 2022. The amendment has ... Read more ›
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Shares in Ocado have surged following suggestions that the British grocery technology firm could be acquired by US tech giant Amazon. First reported by the Times, Amazon, which has been looking to ramp up its grocery business recently, could view Ocado as a natural fit to further this goal. Amazon has already launched physical grocery ... Read more ›
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Welsh mobile payments company Mypinpad has raised $13m (£10.2m) in a Series A round led by Cape Town’s Crossfin Holdings. Headquartered in Cardiff, with an office in New Zealand, Mypinpad offers mobile authentication, payments acceptance, revenue optimisation and local banking agents. Barry Levett, CEO of Mypinpad, said: “We are incredibly proud to have secured this ... Read more ›
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While generative AI, self-driving cars and virtual reality represent the driving force of technological progress, their future environmental impact remains unclear. Outside of tech, small and large enterprises are pursuing ESG goals and taking steps to minimise their carbon footprint. All the while, energy costs and usage requisite for digital infrastructure and tech manufacturing are ... Read more ›
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Olga Beck-Friis is the COO and co-founder of PocketLaw, a legal tech company that provides tools to automate the creation and management of contracts. PocketLaw was founded in 2018 in Sweden by Beck-Friis and Kira Unger. The pair bring experience from consulting firm McKinsey & Company and law firm Mannheimer Swartling. The legal tech company ... Read more ›
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From layoffs to widespread concerns about the impact AI will have on jobs, the first half of 2023 has been tumultuous for tech work workers across the globe. In April, the term “will AI take my job” registered a search interest of 100 on Google, up from 21 in July 2022. But is there any ... Read more ›
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University projects working on thrusters, folding solar arrays and satellite quantum key distribution are amongst those sharing a £2.1m funding pot from the UK Space Agency. The UK Space Agency is investing £2.1m across eight separate university projects and the Cardiff-based satellite firm Space Forge. Craig Brown, director of investment at the UK Space Agency, ... Read more ›
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14.06.2026 04:45
Last update: 04:35 EDT.
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