Revenues at London-based Cleo more than doubled in 2023 as the Gen Z-focused financial health startup reduced costs and grew subscribers. Cleo reported a turnover of $65.9m in 2023, its latest accounts show, marking a 121% year-over-year increase. Cleo said it reached an adjusted break-even by December 2023, citing a “higher conversion and utilisation” of ... Read more ›
37
Healthtech 1, a London-based startup that automates administrative tasks in primary care for the NHS, has raised £2.7m. Founded by former Monzo web engineer Peter Huang and ex-Accenture consultant Raj Kohli, Healthtech 1 automates processes such as GP registration and lab reports. The company said the standard registration system in the NHS is overly slow ... Read more ›
1
Computational drug discovery firm e-therapeutics has secured £28.9m in funding weeks after delisting from the London Stock Exchange’s AIM market as it explores floating in the US. The company raised the capital through subscriptions led by funds managed by existing investors M&G Investment Management and Richard Griffiths. Founded in 2001, e-therapeutics integrates computational power and ... Read more ›
0
UK startups that benefit from taxpayer-funded support schemes should repay the state if they relocate or IPO overseas, according to a prominent City lobby group. In its latest report, UK Finance applauded government-backed schemes that encourage more capital into startups, such as EIS and SEIS. However, the group took aim at firms that later moved ... Read more ›
2
The UK overtook China to become the world’s second-highest funded tech startup ecosystem in the first half of 2024, according to a report. UK tech businesses secured funding worth $6.7bn (£5.2bn) between January and June 2024, behind only the US. While H1 2024 funding is a 12% drop compared with the $7.7bn raised in the ... Read more ›
19
With famed entrepreneurs like Mark Zuckerberg finding their feet as founders in their 20s, it’s easy to be mistaken into thinking most business owners get started as a young adults – but that isn’t always the case. Research published earlier this year found that 32% of British people aged 55 or over said they have ... Read more ›
32
Legislation governing the use of AI must ensure the technology remains open without compromising the term’s meaning, according to open source advocacy group OpenUK. The not-for-profit group has warned of the risk of “open washing” – the misleading use of terms such as open source in cases where the definition is not met – in ... Read more ›
0
South Yorkshire-based software firm IntelliAM AI has listed on the Aquis Stock Exchange with an initial market cap of £15.4m. Its total market cap is set to rise to £17.9m on Thursday following the acquisition of physical asset management company 53 North. Founded in 2023, IntelliAM develops AI models for the manufacturing industry. The firm ... Read more ›
0
Gendo, an artificial intelligence (AI) platform used by architects to turn text prompts and sketches into realistic visualisations, has raised £855,000 in a pre-seed funding round. The investment was led by Concept Ventures and joined by Ascension Ventures, Carles Reina’s Baobab Ventures, and dozens of angel investors, including the former global head of design studios ... Read more ›
0
If, as looks increasingly certain, Labour wins the general election this week, they will get the keys to Downing Street as well as lots of new levers to pull on the economy. The next government will inherit a mixed portfolio – inflation challenges, stalled productivity and multiple pressures on key public services – but there ... Read more ›
0
As the general election draws closer, the question of who will take charge of UK policy will soon be answered. The tech sector has been a bright spot for the UK economy over the past decade and many see it as a key growth driver for the next parliament. A strong tech industry requires the ... Read more ›
0
Leading tech figures have called for “targeted intervention” from the next UK government to ensure entrepreneurs can overcome the funding gap from startup to scaleup. An open letter, signed by more than 70 figures from the tech and investment world including techUK, Beauhurst and Barclays, warned that the UK’s position as a tech leader was ... Read more ›
1
OpenFi, a conversational artificial intelligence (AI) platform for lead generation and customer service, has closed a £500,000 pre-seed funding round. Led by Bijan Morvaridi with additional investments from Fortune Green Capital and Foundation Ventures, OpenFi will use the funding to expand the product team, build the second version of the platform, integrate with a UK ... Read more ›
0
Work has begun on a £4.5m plan to redevelop a 210,000 sq ft site in Birmingham’s city centre into a startup hub. The project, from UK science and tech property developer Bruntwood SciTech, will establish a workspace for startups and scaleups in the Centre City tower, which was built during the 1960s in Birmingham’s theatre ... Read more ›
1
Erin Platts has been appointed CEO of Octopus Ventures, marking the end of her two-decade career with Silicon Valley Bank’s UK arm, which was acquired by HSBC Innovation Banking last year. After HSBC’s £1 rescue acquisition of SVB UK, a move that prevented a potential disaster for the British tech sector, Platts became CEO of ... Read more ›
0
Revolut has posted a record pre-tax profit of £438m off the back of a 95% surge in revenue as the British fintech’s chief executive remains confident in securing a UK banking licence. The group posted revenue of £1.8bn for the year ended 31 December 2023. The results, released on Tuesday, represent Revolut’s third successive year ... Read more ›
1
Wise, Multiverse and Index Ventures are among more than 100 tech and investment firms calling on the next government to support skilled immigration. Industry lobby group the Startup Coalition has launched a manifesto – supported by dozens of major firms – urging the victor of this week’s election to reform the visa system to ensure ... Read more ›
0
Vortex IQ, an automation platform for ecommerce, has secured a $1m (£790,000) equity funding round to increase its global presence and hiring efforts. Led by investment firm Sure Valley Ventures, with participation from Techstars, the funding will go towards building its sales and marketing teams, hiring additional AI specialists, and expanding across the US and ... Read more ›
0
This week’s UKTN Podcast guest is M Squared founder and CEO Dr Graeme Malcolm, who discusses the quantum computing market, Glasgow’s growing tech sector, and tips for US expansion. Founded in 2006 by Malcolm and Dr Gareth Maker, M Squared develops laser technologies for a variety of use cases, such as quantum, biophotonics and ... Read more ›
1
The majority of large corporate venture capital funds are investing in startups at the Series A stage but some are planning to invest earlier, research suggests. A survey by Mountside Ventures, an accelerator and advisory firm, found that 90% of corporate venture capital (CVC) funds invest in Series A rounds. CVC is a subset of ... Read more ›
1
Most popular sources
Business Insider
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28% 0 |
Tech Wire Asia
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15% 9 |
CNET
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7% 4 |
Eurogamer.net
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6% 2 |
Gizmodo
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6% 1 |
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28.11.2024 01:43
Last update: 01:35 EDT.
News rating updated: 08:30.
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