This week’s UK tech funding deals include generative AI legal tech platform Luminance, blockchain-based real estate platform Coadjute and more. UKTN tracked £51.9m worth of funding deals this week (01 April to 05 April), a 67% week-on-week increase in value albeit with a lower volume of deals. Here’s your weekly roundup of UK tech startup ... Read more ›
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Samantha Kempe is the co-founder of IMMO, a tech-enabled platform providing data on potential housing investment opportunities. Founded in 2017 by Kempe and Hans-Christian Zappel, IMMO has created a platform that lets property investors compare disparate data points. It also provides a customer-facing app for renters to manage their tenancy. The London-headquartered company secured £57.5m ... Read more ›
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Two years ago, Prime Minister Rishi Sunak – then serving as Boris Johnson’s chancellor – declared it was his “ambition to make the UK a global hub for cryptoasset technology”. Sunak, speaking along with John Glen – then the economic secretary to the Treasury, now paymaster general – at the Innovate Finance Global Summit in ... Read more ›
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London-listed fintech CAB Payments has expanded into Europe as it looks to boost revenue opportunities amid slowing profits. The business-to-business payment processing and foreign exchange company has launched CAB Europe BV after securing a payment service provider licence from the Dutch financial authorities. The Dutch licence will allow CAB to operate across the European Economic ... Read more ›
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Embedded banking company ClearBank has posted its first full year of profit since being founded in 2015. The London-based fintech, which offers both clearing bank services and embedded banking tools, reported a profit of £18.4m for 2023, a considerable upswing from losing £7.1m the year before. ClearBank reported total income year-on-year had grown 91% to ... Read more ›
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Wales may be famed for its Welsh cakes, rugby and choirs, but the country is fast making a name for itself in the fintech space. According to a recent report from FinTech Wales, a membership association, the industry currently employs 16,000 people and has seen investment grow by 300% since 2022. In the 12 months ... Read more ›
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Manchester-based flexible working startup Orka has entered administration three years after securing £29m in funding. Orka, which offered flexible pay and labour solutions for workers, entered administration on Wednesday, according to Companies House filings. Speaking to the Business Desk, Orka founder Tom Pickersgill said the decision was “the right thing to do”. Pickersgill said the ... Read more ›
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Sparxwell, a startup founded by Cambridge scientists to develop sustainable pigments for use in the cosmetics industry, has raised £2.5m from backers including make-up giant L’Oreal. Founded in 2022, Sparxwell develops biodegradable, vegan colour pigments from plant-based cellulose extracted from waste. Much of the cosmetics industry currently uses chemicals derived from fossil fuels to create ... Read more ›
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Luminance, a generative AI legal tech company, has raised $40m (£31.8) in a Series B funding round to support its US growth. The London and Cambridge-based firm has developed a large language model (LLM) to automate the processes of contracts. The Luminance LLM can generate, negotiate and analyse contracts and other legal documents. According to ... Read more ›
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There’s an awakening in the world of deeptech investment that if you want results, you need specialists. Deeptech founders will often cite that there is a dearth of investors operating in the UK who possess the requisite knowledge and experience to help a science-based spinout navigate the vicissitudes of scaling all the way through to ... Read more ›
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London-based proptech company Coadjute has secured a £10m funding deal from three of the UK’s largest mortgage lenders. Founded in 2018, Coadjute is a software firm that has developed a platform to connect parties involved in the property transaction process. Coadjute’s blockchain-based platform is used by estate agents to track transactions. The new funding round ... Read more ›
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UK startup funding dropped by 19% in the first quarter of the year, with late-stage investments being hit the hardest, according to new data. In its quarterly report on the UK tech industry, research firm Tracxn found British startups raised $2.5bn in the first quarter of 2024, compared with $3.09bn raised at the end of ... Read more ›
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The UK and US have agreed to jointly develop AI safety tests, following previous commitments to collaborate on the rapidly developing technology. The two countries have signed a memorandum of understanding, solidifying an agreement to build a common approach to AI safety tests. The tests, which will be developed by the AI Safety Institutes of ... Read more ›
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In this week’s episode of the UKTN Podcast, Lord Tim Clement-Jones, a Liberal Democrat peer, explains why a lack of consistency from the government hasn’t helped startups, weighs in on the debate around using copyrighted material to train AI systems, and unpacks why regulation isn’t the enemy of innovation. Lord Clement-Jones, who co-founded and has ... Read more ›
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It’s boom time for AI companies, with UK startups specialising in artificial intelligence raising $4.5bn in equity funding in 2023, according to Dealroom data. The number of newly incorporated UK companies with “AI” in their name tells a similar story of businesses looking to ride the wave. In the first 86 days of the year, ... Read more ›
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This week’s UK tech funding deals include LLM training startup Oriole, clean energy developer WASE, AI recruitment tool Metaview and more. UKTN tracked £32.15m worth of funding deals this week (25 March to 29 March) with AI and clean economy startups dominating. Here’s your weekly roundup of UK tech startup funding. Oriole – £10m Sector: AI HQ: London ... Read more ›
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Caitlin Baltzer is the co-founder and CEO of MYndspan, a company developing technology to measure cognition and non-invasive brain scanning. Co-founded by Baltzer in 2020, MYndspan provides magnetoencephalography (MEG) scans at its partner scanning sites. The results provide people with a baseline reading of their brain health, which can help assess any future damage, identify ... Read more ›
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Welsh innovation was on full show this month, with hundreds of people descending on Cardiff for the 2024 edition of the highly respected Wales Technology Awards. Held every year, the Wales Technology Awards is a glamorous affair and can be easily described as the Oscars of the Welsh technology industry. This year’s ceremony was held ... Read more ›
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Oriole, a UCL spinout attempting to train large language models (LLMs) faster and less energy-consuming than the current standard, has raised £10m. The startup was founded in 2023 in response to the growing concern in the AI sector over the extreme energy requirements of running generative AI models. Oriole claims to have found a solution ... Read more ›
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The UK government has approved £16.6m of funding to support semiconductor research for electric vehicles (EVs) and clean energy. Announced on Thursday, the funding will be delivered by Innovate UK as part of the £1bn semiconductor strategy announced last year. The tech department aims to give researchers and businesses in the field access to new ... Read more ›
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28.11.2024 17:36
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