West Yorkshire has been confirmed as the UK’s third investment zone in a bid to provide business support to the region’s life sciences and health tech companies. The government, which made the announcement ahead of the Autumn Statement, said the plans could create more than 2,500 jobs over the next five years and “unlock” £220m ... Read more ›
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The chancellor could unveil a major funding boost worth hundreds of millions to the UK quantum computing sector in the upcoming Autumn Statement. Jeremy Hunt, who will deliver the autumn budget statement on Wednesday, is expected to include funding for a series of quantum computing projects, first reported by the Telegraph. Quantum computing has previously ... Read more ›
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A recently launched challenger bank that has already amassed more than $70m (£56m) in investment and £765m in deposits might not seem like the prime candidate for a crowdfund. But for Kroo Bank, it’s a decision that goes beyond raising extra cash. Kroo, which began operating as a bank in 2022, won over customers early ... Read more ›
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The environment for startups has been brutal in recent years. Rising prices, elevated wage demands and swelling debt burdens provide daily tests for founders – on top of the regular challenges of hiring, fundraising and developing innovative new technologies. Britain’s entrepreneurs have repeatedly displayed their resilience through Covid and the cost of living crisis that ... Read more ›
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Trading volume at the London Stock Exchange is more than a third down this year as the group that owns it looks to focus more on its data business. New data has revealed that average trades per day so far this year were 566,193, a 38% drop from the 912,080 average daily trades over the ... Read more ›
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Work has commenced on a new health innovation hub in Govan, Glasgow, to provide office space, labs and co-working areas. The Govan health hub is being built by the University of Glasgow and property developer Kadans Science Partner. “The Health Innovation Hub will be a catalyst for collaboration and innovation to better tackle global healthcare ... Read more ›
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The UK will resist regulating AI regardless of legal advancements from the US, EU and China, according to a leading conservative figure in AI. Speaking at a conference held by the Financial Times, Viscount Camrose – the minister for AI and intellectual property – said that in the “short term” there would be no new ... Read more ›
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London-based trading platform Rho Labs has banked $2.2m (£1.8m) in a pre-seed capital raise led by Speedinvest. Founded in late 2022, the fintech is creating a market for rates derivatives that’s built on blockchain technology. Traders will be able to use its platform for digital asset lending, funding rates and staking. Alex Ryvkin, founder and ... Read more ›
5
Your business has outgrown your entry-level accounting software. It’s probably a good problem to have, but what do you do now? In the past, there has only really been one option: keep struggling with the old startup software until you can afford an expensive enterprise resource planning (ERP) system like NetSuite, Intacct or Dynamics. But ... Read more ›
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Damian Hanson is the co-founder of CircleLoop, a company providing cloud-based business phone services to SMEs. Hanson co-founded CircleLoop in 2016 with David Hague. The Lancashire-based company provides telephony software for businesses such as virtual phone numbers, cloud call recording and voice over internet protocol systems. CircleLoop, which describes itself as a “digital-led challenger telco”, ... Read more ›
2
Embattled mobility startup Arrival has secured a $50m (£40.3m) loan from its existing investors for a “potential sale or strategic alternative transaction”, according to a filing. Alongside the filing, it has published the results for the first half of this year showing a loss of $155.7m (£125.5m), up from $100m (£80.6m) in the same period ... 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 ›
1
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 ›
2
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 ›
2
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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29.11.2024 21:54
Last update: 21:25 EDT.
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