UK Chancellor Rachel Reeves announces £7.3bn National Wealth Fund

Key features:

• Aims to catalyze private investment in priority sectors

• Focus on green economy and industrial strategy

• Targets £3 of private investment for every £1 of public funds

• Goal to unlock additional £20bn in private funding

Management:

• Arms-length management via UK Infrastructure Bank and British Bu...

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The NATO Innovation Fund (NIF), backed by 24 NATO Allies, announced an investment in Join Capital, a Berlin-based early-stage venture capital fund focused on deep tech. This investment aims to expand funding capacity in high-demand regions like Southern and Eastern Europe and enhance deep tech ecosystems in the Nordics.

NIF's €1 billion fund supports deep tech solutions in areas such as space tech, quantum cryptography, and AI. This follows NIF's first deep tech investm...

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Deepc, a Munich-based radiology AI startup founded in 2019 by Dr. Franz Pfister, has raised an additional $13 million in Series A funding, bringing its total funding to $30 million. The company develops deepcOS, a platform offering AI solutions for 60 clinical indications to streamline physician workflows.

The funding round was co-led by Bertelsmann Investments and Sofinnova Partners, with contributions from SwissHealth Ventures, KHP Ventures, and existing in...

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Mayhem Studios, a Bengaluru-based developer of AAA mobile games, has raised an undisclosed amount in funding from Lumikai, a venture fund focused on gaming and interactive media. The company plans to use the capital to scale operations, enhance game development, expand its team, and improve technological capabilities. Founded by MPL in May 2022, Mayhem Studios specializes in high-budget games known for their complex gameplay and detailed storylines. CEO Ojas Vipat stated, "Lu...

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Nasher Miles, a digital-first luggage brand known for vibrant designs, has raised $4 million in a bridge funding round, valuing the company at $30 million. The funding round attracted over 40 investors, including Singularity Early Opportunities Fund, Narendra Rathi (Investment Director at SoftBank Vision Fund), Sulabh Arya (Executive Director at Goldman Sachs Growth Equity), and Mohit Goyal (Ex-Managing Director at CVC Capital Partners). Lokesh Daga, Co-founder & Director...

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4D Medicine, a Nottingham-based spinout from the Universities of Birmingham and Warwick, has raised $4.4 million in Series A funding. The company develops 4Degra, a resorbable biomaterial for 3D-printed implants and surgical devices that gradually erodes as natural tissue grows back. CEO Philip Smith stated, "Our success in continuing to raise investment despite the difficult market conditions over the last few years is a testament to the belief in the company's commercial po...

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2024 is a good year for Revolut. After reporting £500m+ profits, Revolut finally got its UK banking license after a 3-year wait.

The Prudential Regulation Authority issued the license with some restrictions, allowing Revolut to enter the "mobilization stage." This stage, which can last up to a year, permits the company to hold a maximum of £50,000 in total customer deposits. This step is typical for new banks in the UK as they transition to full operational status

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Astranis, a geostationary satellite maker, has raised $200 million in a Series D funding round to fully fund its Omega program, with the first next-generation broadband spacecraft launch planned for 2026. The round was co-led by Andreessen Horowitz and BAM Elevate, with participation from Blackrock, Fidelity, and Baillie Gifford. CEO John Gedmark stated that up to 12 Omega satellites could fit on a SpaceX Falcon 9 rocket. Astranis has raised $750 million since its 2015 foundi...

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Posh, a small events platform startup, has raised $22 million in a Series A funding round led by Goodwater Capital, with participation from FirstMark Capital, Companyon Ventures, and Epic Ventures, bringing its total funding to $31 million. The startup focuses on intimate gatherings of up to a few hundred people and aims to become the "TikTok of small events." Posh plans to use the funds to expand its team from 26 to 40 and enhance its app with better event suggestions. The p...

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Lakera AI AG, a Swiss generative AI threat detection startup, has raised $20 million in Series A funding led by Atomico, bringing its total funding to $30 million. The company offers Lakera Guard, a cloud-based service detecting malicious prompts in large language models, and MLTest for testing computer vision models. Lakera anticipates growing demand, citing Gartner's prediction that 80% of enterprises will use generative AI by 2026. The startup emphasizes the need for AI-sp...

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Vanta has secured $150 million in Series C funding, valuing the company at $2.45 billion. This round was led by Sequoia Capital, with participation from new investors Goldman Sachs and J.P. Morgan, as well as existing backers.

Founded in 2018, Vanta has quickly become a key player in automating compliance and strengthening security practices for over 8,000 companies globally. Their platform simplifies critical security frameworks like SOC 2...

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this is a compelling pitch "you’ll be able to take the most advanced Llama models, continue training them with your own data and then distill them down to a model of your optimal size – without us or anyone else seeing your data" https://about.fb.com/news/2024/07/open-source-ai-is-the-path-forward/

#llama3

Monarch Tractor, an autonomous electric tractor startup, has raised $133 million in a Series C funding round, valuing the company at over $500 million.

The round was co-led by Astanor and HH-CTBC Partnership L.P., an affiliate of Foxconn. This brings Monarch's total funding to $220 million.

CEO Praveen Penmetsa reports that Monarch has about 400 tractors in use by customers. The new funding will help increase production, improve customer support, and e...

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Eric Zhu, a 17-year-old entrepreneur, has raised $2.3 million in seed funding for his startup Aviato, which provides analytical insights on private market data.

Zhu started the company from his high school bathroom in Carmel, Indiana, using a green screen and ring light to conduct meetings.

Aviato analyzes funding rounds, headcounts, credit card spending trends, and other metrics to offer deeper insights than competitors like Crunchbase and ...

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Third Arc Bio, a two-year-old biotechnology startup, has raised $165 million in a Series A round to develop "multifunctional" antibodies for cancer and immune diseases. The funding was led by Vida Ventures, Cormorant Asset Management, and Hillhouse Investment, with participation from Omega Funds and other venture funds.

The company was founded by former Johnson & Johnson executives, including CEO Peter Lebowitz, CSO Sanjaya Singh, and COO Joe Erhardt. Third Arc plan...

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Harvey, an AI-powered "copilot" for lawyers, has raised $100 million in a Series C round, bringing its total funding to $206 million and valuing the company at $1.5 billion. The round was led by GV (Google Ventures) with participation from OpenAI, Kleiner Perkins, Sequoia Capital, Elad Gil, and SV Angel.

Founded in 2022 by Winston Weinberg, a former securities and antitrust litigator, and Gabriel Pereyra, a former AI researcher, Harvey is based in San Francis...

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Canadian startups have had a significant week, with Vancouver-based Clio, a legal tools platform, securing $900 million in a Series F round, reaching a $3 billion valuation.

The funding was led by New Enterprise Associates and included investors like Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark. Clio's software helps law firms automate various processes and includes a generative AI solution, Clio Duo. The company, founded in 20...

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Ocula, a Belfast-based startup using AI to optimize ecommerce, has raised £3.25m (approximately $4.15m USD) in Series A funding. 

The company's AI tool, Ocula Boost, enhances product pages for major retailers by generating content and improving SEO.

Founded in 2021, Ocula has secured over 25 major customers and aims to triple its client base in the next two years. The startup claims its AI technology levels the playing field for retailer...

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Dell Technologies Capital venture fund has announced the appointment of Barrel Kfir as a Partner. As a Partner at DTC Barrel will be investing in Europe and Israel, leading rounds in early-stage technology companies that fall across the full spectrum of enterprise software with a focus on cybersecurity and enterprise infrastructure.

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Wargaming, the Cyprus-based video game publisher, has led a $60 million Series A funding round for Luxembourg-based edge AI technology developer Gcore. This marks Gcore's first external funding since its founding in 2014.

Gcore, known for providing cutting-edge AI, cloud, network, and security solutions, serves a diverse range of industries, including media, entertainment, gaming, technology, financial services, and retail. The company plans to use the new fu...

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nhance.ai has secured $1.5M from HNIs to revolutionize smart buildings.

Providing the nhanceTwin platform for comprehensive building performance visibility using ML and AI.

https://indianstartupnews.com/funding/smart-buildings-solution-provider-nhance-ai-raises-seed-funding-6594876

Flexible Workspace Provider Incuspaze Secures $8M in Maiden Funding Round led by India Inflection Opportunity Fund (IIOF).

Incuspaze provides flexible workspaces across India, with 44 locations in 18 cities and a 3M sq ft portfolio.

https://yourstory.com/2024/07/incuspaze-raises-8-million-indian-infl...

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