Funding

Convergence, the startup building personal AI agents for everyday use, has secured $12 million in pre-seed funding led by Balderton Capital, with participation from Salesforce Ventures and Shopify Ventures.

London-based startup Ambr, which leverages AI-driven insights to enhance workplace wellbeing, has secured new funding from Czech-based Look AI Ventures. This investment will fuel Ambr’s mission to address the root causes of workplace stress.

Pascual Innoventures, the corporate venture branch of Pascual, has intensified its efforts to shape the future of food by increasing its investment to over $2 million across the initial three rounds of Mylkcubator, an innovative programme driving forward research and development in the food industry.

Lopay, a London-based payment processing app known for its quick payouts and low fees, has announced a new partnership with YouLend, an embedded financing platform. This collaboration aims to offer flexible and accessible business financing to over 40,000 Lopay customers.

Cyclic Materials, a startup specialising in advanced recycling of rare earth elements (REEs) and other critical materials, has announced the closure of a $53 million oversubscribed Series B funding round.

DeepOpinion, a startup focused on automating enterprise processes with AI, has secured €11 million in a Series A funding round. The company’s technology uses AI agents to handle complex, knowledge-heavy business tasks, marking a new frontier in process automation.

Challenger credit reference agency Infact has announced the completion of a £4 million seed funding round, following its recent authorisation from the Financial Conduct Authority (FCA) to create the first real-time credit bureau tailored for the digital financial services sector.

Constructive Bio, a forerunner in synthetic genomics, has announced the successful first close of its Series A financing, raising $58 million and bringing its total funding to $75 million.

Opportuna has officially launched, unveiling its first investment strategy, with a target of $30 million. The fund will focus on direct venture secondaries and late-stage primaries, seeking to meet the rising demand for liquidity in the venture capital market.

Desia, an AI-driven intelligence and productivity platform for investment professionals, has secured $3.3 million in pre-seed funding, led by Dig Ventures. This funding will accelerate the development and scaling of Desia’s platform, with the goal of reshaping how the financial investment sector operates.

A recent study by claims automation firm, Sprout.ai, highlighted that 65% of insurance claims handlers have observed a rise in fraudulent claims since the onset of the cost of living crisis. Of those surveyed, 19% estimated that up to one in four claims now include fake or altered documentation, generated through AI and digital tools.

AxonJay, a deeptech AI company and multi-award winner, has secured €1.5 million in seed funding to scale its AI-assistants globally. Known for its Self-Machine-Learning Platform, AxonJay’s AI tools empower business leaders to make real-time decisions with 80% greater accuracy.

Last year was a record year for new business. According to NatWest’s New StartUp Index, more than 900,000 new companies were incorporated in the UK in 2023, representing 12% year-on-year growth.

Biotope by VIB, a biotech startup incubator and early-stage investor, has announced its fifth cohort of startups. From 11 teams participating in a three-week basecamp, three standout companies have been selected to receive €250,000 in funding, as well as tailored support and access to advanced laboratory, greenhouse, and pilot facilities through VIB and its partner network.

Oxford-based startup FluoRok has secured £7.7 million in an oversubscribed funding round to accelerate its scaleup, manufacturing, and commercialisation of cutting-edge fluorochemical reagents and battery electrolyte salts.

Finnish venture capital firm Innovestor announced new investments in three university spinouts, made through its €90 million Life Science fund. The companies – Polku Therapeutics, Kasvu Therapeutics, and Soihtu DTx – are working on innovative treatments for neurological conditions.

SEB pension funds have become a key investor in Estonian venture capital firm Superangel, significantly enhancing the firm’s second fund, which now reaches nearly €40 million. This capital will be directed towards innovative tech startups across Estonia, the Baltic States, and the Nordic region.

DeepDrive, an electric motor company known for its focus on efficiency, performance, and sustainability, has secured an oversubscribed €30 million Series B funding round. Leitmotif, an independent venture capital firm with a focus on decarbonisation investments in the US and Europe, led the round.

Turneo, a traveltech startup specialising in experiential hospitality, has announced the closing of a €2 million seed funding round. The round was led by Bessemer Venture Partners, with additional backing from Underline Ventures.

Turning an idea into a real product and protecting the associated intellectual property (IP) is not cheap, so how can you make your desired outcome into reality? Dr Florence Albert, Patent Attorney at Albright IP, looks at some options.