UKTN

10/09/2024

Protecting the UK’s place in global tech – Russ Shaw CBE, founder, Global Tech Advocates. 🎙

Russ Shaw, Founder of Tech London Advocates & Global Tech Advocates, discusses London and the UK’s place in the tech world and how it differs from Silicon Valley, the urgent need to support digital skills growth to protect the tech ecosystem and why the new government needs to be clear on its tech policy strategy.

➡️ li.sten.to/s7ep10 🔗

Sponsored by HSBC Innovation Banking.

03/09/2024

The challenge of identity in the digital age – Robin Tombs, CEO, Yoti. 🎙

Robin Tombs, co-founder and CEO of Yoti, discusses why the road to fully implementing digital ID into society is a long and challenging one, how social media companies can avoid onboarding underage users and the great challenge to identity posed by the rise of deepfake technology.

➡️ li.sten.to/s7ep9 🔗

Sponsored by HSBC Innovation Banking.

28/08/2024

Klarna replaces over 1,000 roles with AI in 'attrition' downsizing. ❗️

The Stockholm-based group has adopted an “attrition” downsizing policy wherein departing staff are no longer replaced with new hires as more responsibility is handed to automation.

Klarna told UKTN that no layoffs have taken place, nor will take place as part of the company’s emphasis on the role of AI.

Instead, roles are being eliminated at the point staff choose to leave. A spokesperson said these roles cover various departments, however, engineering was said to be the least affected.

➡️ https://www.uktech.news/fintech/klarna-ai-downsizing-20240828 🔗

Buy now pay later (BNPL) company Klarna has eliminated 1,200 roles with more expected to come as the fintech bets big on AI.

28/08/2024

Immigrants play 'critical' role in UK startup economy. ❗️

Immigrants play a “critical” role in the UK startup economy and must be protected, according to a new think tank report.

Over a third (39%) of the UK’s top 100 fastest-growing companies have a founder born outside of Britain, according to research from the Entrepreneurs Network. This is despite immigrants making up less than 15% of the total UK population.

➡️ https://www.uktech.news/news/government-and-policy/immigrants-critical-role-uk-startups-20240828 🔗

Immigrants play a “critical” role in the UK startup economy and must be protected, according to a new think tank report.

28/08/2024

Meet the ex computer scientist who just got her startup Wisdom acquired. 🔎

Wisdom, a VC-funded, audio-first social discovery app powered by AI, has announced its acquisition.

Founded by Dayo Akinrinade in 2021, Wisdom initially connected people from all walks of life by democratising mentorship and was described as a blend between Clubhouse and MasterClass.

The app allowed users to log on and find live conversations they could join, ask questions, or listen to on-demand.

➡️ https://www.uktech.news/funding/vc-funding/wisdom-noom-vibe-20240828 🔗

Wisdom, a VC-funded, audio-first social discovery app powered by AI, has recently announced its acquisition.

28/08/2024

Government invests £4m in AI to help teacher workload. 💡

The UK Government has unveiled a £4m investment in a new generative AI initiative aimed at easing teacher workloads.

The project will aggregate government documents, including curriculum guidelines, lesson plans, and anonymised pupil assessments, to train AI systems.

The primary goal is to develop AI tools that assist teachers with marking, creating classroom materials, and managing routine administrative tasks. This will allow educators to concentrate more on direct student interaction and reduce their out-of-hours work.

➡️ https://www.uktech.news/ai/government-20240828 🔗

The UK Government has unveiled a £4m investment in a new generative AI initiative aimed at easing teacher workloads.

27/08/2024

London-listed Ocado Group launches robotic warehouses in Australia. 🇦🇺

Online grocery retailer Ocado has opened two robotically operated customer fulfilment centres in Australia.

The centres, which have been developed with the Ocado Smart Platform using AI and automation, were opened in partnership with Australian supermarket chain Coles.

The Melbourne and Sydney robotic warehouses are part of a 2019 deal signed by the firms and have faced repeated delays due to construction issues.

➡️ https://www.uktech.news/foodtech/london-listed-ocado-launches-robotic-warehouses-in-australia-20240827 🔗

Online grocery retailer Ocado has opened two robotically operated customer fulfilment centres in Australia.

27/08/2024

Sunswap Secures £17.3m to decarbonise the 'cold chain'. 📈

Sunswap, a clean tech startup aiming to decarbonise the cold chain by manufacturing a refrigeration system that breaks free from what it calls “legacy” technology, has secured £17.3m.

The company, based in Leatherhead, Surrey, has built an ‘Endurance’ unit for articulated lorries, which are large vehicles consisting of two main parts: a tractor unit and a semi-trailer.

➡️ https://www.uktech.news/climate-tech/sunswap-secures-17-3m-20240827 🔗

Sunswap, a clean tech startup aiming to decarbonise the cold chain by developing a refrigeration outside of "legacy" tech, has raised £17.3m.

27/08/2024

OakNorth secures regulatory approval to market products in the US. 🇺🇸

The fintech unicorn announced on Tuesday its application had been authorised by the Federal Reserve and the New York State Department of Financial Services.

OakNorth, which in March posted a pre-tax profit of £187.3m for 2023, has been keen on expanding its digital banking footprint in the US.

➡️ https://www.uktech.news/fintech/oaknorth-regulatory-approval-us-20240827 🔗

OakNorth has secured approval from US regulators for a Representative Office, allowing the firm to market its products in the states.

27/08/2024

How tackling the digital skills gap will supercharge Scottish tech – Karen Meechan, CEO, ScotlandIS. 🏴󠁧󠁢󠁳󠁣󠁴󠁿🎙

Karen Meechan, CEO of ScotlandIS, discusses how Scotland’s tech industry, made mostly of small and medium-sized enterprises, is indeed thriving but is struggling to grow as the supply of digital talent is not meeting demands.

Meechan has worked with ScotlandIS – an industry body supporting the nation’s tech sector – for 20 years. Meechan explains how bodies like ScotlandIS are working towards plugging the digital skills gap but need more support from the government at a local and UK-wide level.

➡️ li.sten.to/s7ep8 🔗

Sponsored by HSBC Innovation Banking.

23/08/2024

Tilt, the shopping app from ex-Revolut staff, bags £13.7m. 📈

Founded in 2021, Tilt is a shopping platform that focuses on community engagement. The Tilt app emulates the content style of apps like TikTok, allowing sellers to perform as content creators. Tilt users can engage with sellers via livestreams.

“Our vision goes beyond simply enhancing the resale shopping experience; we are committed to building the most vibrant community in live commerce worldwide,” said Neil Shah, Tilt co-founder.

➡️ https://www.uktech.news/ecommerce/tilt-series-a-20240823 🔗

Tilt, a fashion ecommerce platform founded by former Revolut staff, has closed a £13.7m Series A funding round.

23/08/2024

UK tech funding roundup: This week's deals from Fresha to Gradient Labs. 🚀

This week’s UK tech funding deals include beauty industry software provider Fresha, 3D holographic specialist VividQ, AI customer service chatbot maker Gradient Labs and more.

UKTN tracked £57.75m worth of UK tech investment this week (19 August to 23 August), a 14% week-on-week decrease across six funding rounds.

Here’s your weekly roundup of UK tech startup funding deals.

➡️ https://www.uktech.news/funding/uk-tech-funding-roundup-fresha-gradient-labs-20240823 🔗

This week’s UK tech funding deals include beauty industry software provider Fresha, 3D holographic specialist VividQ and more.

23/08/2024

Early Hires and diversity: Automated Architecture (AUAR) CEO on building a startup. 💬

Mollie Claypool is the co-founder and CEO of Automated Architecture (Auar), a startup automating the construction process of timber houses with robots in small production facilities.

In this week’s Founder in Five Q&A, Claypool shares insights on the importance of early hires in shaping a startup’s trajectory, offers advice for first-time founders, and discusses strategies for promoting workplace diversity.

➡️ https://www.uktech.news/news/founder-interviews/diversity-auar-startup-20240823 🔗

Mollie Claypool is the co-founder and CEO of Automated Architecture (AUAR), a startup automating the construction process of timber houses with robots in small production facilities.

23/08/2024

Does your workplace have an AI culture problem? ❗️

When it comes to AI, you might be operating under the assumption that taking a wait and see approach is the best way to navigate uncharted territory.

But the reality is AI has already infiltrated almost everything you do day-to-day, from asking Siri to set a timer on your phone to using text prompts while writing an email, and burying your head in the sand and hoping it eventually goes away isn’t really an option anymore.

➡️ https://www.uktech.news/ai/ai-culture-workplace-20240823 🔗

Sponsored by Jobbio.

When it comes to AI, you might be operating under the assumption that taking a wait and see approach is the best way to navigate uncharted territory.

22/08/2024

CMA closes Big Tech investigations ahead of new powers. ❗️

The UK competition regulator has closed ongoing cases examining Apple’s App Store and Google’s Play Store as it prepares to roll out new digital markets powers.

The Competition and Markets Authority (CMA) has been investigating whether the Big Tech firms have been unfairly using their dominant positions in the app marketplace sector to force developers into unfavourable terms.

➡️ https://www.uktech.news/news/government-and-policy/cma-big-tech-digital-markets-act-20240822 🔗

The CMA has closed ongoing cases examining Apple’s App Store and Google’s Play Store as it prepares to roll out new digital market powers.

22/08/2024

Deeptech VividQ scoops £5.7m investment. 📈

Founded by Darren Milne and Tom Durrant in 2017, the startup specialises in holographic technology, creating 3D and holographic visual experiences.

It offers both software and hardware based solutions, and has IP around holographic displays. The company claims that its tech is comparable to something straight out of a sci-fi movie.

➡️ https://www.uktech.news/vr/deeptech-vividq-scoops-5-7m-investment-20240822 🔗

Deeptech company VividQ has raised $7.5m in Series A funding, bringing the company’s total funding to over $30m.

22/08/2024

Thomson Reuters acquires Cambridge-based gen AI startup. 💡

The startup said its LLM is being trained by world-leading lawyers in the hope of providing a more reliable legal AI than what can be offered by Big Tech AI products.

The acquisition is part of Thomson Reuters wider plan to incorporate AI into its content and technology services.

“Based on our internal assessment, we believe Safe Sign’s models have demonstrated industry-leading performance across a number of domain-specific evaluations,” said Thomson Reuters CTO Joel Hron.

➡️ https://www.uktech.news/ai/thomson-reuters-acquires-uk-ai-startup-20240822 🔗

Safe Sign Technologies, a Cambridge-based AI startup developing LLM technology for law has been acquired by Thomson Reuters.

21/08/2024

AI startup from ex-Monzo staff Gradient Labs raises £2.8m. 🚀

Gradient Labs is developing a number of large language model AI customer service agents capable of acting “like humans”.

The startup claims its AI agent can resolve up to 80% of customer queries including using actions and account data.

It was founded by Dimitri Masin along with Neal Lathia and Danai Antoniou, all of whom previously worked at challenger bank Monzo.

➡️ https://www.uktech.news/ai/ex-monzo-gradient-labs-seed-20240821 🔗

London-based AI startup Gradient Labs, founded by three former Monzo staff members, has raised £2.8m in seed funding.

21/08/2024

Starling Bank signals IPO prep with new job listing. 💡

The fintech unicorn is recruiting for a London-based role, which will “play a role alongside senior management, appointed advisors and underwriters to execute a successful IPO or other capital event”.

A spokesperson for Starling Bank told UKTN: “This new role will play a part, amongst other roles, in supporting the CEO and CFO with existing investor relationships and support them in considering the long term future, which might include a possible IPO."

➡️ https://www.uktech.news/fintech/starling-bank-ipo-job-listing-20240821 🔗

Starling Bank is inching towards an initial public offering (IPO) as the fintech advertises a group head of investor relations.

21/08/2024

Fresha the 'Booking.com of salons', gets £26m in venture debt. 📈

Fresha, a marketplace platform for beauty and wellness, has secured a $31m (£26m) venture debt facility from J.P. Morgan.

Founded by William Zeqiri and Nick Miller in 2015, Fresha offers a subscription-free business software with embedded payment processing and a consumer marketplace.

➡️ https://www.uktech.news/funding/fresha-venture-debt-20240821 🔗

Fresha, a marketplace platform for beauty and wellness, has secured a $31m (£26m) venture debt facility from J.P. Morgan.

21/08/2024

Diversity is a competitive advantage for VCs. But too often, we see a cookie-cutter approach. 🔎

In a saturated market, diversity is crucial for identifying innovative venture capital (VC) investments that cater to varied consumer groups and market ideas and is increasingly important as younger generations gain influence.

However, even in today’s supposedly forward-thinking society, the evaluation of startups is often subject to bias associated with gender, race and more.

➡️ https://www.uktech.news/diversity/diversity-investor-vc-advantage-20240821 🔗

Opinion: In a saturated market, diversity is crucial for identifying innovative investments, but too often VCs take a cookie-cutter approach.

20/08/2024

Ex-Google employees' startup BeyondMath raises $8.5M. 🔎

The round was led by UP.Partners, with participation from Insight Partners and InMotion Ventures, the investment arm of JLR.

This funding will support BeyondMath’s mission to reshape engineering practices globally with its AI-driven multiphysics simulation platform.

The pair, who both have decades of experience working in AI, previously worked together at Google and eBay. Garvey also worked as part of the team at Evi Technologies that built the AI acquired by Amazon and transformed into Alexa.

➡️ https://www.uktech.news/ai/beyondmath-funding-20240820 🔗

BeyondMath, a Cambridge, UK-based AI company, has announced that it has secured $8.5m (£6.5m) in seed funding.

20/08/2024

Scottish SaaS training platform Administrate raises £3.05m. 🏴󠁧󠁢󠁳󠁣󠁴󠁿

Edinburgh-based training software management platform Administrate has secured a £3.05m funding round.

The cloud-based platform is used by corporate clients to manage training operations and integrates with existing Learning Management Systems.

Administrate, which raised £5m last year to support its expansion into the US, has also launched an AI scheduler to help enterprise customers automate the planning of training activities.

➡️ https://www.uktech.news/saas/administrate-raises-3-05m-20240820 🔗

Edinburgh-based training software as a service management platform Administrate has secured a £3.05m funding round.

20/08/2024

Stability AI appoints new Chief Technology Officer. 💡

British imaging, language, code, and audio generative AI company, Stability AI, has appointed Hanno Basse as its new Chief Technology Officer (CTO).

Basse has 30 years of experience working as a CTO, working with companies such as Digital Domain, a global visual effects and digital production company to integrate and implement new technologies.

➡️ https://www.uktech.news/ai/stability-ai-chief-technology-officer-20240820 🔗

British generative AI company, Stability AI, has appointed Hanno Basse as its new Chief Technology Officer (CTO).

20/08/2024

Rocket engine explodes at UK's first vertical launch spaceport. ❗️🚀

The explosion took place on Monday evening at the SaxaVord Spaceport UK in Unst, the northernmost island in the Shetlands, Scotland.

This was part of a launch test conducted by the space tech firm Rocket Factory Augsburg - RFA The German group is performing tests as it prepares for its first launch from the Scottish spaceport.

➡️ https://www.uktech.news/space-tech/rocket-engine-explodes-saxavord-spaceport-20240820 🔗