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• Northern Ireland tech firms received a record £143m in investments in 2023, the highest ever level.
• The growth rate for tech funding in Northern Ireland was modest at less than 3% compared to the previous year.
• Despite a 54% downturn in the UK, Northern Ireland’s tech sector remained resilient.
• The average investment per tech company in Northern Ireland was just under £2m.

• Climate investors see growing opportunities in water tech as droughts increase
• One-quarter of the world’s population faces extreme water stress
• Estimates suggest a significant investment gap in water-related infrastructure
• Barriers to private funding in water tech include unrealistic pricing and lack of large-scale opportunities
• Increased awareness of water’s importance in relation to climate change is driving interest and investment

Exploring Water Tech Opportunities in the Face of Climate Challenges

In the realm of investment opportunities, the intersection of water technology and climate challenges is gaining increasing attention. Read more

• World Fund, a European climate tech investor, has closed its first fund at €300 million to back climate tech start-ups.
• The fund has received investments from various sources including the European Investment Fund, KfW Capital, BPI France, and PwC Germany.
• World Fund will focus on investing in companies that can significantly reduce carbon emissions across various sectors.
• The fund will target start-ups at seed and Series A stages, with provisions for follow-on investments and addressing the “Series B valley of death.”

• UK tech funding deals this week included Mission Zero Technologies and Anima in health tech
• £68.95m worth of funding tracked by UKTN, with health tech dominating
• Mission Zero Technologies focuses on carbon capture to combat global temperature rises
• Anima offers software for medical providers to manage clinic appointments and staff
• Other funded startups include AccessPay, Automated Architecture, Neupulse, Stanhope, Arrow Risk Management, Presymptom Health, Salinity Solutions, CryLogyx, and Meysey

Exploring the UK Tech Funding Landscape: A Dive into Mission Zero, Anima, and More

In the dynamic world of UK tech funding, this week brought a flurry of exciting deals, ranging from climate tech innovations to cutting-edge AI solutions. Read more

• Saudi Arabia is joining global players in funding the future of AI with a proposed $40 billion investment fund.
• SoftBank, led by Masayoshi Son, plans to invest $100 billion in the AI chip market to compete with industry giants like Nvidia.
• Google has invested up to $2 billion in Anthropic to rival Microsoft and OpenAI, with additional funding from Amazon and two Asian telecoms.

• Funding disparity exists in India’s climate-tech industry, with high-emitting sectors receiving disproportionately low investments.
• Mobility and transport sector attracts 29% of total investments despite contributing only 9-10% to GHG emissions.
• Energy sector, the largest emitter, secures 74% of climate-tech investments, leaving other emissions-intensive sectors underfunded.
• Building and urban planning sector, responsible for 4% of emissions, receives only 0.82% of climate-tech investments, but this is increasing.

• Transport Tech Innovations Backed by £1.8M UK Gov Funding: Self-driving delivery boats and other innovative transport projects awarded funding from the UK government’s TRIG scheme.
• 41 winning projects receive over £1.8 million to support early-stage research in transport technology.
• Projects aim to address challenges in airports, local transport, maritime decarbonisation, AI, digital twins, connectivity, and freight.
• Initiatives like self-driving boats for parcel delivery and AI tools for optimizing passenger flow are highlighted as examples of cutting-edge innovation.

• Polish-founded OTB Ventures secures $185M for European deep tech with NATO Innovation Fund backing
• OTB Ventures, established in 2017, focuses on deep tech investments in space tech, AI, fintech, and cybersecurity
• The fund is supported by the European Investment Fund, the European Union, and CEE entrepreneurs
• NATO Innovation Fund aims to support innovation in defense tech, AI, quantum, and biotech
• OTB Ventures’ mission is to support disruptive deep tech startups leveraging Europe’s tech talent pool

Exploring Polish-founded OTB Ventures: A Key Player in European Deep Tech

Polish-founded OTB Ventures has recently made headlines by securing a substantial $185M investment in European deep tech, with crucial backing from the NATO Innovation Fund. Read more

• Defense Innovation Unit (DIU) would receive a significant funding increase in the fiscal 2024 defense spending bill, with its funding growing to $983 million from $191 million the previous year.
• Congress is proposing a nearly $800 million boost to DIU’s funding, recognizing its central role in the Pentagon’s innovation ecosystem.
• DIU, created in 2015 to bring commercial technology into the Pentagon, has evolved to lead efforts in rapidly fielding technology for national security.

• AI-driven sepsis and infection tests developed by UK start-up, Presymptom Health, with £1.5m funding for NHS rollout
• Funding secured from UKI2S, Ploughshare, and Medtech To Market to support product development and clinical trials
• Technology provides early and reliable infection status information, aiding in better treatment decisions
• Presymptom’s tests can be run on NHS PCR platforms, potentially saving lives and reducing antibiotic misuse
• Aim to tackle Anti-Microbial Resistance (AMR) and revolutionize sepsis treatment with early diagnosis and market expansion plans

Revolutionizing Sepsis Diagnosis with AI Sepsis Tests

In a groundbreaking development, a UK start-up has harnessed the power of artificial intelligence to revolutionize the diagnosis of sepsis, a life-threatening condition caused by infection. Read more

• U.S. lawmakers allocate $280 million for F-35 engine advancements, focusing on the existing F135 engine by Pratt & Whitney
• The decision excludes integrating alternative engines and prioritizes advancements in adaptive cycle engine technologies, manufacturing, materials, and digital design tools
• Industry overview highlights the critical role of companies like Lockheed Martin, Boeing, Northrop Grumman, and Pratt & Whitney in national security and technological advancements
• Global military aircraft engine market projected to grow, with a focus on next-generation engines leveraging adaptive cycle technologies
• Industry faces challenges such as high development costs, integration complexities, supply chain risks, and budget constraints, leading to a strategic focus on incremental improvements to proven systems

F-35 Engine Advancements: U.S.

• Amsterdam-based OTB Ventures closes a new €170 million fund to fuel European deeptech innovation, focusing on SpaceTech, Enterprise Automation & AI, Cybersecurity, and FinTech Infrastructure
• Fund 2 backed by the European Investment Fund (EIF), Isomer Capital, NATO Innovation Fund (NIF), and other key investors
• Fund 2 primarily for Series A investments with a 10% allocation for Seed funding, aiming for follow-on investments in successful ventures
• OTB Ventures maintains meaningful minority stakes in its portfolio companies to support their growth
• Recent investments include KYP.ai,

• Technology Minerals PLC secures £5.5 million funding for minerals extraction technology
• Recyclus partners with a cleantech company for black mass extraction from lithium-ion batteries
• Funding agreement with Atlas Capital Markets replaces previous arrangement with CLG Capital
• Recyclus aims to refine black mass into precursor cathode active materials for battery manufacturers
• Collaboration aims to revolutionize critical metals extraction for UK’s electrification efforts

Minerals Extraction Technology: Technology Minerals Secures New Funding Deal

Technology Minerals PLC, listed on the London Stock Exchange under the ticker symbol TM1, recently announced a significant milestone in its journey towards advancing minerals extraction technology. Read more

• $3 million seed grant received by ElevateAI program to build AI literacy in Colorado schools
• Grant is part of Opportunity Now Colorado initiative to prepare Coloradans for in-demand jobs
• ElevateAI collaboration between Colorado Education Initiative and SparkFun Electronics
• Program aims to equip teachers and students with AI skills to meet state hiring needs in computer and math fields
• Initiative includes providing AI certification opportunities for educators and integrating quantum computing into K-12 career pathways

New Funding to Create AI Literacy in Colorado Schools

Artificial intelligence (AI) is rapidly shaping the future of industries worldwide, and Colorado is taking proactive steps to ensure its students are well-prepared to navigate this evolving landscape. Read more

• Settlement money from Juul will enhance security at Fairfax County Public Schools
• FCPS staff recommended using the funding for security scanning technology at select high schools
• The safety and security screening pilot is separate from security vestibules being added at schools
• Other security measures considered include vape sensors, panic alarms, and weapons screening systems
• Funding adjustments also support summer school programs for 35,000 students at 73 sites

Enhancing School Security: FCPS Allocates Funding for New Technology

In a significant move to bolster security measures at select high schools, Fairfax County Public Schools (FCPS) is set to utilize settlement money received from Juul, a vape-maker, to implement advanced security scanning technology. Read more

• Ultrahuman, a Bengaluru-based wearable tech startup focused on health monitoring, secures $35 million in Series B funding round from investors including Blume Ventures and Zomato founder Deepinder Goyal.
• The company plans to allocate the fresh capital towards bolstering manufacturing capabilities and investing in deeper research initiatives within the health tracking domain.
• Ultrahuman offers a suite of health monitoring products including the Ring Air smart ring, M1 Live for continuous glucose monitoring, Ultrahuman Home, and Blood Vision for preventive blood testing.

• BimaLab Africa Insurtech Accelerator Program secures $600,000 funding from Swiss Re Foundation
• Funding enables program expansion to five additional African countries, totaling 15 nations
• Program aims to accelerate 55 insurtechs, supporting underserved communities and businesses
• Initiative addresses Africa’s protection gap, focusing on climate change, health, and gender disparities
• Swiss Re Foundation commits to creating an insurtech innovation ecosystem to reach underserved markets

Expanding Horizons: BimaLab Africa Accelerator Secures $600,000 Funding

Africa Accelerator Funding has always been a crucial aspect of fostering innovation and growth across the continent. Read more

• The fiscal year 2025 budget includes funds for broadband expansion, tech innovation, and digital equity.
• The proposed budget earmarks $6 billion for enhancing internet affordability and $112 million for rural broadband infrastructure.
• Initiatives integral to President Joe Biden’s economic vision include reducing costs, stimulating job growth, and protecting consumers.
• The budget prioritizes semiconductor manufacturing, tech talent attraction, and safe artificial intelligence development.

• Vancouver tech funding: PacifiCan announces $14 million investments for seven Vancouver tech organizations
• Funding includes $11.5 million for four companies through Business Scale-Up and Productivity program
• Companies receiving funding include Clarius Mobile Health, Fintel Connect, Augurex, and others
• Clarius Mobile Health to use $3.3 million for global sales of wireless ultrasound device
• PacifiCan expects investments to generate $330 million in revenue growth

Vancouver Tech Funding Boost: PacifiCan Invests $14 Million in Seven Local Organizations

In a significant development for the Vancouver tech scene, the Pacific Economic Development Agency of Canada (PacifiCan) has announced a substantial investment of approximately $14 million to support the growth of seven businesses and organizations in the region. Read more

• VC funding in Pittsburgh jumped 200% in 2023, reaching a total of $3.12 billion, the second-highest on record
• Pittsburgh ranked in the top 10 nationally for AI and autonomous vehicle investments in 2023, with a strong presence in robotics
• Despite a 5.7% drop in deal count, Pittsburgh outperformed the national decline in VC deals, which was 22.6% in 2023
• Robotics, autonomous vehicles, and AI were the sectors that received the most funding in Pittsburgh in 2023, with hardware and robotics making up 68% of investments
• The future looks promising for Pittsburgh’s tech economy, with potential for growth if more local VCs invest in the region

VC Funding Surge in Pittsburgh

In a significant development for the tech ecosystem in Pittsburgh, venture capital funding soared by an impressive 200% in the region, marking the second-highest annual total on record. Read more

• Tech startup support elevated by Kaya Founders with $18 million funding boost
• Kaya Founders concluded second close of two latest funds to support tech startups in Southeast Asia
• Total capital of new funds reaches 1 billion pesos, firm’s assets under management now at 1.25 billion pesos
• Funds named ‘Zero to One’ and ‘One to Ten’ to nurture early-stage startups in Philippines and Southeast Asia
• Kaya Founders aims to address funding gaps for startups in Southeast Asia, partner with SVF to empower startups

Tech Startup Support: Kaya Founders’ $18 Million Funding Boost

In the ever-evolving landscape of tech startups in Southeast Asia, access to funding and support plays a crucial role in the success and growth of young companies. Read more

• Solaris SE secures €96 million in Series F funding to expand its BaaS platform, with total funding now exceeding €450 million.
• The funding round, led by SBI Group and existing investors, includes a financial guarantee of up to €100 million in capital equivalent.
• Solaris operates with banking and EMI licenses across Europe and India, employing over 750 individuals and generating €130 million in net revenues in 2022.

• Health monitoring device maker Ultrahuman raises $35 million in funding from existing investors including Blume Ventures, Steadview Capital, and Nexus Venture Partners
• The round was co-led by Blume Ventures, Steadview Capital, and Nexus Venture Partners, with participation from other existing investors like Alpha Wave Global and Zomato founder Deepinder Goyal
• Ultrahuman’s founder and chief executive, Mohit Kumar, shared details of the funding round in an interaction with ET
• The company’s existing investors showed strong support by participating in the funding round
• The funding round signifies investor confidence in Ultrahuman’s health monitoring device and its potential for growth

Ultrahuman Raises $35 Million in Funding for Health Monitoring Device Innovation

Ultrahuman, a prominent health monitoring device maker, recently announced a significant achievement in securing $35 million in funding through a combination of equity and debt. Read more

• Sugmya Finance secures $3 million funding from existing investors to support growth initiatives and maintain a healthy Capital Adequacy Ratio (CAR).
• The company has raised a total of over $10 million from micro venture capital firms and other investors since its inception.
• Tata Motors establishes a new plant worth INR9,000 crore in Chennai, expanding its presence close to Hyundai’s operations.
• Criminals collaborate with bank employees to execute cyber fraud schemes, highlighting a concerning security issue.

• Food tech funding dropped by almost 60% in 2023, reaching $9.2 billion from $22.5 billion in 2022.
• Various factors such as high-interest rates, closed IPO window, and food price inflation contributed to the decline in venture capital activity.
• E-commerce subsectors like online grocery and restaurant delivery saw a 67% decrease in funding in one year.
• Investment in technology for restaurants and retail dropped by 71-72% over the past year.

• Climate tech startup Sprih secures USD 3 million in seed funding, led by Leo Capital, to expand globally
• Sprih, founded in 2022, offers AI-based climate technology solutions to help businesses achieve sustainability goals
• Sprih simplifies carbon emissions management, measurement, and reporting for businesses
• Co-founder Akash Keshav emphasizes the importance of sustainability in the face of stricter climate laws
• The startup plans to use the funding for team expansion, innovation, and global market growth

Climate Tech Startup Sprih Secures USD 3 Million In Seed Funding

In a significant development for the climate tech industry, Sprih, a cutting-edge carbon emissions management platform, has successfully raised USD 3 million in a seed funding round. Read more

• Optimo Loan secures $10 million funding from Blume, Omnivore, and Pitti to address India’s $530 billion MSME credit gap
• Startup aims to assist small businesses using technology and co-lending strategies
• Easemytrip founder Pitti leads the Optimo Loan venture
• Tata Motors establishes a plant in Chennai with an investment of INR9,000 crore, nearing Hyundai’s location
• Warren Buffett’s next investment move speculated with USD169 billion in cash

Optimo Loan Funding: A Game-Changer in India’s Financial Landscape

In a significant development for India’s financial sector, Optimo Loan Funding has managed to secure a substantial $10 million in funding from prominent investors such as Blume Ventures, Omnivore, and Pitti. Read more

• The Carevoice raises $10 million in Series B funding, defying the health tech funding slowdown
• Insurtech companies turning to “embedded insurance” model for success
• Investors emphasize good economics and healthy traction for startups in the insurance technology space
• The Carevoice secures funding from Apis Insurtech Fund I, bringing total capital raised to $20 million
• Company plans to expand partnerships with insurers globally and invest in enhancing CareVoiceOS

The CareVoice Secures $10 Million in Series B Funding

In the realm of health tech funding, where the landscape has been experiencing a slowdown, the recent success story of The CareVoice shines brightly. Read more

• Moove secures $100 million during Series B funding, shifting global headquarters to UAE
• Partnership with Mubadala leads to headquarters relocation to the UAE
• Uber’s investment in Moove validates its business model and strengthens partnership
• Post-investment valuation of Moove reaches $750 million
• Funding infusion aims to expand operations in India and new urban centers, positioning for global expansion

Moove Secures $100 Million During Series B Funding

Moove, a mobility company founded in 2020 by Jide Odunsi and Ladi Delano, has recently made headlines for securing $100 million during its Series B funding round. Read more

• Tech education grant drives WMU and state forward in high tech education, research, and training
• Western Michigan University awarded grant for research and career development in mobility industry
• Grant supports Center for Advanced Vehicle Design and Simulation (CAViDS) led by Dr. Claudia Fajardo-Hansford
• Industry and community collaborators include Dana Incorporated, Eaton, The Lubrizol Corporation, and Michigan Works! Southwest
• Funding from Mobility Public-Private Partnership & Programming Grant supports over 200 students in mobility careers

Mobility Grant Strengthens Tech Education at WMU

In a significant move towards advancing high tech education, research, and training, Western Michigan University (WMU) has been selected as one of the recipients of a strategic grant aimed at positioning Michigan as a leader in the mobility industry. Read more