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mistral-ai-nears-$2b-valuation-—-less-than-12-months-after-founding

Mistral AI nears $2B valuation — less than 12 months after founding

European contributions might have been a little late to join the generative AI investment party, but that does not mean they will not end up rivalling some of the earlier North American frontrunners. According to people familiar with the matter, Mistral AI, the French genAI seed-funding sensation, is just about to conclude the raising of about €450mn from investors. 

Unlike Germany’s Aleph Alpha who just raised a similar sum, most investors come from beyond the confines of the continent. The round is led by Silicon Valley VC firm Andreessen Horowitz, and also includes backing from Nvidia and Salesforce. 

Sources close to the deal told Bloomberg that Andreessen Horowitz would invest €200mn in funding, whereas Nvidia and Salesforce would be down for €120mn in convertible debt, although this was still subject to change. If it goes through, this would value the Paris-based startup at nearly $2bn — less than a year after it was founded. 

Mistral AI was one of the few European AI companies to participate in the UK’s AI Safety Summit held at Bletchley Park last month. The generative AI startup released its first large language model (LLM), Mistral 7B, under the open source Apache 2.0 licence in September. 

Targeting dev space with smaller size LLMs

The key thing that sets Mistral apart is that it is specifically building smaller models that target the developer space. Speaking at the SLUSH conference in Helsinki last week, co-founder and CEO Arthur Mensch said this was exactly what separates the philosophy of the company from its competitors.

“You can start with a very big model with hundreds of billions of parameters — maybe it’s going to solve your task. But you could actually have something which is a hundred times smaller,” Mensch stated. “And when you make a production application that targets a lot of users, you want to make choices that lower the latency, lower the costs, and leverage the actual populated data that you may have. And this is something that I think is not the topic of our competitors — they’re really targeting multi-usage, very large models.”



Mensch, who previously worked for Google DeepMind, added that this approach would also allow for strong differentiation through proprietary data, a key factor for actors to survive in the mature application market space. 

Mistral AI and the reported investors have all declined to comment on the potential proceedings.

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Climate tech gets 70% of ‘built world’ VC investment, report finds

We have all seen the gloomy headlines over the past week. VC funding for European tech startups will have dropped by a whopping $45bn in 2023. However, some sectors, such as build world climate tech are faring… less horribly than others. 

Specifically, a new report by sustainability investor A/O released today has found that despite the global downturn, climate tech is attracting as much as 70% of built world VC investment — up from around only 20% five years ago. In addition, investment in early stage rounds in European startups in the sector has, for the first time, exceeded that in North America. 

The built world includes anything that is human-made and created to adapt the natural environment into a habitable and usable area for the purpose of living, working, and playing. This includes architecture and parks, and covers everything from road infrastructure to building construction and operations. Nearly 40% of global greenhouse gas emissions come from buildings — a number that is set to double by 2050 if left unchecked. 

According to the report by A/O, the largest European built world VC firm, the trend has been driven by the energy crisis along with mounting pressures from regulators to decarbonise the real estate and construction industries. 

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Indeed, while total venture capital funding has dropped by over 30% in the first half of 2023, and climate tech overall lost 40%, built world climate tech only saw a 13% decrease in funding. 

“The built world is not immune to the wider macroeconomic challenges in the tech and startup world in 2023,” Gregory Dewerpe, Managing Partner at London-based A/O commented. “However, climate themes have proven more resilient relative to the wider venture market, and within the built world specifically, we have observed both a more muted downturn and faster recovery.”

Meanwhile, not all themes throughout the sector fared equally well. While retrofit installers, grid storage, infrastructure monitoring, and renewable energy procurement continue to see the most investment, areas such as water efficiency and heat pump technology remain significantly underfunded. 

The report also found that for the first time Europe and North America now see the same dollars invested for early stage built world climate tech. Germany and the UK grew significantly (+73% and +27% respectively), while the US contracted (-32%). Indeed, the top three cities for dollars invested were all European — London, Berlin, and Munich. 

“It’s great to see Europe’s ecosystem continue to grow with early-stage investment in Europe on par with North America for the first time, showcasing that some of the most exciting innovation is coming out of the continent,” Dewerpe continued. 

On a more sombre note, later-stage rounds have suffered the most with total investment volumes and median deal size dropping -53%.

Climate tech gets 70% of ‘built world’ VC investment, report finds Read More »

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Tree-planting search engine Ecosia launches ‘green’ AI chatbot

With COP28 underway in Dubai making it again glaringly obvious just how little lawmakers are prepared to bend for the sake of future generations of Earthlings, the release of the first “green filter” generative AI search chatbot could not have been more timely. 

Berlin-based Ecosia, the world’s largest not-for-profit search engine, hopes the launch of its new product will assist users in making better choices for the planet, and further differentiate its offerings from the “monolithic giants” of internet search. 

Powered by OpenAI’s API, Ecosia’s chatbot has a “green answers” option. This triggers a layered green persona that will provide users with more sustainable results and answers. Say, suggest train rides over air travel.

GenAI + DMA = search market disruption?

Ecosia, which uses the ad revenue from its site (read, all its profits) to plant trees across the globe, is among the first independent search engines to roll out its own GenAI-powered chatbot. When speaking to TNW last month, Ecosia founder and CEO Christian Kroll stated how important it was for small independent players to stay up to date with the technology. 

Further, he highlighted the opportunities generative AI could present in terms of disrupting the status quo in the internet search market. “I think there is potential for us to innovate as well — and maybe even leapfrog some of the established players,” he said. 

Upon the launch of the company’s “green chatbot,” Kroll today added that the past year had introduced more change to the internet search landscape than the previous 14 combined (Ecosia was founded in 2009). “Generative AI has the potential to revolutionise the search market — no longer does it cost hundreds of billions to develop best-in-class search technologies,” he said, adding that Ecosia was targeting a “global increase in search engine market share.” 

Something else that could potentially disrupt the market is the coming into play of the EU Digital Markets Act. From March 2024 onwards, consumers will no longer be “encouraged” to use default apps on their devices (say Safari web browser on an iPhone, or Google Maps on an Android device). This may come to include offering users a “choice screen” when setting up a device, which would invite them to select which browsers, search engines, and virtual assistants to install, rather than defaulting to the preferences of Apple and Android. Ecosia says it is “pushing hard” for this provision.

Green chatbot powered by clean energy

Many companies pay lip service to sustainability. Ecosia actually puts its money where its mouth is. A few years ago, its founder turned Ecosia into a steward-owned company. This means that no shares can be sold at a profit or owned by people outside of the company. In addition, no profits can be taken out of the company — as previously mentioned, all profits go to Ecosia’s tree-planting endeavours. 

“It [tree planting] is one of the most effective measures we can take to fight the climate crisis. But unfortunately, it’s often not done properly. So that’s why it also gets a lot of criticism,” Kroll told TNW. 

“We’re trying to define the standards of what good tree planting means. So first of all, you count the trees that survived, not just the ones that you have planted — then you also have to check on them.” This, we should add, falls under the purview of Ecosia’s Chief Tree Planting Officer. To date, the community has planted over 187,000,000 trees and counting. 

In addition, Ecosia’s search engine is powered by solar energy — accounting for 200% of the carbon emitted from the server usage and broader operations. 

LLMs and CO2 are still an undisclosed relationship

You may ask how adding generative AI to a search function is compatible with an environmental agenda. After all, Google’s use of generative AI alone could use as much energy as a small-ish country

Ecosia admits that it does not yet have “oversight of the carbon emissions created by LLM-based genAI functions,” since OpenAI does not openly share this information. However, initial testing indicates that the new GenAI function will increase CO2 emissions by 5%, Ecosia said, for which it will increase investment in solar power, regenerative agriculture, and other nature-based solutions. 

Environmental credentials aside, a search engine still has to perform when it comes to its core function. “For us to compete against monolithic giants that have a 99% market share, we have to offer our users a product they’ll want to use day in, day out,” Michael Metcalf, chief product officer at Ecosia, shared. “That means not only offering a positive impact on climate action, but a best-in-class search engine that can go head-to-head with the likes of Bing and Google.” 

Metcalf added that user testing had shown very positive feedback on the company’s sustainability-minded AI chatbot. “We’re going to market with generative AI products before peers precisely because we want to grow: Grow our user base, grow our profits, and then grow our positive climate impact — which is mission critical for our warming planet.”

Tree-planting search engine Ecosia launches ‘green’ AI chatbot Read More »

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Silo AI releases checkpoint on mission to democratise LLMs

A year has passed since OpenAI unleashed ChatGPT on the world and popularised terms like foundational model, LLM, and GenAI. However, the promised benefits of generative AI technology are still much more likely to be derived by those who speak English, over other languages. 

There are over 7,000 languages in the world. Yet, most large language models (LLMs) work far more effectively in English. Naturally, this threatens to amplify language bias when it comes to access to knowledge, research, innovation — and competitive advantage for businesses. 

In November, Finland’s Silo AI released its multilingual open European LLM Poro 34B developed in collaboration with the University of Turku. Poro, which means reindeer in Finnish, has been trained on Europe’s most powerful supercomputer LUMI in Kajani, Finland. (Interestingly, LUMI runs on AMD architecture, as opposed to all-the-rage LLM-training Nvidia.) 

Along with Poro 1, the company unveiled a research checkpoint program that will release checkpoints as the model completes (the first three points were announced with the model last month). 

Now, the company, through its branch SiloGen, has trained more than 50% of the model and has just published the next two checkpoints in the program. With these five checkpoints now complete, Poro 34B has shown best-in-class performance for low-resource languages like Finnish (compared to Llama, Mistral, FinGPT, etc) — without compromising performance in English. 

Research Fellow Sampo Pyysalo from TurkuNLP says that they expect to have trained the model fully within the next few weeks. As the next step, the model will add support for other Nordic languages, including Swedish, Norwegian, Danish, and Icelandic. 

“It’s imperative for Europe’s digital sovereignty to have access to language models aligned with European values, culture and languages. We’re proud to see that Poro shows best-in-class performance on a low-resource language like Finnish,” Silo AI’s co-founder and CEO, Peter Sarlin, told TNW. “In line with the intent to cover all European languages, it’s a natural step to start with an extension to the Nordic languages.” 

Furthermore, SiloGen has commenced training Poro 2. Through a partnership with non-profit LAION (Large-scale Artificial Intelligence Open Network), it will add multimodality to the model.

“It’s likewise natural to extend Poro with vision,” Sarlin added. “Like textual data, we see an even larger potential for generative AI to consolidate large amounts of data of different modalities.”

LAION says it is “passionate about advancing the field of machine learning for the greater good.” In keeping with Silo AI’s intentions for building its GenAI model and LAION’s overall mission to increase access to large-scale ML models, and datasets, Poro 2 will be freely available under the Apache 2.0 Licence. This means developers will also be able to build proprietary solutions on top. 

Silo AI, which calls itself “Europe’s largest private AI lab” launched in 2017 on the idea that Europe needed an AI flagship. The company is based in Helsinki, Finland, and builds AI-driven solutions and products to enable smart devices, autonomous vehicles, industry 4.0, and smart cities. Currently, Silo AI counts over 300 employees and also has offices in Sweden, Denmark, the Netherlands, and Canada.

Silo AI releases checkpoint on mission to democratise LLMs Read More »

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Dutch biotech startup bags €22M for proprietary generative AI model

It has been nearly a year since OpenAI unleashed ChatGPT on the world, and it seems as if no one (at least in tech) has stopped talking about generative AI since. Meanwhile, the applications of GenAI go way beyond chatbots and copyright-grey-area image ‘artistry’. 

For instance, Cradle, a biotech software startup out of Delft, Netherlands, is using it to help biologists engineer improved proteins, making it easier and quicker to bring synthetic bio-solutions for human and planetary health to market.

In synthetic biology, people use engineering principles to design and build new biological systems. Scientists can use parts of DNA or other biological elements to give existing organisms new abilities. 

This has tremendous potential for programming things like bacteria to produce medicine, non-animal whey proteins, detergents and plastics without petrochemicals, yeast to make biofuel, or for instance crops that can survive in tough environments… the list goes on. 

“At the core of all these products are proteins, which are little cellular machinery,” Stef van Grieken, co-founder and CEO of Cradle, told TNW a little while back. “If you want to change them to be better for the application you have in mind, you have to alter the DNA sequence. That’s a really complicated task because DNA is basically an alien programming language.” 

woman in lab coat performing experiments
Cradle is based in Delft, Netherlands, and Zurich, Switzerland.

This whole process takes a long time — and costs a lot of money. Which is where Cradle’s web-based software comes in. When prompted, Cradle’s AI platform can generate a sequence of a molecule that has a higher probability of matching what researchers are looking for, than when scientists need to try everything out for themselves. 

This equals fewer and more successful experiments, drastically reducing R&D time and costs. For most projects, this means they can proceed at twice the speed compared to the industry average.

Putting AI to good use for future generations

Cradle’s proprietary AI model has been trained on billions of protein sequences, as well as data generated in the company’s own wet laboratory.

“It dramatically increases the probability that your molecule has the characteristics that you care about when you try it out in your laboratory, and that significantly accelerates R&D time, and therefore dramatically reduces the cost of the R&D phase for bringing these types of products to market,” van Grieken, previously Senior Product Manager for Google AI, added. 

Why did van Grieken leave a cosy job at Google to set up a synbio AI startup in the Netherlands? “Because I have two young daughters who are three and six. And they’re gonna ask me, 10 years from now, ‘what did you do when the earth caught fire?’ And the answer could not be ‘I was a plumber for an advertising company’.”

“For me personally, success would be helping a company to make a bio-based version that replaces some petrochemical or animal-based product, and does that better and cheaper. And that more of these companies start existing in the world.”

Increased demand for synbio software

Cradle, founded by van Grieken and bioengineer Elise de Reuse in 2021, has already signed up with industry partners including Johnson & Johnson, and just announced the $24mn Series A funding round. It is now working on more than 12 R&D projects including vaccines and antibodies. 

Cradle team offsite
The Cradle team currently consists of 20 people. Credit: Cradle

The team currently consists of 20 people, split between Delft, the Netherlands and Zurich, Switzerland. The latest funding round was led by Index Ventures with participation from Kindred Capital. Angel investors including Chris Gibson, co-founder and CEO of Recursion and Tom Glocer, former CEO of Thomson Reuters and Lead Director, Merck, also participated in the round.

The fresh injection of capital will allow Cradle to grow the team, build out additional laboratory and engineering facilities in Amsterdam, and continue to develop its platform and user experience to allow it to onboard more customers, in line with growing demand. 

Dutch biotech startup bags €22M for proprietary generative AI model Read More »

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The two rings: Finland’s Oura sues Ultrahuman over rival wearable

Oura, the Finnish health wearable startup, is suing one of its biggest rivals, claiming it copied its ring device and accessed proprietary information.

The Oulu-based company, which makes the Oura Ring health tracking device and has raised more than €140 million, has filed legal action against Indian company Ultrahuman.

In a lawsuit filed in a court in Texas in early September, Oura accuses Ultrahuman of violating its patents and accessing proprietary information through ex-Oura employees and investors to develop its competing smart ring product.

Oura, which is valued at over €2 billion, has one million users of its ring and has garnered celebrity fans.

The company has released three iterations of its smart ring to date. It tracks metrics like heart-rate variability, blood oxygen rate and sleep patterns. Unlike wearables like Fitbit wristbands, Oura markets its device as a smaller, more compact product that can do similar tasks but with a sleeker look.

Woman with ring on her finger touching her hair
The Oura ring… Credit: Oura

Ultrahuman meanwhile initially developed sensors for health and exercise tracking. It released its first device to be worn on a finger called the Ring last year, and a new iteration called the Ring Air earlier this year.

Ultrahuman did not respond to requests for comment on the allegations. The company has also yet to respond to the allegations contained in the legal filing.

Allegations

Oura claims that Ultrahuman designed its ring by “blatantly copying Oura’s technology,” infringing on patents held by the Finnish company.

Oura alleges that Ultrahuman gained access to proprietary information about its ring technology through former employees.

“Ultrahuman’s efforts to copy Oura do not stop at infringement, but have extended to hiring former Oura employees, soliciting current Oura engineers, and potentially benefiting from some of its primary investors gaining access to Oura’s proprietary and confidential information prior to launch of the Ultrahuman Ring,” Oura stated in its legal filing.

Woman with ring on her finger against palm tree background
…and Ultrahuman’s ring. Credit: Ultrahuman

It added: “Moreover, Ultrahuman has hired and solicited a number of Oura’s employees and engineers to assist with development of the Accused Instrumentalities [Ultrahuman Ring].”

In the filing, Oura sets out several details and features in Ultrahuman’s ring that it claims the rival company has copied.

This includes the titanium used in the device, skin sensors and PPG sensors, which measure various health metrics for the wearer, and the fact that the device uses similar batteries from the same suppliers.

According to Oura, Ultrahuman is “supported by an investor” that gained access to confidential and proprietary information on the Oura Ring in December 2021. Oura has not disclosed the name of the investor, nor is it clear if Oura is referring to one of its own investors. 

No coincidence?

Oura claimed that the “similarities are not a mere coincidence”. The Finnish company goes as far as to claim Ultrahuman imitated its social media content for promoting the device. Oura is seeking damages of “amount to be proved at trial.”

A spokesperson for Oura declined to answer any further questions about the allegations made in the lawsuit but said the company planned to defend its intellectual property.

“We will fiercely protect the innovative work of our team, and defend against those looking to take a shortcut,” they said.

The case could initiate a lengthy legal battle between two of the wearable industry’s most significant startups.

What’s at stake?

Both companies have attracted a sizable amount of venture capital funding.

In April of 2022, Oura announced that it was valued at $2.5 billion following an additional injection of capital from investors, though a figure for the latest investment was not disclosed.

In 2021, Oura raised $100 million in a Series C round led by The Chernin Group and sports tech investor Elysian Park Ventures. Its other investors include Temasek, MSD Capital and Salesforce boss Marc Benioff. Oura appointed a new chief executive last year in Tom Hale. 

Ultrahuman raised a $17.5 million Series B round a year ago from VC firms like Nexus Venture Partners and Blume Ventures and is backed by some high-profile angel investors like Zomato chief executive Deepinder Goyal.

Wearable market

The global market for fitness trackers is expected to be worth over $258 billion by 2032, according to analysis firm Precedence Research.

That covers a wide range of products from smart watches to trackers like FitBit. Smart rings are a relatively smaller subset of that market.

Oura, having burst on the scene in 2013, has taken a lead in that space, regularly featured on consumer guides for smart rings. 

It now boasts over one million devices sold and celebrity users like Jennifer Aniston and Kim Kardashian. While based in Finland with offices in Oulu and Helsinki, the company has also opened offices in San Francisco and San Diego as it targets the US market.

Oura’s ring began as a consumer wearable product focused on sleep tracking, but has gradually expanded that remit to be a broader health tracking device. For instance, it has integrated its product with fertility and contraception app Natural Cycles to enable users to track period cycles.

It has also rolled out a subscription service, bringing the company into the SaaS arena. A ring can cost up to €500 but the access to software products on top of that, with a monthly subscription, aims at diversifying the company’s income stream with recurring monthly revenue.

Meanwhile, Oura has deepened its investment in R&D.

Health data and privacy

Playing in the space of health data is a risky bet given the sensitivity of the information that Oura collects. Earlier this year, Oura acquired San Francisco-based digital ID startup Proxy, which specialises in encrypting sensitive data.

When Oura CEO Hale announced the deal, he described the acquisition as “paving the way for new opportunities in areas such as payments, access, security, identity, and beyond, fuelling future growth.” This hinted at a much bigger vision for Oura and its wearable device.

Ultrahuman has its own vision too. The Indian company may be new to the smart ring game, but it is not new to health tracking and wearables. Its first flagship product was a smart glucose tracking patch that monitored a user’s glucose levels and generated insights based on the data. Much like Oura, it too operates a subscription service.

Ultrahuman dipped its toes into the smart ring game in early 2022 when it acquired LazyCo, another Indian startup, which had built a smart ring product.

Oura is seeking a jury trial. Ultrahuman has yet to respond in the Texas court but will in all likelihood do so soon. At that stage, the case will take greater shape but both sides could be facing a lengthy process. 

The two rings: Finland’s Oura sues Ultrahuman over rival wearable Read More »

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Climate tech is set to boom. This VC explains why it’s ripe for investment

Climate tech is receiving a proportionally larger share of what is, undeniably, a muted venture capital investment environment. VC and private equity investment in the sector has, thus far in 2023, fallen by 40% — just as the evidence of the need for more money for potentially planet-saving technology is becoming increasingly insurmountable. 

However, the total amount for all venture and equity investment was down 50.2% year-over-year. So, while climate tech is far from escaping the current economic downturn unscathed, it is faring… not as horribly as other tech segments. 

Still, the news earlier this autumn that leading Dutch climate tech VC SET Ventures had raised €200mn for its fourth fund — doubling the size of its previous one — was particularly uplifting. The fund will invest in 20 to 25 European companies that are innovating the energy transition. 

TNW sat down for a conversation with SET Ventures’ Managing Partner, Anton Arts, to see what it takes to be a venture capitalist in climate tech, the enormous economic opportunities arising from our move toward net-zero, and how startups garner favour in an increasingly difficult investment landscape. 

“It’s a bit of a funnel,” Arts explains when discussing the process of selecting which companies to back among an avalanche of pitches. “The first thing we ask is: does this fit into our scope?” 

Does it move the impact needle, and is there a market opportunity? 

SET has a clear idea about what it wants to invest in — digital technologies that advance a carbon free energy system. “So a major question that we try to answer whenever a proposal comes to us is, how does this affect the energy system of the future?”

Arts adds that this is a much more narrow focus than what someone thinking about climate tech in a more generic way would have. However, as energy is linked — directly or indirectly — to 72% of global emissions, trying to address those emissions is a “more than large enough” problem: “We also ask ourselves, does this really move the needle in terms of impact?” 

“The second area that we then focus on is really some of the same questions that all VCs try to answer. Do we think this is a fantastic founder team? Is there a market opportunity that is large enough? Can you truly develop a differentiated and unique offering in that market? And, ultimately, is it going to be financially rewarding to take on that opportunity?” 

Flight to quality increases VC competition

After having found an exciting investment opportunity, the process then becomes somewhat of a two-way street. Sure, there is less capital up for grabs as the funding optimism of the past few years has waned (unless you are in generative AI, that is) — but the startups that meet the more stringent criteria can instead have their pick among suitors. 

“In the current market, there is also a flight to quality, which means that the bar for what is a great company is raised. But for those companies that meet the bar, there is intense competition between investors in order to fund that opportunity,” Arts states, adding that there is also a founder who has to make a decision which investors to go with.

Additionally, Arts says it is a healthy market dynamic, and one that is influenced to a great deal by the fact that climate tech has moved from a relative niche from an investment perspective, to much more of a mainstream market. 

Solving problems — why this, why now? 

Another question that always comes up, Arts says, is “what problem is this solving? Why this, but also, why now? Because many of these problems are not new. What has changed in the past few years that now there is a solution to an existing problem that wasn’t there before? Maybe it is the technology, maybe it is the people, etcetera.” 

And finally, Arts says, as a VC, you have to “skate to where the puck is going,” meaning you have to be willing to make a bet on something that the rest of the world hasn’t seen yet. Or, as he puts it — “what do you want me to believe that other people aren’t believing yet?” 

When thinking about investing with environmental or social impact as a criteria, the question inevitably arises as to whether there are compromises in terms of return on investment versus doing a good thing for the planet. Arts would argue, perhaps unsurprisingly, that not necessarily — and definitely not when it comes to energy. 

“We think that this transition to the energy system of the future is really a generational opportunity in magnitude,” he states.  

Clean technologies will outgrow oil in revenue

Indeed, according to the International Energy Agency (IEA), a new energy economy is emerging, pushed forward by policy action, technology innovation, and the increasing urgency of the need to tackle climate change. This, the IEA says, provides a “huge market opportunity” for clean technologies. 

The agency estimates that, if the world gets on track for net-zero emissions by mid-century, the annual market opportunity for wind turbines, solar panels, lithium-ion batteries, electrolysers, and fuel cells will grow tenfold to $1.2 trillion by 2050. That means that those five segments collectively would be larger than today’s oil industry and its associated revenues. 

And that’s “just” the hardware stuff. The new energy economy will also require digital tools to manage the complex interactions and relationships between things like electricity, fuels, and storage markets. Managing platforms and data will become increasingly important parts of energy efficiency and clean energy innovation. 

“What people might need to be reminded of is that you can’t always predict timelines. But that doesn’t mean they’re going to be longer. Sometimes you see changes happening very quickly. And for us as investors, we think that if you look at the past, then, of course, we’ve seen a lot of success in software businesses, and, for instance, business-to-consumer internet businesses. 

“We think the opportunity of the next decade is really shifting to climate tech as a category, and we are absolutely convinced that we will see similar types of return expectations, as we’ve seen in the tech business in the past.”

One of the reasons for that, Arts says, is that more and more talent is moving into climate tech, having perhaps previously been successful in other industries and looking to make more of a difference. And, a chain is starting to emerge all the way from early stage investment to very large growth equity funds. SET invests across Europe at the Series A stage, but with the ability to keep supporting portfolio companies through multiple rounds of financing.

From physical assets to digital solutions

Essentially, SET Ventures believes in three things: that the world is changing very fast, and that the energy transition is the biggest trend driving markets in the next decades; that there is too much emphasis on miracle technologies that exist only in the lab and not enough on the business models and applications that will scale what’s right in front of us; and, from a systems perspective, value migration will move from only physical assets, to the collection of digital solutions that together form the energy system.

Among the startups and scaleups in SET’s portfolio are Dutch companies Sensorfact and Energyworx. The former helps clients reduce industrial energy waste through plug and play hardware, smart software, and dedicated consultants. Founded in 2016, Sensorfact has already scaled to 1,300+ customers in over 40 countries and identified more than 112+ GWh of energy savings. Energyworx is a SaaS provider for energy providers to ingest and manage data across the entire energy chain. 

Another example of SET’s investment strategy is Germany’s Instagrid. The company has built a 20kg 230V portable power system for professionals to work off-grid. On a full charge (2.5 hours), an industrial vacuum cleaner can run for 105 minutes, you can brew 1,200+ cups of professional catering espressos, and high quality projectors can run on full brightness for five hours. 

SET’s latest fund is backed by the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, a.s.r., and Amsterdam-based Carbon Equity

Climate tech is set to boom. This VC explains why it’s ripe for investment Read More »

how-europe-is-racing-to-resolve-its-ai-sovereignty-woes

How Europe is racing to resolve its AI sovereignty woes

While not yet as illustrious as its North American counterparts OpenAI, Anthropic, or Cohere, Europe’s own cohort of generative AI startups is beginning to crystallise. Just yesterday, news broke that Germany’s Aleph Alpha had raised €460mn, in one of the largest funding rounds ever for a European AI company. 

The European tech community received news of the investment with some enthusiasm. While much focus has been on how the EU will regulate the tech (and how the UK will or will not), there hasn’t been a whole heap of attention on how the bloc will support artificial intelligence innovation and reduce the risk of being left behind in yet another technological leap. 

During a press conference about the investment, Germany’s Vice Chancellor and Minister for Economic Affairs Robert Habeck stressed the importance of supporting domestic AI enterprises. 

“The thought of having our own sovereignty in the AI sector is extremely important,” Habeck said. “If Europe has the best regulation but no European companies, we haven’t won much.”

Transparency, traceability, and sovereignty

At the same press conference, Jonas Andrulis, Aleph Alpha’s founder and CEO, stated that the investors participating in the latest round (including the likes of SAP, Bosch Ventures, and owners of budget supermarket giant Lidl) were all partners the company had worked with before. Notably, all but a small contribution from Hewlett Packard came from European investors or grants. 

“What was so important for me, right from the beginning with our research, is transparency, traceability, and sovereignty,” Andrulis added, playing on ethical considerations that could potentially set a European LLM apart, as well as geopolitical objectives. 

Aleph Alpha is building a large language model (LLM) similar to OpenAI’s GPT-4, but focusing on serving corporations and governments, rather than individual consumers. But there are other things separating the two companies — OpenAI has 1,200 employees, whereas 61 people work at Aleph Alpha. Furthermore, the former has secured over €11bn in funding.

However, with the construction of the €2bn Innovation Park Artificial Intelligence (Ipai) in Aleph Alpha’s hometown of Heilbronn in southwest Germany, the startup may end up receiving the boost it needs to level the playing field. Construction of Ipai is slated to be complete in 2027, by when it will be able to accommodate 5,000 people. The project is supported by the Dieter Schwarz Foundation, which also participated in Aleph Alpha’s latest funding round. 

Europe’s lack of AI contender geopolitical issue

Founded in 2019, Aleph Alpha is not a newcomer to the game. In 2021, before ChatGPT-induced investment hysteria, the company raised €23mn, in a round led by Lakestar Advisors. Such an amount has, of course, since been overshadowed by numbers in the billions of dollars on the other side of the Atlantic. However, Aleph Alpha did raise another €100mn, backed by Nvidia among others, in June this year.

And the German startup isn’t the only European player raking in the dough. Only a few weeks after the company’s founding in May this year, France’s Mistral AI raised €133mn in the reportedly largest-ever seed round for a European startup.

Presenting a challenge to Aleph Alpha’s claim to the European GenAI throne, the company is also developing an LLM for enterprises. Although, its very first model, Mistral 7B, is totally free to use. In its pitches to investors, Mistral, founded by former Google and Meta employees, reportedly warned it was a “major geopolitical issue” that Europe did not have its own serious contender in generative AI. 

Meanwhile, Germany’s is not the only government looking to shore up domestic generative AI capabilities. The Netherlands recently commenced the development of its very own homegrown LLM to provide what it said would be a “transparent, fair, and verifiable” GenAI alternative. 

How Europe is racing to resolve its AI sovereignty woes Read More »

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Why Europe is lagging behind in the spacetech race

News broke last month that the European Space Agency (ESA) had engaged SpaceX to launch four of Europe’s Galileo satellites into orbit in 2024. The decision to turn to Elon Musk’s US-based company comes in the wake of delays to Europe’s own Ariane 6 rockets, which mean the continent is without its own means to deliver large payloads into space.

Though it’s only designed to bridge the gap in our current capabilities, it’s a disappointing development for Europe’s spacetech community. But one that, unfortunately, many of us saw coming. 

Why Europe is falling behind in space 

Europe is currently lagging behind the rest of the world when it comes to spacetech, and the agreement with SpaceX is emblematic of a frustrating situation that’s hampering opportunities to advance its capabilities. 

So why has Europe had to turn to a US-based company? After all, there is no shortage of demand, and it’s not like the region is short on the kind of top level engineering talent that’s needed to develop its own rockets. 

One of the main problems is that there’s simply a lack of competition to fuel the development of new capabilities. I’d also argue that governments aren’t helping the situation. 

Compared to the US and China, European spacetech companies face a huge funding gap. In the US, funding largely comes from NASA and the Department of Defence who invested more than $62 billion in 2022.

It’s a similar story in China, where government support totalled $12 billion. Compare that with ESA, which has an annual budget of just 7.5 billion euros, and it’s easy to see why the region is lagging behind. 

How did we get here? 

It’s clear that dependency on foreign imports and companies like SpaceX will, in the long run, leave Europe’s sovereignty vulnerable. So, why have we fallen so far behind?

In part, ESA suffers from regulations on “geographic return.” This means that when a country funds ESA, an equivalent amount of money must be reinvested into its own domestic industry.

“Geographic return” was originally introduced to encourage investment and share the load (and returns) across big and small nations. In recent years, however, it has come under increased scrutiny for hampering the European space sector’s ability to be competitive, because in short, innovation and competition aren’t evenly spread. Finance should go to the best products, the best ideas and the most scalable commercial innovations, regardless of geography.

Earlier this year, ESA’s Director General Josef Aschbacher wrote that the region should move towards a “fair contribution principle,” which means adjusting the contribution of each European member state according to the outcome of the industrial competitions and the actual share gained by its industry in these competitions. 

While it’s undoubtedly a step in the right direction, I would say this does not go far enough. Scrapping “geographic return” entirely would be the kind of game changer that Europe needs to keep pace with the global space tech race. 

The power of partnership 

Another reason Europe is falling behind its global counterparts is the absence of public-private partnerships, which would support growth in the continent’s space sector.

Take the US for example, where NASA’s Commercial Orbital Transportation Services (COTS) programme backed SpaceX’s development of Falcon 9, the first (and cheapest) partially-reusable rocket. The success of Falcon 9 set the stage for an atmosphere of enduring public-private partnerships, which foster competitiveness in the US today. 

NASA’s administrator Bill Nelson has also stated that he backs fixed-price contracts with companies working on space exploration. Fixed-price contracts assume companies building technical systems absorb any unanticipated expenses, not NASA. This makes the market more competitive for growth-stage companies selling low-cost services to the agency.

Here in Europe however, we simply don’t have the same atmosphere of public-private partnerships. That’s in part because we don’t have a joint defence initiative. We also don’t have an Elon Musk or a Jeff Bezos who are willing to invest billions. According to NASA’s own independently verified numbers, SpaceX’s development costs of both the Falcon 1 and Falcon 9 rockets were approximately $390 million in total.

Unlike the US, there’s also no single European country big enough to go it alone. This is where collaboration between public-private partnerships and like-minded companies could make all the difference. After all, it’s a process we’ve seen flourish with pan-European success stories like Airbus and defence systems specialist MBDA. 

Europe needs to ignite its space tech landscape

Spacetech has the potential to advance innovation across every aspect of our lives. Europe is full of companies that are developing technologies that won’t just advance our extra-terrestrial ambitions, but improve lives down here on terra firma too. However, they can only succeed if they have the support and backing they need to flourish. 

If the current disparity continues, Europe runs the risk of becoming a mere spectator as space industries in countries like the USA and China surge ahead. Left unchecked, it’s a situation that won’t just hamper our ability to launch our own satellites into space, but potentially jeopardise our economy, our security, and even our defence capabilities. 

And that’s a space race that we simply cannot afford to lose. 

Portrait photo of Jean François Morizur
Jean François Morizur, founder and CEO at Cailabs. Credit: Cailabs

Jean-François Morizur is the founder and CEO of Cailabs and a Forbes 30 Under 30 honouree in Science & Healthcare. Prior to founding Cailabs in 2013, he was Senior Associate at Boston Consulting Group and is co-inventor of Cailabs’s groundbreaking Multi-Plane Light Conversion technology.

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Why the future of food is ‘invisible innovation’

When you hear “the future of food,” what comes to mind? Star Trek-like food synthesisers, pills to replace your lunch, lab-grown meat, and insects for protein? Yes, the future of food might contain those things. However, it will also be a lot less… strange. 

That is according to Beatriz Jacoste Lozano, the director of the KM ZERO Food Innovation Hub. TNW caught up with her during last week’s Valencia Digital Summit, to learn more about the crucial work of transforming the way we source our food, while still catering to the emotional connection we have to what we eat. 

“If we want a product to work in the market, it needs to be aligned with cultural identity,” Jacoste Lozano says. “Food is something very close to our identity, our memories, our desires. So it has to also be delicious, right, and that is our first requirement for a novel food. That being said, there is a lot that needs to change — our food system is broken.” 

How our food systems are failing

And a broken system it is indeed. The food industry is largely dominated by multinational corporations that encourage unsustainable and unhealthy patterns of production and consumption. It is also the primary driver of biodiversity loss on the planet. In fact, agriculture alone is the identified threat to 24,000 of the 28,000 (86%) species at risk of extinction. 

It is also responsible for 30% of global carbon dioxide emissions, and 80% of global deforestation is a result of agricultural expansion. And still, the system has not managed to eradicate hunger and starvation. “Our food system is also failing when it comes to providing nourishment to people,” Jacoste Lozano states. “900 million people are still hungry.” 

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By 2050, it faces the enormous task of having to feed 9.8 billion people. Furthermore, diet-related diseases are one of the top three causes of death worldwide, putting public healthcare systems under enormous pressure, and at great cost to society. 

Reforming the way we produce and consume food is absolutely essential for the health of the planet — and humanity. 

Not all food tech is high tech

KM ZERO is looking to facilitate and accelerate that change through open innovation and investment. The hub analyses the needs of the food industry, which mainly take the form of sustainability challenges. These can be related to packaging, water usage, carbon emissions, soil quality, etc. But it doesn’t stop there, and it’s not all high tech.  

“We think sustainability is not enough — we are now talking about regeneration and restoration,” Jacoste Lozano says. “We don’t believe all innovation has to be digital and technological, we also believe in looking back at regenerative practices.” 

Beatriz Lozano in front of presentation screen on stage
Lozano says we need to accelerate change in all parts of our food system. Credit: KM ZERO

Essentially, what KM ZERO does is scout for solutions from startups that are putting forward novel materials and products, and connect them with investors, the food industry, and retailers so that they can scale their ideas. 

“We have 20 associated VCs that specialise in food — so they are smart money. And together, they have got more than €3,000,000,000 to invest in food tech. So we believe we can be a catalyser and speed up the change that is needed.” 

Combating food waste by changing perceptions

One of the reasons we have lost our way when it comes to nutrition is how removed we have become from how we source our food. A lack of understanding of and connection to what it takes to produce it also contributes to the massive amounts of food wasted. Every year, around one-third of all food goes to waste

Remember the nearly 1 million people still going hungry? Or the 30% of greenhouse gas emissions arising from food production? That means that 10% of all global emissions come from food that never reaches anyone’s stomach. 

KM ZERO also works with education. Through its initiative Gastro Genius Lab, the organisation gives kids the chance to change their relationship to food, and perhaps learn to love a vegetable or two in the process.



“We want to give children a chance to reflect on these challenges. But also, when cooking, they are more willing to eat, for example, broccoli, or other foods they usually don’t love,” Jacoste Lozano explains. “So that also changes the perception. And in terms of waste — if you put a lot of effort into something or if you realise that someone has put in effort, you tend to shift your behaviour.” 

A group of people on a stage in front of a colourful display
KM ZERO also hosts a food tech event called ftalks Food Summit. Credit: KM ZERO

One example of a startup looking to do its bit to reduce food waste is London-based Mimica. The company has developed a temperature-sensitive tag to put on food packaging to help discern when a product has actually gone bad, as opposed to relying on an often overly conservative best-before date. When the food starts to go bad, the sticker, called Bump, will go from a smooth to a bumpy texture. 

Another company is Trazable, which is putting blockchain technology to good use with software that digitalises food supply traceability records. Contaminated food can thus be traced back to its source within seconds, speeding up response times to alerts, and lets suppliers control the lifecycle of a product in-house or through the whole farm-to-fork value chain. 

New protein 

Many startups look to workdirectly with the food itself, such as Mimic Seafood and MOA Foodtech. The latter combines biotechnology and AI to transform by-products of the agri-food industry through fermentation into a “next-generation protein” containing all nine essential amino acids. This powder can then be added to almost any product to enhance nutritional value. 

While many meat substitutes have failed to capitalise on the initial enthusiasm, often due to lack of nutrition or disappointing textures, new technologies are showing promise in converting more plant-based sceptic parts of the population. 

“In the area of new proteins, we are seeing how we can use mycelium or algae and transform it through high-precision fermentation to make high quality protein that tastes good and that has the texture that makes products that people will actually want to eat,” Jacoste Lozano says. 

These technologies, using, for instance, bioreactors, have long been deployed in the pharmaceutical industry. Now it is a matter of bringing them to the right level of scale so that the economics behind them makes sense for the food industry. And to get the right investors who understand that things might take a little longer than their usual exit strategy would dictate. 

Invisible food tech innovation

Meanwhile, there is also a lot of innovation happening in the ecosystem around food production. For instance, in September this year, 40% of Spain was under drought alert or in “drought emergency.” This causes a decrease in production of foods such as grains and tomatoes.

“This means we need to import much of that food, and this means the price will rise and this will affect food access,” Jacoste Lozano says. “So, we are looking, for example, into regenerative agriculture. Because soil that is healthy needs much less water. In fact, we can reduce water demand by 75% if the soil is healthy. So we need these very ‘unsexy’ innovations as well.” 

Another area ripe for disruption is the use of plastic. The fact that we all consume one credit card worth of microplastics in a week is a particularly sobering detail from our conversation. Another London-based startup, Notpla, is making seaweed-based packages for food, drinks, and care products that are entirely compostable.

“I think the press many times doesn’t do a very good job in speaking about the future of food in more natural terms, because they highlight what leads to clicks, right?” Jacoste Lozano states. “So normally, you find that the future food is going to be eating insects, so people are taken aback. That’s why we really emphasise that the future of food does not have to be strange. And that we are going to see a lot of invisible innovation.”

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Meta begrudgingly launches €9.99 ad-free subscription for Facebook and Instagram

The effects of the EU’s regulatory crusade on Big Tech are beginning to make themselves known to consumers. Yesterday, Meta launched ad-free subscription services for Facebook and Instagram within the bloc. Users will be able to pay from €9.99 to use the social media platforms without seeing ads — or continue using them for free and have their data collected. 

We are probably not alone in the experience that ads have completely taken over much of what began as a means of actually connecting with friends (and sharing photos of our lunch). Adding to that, with more and more sophisticated targeted advertising and tracking across various apps, ads have become, at times, spookily accurate. 

When surveyed, the instinctual reaction of the TNW editorial office was a resounding “no.” However, €9.99 a month to escape a barrage of ads might not seem such a horrible proposition for everyone — although, given Meta’s revenue model, one that the tech giant did not want to have to make. 

“We believe in a free, ad-supported internet – and will continue to offer people free access to our personalised products and services regardless of income,” the company said in a statement. However, it said it was introducing the new subscription model to comply with European Union regulations. 

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Meta also, perhaps a little resentfully, added that it “respects the spirit and purpose of these evolving European regulations, and are committed to complying with them.” 

Purchase via an app store, pay more

The ad-free subscription service will also be available to residents in the EEA and Switzerland, and have a different price depending on where you purchase it. The €9.99 is when buying it on the web, whereas paying for it via iOS or Android will cost €12.99. Meta stated that the higher price was due to the additional charges by Apple and Google through their respective policies. 

The subscription service will be available for people 18 years of age and older, whereas the company stated it would “continue to explore how to provide teens with a useful and responsible ad experience given this evolving regulatory landscape.”

Meta said that if users chose to continue to engage with its platforms for free, their experience would stay the same. Advertisers will also be able to continue running personalised advertising campaigns in Europe. 

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How this Berlin startup deploys AI to make preventative healthcare accessible

There are plenty of conversations around how AI can progress healthcare. And indeed, it has numerous applications in the form of diagnostics and accelerated drug discovery. However, wouldn’t it be even better if artificial intelligence could help prevent us from getting sick in the first place?

Anyone who has ever tried to get past (or even to) a GP in the Netherlands or any other European country feeling the healthcare capacity crunch knows that it can be a process leaving you almost as drained as being unwell itself. Often, getting access to proper care can become a matter of being able to advocate for yourself, at times across language barriers. 

HealthCaters is a female-founded startup based in Berlin that wants to change the status quo of healthcare gatekeeping. Its founders say they are not simply looking to make money and grow the company. Rather, they want to change the future of preventative medicine — in a way that is accessible and affordable for all. And when speaking to its two co-founders, Yale-educated Dr Lily Kruse and ex-VC and former head of business development at medical travel platform Medigo Tanya Eliseeva, I feel that I believe them. 

“I was a heart surgeon in the US. And for me, the most important thing was to help people and to make sure that they are healthy. And I realised quickly that medicine is not so much about that. It’s more about treating people who are already sick,” Dr Kruse says. 

“But if you think about it, there’s so many people that are getting sick, but are not sick yet. It was quite emotional to have somebody on the operating table, knowing that this could have been prevented.”

Preventative health beyond statistics

According to the WHO, by 2030, the proportion of total global deaths due to chronic diseases (or noncommunicable diseases, NCDs) is expected to reach 70% — up from 61% in 2005. Apart from the tremendous individual suffering they inflict, lifestyle-influenced diseases, such as heart disease, chronic respiratory disease, and diabetes, are also a huge burden on health services worldwide. 

Considering that in 2011, Harvard Business School predicted that NCDs would cost society more than $30 trillion over the coming two decades, it is baffling that national healthcare plans hardly, if ever, take preventive measures into account. 

Hoping to function as an extension of the existing healthcare system, HealthCaters has developed what they call DIY health screenings, using a portable testing station and an accompanying app. Taking around 30 minutes, the system guides the user through a series of steps to measure things such as blood pressure, cholesterol, lung function, heart rate, kidney and liver health, metabolic health, etc. 

HealthCaters portable testing station
The screening takes about 30 minutes. Credit: HealthCaters

A proprietary algorithm then analyses the results and provides a comprehensive risk assessment, including probability and factors impacting each risk. The app also provides practical advice on how to mitigate said risks, based on scientific evidence. 

“It’s not just a sheet of different values, and then a thumbs up, like you’re okay or you’re not okay, and that’s it,” Eliseeva says. “We put together a very comprehensive risk assessment that allows you to understand what your actual risks are. What do I need to pay attention to? And for every risk that we identify, we show the probability and the factors that impact that risk.” 

Unlike the doctor’s office, or by employing the services of a test lab, the user doesn’t just receive the numbers, but the algorithm also takes lifestyle into account to determine what the specific numbers mean to each individual in terms of risk. 

“Our goal is preventative medicine that is not just statistics,” Eliseevea continues. “It’s not about having a 10% chance of developing something. It’s more like ‘what do I have to care for, in order for me to stay healthy?’” 

‘Explosive demand’ from corporates

 HealthCaters offers their services to corporates that can set up health screening days for employees with the portable boxes and access to the app with personalised plans. Customers include the likes of IBM, WeWork, and Barmenia. Furthermore, the startup just opened up its first centre for the public in Berlin (prices start at €39). 

“We are seeing explosive demand from corporates right now,” Eliseeva says, adding that the company signed three new clients last month — no small thing for a startup its size. 

“Usually we do it in the framework of a health day or health week, which means we go there and we set up, and employees can book slots. They come to the health case, and they can do the screening themselves,” Dr Kruse explains. “So it’s completely self-managed.” 

Sometimes, the process is arranged by an insurance company that acts as the intermediary, which also allows corporations to lower premiums for employee insurance. 

Growing a team that understands tech for health

While any startup in preventative or diagnostic healthcare over the past few years may have had to battle the ghost of Theranos in the minds of investors, HealthCaters recently secured $1.2mn in seed funding led by Barmenia Next Strategies. They will use the funds to expand the team, both on the tech and operational business side, as well as “double down” on the product.

“It’s so important to make sure that there is a strong team behind your tech that understands at what point and how to take all this technology [generative AI] in, and to implement it without jeopardising the actual essence of the product,” Eliseeva says. “Because it’s not tech for tech, right? It’s tech for health.” 

Lack of accessibility increases anxiety

The company has also held pop-up events throughout Europe. Circling back to the Dutch healthcare system we referenced earlier in this article, when HealthCaters held an event in Amsterdam earlier this year, the audience was in parts unexpected. 

“You always think that out-of-pocket expenses for health care is something that is upper-middle class territory. But many of the people who came to us were taxi drivers,” Eliseeva retells the experience.



“And they said, ‘Well, I tried to have a doctor’s appointment, they asked me to wait for three months. When I finally went, it was over in literally two minutes. They looked at me and said — you’re okay, why are you here?’ They said that it makes them very anxious, and this word, anxious, is repeated by so many people we talk to [in relation to healthcare].” 

The company has plans to further integrate the product with wearables and data such as genetic screenings and family history. With so much personal medical data being involved, I cannot help but ask about privacy and security. Eliseeva highlights that it was not something she and Dr Kruse would ever cut corners on as it is a “cornerstone” of the product. 

“Before we hired a single person, we already asked ourselves, how are we going to deal with data security? We even interviewed on the basis of what they would do with this data,” she stated, further adding that the company runs its own trial audits, and is passing on every single criteria. 

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