Lion Herald's Exclusive UK Tech Week Roundup - What You Missed This Week

Lion Herald Newsletter | Issue #7 - Saturday October 28, 2023 | Lincoln, UK

October 28, 2023

Dear Lion Herald Reader,

As the week draws to a close, it is a perfect opportunity to catch up on the latest in technology and innovation. In today’s newsletter we do a recap of the captivating stories published by Lion Herald over the past week.

This week we listened with much interest to Prime Minister's speech on AI . A speech that encompassed a range of key points, emphasizing the potential of AI, its associated risks, and a commitment to ensure AI benefits all, while enhancing global security, we wrote an article that you can read for free here.

The AI Safety Summit, scheduled for November 1-2 at the historic Bletchley Park, has been generating considerable attention and anticipation, we shared some ideas in our Monday edition here.

In the AI Safety Summit line, pushing towards transparency and best practice sharing within the AI community, leading AI companies (Amazon, Anthropic, DeepMind, Meta,Microsoft, OpenAI) have this Friday unveiled their safety policies. This initiative follows a request from the Technology Secretary last month, demonstrating a collective effort to boost transparency and promote responsible AI development .

The backdrop to this unveiling is the UK Government’s release of emerging safety procedures aimed at guiding companies on ensuring the safety of AI models. These guidelines are set to shape discussions at the upcoming Bletchley Park event. Check more details in this article.

This week we also covered how the UK government is investing a substantial £75 million in eight regional innovation hubs known as Launchpads. These Launchpads, supported by Innovate UK, play a pivotal role in promoting local research, supporting businesses, and spurring economic growth within their respective regions. The primary aim is to foster collaboration, drive economic development, and create employment opportunities, all contributing to the UK's vision of becoming an 'Innovation Nation.'

In addition to this, we brought to your attention the latest news about Tevva Motors, a renowned British electric and hydrogen truck manufacturer. Following an unsuccessful merger attempt with ElectraMeccanica Vehicles Corp, Tevva Motors is actively exploring new merger opportunities, restructuring its leadership team, and positioning itself for growth in the ever-evolving automotive industry.

In fintech this week, London-based Ctrl Alt has successfully secured £2.2 million in seed funding to democratize alternative asset investments, making property and green energy investments accessible to a wider range of investors. Tandem Bank has expanded its operations to London, demonstrating its confidence in the city's thriving fintech and finance sector. London-based fintech firm Multifi has successfully secured £10 million in fresh loan capital, streamlining credit services for SMEs, underscoring the growing interest of asset managers in fintech solutions.

In healthtech this week Sheffield Hallam University's Advanced Wellbeing Research Centre has introduced a medtech and digital health accelerator program, offering valuable resources, non-dilutive R&D capital, and state-of-the-art facilities for early-stage startups. The program aims to promote physical activity, secure investment, and drive commercial success within Sheffield's digital health tech hub.

A report by KPMG revealed this week that, venture capital funding in the UK remains stable at $5.2 billion in the third quarter of 2023, despite a 34% decrease in the number of deals. Additionally, the global startup accelerator ZEBOX has established its UK hub in Manchester, focusing on sustainable innovations, decarbonization, and operational optimization through AI, aligning with Manchester's sustainability goals.

The UK Space Agency continues to make strides in innovation, investing £3.5 million in RFA UK, a satellite launch company that plans to launch RFA ONE satellite rockets from the SaxaVord Spaceport in Shetland. This investment is expected to generate skilled jobs in the region and contribute to the growth of the Scottish space industry, highlighting the UK's commitment to exploring new frontiers.

Join us as we explore the week's highlights, providing you with a convenient way to stay informed and inspired, please share with friends and colleagues.

Thanks for reading,

Fabrice Iranzi, Lion Herald

Tech Headlines This Week

UK Government Commits £75 Million to Drive Local Research, Business Growth, and Economic Advancement

The UK government has unveiled a substantial £75 million investment in eight regional innovation hubs, known as Launchpads, aiming to drive local research, support businesses, and bolster regional economies. Science Minister George Freeman disclosed this initiative, building on successful pilots in Liverpool and Teesside, designed to nurture innovation clusters across the UK. Each Launchpad will receive up to £7.5 million in funding from Innovate UK, tailored to meet the unique needs of local SMEs, with a focus on sectors like renewable energy, agri-tech, and digital healthcare. These Launchpads, strategically positioned to maximize existing innovation capabilities, aim to stimulate collaboration, economic growth, and job creation, marking a vital step toward making the UK an 'Innovation Nation.'

Tevva Reaffirms Commitment to Growth Following Merger Cancellation

Tevva Motors, a British electric and hydrogen truck manufacturer, remains determined to bounce back after the abrupt termination of its merger with ElectraMeccanica Vehicles Corp. Tevva is actively exploring new merger opportunities with potential investors and public companies. The company refutes ElectraMeccanica's claims and is preparing a formal response. Tevva has undergone a leadership team restructuring and expresses confidence in securing financing for its business plan, which includes expansion. Customer interest in Tevva's electric trucks remains strong, and despite the challenges, the company is committed to growth.

Ctrl Alt Secures £2.2 Million to Revolutionize Alternative Asset Investments

London-based fintech Ctrl Alt, co-founded by former Morgan Stanley professionals Matt Ong and Jordan McMullen, along with marketing executive Ele Ward and recently augmented by industry expert Matt Acheson, has successfully secured £2.2 million in seed funding, led by Forward Partners and Middlegame Ventures. The company is on a mission to democratize alternative asset investments, offering API and white-label solutions to empower fintechs and investment platforms in broadening their investment offerings beyond conventional assets. CEO Matt Ong, who boasts experience in the alternative assets sphere, envisions a future where investments in assets such as property and green energy are no longer exclusive to the super-rich, fostering diversification in investment portfolios. Ctrl Alt's approach has garnered strong support from investors and marks a significant step in reshaping the alternative asset investment landscape, making it accessible to a wider range of investors.

The Future of Rugged SUVs: Toyota Reveals Electric Land Cruiser Se Concept

At the Japan Mobility Show 2023, Toyota has unveiled its groundbreaking electric Land Cruiser Se Concept, marking a significant move towards electrification in the world of rugged SUVs. While the concept is a visionary take on the iconic 4x4, it highlights Toyota's commitment to sustainable mobility. This electrified iteration, with its modern design and powerful electric powertrain, signals a potential paradigm shift in the Land Cruiser's future, setting the stage for a new era of cleaner, more innovative SUVs. Toyota's presentation at this renowned event underscores the company's pioneering role in the electrification of its iconic models and hints at a greener, more sustainable path for the automotive industry.

Tandem, the Blackpool-based challenger bank, has opened a London office, underscoring its confidence in the city's finance and fintech sector. Situated in Bloomsbury Way, the new office will serve as the operational hub for Tandem's marketing, treasury, risk, and strategy teams. Tandem's CEO, Alex Mollart, views this move as a milestone following a year of robust growth and achieving its first-ever underlying profit. The bank, committed to green finance, sees London as a crucial location, emphasizing its role in supporting the broader UK fintech landscape. Tandem's sustainable banking services, including investments and loans for clean energy transition projects, have contributed to its recent financial success, with a rare operating profit of £4.5 million in June, further bolstered by a £20 million investment from Quilam Capital in July.

Sheffield Hallam University's Advanced Wellbeing Research Centre is launching a pioneering medtech and digital health accelerator program offering early-stage startups access to resources, non-dilutive R&D capital of up to £25,000, and facilities for testing and product development. This initiative, a collaboration with Barclays Eagle Labs and supported by the Government's Digital Growth Grant, will be based at the Sheffield Olympic Legacy Park. The program, in its third year, has already supported 40 medtech SMEs, and applications are now open for up to 12 more companies worldwide. It offers mentoring, NHS adoption guidance, compliance assessments, and a Demo Day for securing follow-on funding. The AWRC aims to promote physical activity, accelerate company growth, secure investment, and drive commercial success, contributing to Sheffield's status as a digital health tech hub.

In the third quarter of 2023, UK venture capital (VC) funding remained stable at $5.2 billion, marking an 8% decrease from the previous quarter. The number of deals completed fell by 34% to 713, but a series of substantial VC investments helped offset the overall decline. The Birmingham-based Conigital's £500 million raise, although not yet closed, accounted for over 10% of the national VC funding. Ovo Energy secured £200 million in July, and Apollo Therapeutics raised £187 million the following month. Notably, half of the VC investments went to businesses outside of London. Despite these challenges, the AI sector continued to thrive, offering a promising area for future investment, while the UK remained a key player in the European tech sector.

Global startup accelerator, ZEBOX, inaugurated its UK hub in Manchester, the sixth addition to its network of innovation hubs. Established by Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, ZEBOX aims to bolster sustainable innovations with a focus on decarbonization and operational optimization, particularly through AI, within the supply chain sector. This expansion complements existing hubs in Marseille (France), Guadeloupe (Caribbean), Ivory Coast, the USA, and Singapore (Asia Pacific), which have collectively engaged with over 250 startups and 20 corporate leaders, fostering more than 340 collaborations. ZEBOX UK, located on Portland Street in Manchester, is set to provide mentoring, funding, and support to regional startups, focusing on operational efficiency, assets optimization, decarbonization, workflow automation, and the future of work. The initial cohort features ten startups specializing in AI, machine learning, quantum computing, and decarbonization. This move aligns with Greater Manchester's growing tech prowess and sustainability aspirations, aiming to be carbon neutral by 2038. Manchester City Council and MIDAS, Manchester's Inward Investment Agency, welcome this initiative as it contributes to innovation, sustainability, and job creation.

The UK Space Agency is investing £3.5 million in RFA UK, a satellite launch company affiliated with Rocket Factory Augsburg AG (RFA AG), to support its plans for launching from the SaxaVord Spaceport in Shetland, Scotland. This funding, part of the European Space Agency's Boost! Programme, will enable RFA UK to establish the infrastructure and testing equipment necessary for launching the RFA ONE satellite rockets. The RFA ONE rocket, known for its efficient and environmentally friendly Helix staged-combustion engines, stainless steel tanks, and use of standardized components, represents a significant advancement in launch technology, capable of deploying payloads of up to 1,300 kg into a 500 km polar orbit. This investment is expected to create approximately 90 skilled jobs in the region, contributing to the growth of the Scottish space industry. SaxaVord Spaceport in Shetland continues to evolve as a comprehensive hub for space activities, offering ground station services, a satellite payload processing facility, and a commitment to sustainability.

London-based fintech firm Multifi has secured £10 million in fresh loan capital to enhance its credit facilities for UK small businesses. Multifi specializes in credit services for small and medium-sized enterprises (SMEs) and offers SME loans up to £200,000 to streamline the process. The funding, made possible through a partnership with London's Fasanara Capital, underscores asset managers' growing interest in fintech and the transformation of finance through technology-driven solutions. Multifi's mission is to empower businesses across various sectors, transforming financing from a barrier into a catalyst for success, offering unsecured and revolving credit with competitive interest rates to support SME growth and alleviate cash flow issues.

Thanks for joining us in this edition of the Lion Herald Newsletter. We hope you've found inspiration and valuable insights to fuel your tech and innovation journey. Remember, every idea counts, and together, we can turn them into real-world solutions. Stay curious, stay innovative, and stay tuned for more exciting stories in our next issue!

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