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

Lion Herald Newsletter | Issue #13 - Saturday November 4, 2023 | Lincoln, UK

November 04, 2023

Dear Readers,

This week was marked by the AI safety Summit held at Bletchley Park, we have wrote shared very interesting articles around that event that brought together policymakers and industry leaders to address critical issues in the realm of AI.

Despite the UK's role as the host, it became evident that the United States, as the home to major AI players, is asserting its dominance in AI. U.S. Vice President Kamala Harris emphasized the need for responsible AI practices and indicated that the U.S. views its domestic AI policies as a model for global standards. This dynamic has implications for our strategic planning, given the global influence of U.S. AI policies.

The UK's stance on AI regulation is pragmatic, emphasizing an evidence-based, empirical approach. They aim to develop safety measures that can be implemented swiftly, but without immediate legislation. This approach aligns with a commitment to evidence-based decision-making and adaptability in a rapidly evolving field.

The summit underscored the divide between the U.S. and the EU, with the former favoring proprietary models and the latter advocating for open source AI development. This divergence carries implications for AI projects and partnerships, businesses need to consider their approach to model development and intellectual property rights.

The announcement of plans for national AI safety institutes is a tangible outcome of the summit. These institutes will play a role in assessing societal risks and security threats related to advanced AI models. This development is crucial, as it may impact collaborations and interactions with AI startups in the future.

The involvement of China in AI discussions, while challenging due to limited trust, was seen as necessary. China signed the Bletchley Declaration, committing to cooperate with other global players in managing AI risks. As institutions engage with international partners, they should consider the implications of China's role in AI safety discussions.

Thanks for Reading,

I am Fabrice Iranzi, Editor in Chief at Lion Herald, please find below the key headlines on stories we published over the week.

Tech Headlines this Week

The UK government, under the leadership of Prime Minister Rishi Sunak, has unveiled a groundbreaking £100 million AI Life Sciences Fund aimed at harnessing the power of artificial intelligence in healthcare. This ambitious initiative leverages the UK's strengths in securing health data and pioneering AI to tackle previously incurable diseases. The fund comprises eight critical healthcare missions, spanning cancer treatment to dementia solutions. Notably, it aims to utilize AI to develop precision treatments for dementia by rapidly identifying at-risk individuals. The funding will drive AI integration in clinical settings, boost health outcomes across various conditions, and stimulate novel AI research, promising a transformative impact on the healthcare landscape. This initiative underscores the UK's leadership in cutting-edge healthcare and its dedication to reshaping the future of medical care.

Triple Point, a mission-driven investment manager based in London, has teamed up with Innova, a dynamic player in renewable energy, to secure a substantial debt facility of up to £40 million. Their shared objective is to supercharge Innova's expansion in the UK's Solar and Energy Storage Systems (ESS) sector. This collaboration builds upon a longstanding partnership between the two companies that commenced in 2017. Innova, led by founders Robin Dummett and Andrew Kaye, is on a mission to transform the renewable energy landscape by developing, constructing, and operating a diverse range of environmentally sustainable, long-term solutions. Their focus on utility-scale renewable energy projects employing multiple technologies not only reduces carbon footprints but also empowers energy-intensive users to operate off the grid, delivering benefits to local businesses and communities. The partnership symbolizes a significant leap towards a greener and more sustainable energy future, aligning with the UK's Net Zero targets and contributing to the energy transition industry.

London-based insurtech Sprout.ai has successfully raised £5.4 million in a funding round led by Amadeus Capital Partners and Praetura Ventures, with participation from investors like Octopus Ventures and Forefront Venture Partners. Sprout.ai utilizes AI and Contextual AI technologies to significantly reduce claim settlement times, enhance fraud detection, and improve security for insurance companies. The funds will be used to accelerate its growth, expand into new insurance lines and global territories, including North America, and continue investing in AI-led product innovation. The company's tailored solutions aim to increase operational efficiency and reduce claim handling costs by up to 50%. Sprout.ai's success reflects the growing demand for AI-driven solutions in the insurance industry.

Oxford University Innovation, in collaboration with Parkwalk Advisors, has successfully raised £3 million for its latest fund, UOIF VI, which is dedicated to supporting early-stage startups in fields such as artificial intelligence, digital health, and Industry 4.0. This marks the sixth fund in the University of Oxford Innovation Fund series, aimed at nurturing tech and science spinouts from the esteemed institution. Despite challenges in fundraising for such funds, the UOIF VI is celebrated as the largest fund ever raised. The University of Oxford's tech transfer office has a notable track record of securing external funding and facilitating the establishment of over 300 businesses, with nearly 5,000 patents under its management. The funding will play a crucial role in bolstering Oxford's early-stage companies during a challenging investment landscape.

The UK government has allocated £118 million to fund the establishment of AI skills training centers in 12 universities, including the University of Bristol, the University of Edinburgh, and the University of Southampton. This initiative, part of the Science and Technology Framework, is managed by UK Research and Innovation (UKRI) and includes an additional £1 million grant program to attract AI talent to the UK. The funding aims to future-proof the nation's workforce by ensuring the development of crucial AI skills. The move coincides with the UK hosting the AI Safety Summit, emphasizing the country's commitment to becoming a hub for AI safety and innovation.

Spotted Zebra, an HR tech firm, has raised £7.7 million in a Series A funding round led by Nauta Capital, with participation from Act VC and existing investors Playfair Capital and Entrepreneur First. The company's workforce management platform leverages AI, assessment science, and human expertise to help organizations identify and address skills gaps, revolutionizing hiring, retraining, and succession planning. As the world of work undergoes rapid transformations, Spotted Zebra's innovative approach directly targets the specific skills employees possess, significantly expanding the talent pool while enhancing employee performance. With the new funding, the company plans to expand across various industries and global markets, aiming to connect 10 million individuals with opportunities at top employers by 2030. Already counting several FTSE100 companies among its clients, Spotted Zebra has established itself as a pioneering solution in the HR tech landscape.

UK-based vacation rental risk management startup Superhog has raised £5.5 million in Series A funding, led by investors including 6 Degrees Capital, Hambro Perks, and Solano Partners. This capital infusion will enable Superhog to expand its product and engineering teams, hire senior operations professionals, and establish international hubs in the United States and Australia. The company aims to enhance its proprietary risk assessment and protection technology while extending its global presence. Superhog's mission is to help property managers minimize risks in the short-term rental sector, and its solutions have reduced incident rates and driven property manager growth. The company boasts over 800 property management clients worldwide and annual recurring revenue exceeding £5 million.

The UK government has tripled its funding for supercomputers to support advanced AI research, allocating £300 million instead of the initially announced £100 million. Cambridge, chosen as the site for the second supercomputer, alongside Bristol, will host cutting-edge AI infrastructure. The supercomputers, "Dawn" in Cambridge and "Isambard-AI" in Bristol, will significantly bolster the UK's capabilities in AI research and technology. Dawn, powered by 1,000 water-cooled chips, will focus on climate modeling, healthcare, and fusion energy, while Isambard-AI, with over 5,000 Nvidia chips, aims to drive AI and scientific breakthroughs. The move reflects the UK's commitment to lead in AI technology safely and facilitate groundbreaking research. However, concerns have been raised about ensuring adequate electricity supply for the supercomputers' power needs.

Cambridge-based startup Nu Quantum has secured £7 million in funding, with support from venture capital firms like Amadeus Capital Partners, Expeditions Fund, and IQ Capital, as well as existing and new investors. The company's innovative approach to quantum networking involves connecting smaller cores with tens to thousands of qubits through their Quantum Networking Unit (QNU), facilitating the development of more powerful quantum computers. This approach addresses the scalability limitations of current quantum computers and has the potential to revolutionize industries like healthcare, finance, and cryptography. Nu Quantum's success in securing this funding positions the UK as a hub for quantum computing and its related applications.

Klarna, the fintech giant, has successfully averted an impending labor strike in Sweden by reaching a significant agreement with its workforce and labor unions. The dispute had centered around the absence of a Collective Bargaining Agreement (CBA), a common labor contract in Sweden. Klarna's CEO, Sebastian Siemiatkowski, revealed that, following intensive negotiations, the company will join the Banks Employer Organisation by January 1, 2024, and also sign a CBA covering all unions affiliated with the central organization Saco. The negotiations aimed to combine Klarna's operational agility with the Swedish labor model's clarity. This agreement not only averts a potentially disruptive strike but also sets a precedent in the fintech sector, emphasizing the importance of harmonious labor relations and employee rights.

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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