A new German unicorn, Meta’s Orion glasses, the latest in AI, and much more...
What's Up Tech? #193
Welcome to our 193rd newsletter, written with 🖤 by Annika Bautista and Sarah Luna Mongin
🔍 Topics we'll cover this weekFundraising & general news from the week: a new unicorn joins the ranks in Germany, Meta unveils futuristic ‘Orion’ glasses, and much more!
Up-and-coming ventures to watch: UK startups’ game coming out on top this week!
Internships & Job offers of the week
Enjoy the read! 💛
🤑 Fundraisings of the week🏋️♀️ Gymlib’s parent EGYM secures €180 million to fast-track unicorn ambitions in Germany (🇩🇪)
EGYM, the German fitness technology and corporate wellness company, secured €180 million in growth capital, propelling its valuation to over €1 billion and solidifying its status as a unicorn. 🦄
The investment goal is to support EGYM's Wellpass corporate wellness network and facilitate further expansion. Additionally, the company aims to increase its market share in France through its subsidiary Gymlib, acquired in 2022.
EGYM, a Connected Fitness Startup Lands $200M at a $1.2B+ Valuation
🚃 Distribusion raises $80 million to expand its B2B ground transportation marketplace (🇩🇪)
Distribusion, the B2B marketplace for ground transportation, has raised $80 million, led by TQ Ventures, with participation from existing investor Lightrock. The startup has created a platform that connects the biggest travel retailers, such as Booking.com, with the biggest carriers, such as SNCF. They are working on providing a holistic experience for travelers — from bus to train to shuttle services — all in one platform, with one contract. 📝
This Series C funding will be used for global expansion and additional technological investments to support thousands of customers and millions of travelers. 🧳
🩺 SURGAR lands €11 million to innovate augmented reality in healthcare (🇫🇷)
French startup SURGAR has secured €11 million in funding to advance its augmented reality (AR) solutions for minimally invasive surgery. This innovation promises to make surgeries safer, faster, and more precise, with the goal of reducing complications by 50% and increasing precision by 20 times. 🔎
Patients benefit from fewer complications, reduced cancer recurrence, and shorter recovery times, while healthcare providers can expect significant cost savings due to improved surgical efficiency and shorter hospital stays.
🧬 Constructive Bio rounds up $58 million to advance synthetic genomics (🇬🇧)
The London-based startup, Constructive Bio, has raised one of the largest biotech Series A rounds in the UK in recent years. The startup is working in the field of synthetic genomics with applications ranging from therapeutics to sustainable biomaterial creation.
According to its founder, Professor Jason Chin “Constructive Bio is the only company that can turn living cells into sustainable biofactories in which they can program […] proteins and new biopolymers.” 🏭
This funding round will support further research and the commercialization of its breakthrough technologies.
🔨 All Iron Ventures rebrands to Acurio and closes €150 million fund to invest in European startups (🇪🇸)
Spanish venture capital firm All Iron Ventures has rebranded as Acurio Ventures and closed its third fund at €150 million to focus exclusively on follow-on investments.
With a generalist approach, Acurio will invest across various sectors in Europe, targeting equity stakes between 3% and 10% to maintain flexibility in its follow-on investments and divestments. AV has already made around 20 investments from the new fund, further solidifying its presence in the European startup ecosystem. 🤝
All Iron Ventures Rebrands as Acurio Ventures With a New €150M ‘Follow-On’ Fund
🔥 Up-and-coming startups to watch🧑🤝🧑 UK-based startup Convergence creating personal AI agents just raised a Pre-Seed round (🇬🇧)
Convergence received $12 million in Pre-Seed funding to develop advanced models powering their Proxy assistants, designed to automate repetitive tasks and workflows for human users.
Unlike many companies focusing on narrow AI agents for specific roles like sales or HR, Convergence aims to build a more flexible, general class of AI agents. Co-founder Purtorab explained, “Our goal is to create agents that can adapt to any type of task based on user needs, reducing the need for numerous specialized tools.”
Convergence Raises $12M to Build Personal AI Agents with Long-Term Memory
🦾 Vsim is set to enhance robotics with simulation tech, raising $24 million in Seed funding (🇬🇧)
Vsim, a robotics simulation engine founded by NVIDIA alums, has raised $24 million in Seed funding led by EQT Ventures. The company’s physics-based simulation technology is designed to help robots learn and operate in virtual environments. With this funding, they plan to expand their platform and cater to high-performance, real-time simulations. Their innovation couldn’t come at a better time with the nascence of AI, processing, and mechanics. 👌
Vsim, Founded by Nvidia Alums, Raises $24 million for Robotics Tech Simulation
📰 News of the week⚡ Another Zuck flex, the Meta ‘Orion’ AR glasses
Meta officially unveiled its Orion augmented reality (AR) glasses, described as the company's most advanced AR prototype to date. During the Meta Connect event, CEO Mark Zuckerberg emphasized that Orion represents a significant leap forward in AR technology, integrating features such as a lightweight design (weighing just 100 grams), Micro LED projectors, and a neural wristband for gesture control. 🕶️
The device should provide users with immersive digital experiences by projecting holographic content directly into their field of vision, allowing for seamless interaction with both the physical and digital worlds. The Orion glasses are not yet available for public purchase, as they remain in the development phase.
👀 OpenAI is looking to raise the biggest venture capital round of all time, amid forecasted losses and structural changes (🇺🇸)
OpenAI is setting their eyes on raising $6.5 billion at a $150 billion pre-money valuation. So far, Thrive Capital has committed $1.25 billion, and investors are asked to provide at least $250 million in funding to participate. 💰 To increase the attractiveness of the deal for investors, the company is also making plans to shift into a new structure — from a non-profit to a for-profit company.
In case you missed it, the New York Times published an article discussing the financial state of Open AI, highlighting that the company is expecting to lose $5 billion this year and special investment terms with Thrive Capital.
👔 Internships & job offersInternships
Visiting Investment Analyst - Dealflow.eu (Lisbon)
Investment Team Intern - Grey Silo Ventures (Milan)
Growth Capital & VC Intern - Astanor (Brussels)
Jobs
Investment Analyst / Associate - Katapult Ocean (Oslo)
Investment Manager - Techstars (London)
Operations Associate - Systemiq Capital (London)
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