Binance money laundering fine, new genome sequencing platform, the NHS' largest contract ever, 2% Women in Deeptech, and many more...
What's Up Tech? #158
Welcome to our 158th newsletter. It was written with 🖤 by Jeanne Ducrocq, Arnaud Savouré, Charlie Mart, Justine Pelisson and our dear partner Sharpstone.
Fundraisings from last week with Merantix, Quotient Therapeutics, Indy, and Otovo
News from last week with the Binance money laundering scandal, the NHS’ enormous contract with Palantir, and the UK’s latest fellowship program
Our content of the month by Sharpstone on Women in Deeptech
Internships & Job offers of the week
Enjoy the read! 🌞
🤝 Merantix is raising €100M to boost next set of AI-driven startups (🇩🇪)
Berlin-based AI venture studio Merantix is currently raising its €100M Merantix AI Fund to invest in more AI startups. This new fund will be divided into €25 million each for external and in-house startups, along with €50 million for existing investments, focusing on pre-seed and Series A stages. 🙌
Berlin-based AI Venture Studio Merantix is Raising a new €100M Fund to Co-Invest in Startups
🧬 Quotient Therapeutics raised £50M for genome sequencing (🇬🇧)
Cambridge startup Quotient Therapeutics just got out of stealth mode with a £50M fundraising. The startup has developped a unique genome sequencing technology platform to better detect genetic discrepancies and mutations, based on comparing genomes with cells of a single patient (vs comparing genomes across patients). 🦠
Flagship Launches First UK Biotech Quotient with Genome Sequencing Platform
💻 Indy secured $44M to expand all-in-one platform for freelancers (🇫🇷)
French startup Indy, the all-in-one solution for freelancers, offers services from accounting and tax preparation, to company creation. It just closed a new $44M funding round. 🧑💻
Indy simplifies freelancers' admin and finance with automated accounting, already counting tens of thousands of paid subscribers. The startup plans to transform into a fintech by offering a free business bank account and payment card, fostering loyalty and eyeing expansion beyond France to other European markets. 😎
Indy Raises $44 Million to Simplify Taxes and Paperwork for Freelancers
☀️ Oslo raised €40M to accelerate residential solar self-consumption (🇳🇴)
Oslo-based startup Otovo, a prominent player in residential solar self-consumption and battery storage, has successfully raised €40M in capital. 🔋
The funds will be used to strengthen its European presence and ensure profitability. Otovo offers significant returns and consumption reductions, providing cost optimization services, administrative support, and solar panel installations. 🌞
🤑 Binance CEO resigns after the company receives $4.3 Billion fine for anti-money laundering violations
Changpeng Zhao (“CZ”), the CEO of Binance - the world's largest cryptocurrency exchange - has resigned after pleading guilty to violating U.S. anti-money laundering laws. The plea is part of a settlement worth $4.3 billion for charges including failure to adhere to the Bank Secrecy Act and breaching financial sanctions.🥴
Following the announcement, the exchange saw over $1 billion in outflows within 24 hours, with the exchange’s native token, BNB, hit the hardest, down more than 8%... 👎
Binance Users Pull more Than $1 Billion from the Exchange after CEO Leaves, Pleads Guilty
🫨 Palantir steals NHS’ largest contract in history (🇬🇧)
The NHS has granted the largest IT contract in its history to the US data analytics firm Palantir! This £480 million contract aims to enhance data management within NHS hospitals, connecting information nationwide. 🏥
Palantir's selection is linked to its pandemic efforts in the UK to improve data access, reduce waiting lists, and boost operational efficiency. However, privacy concerns linger, given Palantir's past ties to the US spy industry... This contract showcases the increasing reliance between public and private entities to enhance the efficiency of public healthcare systems. 🧑⚕️
Everything You Need to Know about NHS England’s Biggest Ever IT Contract
🎯 UK Government announces £3M scheme to develop the next generation of Science & Technology VCs
The UK government has initiated a £3 million fellowship program to develop venture capitalists in science and technology, targeting breakthroughs in fields like vaccines, robotics, and AI. 🚀
Offering 20 spots and inspired by the US' Kauffman Foundation, the scheme aims to overcome the UK's historical struggle in capitalizing on scientific discoveries. Chancellor Jeremy Hunt envisions this program as the key to establishing the UK as a science superpower. 🔑
Jeremy Hunt to Announce US-Inspired Science and Technology Scheme
Our content of the month is brought to you by our partner Sharpstone. Massive thanks to Marie Aristide for having written the piece below as well as to Charlotte Adam-Allais ! ✍️
🔍 2% - Women in Deeptech
The percentage of women leading a Deeptech startup stands at only 2% in France. Nevertheless, women are present in the field of research, with pioneering figures standing out, such as Jennifer Doudna, a Nobel laureate for her groundbreaking work on CRISPR-Cas9 genome editing. 🧬
But what is a Deeptech startup? Bpifrance defines it based on four criteria: the startup must originate from a research laboratory and/or be closely connected to a team or governance from a scientific background; the project must have entry barriers in the form of challenging technological hurdles; the project must offer a distinctly competitive advantage; and, finally, the market introduction process must be complex and extensive. ✏️
So what initiatives are being implemented to encourage and support women who wish to engage in this sector? 🙏
From the inception of startups, ecosystem players are actively involved in supporting women on their journey. In September 2023, a national program was launched by all the SATTs across the country to address the specific barriers faced by women in Deeptech entrepreneurship (SATTs= Sociétés d'Accélération du Transfert de Technologies, who were created within the framework of the PIA [Programme des Investissements d'Avenir]. Concretely, SATTs finance the technological development of innovations stemming from French public research, thanks to an exclusive investment fund of €856 million…). This program aims to unveil their entrepreneurial potential while raising awareness about Deeptech entrepreneurship challenges. 🔓
Startup studios also launch their own programs targeting women; for example, Entrepreneur First, in partnership with SISTAFUND, has introduced an intensive bootcamp exclusively dedicated to female engineers and scientists to guide them through the initial stages of their startups.
Similarly, Business Angel clubs try more and more to invest in startups with at least one woman in the leadership team, such as Femmes Business Angels. 📌
On a European scale, the European Innovation Council has launched the "Women Leadership Program." This program complements the "Women TechEU" initiative from the EIC, which offers funding opportunities. 💸
Interested in reading the full article by Sharpstone (in 🇫🇷)? Find it here!
Internships
VC analyst - 50 Partners Health (Paris)
Investment Analyst - Macquarie (Paris)
Investment Intern - Quantum Light (London)
Investment Analyst Internship Program - Cardumen Capital (Madrid)
Jobs
Investment Analyst - Alicorn Venture Partners (London)
Investment Analyst - Signal (London)
VC Analyst - VC & PE firm in Life Sciences Sector (Barcelona)
VC Senior Analyst - ALANTRA (Madrid)
👉 If you’d like to discover more offers, you can check our job board just here or fill this form to submit a new one.
You can also read more about baby vc on our website and follow our updates on LinkedIn, or directly reach out to us at hello@baby-vc.co! 🤝
Have a wonderful week and see you next Tuesday!
The whole baby vc crew 🖤