Self-driving scenarios, AI-driven drug discovery, waste fossilization, Google's most advanced AI model, and many more...
What's Up Tech? #160
Welcome to our 160th newsletter. It was written with 🖤 by Charlie Mart, Shashwat Kansal, and Justine Pelisson.
Fundraisings from last week with Pragmatic Semiconductor, Foretellix, Néolithe, and Scalable Capital
News from last week with Google’s reveal of its Gemini model, Sanofi’s pioneering partnership with Aqemia, and KKR’s acquisition of UK’s SMS
Internships & Job offers of the week
Enjoy the read! 🌞
⚡️Pragmatic Semiconductor raised £182M to expand its manufacturing in the UK (🇬🇧)
Pragmatic Semiconductor, a UK-based leader in flexible integrated circuit manufacturing, has secured £162 million ($206 million) in the first close of its Series D round with an additional £20 million ($25 million) earmarked for a subsequent round, marking the largest-ever investment in European semiconductor ventures. 🏗️
This funding, which will fuel the expansion of Pragmatic's operations in the UK, is a testament to Pragmatic's innovative technology, capable of producing ultra-thin, flexible integrated circuits with a broad range of applications across various sectors, including smart packaging for consumer goods, wearables, and sensors, while also offering a lower environmental footprint compared to traditional silicon chip production. 🌱
Pragmatic Semiconductor Secures £182m ($231m) Investment Led by M&G and UK Infrastructure Bank
🛻 Foretellix closed an $85M Series C to build and test self-driving scenarios (🇮🇱)
Foretellix, the Israeli startup specialized in verification and validation (V&V) solutions for driver assistance and autonomous systems, has raised an additional $42 million, closing its Series C funding at $85 million. 🏎
This funding round will support continued improvement of the platform, which focuses on automatically generating an unlimited number of scenarios for training AI in self-driving vehicles, as well as further business development. As highlighted by Foretellix CEO and Co-Founder Ziv Binyamini, “Foretellix is driving a transformative leap forward in V&V technology and methodology. Our solutions address the largest barriers to safe large-scale deployment of autonomous vehicles while dramatically reducing development costs.” 🦾
♻️ Néolithe raised €60M for the treatment of non-recyclable waste (🇫🇷)
French startup Néolithe, known for the development of a new waste treatment and carbon sequestration technology called "accelerated fossilization", has just raised €60M to accelerate on its industrial strategy. 🗑️
By fossilizing non-recyclable, non-inert and non-hazardous waste using a cold process, Néolithe produces aggregates used in the manufacture of concrete and roads, replacing natural pebbles. "The fossilizers will have the capacity to process 100,000 tons of waste per year, and will be replicated across the country to manage waste locally. […] The aggregates, for their part, will be distributed in partnership with local building and public works companies for construction needs and, in the medium term, for road use", says the startup. 😏
🚀 Scalable Capital secured €60M funding boost for European expansion (🇩🇪)
Scalable Capital, the German prominent digital investment platform aiming to democratize investing, has successfully closed a €60 million equity financing round in an extension of its series E funding.💰
The funds will fuel further growth and enhance Scalable Capital's position as a leading, cost-effective investment solution for retail clients across Europe. The investment from HV Capital emphasizes their eight-year backing and supports Scalable Capital's vision to become Europe's premier digital investment platform. Since 2014, Scalable Capital has expanded its services and currently offers a range of financial products, including the recent addition of secured loans through "Credit" in Scalable Broker. 🌐
Scalable Capital Receives Backing from Balderton Capital and Raises €60m Growth Financing
♊ Google unveils Gemini, its most impressive AI model yet
Last week, Google introduced Gemini, its most advanced AI model to date. Labelled as a 'natively multimodal' model, Gemini is built to learn from not just text, but also audio, video, and images, as showcased in a demo that has already generated over 2 million views on YouTube. 🫨
With Gemini, Google aims to surpass OpenAI's ChatGPT. Nevertheless, the model's launch has come under scrutiny since it was revealed that the demo was not performed in real-time, casting doubts on its authenticity. 🤔
Google launches its largest and ‘most capable’ AI model, Gemini
🤝 Sanofi's $140M game-changing partnership with Aqemia: a quantum leap in AI-driven drug discovery (🇫🇷)
Sanofi, a global healthcare leader, has forged a groundbreaking $140 million collaboration with Aqemia, a Parisian startup at the forefront of AI-driven drug discovery. This partnership marks a significant pivot in the pharmaceutical industry towards artificial intelligence.💡
Aqemia's unique approach, which blends quantum-inspired physics with generative AI, allows for rapid and efficient predictions of drug effectiveness, distinguishing it from other AI platforms. Sanofi, through this partnership, secures exclusive rights to further research, development, and commercialization, affirming its commitment to leveraging AI to streamline the drug development process. 🔬
This strategic investment not only cements Sanofi's position at the forefront of innovation in healthcare but also signals a new era in the industry, where AI is increasingly integral to the discovery and optimization of new therapeutic compounds.💊
AQEMIA Announces a Major Multi-year Collaboration of $140 Million With Sanofi
💰 KKR's £1.4B power play: acquiring SMS to supercharge UK's green energy revolution (🇬🇧)
In a game-changing move in the UK energy infrastructure sector, Smart Metering Systems (SMS), a leader in smart meter technology and grid-scale battery storage, is set to be acquired by Kohlberg Kravis Roberts (KKR) & Co. in a £1.4 billion all-cash deal. 💸
The offer, at a 40.4% premium over the company's recent closing price, highlights KKR's confidence in SMS's pivotal role in advancing the UK's energy transition towards the 2050 net-zero goals. SMS, established in 1995 and listed on the London Stock Exchange's AIM market since 2011, has been instrumental in deploying smart meter technology and developing battery storage solutions to support sustainable energy practices. 🌱
This strategic investment is expected to accelerate SMS's growth, enhancing its contributions to the UK's energy infrastructure and aiding in the broader shift towards renewable and efficient energy usage.🔌
KKR takes Glasgow's Smart Metering Systems private in £1.4B deal
Internships
VC Analyst - SuperSeed Ventures (London)
Climate-Focused VC Visiting Analyst - Visionaries Tomorrow (Berlin or remote)
VC Intern - Realyze Ventures Management (Hamburg, Cologne or Remote)
Jobs
CVC Associate - Bouygues Construction (Paris)
Senior Associate VC - Shift4Good (Paris)
VC Investor Early Stage - Foundamental (Berlin)
Visiting Analyst - ff Venture Capital (Warsaw)
👉 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 🖤