The Rundown: Edition 61 – AI slowdown, Brighteye’s Fund III, and the commute to work
Are you with us on this Friday afternoon? Soon enough, Scotland, Wales, and Northern Ireland might not be.
Healey encourages EU to include UK in ‘Made in Europe’ policy
Chancellor John Healey has encouraged European leaders to include the UK in its ‘Made in Europe’ policy aimed at curbing reliance on Chinese components. The move comes as the government aims for closer partnerships with the EU in the tech, defence and manufacturing sectors. Reuters
Month-old UK startup nears $4bn valuation
Emulate, an AI startup founded a month ago by former Google DeepMind researchers, is negotiating with investors to raise up to $700 million at a valuation of $3.7 billion. Index Ventures and Lightspeed Venture Partners are in talks to lead the round. FT
Women disadvantaged by AI economy
Research from the World Economic Forum and LinkedIn shows women make up less than a fifth of AI engineers and remain underrepresented across AI firms. Experts warn that this imbalance, combined with overrepresentation in the industries the technology is disrupting, will push women out of the workforce. Times
Leading AI firms discuss safety collaboration
AI rivals Anthropic, OpenAI and Google are in discussions to collaborate on an industry-led standards body. This joint effort follows mounting public pressure and calls from AI leaders to slow the development of frontier models to manage security risks. CNBC
Financial Conduct Authority criticises SME lending market
A review by the Financial Conduct Authority (FCA) has found that small businesses face a series of hurdles when trying to access finance, including low awareness about their options and confusion over complex products. Times
Scotland’s iGii raises £23m
Stirling-based startup iGii has developed a manufacturing process to “grow” graphene and raised £23 million to scale its production. The funding came from an £11 million grant from Scottish Enterprise, with equity investment from the Scottish National Investment Bank, PXN Ventures and Archangels. Times
Brighteye secures $72m in first close of Fund III
European VC firm Brighteye Ventures has reached a $72 million first close for its third fund to support early-stage startups focused on learning, work, and “HumanOS” technology. The round drew backing from new investors including Zanichelli Venture alongside returning LPs such as the European Investment Fund. tech.eu
British VC veteran back with a £20m bang
Eileen Burbidge, a prominent figure in the UK venture capital scene, has launched NFG Ventures – a £20 million early-stage solo GP focused on providing startups with their first institutional investment. Backed by Thema and a Singaporean family office, the fund has completed its first close. Pathfounders
Magnetic secures $18m Series A
The company, which is building autonomous AI digital workers for global manufacturing and procurement teams, has raised $18 million in a Series A round led by Felicis, with participation from existing investors Sequoia Capital and The Westly Group. SaaS News
£7.5m served up for University of Leeds spinout
MicroLub will use the £7.5 million to scale development of its technology, which uses proteins and water to replace fats, emulsifiers, and thickeners without sacrificing taste or texture. All of the foodtech’s existing investors participated in the round, including Northern Gritstone. The Grocer
The UK in a nutshell: cash-rich and risk-averse
Despite positive government signals on regional devolution and growth, rising employment costs and tax concerns are forcing British businesses to hoard cash and protect assets rather than invest, according to Steve Rigby, CEO of Rigby Group. Times
Want to look “cool”?
The “least efficient way” to seem cool is by launching a startup, according to Paul Graham, Co-founder of Y Combinator. Not only is it “brutally hard”, meaning you “won’t seem cool for years”, but being an entrepreneur shouldn’t be treated as another credential on a CV. Business Insider
The winners and losers of the AI 180°
Anthropic’s chief exec Dario Amodei has called for an AI slowdown. What does this mean in practice and who really benefits? Paul Jenkinson, CEO of Whitespace; Rajen Madan, CEO of governr; Patrick Eden, CEO and Founder of Palma; Barry Downes, Managing Partner at SVV are among those weighing in. Tech Funding News
Capitalising on Yorkshire’s industrial strength
Tim Mills, Managing Partner at ACF Investors, believes that Prime Minister Andy Burnham’s regional growth agenda must empower industrial hubs like Yorkshire rather than rely on top-down Westminster intervention. Success depends on removing regional bottlenecks in capital, talent, and customer access so local scaleups can thrive. The Yorkshire Post
Estonia’s electronic entrepreneurs
The nation’s e-Residency programme is experiencing record growth, with new e-residents founding over 4,200 companies in 2026 – a 36% jump compared to 2025. Driven by fast-track setup and 9,000 new joiners this year, 80% of these businesses were launched by entrepreneurs within their first two years. Startups Magazine
The journey to work might be hellish, and unfortunately, so is looking for a job. It should come as no surprise when we say that the job market is in dire straits. Despite projections that the UK’s two-decade-long stagnation could be ending, as shown by output per job growing by 1.4%, many 16-24-year-olds are not in education, employment, or training (NEET) – in fact, 1 in 8 young people are in this category, with both short-term and long-term impacts. The UK’s welfare bill is now over £333 billion, or more than 10% of GDP, which is sure to rise if nothing is done to help young people. Quickly. While people of all ages are applying to hundreds of jobs before getting an interview – never mind a role itself – for those of you lucky enough to meet a prospective employer in the flesh, what are you going to wear? If it’s a tech position, surely you weren’t planning on wearing that. Best of luck and fingers crossed. It will all be worth it when we receive that sweet, sweet increase in the state pension. When will we get it? Who knows. We’re not gambling people, but if we were, we’d hazard a guess that we’ll certainly be older than 68.