The Rundown: Edition 49 – A non-AI newsletter

ECB moved to rein in Revolut’s rapid product rollout

The European Central Bank has curbed the UK-based fintech giant’s ability to launch new products, following concerns about the firm’s internal approval processes. Revolut has been ordered to conduct a third-party review of its risk, compliance and legal functions for new product launches. FT

UKRI backs Midlands spinout fund

Midlands Mindforge, an investment group targeting university spinouts across the region, has deployed its first investment. Backed by UKRI, regional mayors, Rigby Group, and others, Midlands Mindforge will fund science and technology companies. UKTN

Cambridge Aerospace to raise at $3.5bn valuation

The Cambridge-based company is in talks to raise around $300 million in a round led by DFJ Growth. The defencetech builds interceptor drones designed to shoot down hostile drones and cruise missiles. Bloomberg

Millions of small companies to disclose profits to tax officials

Following a two-year consultation on measures under the Economic Crime and Corporate Transparency Act 2023, the Government has confirmed that two million small UK companies will be required to file profit and loss information with Companies House. Times

SpaceX has lift-off, raising a record $75bn IPO

The Rockets-to-AI group priced its shares at $135, with individual investors placing orders for more than $100 billion. This listing drew orders for more than three times the amount on offer, with investors clamouring for exposure to the AI boom. FT

PhysicsX closes $300m Series C funding

An oversubscribed Series C round has brought in $300 million for the London deeptech company, pushing its valuation to $2.4 billion. The funding was spearheaded by Temasek, the Singapore government-owned investment fund. Sifted

Granarium Technologies raises €1m Pre-seed

The Finnish deeptech startup, which spun out of VTT, has raised €1 million in a Pre-seed round led by BSV Ventures and Beamline, with participation from FiBAN, EstBAN and LatBAN. Granarium Technologies will use the capital to commercialise renewable supercapacitors for grid stability. tech.eu

NewOrbit secures $18.5m to build satellites

NewOrbit has secured an $18.5 million Series A to build satellites that fly lower than any commercial operator has managed before. Voyager Ventures led the round, and NewOrbit is aiming to launch its first commercial satellite in 2028. Tech Funding News

The only way is up (to space)

Rapid advancements made in launch capacity and spacecraft manufacturing are supercharging the space economy, says Bridgit Mendler, CEO and Co-founder of Northwood. The former actress, who studied at both MIT and Harvard University, identifies ground infrastructure as the “next frontier” for the industry. Fortune

Let’s all be a bit more American

Steve Rigby, CEO of Rigby Group, believes the UK should take a leaf out of the US’ book on philanthropy and be less “hush-hush” when it comes to donations. A recent report, ‘Partnering for Place’, found that mayors can help unlock philanthropic capital by fostering trusted local partnerships that make giving easier and more visible. LBC

Avoiding another KPMG whistleblower scandal

According to David Morgan, Managing Director at Veremark, KPMG Australia’s 2024 debacle was a “masterclass in what not to do”. He thinks organisations need three essentials: clear and impartial investigation processes, secure anonymous reporting systems, and trained, independent people to manage disclosures. Human Resources Director

Continuation funds: friend or foe?

With IPOs and acquisitions limited, VCs are increasingly using continuation funds to generate liquidity by transferring portfolio companies into new vehicles they manage. Supporters say this provides investor returns without forcing exits, while critics warn of conflicts of interest around pricing and who benefits most. Sifted

By Jove, we’ve nearly done it. We’ve gotten this far by only mentioning the tech that shall not be named once. The Rundown team isn’t the only one abandoning specific technologies. Europe is ditching American tech, a move exacerbated by US President Donald Trump’s return to the Oval Office. The rise of homegrown European innovation and governments preferring not to use tech created Stateside has led the European Commission to create a tech sovereignty plan against US digital supremacy, and the European Parliament now uses the French alternative, Qwant, rather than Google. How about them (European) apples?

If that wasn’t enough, and you’re still hankering for some AI news, here a few stories that you should probably be aware of: the Government unveiled its AI Hardware Plan at London Tech Week, the battle between London Mayor Sir Sadiq Khan and Palantir and the Met Police wages on, former Prime Minister Rishi Sunak argues that we should leverage Britain’s strength in AI and technology better, and London’s AI talent war is heating up. Ok, that takes us to 7 mentions. Not bad going.

Following the busiest event week of the year, thankfully, we have a slightly quieter week of events next, but don’t worry, we’ve still got lots of great events to fill your summer.

VivaTech 

Europe’s largest startup and tech event, bringing together global innovators, investors, and leaders in Paris to shape the future of technology
When: 17-20 June
Where: Paris

Reset Connect

The UK’s leading sustainability and green investment event, accelerating net-zero and climate tech solutions
When: 23-24 June
Where: London

GCV Symposium

Europe’s leading corporate venturing and innovation event connecting global corporate investors, VCs, and startups to drive partnerships and deal flow
When: 23-24 June
Where: London

GITEX Europe

A leading gathering for tech innovators and enterprise leaders looking for collaborative growth in Europe’s rapidly evolving digital landscape
When: 30 June-1 July
Where: Berlin

World Venture Forum 2026

The World Venture Forum brings together leading founders, investors, and innovators from across Europe and beyond to connect, collaborate, and shape the future of global business
Investor discount: use code “WVF26-FHA“ for 15% off
When: 6-11 July
Where: Kitzbühel

AI for Good: Global Summit

AI for Good is organised by ITU in partnership with over 50 UN partners and co-convened with the Government of Switzerland, the United Nations’ leading platform on AI
When: 7-10 July
Where: Geneva

UKBAA Angel Investment Awards Ceremony

A celebration of the outstanding achievements of angels, early-stage VCs and the innovators they back
When: 9 July
Where: London

TechBBQ

From its origins as a small BBQ gathering for tech enthusiasts and entrepreneurs in a park, TechBBQ has evolved into the largest gathering of its kind in Scandinavia
When: 26-27 August
Where: Copenhagen

See you next week…

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