The Rundown: Edition 50 – Frontier Health, Project Ambition, and the social media ban

National Quantum Standards Network launched

Lord Vallance, the Science Minister, has launched a government-funded network to develop benchmarks for quantum computers. The network is funded by a £10 million commitment to create “common standards” for the technology. Times 

BAE Systems backs European defencetech startups

BAE Systems has committed £43.2 million to two funds – headed up by Expeditions and Lakestar – focused on backing European defencetech startups. The investment marks the second phase of BAE Systems’ Launchpad programme, which aims to accelerate disruptive innovation. UKTN

France abandons Palantir for domestic alternative

France’s domestic intelligence service has ditched AI data tools from the US tech company Palantir in a bid to avoid “strategic dependency”. The move follows increasing concern among European governments about their reliance on US-controlled technologies. Guardian

Anthropic CEO tells G7 leaders to resist splintering

Anthropic CEO Dario Amodei told G7 leaders they must “resist the temptation to splinter”. The intervention came days after the US blocked his company from exporting its latest model. FT

CuspAI taps Bezos in $400m raise

CuspAI, which applies generative AI to material sciences, has raised $400 million, valuing the Cambridge company at $2.6 billion. Investors in the funding round included Kleiner Perkins and Bezos Expeditions, the Amazon founder’s family office. FT

Undo secures $37m to fund growth

Undo, a Cambridge startup that allows AI coding agents to solve complex problems on codebases, has raised $37 million in a round led by Elsewhere Partners. It will use the funds to expand across the US and Europe. UKTN

Frontier Health raises £9.7m for AI in hospitals

Frontier Health, which was founded by a former senior executive at Palantir and uses AI to improve admin on hospital wards, has raised £9.7 million in a round led by Atomico, with participation from XYZ Venture Capital and Firstminute Capital. Times

Space technology firm Optera lands £3m

Optera, a neuromorphic sensing startup that delivers space domain awareness technology, has raised a £3 million round led by Future Planet Capital, with participation from Blackfinch Ventures, Foresight Group, the National Security Strategic Investment Fund (NSSIF) and Empirical Ventures. Soapbox.VC

Pick your battles, even if there’s no opponent (yet)

Building a legaltech company for a market that didn’t yet exist was a challenge worth taking on, according to Nnamdi Emelifeonwu, CEO of Definely. The first-mover advantage is real and “the companies that matter are the ones that picked a fight five years before anyone else thought it was worth having”. The Standard

Oil chaos continues

US President Donald Trump declared an end to 106 days of war with Iran, but oil markets remain unsettled despite prices falling sharply. Mike Rosenberg, Professor at IESE Business School, warns, “it will be at least 12 to 18 months before people start to trust” any real return to normality. FT

The rise of the “Apocaloptimists”

According to Calum Chace, Co-founder of Conscium, attitudes towards AI fall into three main groups: Doomers who fear catastrophe, Zoomers who embrace rapid progress, and Apocaloptimists who sit somewhere in between. The latter takes a cautiously optimistic approach and prepares for AI risks without losing sight of its opportunities. AI Journal

Project Ambition to reignite lost UK startup culture

Pippa Lamb, a VC investor, and Hamish Shephard, Co-founder of HelloFresh, launched Project Ambition to inspire more young Britons to start companies. Unveiled at Number 10, the campaign aims to rebuild a culture that celebrates risk-taking and entrepreneurial ambition. Pathfounders

Caution is costly

SpaceX’s success is cited as proof that bold, “crazy” bets are more often right than reckless. The UK must avoid becoming risk-averse in both business and government, which would hold back innovation and growth, according to entrepreneur and investor Brent Hoberman. He urges a shift toward backing founders, tolerating failure, and taking bigger institutional risks. Times

The social media ban for under-16s will come into effect by next spring, but how will it work? Sir Keir Starmer is modelling the Government’s plan on Australia’s; however, 6 in 10 Australian youngsters are still using the sites and apps, despite the ban. Ministers are considering putting age limits on virtual private networks, while the ban will also take place at the device level. The plans will mean that tech giants Apple and Google must carry out age-verification checks for children using their phones. It might not just be children who will have to prove their age. Human rights group Big Brother Watch has criticised the upcoming legislation, stating that it’s “not like Challenge 25 for alcohol. We will all face a ‘papers, please’ demand to get online”. How will we – and of course, the children – fare, when a recent Reuters Institute report found that the majority of respondents (54%) use social media as their main source of news? Just look at how streamers like IShowSpeed are being described as “Gen Z’s ESPN”. It’s a brave new world.

If the kids aren’t having a tough enough time already, UNICEF found that nearly all children worldwide are exposed to at least one climate hazard. The ‘Children’s Climate Risk Report 2026‘ shows that more than a billion children face at least three overlapping climate hazards – including coastal floods and heatwaves – which endanger their health, education and survival. Two companies working to help those facing climate hazards and air pollution are Jiva.ai and Aevice Health. The British AI company has teamed up with a Singapore-based remote monitoring specialist to complete an innovation programme (first announced in 2024) to develop an AI model capable of predicting asthma exacerbations before they occur using wearable patient monitors. Maybe 2026 really is the year of wearables.

It’s heating up again next week, with temperatures rising and another busy week of events.

Reset ConnectThe 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

Ideas Festival

Referred to as a pilgrimage for entrepreneurs

When: 09-10 September

Where: Hertfordshire

See you next week…

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