The Rundown: Edition 10
Edition 10: 22 Aug 2025
Welcome to The Rundown, a snapshot of news, views and intel from the fast-growth tech and investment scene.
Stripe alumni raise $17m Seed round
Phoebe, an AI agent platform founded by former executives from the payments giant Stripe, secures funding round led by Google Ventures and Cherry Ventures. Phoebe is described as the “first immune system for software”. Sky News
Belfast’s Neurovalens secures £6m to boost US growth
Neurotechnology company, which helps treat conditions such as insomnia and post-traumatic stress disorder, completes round led by Investment Fund for Northern Ireland, with funding from Whiterock, IQ Capital, Innovation Ulster and ACF Investors. Irish Times
Northern Gritstone co-leads £4m PhovIR funding
University of Manchester spinout PhovIR, which develops optical sensors, raises Seed round from Northern Gritstone and deeptech specialist SCVC to bring its first commercial product to market and grow its team. Business Live
Newcastle immersive technology startup raises £3m
Founded in 2020, Aircards – which builds storytelling experiences for major brands including Pepsi, Visa and Delta Air Lines – receives funding from Foresight Group to accelerate growth. UKTN
Britain falls behind competitors in robotics and AI
The economy could be boosted by as much as £150bn if the UK catches up to global leaders in robotics and AI, piling pressure on the government’s industrial strategy to provide a boost to the sector. Times
OpenAI poised to become most valuable private company
ChatGPT creator OpenAI is considering a $6bn share sale, which would boost the company’s valuation to $500bn, surpassing Musk’s SpaceX and giving it the title of world’s most valuable privately held company. Guardian
Tech stocks take a tumble
US tech stocks lost over $1 trillion, revealing fears about the durability of the AI rally, as investors turned to more reliable sectors such as consumer staples, healthcare and utilities. FT
UK space agency scrapped to cut costs
The UK space agency will be subsumed into the Department for Science, Innovation and Technology in an effort to cut the cost of bureaucracy – however, some experts raise concerns over the potential for this move to cause disruption and stunt progress. BBC
Cambridge college launches first-ever startup incubator
Cambridge’s King’s College has unveiled its new SPARK incubator programme which will provide mentoring and networking support for 24 startups born from university research. UKTN
Reeves’ top targets for the Autumn Budget
Most experts agree that Chancellor Rachel Reeves will have to raise taxes in the Autumn Budget – the question is, which ones? Sources say that she could be eyeing up pensioners, workers and motorists… City A.M.
My date with an octopus – AI’s surprising aptitude for improv
AI is an extremely talented improviser – give it a scenario, and it can respond with astounding agility, nuance and accuracy. However, there is a dark side when AI models fabricate facts in order to keep users happy, says Tim Harford. FT
“The final piece of the computing revolution”
Niccolo de Masi, CEO of IonQ, wants his company to be the Nvidia of the quantum world, with a trillion dollar market value and track record of revolutionising technology. Having recently acquired trailblazer quantum computer developer Oxford Ionics, he might just have a chance. Times
How Physical Activity Can Be A Networking Tool
Oliver Fitz-Gibbon, Head of Platform at InMotion Ventures, recognised that the combination of networking and physical activity catalyses relationship building and helps founders pursue healthy and balanced lifestyles. Rally, which he founded, now has a community of over 1000 people. Forbes
What is the future of quantum?
Dr Chris Ballance, Co-founder and CEO of Oxford Ionics, discusses combining businesses in a global market, who is winning the quantum race, and which industries will adopt quantum computing first, on Bloomberg’s Daybreak Europe – watch it here! Bloomberg
What kind of investor do you want to be?
Listen to Nicolas Sauvage, President of TDK Ventures, in conversation with Mike Smeed, MD at InMotion Ventures, as they discuss how credibility and design can shape effective CVCs, the challenges of aligning startup and corporate cultures, and much more. Corporate Venturing Insider
Some useful advice from the Environment Agency to help us avoid an AI-driven energy catastrophe: delete old photos and emails. Perhaps unsurprisingly, tech experts were quick to pour cold water on this plan, calling it “inaccurate” – but, clearly, there is a huge problem. Automating tasks, summarising articles and taking notes are all helpful, but should this come at the cost of land, water and power? One partial solution is some much-needed upgrades to the national grid. That, and deleting emails from the early 2000s.
IPOs on the London Stock Exchange are at their lowest in three decades, causing bankers to rethink their revenue-generating strategies. The facts are stark: 88 companies delisted or transferred their primary listings from the LSE last year, Shein paused its UK IPO, and Monzo has not yet confirmed if it will list in the UK. However, the planned IPO of the Uzbek business Navoi Mining and Metallurgical Company could begin the LSE’s revival. If it goes through.
Language is constantly evolving. Just as empires rise and fall, words come into and out of the human lexicon. Would you consider yourself “down with the kids”? Do you know what ‘skibidi’, ‘delulu’, and ‘tradwife’ mean? Have a guess about some of the latest additions to the Cambridge Dictionary. We just might open a sweepstake for what we think might be added to the dictionary in 2026…