The Rundown: Edition 15
Welcome to The Rundown, a snapshot of news, views and intel from the fast-growth tech and investment scene.
Thanks to those who have flagged events or stories of interest, please keep them coming. You can send updates for next week to [email protected], and do 
Nscale raises $1.1bn to build European compute capacity
The Nvidia-backed cloud computing start-up, based in London, has raised one of Europe’s largest-ever Series B rounds, with backing from the Norwegian industrial investment company Aker, and further investment from Nvidia, Nokia and Dell. FT
Tide achieves unicorn status with $120m raise
British fintech, founded in 2018, has received backing from the private equity investor TPG and revealed that it serves more than 1.6m micro and small enterprises globally, with around half based in India. TechCrunch
Cambridge spinout Trismik closes £2.2m Pre-Seed round
Trismik, which has developed a platform for measuring AI capabilities, secured funding from Twinpath Ventures, with support from Cambridge Enterprise Ventures, Parkwalk Advisors, Fund F, Vento Ventures, and angel network Ventures Together. Tech.EU
UKRI pledges £9m for new spinout companies
The UK Research and Innovation (UKRI) agency has announced £9m in funding for 48 proof of concept projects – in areas such as medicine, space tech and artificial intelligence – to help turn research into spinout companies. UKTN
Revolut announces £3bn in UK investment
The fintech giant has committed to investing £3bn and pledged to create 1,000 new jobs as it pursues a full banking licence in the UK. FT
AI tool recoups £500m lost to fraud
A new AI tool has helped to identify fraud and recover nearly £500m, according to the government. The project’s success will see it licensed to other countries, including the US and Australia. BBC
UK poised to mandate digital ID
Prime Minister Sir Keir Starmer has announced plans to introduce a compulsory digital ID. It is hoped the UK-wide scheme will crack down on illegal working and modernise the state, according to the government. BBC
US H-1B visa change is a prime opportunity for Europe
President Trump’s decision to impose a $100,000-a-year fee on H-1B visas is seen as a big opportunity to attract tech talent to Europe by startup entrepreneurs. Among them is Nnamdi Emelifeonwu, CEO and Co-founder of Definely. The Verge and LinkedIn
More money, more medicines?
Sir Nigel Wilson, incoming Chairman of Cambridge Innovation Capital, calls for “fundamental reform” of the UK life sciences industry to improve the provision of medicines across the NHS. BBC
The “silent crisis” of school absenteeism
Steve Rigby, Co-CEO of Rigby Group, writes about the “silent” absenteeism crisis that is “robbing a generation of its future”. A recent Centre for Social Justice report commissioned by the Rigby Foundation makes 23 recommendations on tackling the crisis. Times
The proliferation of cyberattacks in Europe
Gianni Cuozzo, CEO and Founder of Exein, identifies the “centralisation of infrastructure” as the “core vulnerability” in cyber defences in an interview with Tom Mackenzie on “Daybreak Europe”. Bloomberg
An AI winter is not on the horizon
There is no need to fear an AI winter, but the hype cycle might be over, according to Calum Chace, Co-Founder of Conscium, who joined Jane Wakefield on the “UKTN Podcast”. UKTN
How to stand out in the startup crowd
Edy Chavassieu, Associate at InMotion Ventures, shares 10 ways for startup entrepreneurs to set themselves apart from the competition when trying to raise funds. TechRound
How do we modernise private market investing?
Mark Woolhouse, CEO and Co-founder of Treble Peak, describes how he spotted gaps in the private market investment sector and launched his wealthtech platform to simplify the process. WealthBriefing
Last week, we mentioned that there might be a few more departures, and that certainly holds true. Amazon Fresh is pulling out of the UK as the demand for contactless shopping has tapered off following the COVID-19 pandemic. US software giant Oracle is also making some changes, with Safra Catz stepping down as CEO. The role will now be split between Clay Magouyrk and Mike Sicilia, who will receive stock packages worth $250m and $100m, respectively.
The brutal combination of an economic slowdown and the rise of AI means there are fewer job opportunities for students in the UK. Recruitment firm Reed has listed 55,000 graduate jobs, down from 180,000 this time two years ago, and its CEO, James Reed, said the trend was “similar to the blue-collar recession of the 1980s“. Two years ago, 33% of final-year students had secured a job by the February before graduation, but this dropped to 27% this year, the lowest figure (aside from the pandemic year of 2021) since the survey began. Additionally, international students may be sold a “rose-tinted version of life in the UK” by unregulated agencies, leading to disappointment in work-life (or a lack thereof) after university for many.
Albania is the first country to have an AI-generated “minister”. Diella is the State Minister for AI and a symbol of PM Edi Rama’s Government’s “push for transparency and innovation”. Diella has been tasked with addressing corruption concerns, but has already attracted controversy. Opposition in Albania have declared it unconstitutional as the bot isn’t human, nor does it hold Albanian nationality, and could in fact lead to more corruption. There are certainly some big questions to answer: How is Diella trained? Is the bot susceptible to AI hallucinations? Whose interests is it acting on behalf of? Will Diella be given citizenship? If so, this wouldn’t be the first time a non-human entity was given citizenship. In 2017, Saudi Arabia granted this to robot Sophia. Remember when she said she wanted to “destroy humans”?