The Rundown: Edition 23 – Crypto, Google CEO warnings and a potential unicorn
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Do not blindly trust AI, Google CEO warns
Sundar Pichai has warned that users should not “blindly trust” the output of AI models, which are “prone to errors”. Better, the tech mogul explains, to “learn to use these tools for what they’re good at” and not rely solely on AI technology. BBC
Rift at Ellison Institute threatens £10bn Oxford project
Larry Ellison, Co-founder of Oracle, is set to scale back spending plans for a £10 billion science initiative in Oxford, according to the FT. The move follows the recent departure of its president, Sir John Bell. FT
European Commission waters down Artificial Intelligence Act
The European Commission has been accused of rolling back data protection regulation. If agreed, the changes would make it easier for tech firms to access personal data to train AI models by requiring fewer permissions to access such data. Guardian
Crypto Market loses $1.2tn in value
More than $1 trillion has been lost from cryptocurrency markets in the past six weeks, with concerns about high-tech valuations and the trajectory of US interest rates driving a sell-off in speculative assets. FT
PhysicsX nears unicorn status with Series B extension
London-based AI startup PhysicsX has announced a new investment from Nvidia’s VC arm NVentures. It brings its total Series B funding to more than $55 million and values the company at nearly $1 billion. EU-Startups
Vyntelligence secures $30m Series B
Vyntelligence, which is developing agentic video intelligence technology used in the utilities, telecoms and retail industries, has raised a new funding round led by Blume Equity and Morgan Stanley Investment Management. UKTN
PolyModels Hub raises £7m Series A funding
PolyModels, a biotech software company, has announced a Series A round led by Molten Ventures, with a follow-on investment from Marathon Venture Capital. It will use the fund to grow its engineering and product teams, and further develop its core platform. Tech.EU
Bristol’s Emm raises $9m for menstrual health
Emm, which has developed a wearable device and app that measures menstrual flow volume and tracks cycle metrics, has raised a Seed round including investments from Lunar Ventures, Labcorp Venture Fund, Tiny VC and Alumni Ventures. Business Live
We’re focusing on the wrong AI race
We should pay more attention to who can adopt AI the fastest, rather than who can develop artificial general intelligence, says Rishi Sunak. The country that can commercialise and deploy the tech across its economy and society will be the big winner. Bloomberg
Leadership challenges before Budget are an “act of lunacy”
Steve Rigby, Co-CEO of Rigby Group, joined Paul Nowak, Secretary-General of the Trades Union Congress (TUC) and broadcaster Mariella Frostrup on ‘Sunday with Laura Kuenssberg’ to discuss the upcoming Budget and changes to immigration policy. BBC
Bye-bye, Britain
Despite Chancellor Rachel Reeves’ U-turn on the proposed exit tax, Herman Narula, Founder of Improbable, still plans to leave the UK for Dubai, citing “Britain’s repeated failure to create an environment that encourages entrepreneurs”. Times
UK leads on European spinouts
The European Spinouts Report 2025 – produced in partnership with Atlantic, Cambridge Innovation Capital, MITO Technology, Oxford Science Enterprises and Northern Gritstone – has found that the UK is the best European country for spinout value creation, followed by Germany, then Switzerland, France and Belgium. Sifted
During a critical period for cybersecurity, the UK Government has been warned that banning critical infrastructure operators from paying hacker ransoms may not deter attacks and could even risk collapsing essential services. Meanwhile, the Alan Turing Institute is launching a programme “to defend energy, transport and utilities amid concern over vulnerability to internet outages”, and the Government has cracked down on a cybercrime network. Progress is urgently required following high profile attacks on the likes of M&S, the Co-Op and JLR. Did you know that a single fault at Thames Water’s Coppermills plant could leave 4 million people without water? All this while trying to understand how to deal with AI-orchestrated cyberattacks.
Not only do our water supplies need updating, but so does our electric grid. US startup Gridware, which makes hyper-sensitive sensors for pylons that allow utilities to pinpoint faults and fix issues before they become highly damaging, is hoping to help. After raising $55 million, the San Francisco-based company is looking to expand into the UK. This comes after energy regulator Ofgem committed £80 billion to upgrading the national grid. Perhaps with an updated grid, we’ll finally be able to power all those EVs sustainably.
We’ve spoken a lot about ‘AI doomerism’, and how could we not when there are articles about Gen Z facing a “job-pocalypse” as companies prioritise AI over new hires and over 50% of novelists believe they’ll be replaced by AI entirely? While there is a claim that there won’t be a “job-pocalypse”, but rather “job chaos” – how reassuring – there is, in fact, new research which shows that cutting entry-level jobs is a “profound strategic error“. Maybe the kids are alright, after all.