The Rundown: Edition 42 – Non-doms, whistleblowing, and regional investment
Welcome to The Rundown, a snapshot of news, views and intel from the fast-growth tech and investment scene.
Please do share our sign-up page with colleagues and friends – and don’t forget to send us any stories you think we should cover at [email protected]. Thanks for your support.
IMF warns Circular AI funding could pose a ‘systemic’ risk
The International Monetary Fund has warned that circular finance poses a “systemic spillover” risk due to the nature of opaque “circular” financing deals among leading AI companies. Times
UK regulators crack down on illegal crypto trades
The Financial Conduct Authority has worked alongside HM Revenue and Customs to disrupt an illegal peer-to-peer crypto trading scheme. There are currently no FCA-approved peer-to-peer crypto trading platforms in the UK, making any such activity illegal. UKTN
Half a million Britons’ private health records listed on Alibaba
De-identified confidential health records of half a million Britons were listed on the Chinese website Alibaba, the UK Government has confirmed. The data belonged to participants of the UK Biobank project; no sales took place, and the listings have now been taken down. Guardian
Intel shares surge following strong AI data centre demand
Intel shares jumped 20% on Thursday following the announcement of strong earnings and financial forecasts. Lip-Bu Tan, Intel’s CEO, said the results marked a turnaround in the silicon chip manufacturer’s fortunes. FT
Cloudsmith raises $72m Series C
Belfast-based Cloudsmith, a cloud-native artifact management platform, has raised a $72 million Series C round led by TCV, with participation from Insight Partners. The cash will accelerate product development and expand go-to-market capabilities. Tech.EU
Rivan lands £25m for Europe’s largest synthetic gas plant
Rivan, a producer of synthetic natural gas, has raised £25 million in a round led by IQ Capital, with additional investment from Plural. It will use the funds to open a new manufacturing facility in South London. Times
Northern Gritstone raises additional £20m
Northern Gritstone, the VC firm that has backed some of the most promising tech businesses in the north of England, has secured £20 million in new funds with a cornerstone investment from the British Business Bank. UKTN
Alesi Surgical secures £7m
Alesi Surgical, a medical technology business that develops systems to remove surgical smoke during operations, has raised a £7 million funding round led by IW Capital, with participation from IP Group and Mercia Ventures. Soapbox.vc
Millionaires in motion
Knight Frank’s annual ‘Wealth Report‘ found that while the global population of UHNWIs is booming, many are choosing to live outside the UK. The report blames the exodus on Rachel Reeves’ changes to non-dom status. Times
Pensions with purpose, not mandates
According to Richard Stone, CEO of the Association of Investment Companies (AIC), the Pensions Scheme Bill should “incentivise, not compel” pension funds to invest more in UK private assets. Otherwise, the Government risks “undermining the fiduciary principle that lies at the heart of our pension system”. City AM
Tech thrives outside the M25
Over half of venture capital investment in the UK now goes to companies outside of London. HSBC Innovation Banking’s ‘Venture Capital Term Sheet Guide 2026‘ found that this is particularly prominent for early-stage deals and in sectors such as life sciences, cleantech and energy. UKTN
Q-Day creeps closer
Q-Day – the day when quantum computers become powerful enough to break classical encryption methods – is just three years away. Nick New, CEO of Optalysys, believes this shortened timeline requires a “faster pivot” to post-quantum cryptography (PQC) and the specialised hardware needed to run it. ITSecurity Wire
Minimum wage whistleblowing is at a five-year high
Whistleblowing reports of minimum wage breaches have climbed to a five-year high. David Morgan, Managing Director at Veremark, believes that new laws offering “reinforced protection” for whistleblowers explain the surge. People Management
The tube strikes didn’t stop The Rundown team from attending Tech.eu Summit this week. Held at the QEII Centre, with a backdrop of Westminster Abbey, the event brought together Europe’s tech, startup and investment community. While the Tech.eu Events Team has covered Day 1 and Day 2, here are some of our standouts. Sean Duffy, Managing Director and European Market Lead at CIBC Innovation Banking, spoke about how AI is impacting the SaaS market. Devika Thapar, Co-founder of Wilbe; Ali Morrow, Partner at Clay Capital; and Sanghamitra Karra, Global Co-Head of Inclusive & Sustainable Ventures at Morgan Stanley, delved into investor appetite for climate tech and deeptech. Sam Nasrolahi, Principal at InMotion Ventures; Cecilia Ma, Investment Manager at Norrsken VC; and Nadja Reischel, Principal at Cherry Ventures, discussed the funding vs implementation trade-off in AI investment. Tech.eu 1 – 0 TFL.
To ask a big question: Just how consistent, trustworthy or good is AI? Well, if you were to ask Grammy Award-winning musician Bruno Mars’ team, the answer is ‘not very’. Sam Altman’s Tools for Humanity startup – which has raised hundreds of millions of dollars and created Orb (covered in The Rundown: Edition 22) – claimed it would roll out its new product, Concert Kit, on Bruno Mars’ upcoming world tour. However, this isn’t true. While the Kit is “designed to give verified humans a way to purchase concert tickets”, Mars’ camp said that the partnership “does not exist”. Perhaps even stranger is the fact that Tools for Humanity never even approached them about working together in the first place. In other “AI possibly not working as intended” news – not only are people using ChatGPT for medical advice, but some are now using it for fitness and running plans. The tool has become a popular exercise aid, but personal trainers and nutritionists worry that this won’t pay off in the long run (pun intended).
More seriously in the AI misuse stakes, the technology has “given cyber criminals a new avenue to commit attacks“. As AI evolves, so does the nature (including the speed and depth) of cyberattacks. The landscape is rapidly changing, which is why Ministers are pushing for increased cyber resilience for businesses. Cyber threats and hacking are obviously illegal, but someone probably should have reminded the former parliamentary staff member who was arrested under the anti-hacking laws stipulated in the Computer Misuse Act 1990. Awkward.