The Rundown: Edition 54 – Helsing, SMEs, and Overtone
Welcome to The Rundown, a snapshot of news, views and intel from the fast-growth tech and investment scene.
We have good news and bad news. The bad news: it’s not coming home. The good news: we’ve got a big announcement coming up next week – keep an eye out on our LinkedIn and this one, too!
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Global tech stocks tumble amid AI cool-off
An Index of US semiconductor companies is on track for its worst week since the Trump administration unveiled a package of tariffs last year branded “liberation day”. The stock price falls come amid hesitancy surrounding the large amounts previously invested and deteriorating market conditions. FT
Government announces Financial Services AI Adoption Plan
The report emphasises the rapid scaling of AI as a strategic imperative for national economic growth, productivity, and financial resilience. A lack of sovereign AI and the sector’s current reliance on a highly concentrated cluster of global tech providers introduces significant operational resilience and data security risks. GOV UK
Small businesses forecast lowest growth since 2014
British SME growth expectations have dropped to their lowest level in more than a decade. The Federation of Small Businesses reported that just one in six small businesses expect to grow in the next 12 months. Times
UK’s AI investment reaches record £4.56bn in Q2
UK AI companies received record backing in Q2 2026, totalling £4.56 billion, driven by fundraising rounds by the likes of Isomorphic Labs, Ineffable Intelligence and NScale. The funding marks a staggering 186.8% increase compared to the same period last year. UKTN
Helsing closes $1.8bn Series E funding
The defencetech company is hoping to use the success from this most recent funding round to expand operations abroad, with the plan to open a manufacturing base in West Virginia. Reuters
Neko Health raises $700m Series C
OG Venture Partners and Lightspeed Venture Partners co-led the $700 million funding round for Neko Health, a medical screening company, ahead of US expansion. The round also included backing from celebrities such as Claudia Schiffer and Mark Zuckerberg. Bloomberg
Triple Point leads £4.2m Prolo Seed round
Prolo, the AI-enabled procurement platform that helps SME construction companies source materials and workers, has raised £4.2 million in a Seed round led by Triple Point Ventures, with participation from Anamcara Capital, Concrete VC, Love Ventures, the a16z Scout Fund, and others. UKTN
Risk Ledger secures £24m for US expansion
The Series B round was led by Axiom Equity, with follow-on investment from Mercia Ventures, which previously backed Risk Ledger during its Series A. The risk management software company hopes to use these funds to expand into US markets. Forbes
Monumental stacks $32m for brick laying robots
Monumental, which is addressing the UK’s shortage of 20,000 bricklayers by developing brick laying robots, has raised $32 million in a round led by Khosla Ventures, the fund which has previously backed OpenAI and Doordash. Tech Funding News
No need for the Government to “lurch to the left”
According to Steve Rigby, CEO of Rigby Group, the appointment of the next Chancellor of the Exchequer is a pivotal moment for business, and the role requires a pragmatic rather than ideological approach. CNBC
Going sovereign, not solo
The UK may be an island, but that doesn’t mean British companies should have to be. Russell Brown, UK CEO of SCC, reflects on the UK Government’s £500 million Sovereign AI Fund and the practical limitations of abandoning foreign tech in favour of rebuilding the entire tech ecosystem locally. UKTN
Risk of forever war
Following US strikes in the Strait of Hormuz, President Donald Trump has threatened to target Iran’s power grid. However, Mike Rosenberg, a Professor at IESE Business School, warns that the US has “underestimated Iranian resolve”, leaving “no easy way out” as a positive diplomatic resolution remains highly unlikely anytime soon. CNBC
How much is enough for NHS AI investment?
While the £28 million funding for AI diagnostics in the NHS is a “positive signal,” Dr Manish Patel, CEO and Co-founder of Jiva.ai, believes it will “not materially shift outcomes on the NHS front line”. He suggests that the national health service needs at least five times as much. Medtech Insights
Protecting M&A through continuous verification
Daniel Callaghan, CEO and Co-founder of Veremark, argues that continuous verification protects M&A value by replacing static background checks with real-time monitoring. This ongoing tracking eliminates post-hire security gaps, identifies insider risks, and safeguards critical intellectual property throughout the transition. theHRDIRECTOR
Dating in the 21st century can be a bit of a minefield. Apps have helped (or hindered, depending on your experience) how we meet – with over a quarter of couples doing so online in 2024, a stat that is sure to have increased in the two years since. While Hinge, Tinder, and Bumble top the charts, there are a number of new apps on the market. One platform that isn’t quite ready to hit the app store is Overtone – which sounds like something straight out of ‘Black Mirror’. Created by Hinge Founder Justin McLeod, Overtone says goodbye to what we’ve come to love (or hate) about dating apps. Forget trawling through a sea of singles in your area. Forget swiping left and right. Heck, forget profiles altogether. Say hello to audio interviews and AI that capture the nuances of a user’s voice to identify highly compatible partners. Get used to AI deciding who you’re best suited to with curated pairings and clear explanations of why the match was made. Good luck explaining that one to your grandparents.
Someone who is, however, great at explaining is Balderton’s India Phillips. In conversation with Backed VC’s Clare Hunter, Phillips shared the ins and outs of the fund’s Built in Europe campaign at Capital Comms Club. The campaign celebrated European founders and called for people to build or join a startup in the region. For those of you who have no idea what we’re talking about – perhaps you’ve been living under a rock for the last month – here‘s a recap of the initiative that took the tech and investment ecosystem by storm.