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science-based utility

Euro Intel 24 February 2025

• science-based utility thesis
• the French investors doing AI
• Europeans at YC
• religious app goes viral, gets American funding

 

 

 

Highlights

Consumer science-based apps

🇫🇷 ​Ochy​, developing a mobile app using AI for providing personalised training for running, raised $1.8 million pre-seedfundraising round led by Redstone, joined by Look AI Ventures, BPI France, Berkeley SkyDeck and Agile Physical Therapy.

  • USP: mobile app using computer vision AI for analysing running gait in real time using a smartphone camera - all based on a 10 second running video, with the output of a tailored exercise plan designed to enhance running efficiency and reduce injury risk.

Not a secret that I am a sucker for biz building science-based utility at the intersection of sports and health. Went as far as did myself an AI startup in the space long before AI was in the VC lingo and almost launched another one last fall - eventually settled for just being an active investor for now. My thesis is that there's huge value to be unlocked by data-driven tech which is advancing at an incredible pace these days, making it affordable + more and more educated people comfortable with tech and open to adopt, meaning cheaper acquisition costs. 

As always, the GTM is critical and, on point on the above deal, worth noting that the French did a distro deal with Adidas, integrated in the adiClub, and have raised an equity contribution from ​Agile Physical Therapy​, a Los Angeles fitness chain using tech for physical therapy & sports medicine - broadly defining a preventive medicine practice that should emerge as a huge category in the years to come.

Europeans doing YC

🇪🇸 ​Lingo dev​, developing an automated AI localization SAAS for multilingual software, raised $4.2 million seed led by Initialized Capital, with participation from Y Combinator and angel investors.

  • founded by husband and wife who are originally from Belarus and who previously sold a different tech startup while based in Barcelona.
  • now have moved to the US, went to YC last fall and have already paying customers from the likes of Mistral and Cal dot com.

🇬🇧 ​Entangl​, developing an automated engineering platform used to identify design problems autonomously across engineering projects, raised pre-seed funding with 468 Capital.

And yet another YC startup to have an eye on, done by a ​German CEO​ and an American CTO -> ​Dalus​, building next-gen mode-based systems engineering software for teams building complex hardware systems in industries like space/defense.

More vertical AI in accounting

🇳🇱 ​Stacks​, developing an AI tool for accounting teams in mid-to-large enterprises, raised $7 million seed led by General Catalyst, joined by S16, EQT Ventures and angel investors.

  • deal closed at the end of last year, following a 3 million pre-seed covered by EQT upon company formation in April 2024.

I stand by my notes from last week: it is a hyper competitive space with high switching costs that makes it challenging to build sustainable competitive advantages for a dominant player. Nevertheless challenges are why startups exist - having said that, some quick notes: 

i) the Dutch don't attack the market full frontal but are focused on a discrete problem within accounting namely the automation of the book closing and reconciliation at the end of the month, which in mid and big companies is a challenge in itself -> much easier to find PMF and ultimately de-risk on the way to build sustainable business. 

ii) founding crew are seasoned ex-Uber and Plaid product guys. 

iii) EQT is really going after this market -> ​Kaushik Subramanian​​ of EQT Ventures was the lead investor for the Swedes, same guy who also led Bluebook's pre-seed we mentioned last week.

The niched marketplace

🇩🇪 ​Metycle​, operating a trading platform for scrap and recycled metals, raised $14.5 million in Series A funding led by 2150, with participation from DFF Ventures, Market One Capital, Partech, and Project A.

  • USP: AI-powered sorting process determines the physical and chemical properties of shredded recyclable metals in real-time -> intelligence powering a trading marketplace for secondary metals, connecting collectors with metal recyclers and smelters worldwide..
  • market data: more than one third of global metal production is based on recycled metals -> demand for high-quality scrap outpaces supply, with a 15 million tonne deficit anticipated by 2030.
  • Project A led a 5 million seed at the end of 2023.

Three angles that make for an interesting upside: 

i) the marketplace model; 

ii) vertical less altered by tech, which makes it prone to tech native entrants; 

iii) metal recycling has a big upside due to the scarcity nature of the raw materials combined with the increased demand coming from the defence spending uptick.

The religious play

🇷🇴 ​Bible Chat​, doing a consumer AI used to receive Christian counseling support, raised a $14 million Series A led by True Ventures, joined by Play Ventures, Early Game Ventures, Underline Ventures, and Silicon Gardens.

  • traction: 10 million users turning over $15 million ARR in 2024.

It's not the first kind of startup emerging from Europe and addressing a niched yet super popular vertical. 

In 2021, London-based ​Glorify​ raised $40 million series A, and another 40 in series B six months after, with backers including a16z and Softbank - the app is popular in South America and USA with some 50 million downloads per SensorTower. 

In both cases, investors bet on the viral growth of the apps - you don't hear too often about getting to 15M ARR out of Romania within a year - and the open question remains: what would a liquidity event look like in this space?

 

 

 

 

Deals

Nordics

🇩🇰 ​Focalx​, developing an AI computer vision tool for automated vehicle damage detection, raised $1.9 million seed led by byFounders, joined by angel investors.

🇸🇪 ​Serverpod​, developers of an open-source, scalable app server for Flutter developers, raised a $2.3 million seed round led by node vc, with participation from Greens Ventures and PreSeed Ventures. 

🇫🇮 ​Behavix​, developers of a SAAS platform collecting and processing opt-in-based behavioral data, secured $2.5 millionin seed funding raised from Vendep Capital and Superhero Capital, along with angel investors.

🇸🇪 ​Elvy​, developing a consumer energy platform against a fixed-cost subscription model, raised $3.5 million seed with Essential Capital and Giant Ventures.

  • USP: fixed retail energy subscription committed on a 15 years plan that includes the hardware costs (i.e. heat pumps, solar cells) - Elvy stores energy on those assets and dispatches it to the grid at profit. 
  • traction: 150 paying customers at $233/month a pop.
  • money complemented by a $150 million loan facility with a local Swedish bank - the Swedes were pre-seeded by Giant Ventures last year.

🇱🇹 ​Atrandi Biosciences​, designing droplet microfluidics technology, raised $25 million in Series A funding led by Lux Capital, with participation from Vsquared Ventures, Practica Capital, Metaplanet and Grids Capital.

  • third Euro deal for Lux per our tracking, alongside ​11x​ (series A) and ​LabGenius​ (series B) both from the UK.

 

UK

🇬🇧 ​Alfa AI​, developing an AI agent used for recruiting, raised $625k pre-seed led by Fuel Ventures.

🇬🇧 ​Augmetec​, developing a tool using AI for detecting inefficiencies with corporate internal and regulatory investigations, raised $2.5 million in a seed funding led by Fuel Ventures, joined by 14Peaks Capital, and angel investors.

🇬🇧 ​Level Zero Health​, developing a medical device used for continuous hormone monitoring for women, raised a $6.9 million pre-seed round led by Redalpine, joined by Entrepreneur First, SOSV, Springbank, Anorak Ventures, Unruly Capital, Samos Investments, Black Jays Ventures, Exceptional Ventures, 

  • founded by two international ladies - one ex-Palantir from Azerbaijan and a British/Chinese scientist - incubated it at EF London a couple of years ago, now running it from the US.
  • device's purpose is to replace the need for invasive blood draws, and create a new market category for individual dosing for hormone-based contraception treatments - in a similar fashion continuous glucose monitors have created a new category.
  • prototype out, product expected to hit the markets in 2028, pending approval both from the U.S. regulator, the FDA, and a CE marking to allow them to sell into European healthcare markets.

🇬🇧 ​Capi Money​, building a B2B payment platform for Africa, raised $18 million series A led by Creandum, withJanngo.africa, YC, firstminute capital, Four Cities Capital, Raba, Kara Ventures, Rebel Fund.

  • USP: a 24/7 self-service platform that allows importers to pay invoices of up to $1 million to their suppliers around the world within 48 hours

🇬🇧 ​Cambridge GaN Devices​, producers of gallium nitride-based devices to be sold to the electric vehicles and data centres verticals, raised $32 million in Series C funding led by an undisclosed strategic investor, joined by British Patient Capital, Parkwalk, BGF, CIC, Foresight Group, and IQ Capital.

🇬🇧 ​Luminance​, developing legal LLM used to automate the generation, negotiation and analysis of contracts and other legal documents, raised $75 million in a Series C funding round led by Point72, joined by Forestay, RPS Ventures, Schroders, March Capital, National Grid Partners, and Slaughter and May.

  • traction: 700 clients across over 70 countries
  • series B resumed at 40 million 11 months ago, led by March Capital.
  • fwiw, March is a $650M growth investor in Santa Monica - in Europe, other that Luminance, they've backed Tessian, leading a ​$65 million​ at $435 million pre-money C round back in 2021. 
  • also notable, this is the second European deal this month for Point72 (see further below), which is an American hedge fund ran by Steve Cohen, known as also the owner of the New York Mets of Major League Baseball.

Also notable:

 

DACH

🇨🇭 ​DPhi Space​, building and launching ridesharing platforms that allow deployment of any space payloads, raised $2.3 million pre-seed led by QBIT Capital, joined by Zurich Cantonal Bank, Apprecia Capital, Kickfund, and angel investors.

  • USP: standardized container designed to aggregate multiple hosted payloads on any spacecraft and enabling in-orbit computing, AI processing, and real-time data analytics at the edge. 

🇩🇪 ​Bliro​, developing an AI platform used for conversation transcriptions, raised $2.9 million in a seed funding deal with LEA Partners, 468 Capital and Rockstart.

🇩🇪 ​Floy​, doing AI-driven software that supports radiologists in detecting complex and hard-to-identify diseases, raised a $3.7 million seed extension round co-led by Acurio Ventures and HV Capital.

  • initial seed was closed at $5.7 million, led by HV Capital back in 2023.

🇩🇪 ​handly​, building an end-to-end platform for home-services, raised $3.9 million seed co-led by Stride VC and 20vc, joined by Base10 Partners, The Delta, Angel Invest, Foreword, N & V Capital and angel investors.

🇩🇪 ​Node Robotics​, developing an autonomous OS platform for mobile robots, raised series A of undisclosed value led by Momenta Ventures.

  • USP: SAAS sold to manufacturers and logistics providers to seamlessly integrate and manage heterogeneous fleets of AMRs and AGVs across multiple vendors
  • traction: 25 different robot types and 1000 robots deployed all over Europe.

🇩🇪 ​Reneo​, real estate company involved in modernization of residential properties, raised series B of an undisclosed amount with Eurazeo, Lakestar, Foundamental, Goldbeck and Bauwens.

  • deal is part of a larger €600 million financing agreement involving a senior asset-backed financing facility provided by Goldman Sachs.

🇨🇭 ​RoomPriceGenie​, developing an automated pricing management software solution for hospitality business, concluded a $70 million equity deal with Five Elms Capital.

  • deal includes a secondary component. 
  • traction: 3,000 hotel clients across 65 countries

 

France

🇫🇷 ​Wavo​, selling debt-free inventory financing for SMEs, raised a $3.6 million seed deal with Clint Capital, Kima Ventures, HUB612 and angel investors.

🇫🇷 ​Cycloid​, developing a platform engineering for multi-cloud systems management, raised $5.2 million series A led by Reflexion Capital.

🇫🇷 ​Spore Bio​, developing a device used for detecting pathogens immediately, directly on the factory floor, raised a $23 million Series A led by Singular with participation from Point 72 Ventures, LocalGlobe, Station F, Familie C, 1st Kind and No Label Ventures. 

  • traction: commercial contracts for 200 factories in the FMCG industry
  • seeded with $8.3 million by LocalGlobe and French angels fifteen months ago.

🇫🇷 ​73 Strings​, developing an AI-powered platform streamlining middle-office processes for alternative investments, raised a $55 million Series B round led by Goldman Sachs, joined by Blackstone, Golub Capital, Hamilton Lane, and Broadhaven Ventures.

  • Goldman at work again - interestingly, deal was not led from London but by New York-based ​Jade Mandel​, who will also join the board.
  • deal follows a $10 million series A led by Blackstone in the summer of 2023.

 

Spain

🇪🇸 ​Zymvol​, manufacturing new industrial enzymes through computer simulations, raised $3 million seed with Faber, Übermorgen Ventures and Elaia.

  • market data: the global enzyme market was estimated at $14B in 2024 and is projected to reach $20.4B by 2029.

🇪🇸 ​Mansa​, developing a cross-border payments platform using stablecoins, raised $3 million pre-seed co-led by Tetherand Polymorphic Capital, joined by Faculty Group, Octerra Capital, and Trive Digital.

  • $27 million in transaction volume within six months of launch.

🇪🇸 ​Imperia​, doing SAAS for demand planning and forecasting, raised $10.4 million in Series A funding co-led by Burda Principal Investments and Samaipata, with participation from Acurio Ventures and Draper B1.

 

Other geo

🇳🇱 ​Memsys​, manufacturer of energy harvesting technology, raised seed funding from Graduate Entrepreneur Fund.

🇮🇹 ​Focoos AI​, developing a sophisticated AI engine deemed to be ultra-efficient, raised $3 million seed with CDP, Exor, Vertis and other Italian investors.

🇨🇿 ​Whalebone​, developing cybersecurity products for tier 1 telcos and ISPs, raised a $14 million series B led by Unbound, joined by Day One Capital. 

  • 350 paying customers, including a EU-wide partnership deal

 

 

 

Investors

Highlight

Last year, about ​one out of three​ startups that raised funding in France was an ​AI one​. Accordingly, ​one out of three investors​ we've tracked having done deals in France in 2024, was involved in AI startups - here's ​a quick look the more active ones:

Staying with the French, who were the ones investing in AI startups from abroad?

 

On the move

🇩🇪 ​Lina Chong​ joined HV Capital as partner in Berlin, after almost seven years spent with Target Global. 

🇬🇧 ​Mina Mutafchieva Van Ingelgem​ also joined HV Capital as a partner in London, after five and a half years at DN Capital.

🇫🇷 ​Luka Caratsch​ was hired as a venture partner by Creandum in their Paris office, after he had led the sales efforts for Swan for five years. 

🇸🇪 ​Per Franzén​ is the new CEO and managing partner of the EQT Group - he's been with EQT since 2007.

 

Powder 

🇫🇷 Tikehau Capital raised ​€1.2 billion​ for a special opportunities fund.

🇳🇱 Polestar Capital announced a ​€500 million​ debt fund designed to finance the transition to zero-emission mobility.

🇩🇪 NaturalX Health Ventures, the VC arm of German pharma Schwabe Group, announced a ​€100 million​ fund to back series A deals in consumer health space in Europe.

🇪🇸 4Founders Capital did a first ​€44 million​ close for a third fund dedicated to early stage in Spain.

 

Europeans abroad

🇬🇧 Systemiq capital and 🇳🇴 Equinor Ventures contributed to a ​$10 million​ round raised by an American startup building an electricity exchange for the energy transition.

🇪🇪 Plural led a ​$20 million​ seed round alongside 🇳🇱 Hummingbird, raised by a Denver, US-based startup building business from extracting resources from space and sold them to customers operating satellites and other spacecraft.

  • startup done by a ​Dutch guy​ who previously build a real estate analytics startup backed by Index Ventures. 

🇫🇷 Quadrille Capital led and 🇬🇧 DN Capital chipped in in a ​$65 million​ series B raised by Sanas, Americans developers of AI speech-to-speech algorithms.

 

Elsewhere

  • ​Arnav Bimbhet​ joined FirstMark Capital as partner, pivoting from a similar position with ICONIQ Growth, where he spent almost nine years.

 

  • Lux Capital, Lightspeed, Menlo Ventures co-led a ​$32 million​ seed deal closed by Frontera Health, American developer of autism therapy streamlining tools.
  • Sequoia Capital led a ​$75 million​ Series A funding at $1 billion post money valuation raised by OpenEvidence, Americans building an AI search platform for doctors
  • IVP and Spark co-led a ​$75 million​ Series C funding round raised by Baseten, Americans running AI models on a cloud infrastructure.
  • Felicis led, and DST Global, Menlo Ventures, Benchmark and General Catalyst chipped in, a ​$100 million​Series B round at a $2 billion post raised by Mercor, a NY-based, a startup founded by three 21 years olds building a AI-powered recruitment platform.
  • Kleiner Perkins to lead an equity funding round at a ​$2.85 billion​ valuation raised by Codeium, an American AI-powered coding startup

 

  • General Catalyst:
    • led a ​$200 million​ Series E at a $4.5B valuation raised by Verkada, American providers of cloud-based physical security technology - Eclipse Venture also chipped in.
    • co-led a ​$305 million​ round at a $3.3B valuation raised by Together AI, which provides users access to AI computing - Prosperity7, Kleiner Perkins and Lux Cap contributed.
    • led a ​$600 million​ at a $4B valuation raised by Saronic, a drone-boat builder based in Texas - a16z, Caffeinated Capital, and 8VC also in the captable.
  • Elad Gil and IVP co-led a ​$250 million​ Series D raised by Abridge, American AI startup for clinical conversations - Bessemer, Lightspeed, Redpoint and Spark among other backers.

 

  • Greenoaks Capital is leading a ​$1 billion​ round for Safe Superintelligence, the AI startup founded by ex-OpenAI chief scientist Ilya Sutskever, at a valuation over $30B.
    • the $500 million would-be check is the largest one the firm has written in two years. 
  • Thinking Machines, founded by former OpenAI CTO Mira Murati, is seeking to raise ​$1 billion​ for a new AI startup for which she poached 20 OpenAI researchers.

 

 

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Data-based intel from the European startup ecosystem written professionally in an easy to understand format - tactical bits and industry-wide trends, curated deals, active investors and relevant early stage transactions.

Published every Monday morning and emailed to the Nordic 9 customers - investors, founders and decision makers willing to stay updated with the strategic moves from Europe.

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