Newsletter: VC Breakfast Club

/espresso

• /biotech - Latent Labs raises $50M to build AI-driven protein design models.

• /semiconductors: Salience Labs raises $30M for AI data center optical switches.

• /defense: NATO’s DIANA backs startups advancing dual-use technologies.

/raising (?)

Are you raising? Founders, pitch here.

/deals

✈️ Manchester-based Arcube secures $1.5M seed round led by Fuel Ventures and Oxford Capital Partners to scale its AI-powered airline revenue platform. Founded by University of Manchester grads Prithveesh and Harvey, Arcube boosts loyalty and ancillary revenue, with trials at Etihad Airways generating $1.6M from just 1,300 passengers.

👁️ Oxford-based Salience Labs secures $30M Series A led by ICM HPQC Fund and Applied Ventures to develop AI data center optical switches. Backed by Oxford Science Enterprises, Cambridge Innovation Capital, and Silicon Catalyst, the startup aims to enhance high-bandwidth, low-latency AI cluster connectivity with photonic solutions.

🙋 London-based Noxus secured €1.4M pre-seed led by SFC Capital, with backing from Antler, Bynd VC, Caixa Capital, AltaIR, and others. The AI workforce platform helps enterprises deploy AI co-workers to automate tasks.

🧬 Latent Labs, founded by ex-DeepMind scientist Simon Kohl, exits stealth with $50M funding to develop AI foundation models for protein design, aiming to make biology programmable. Backed by Radical Ventures, Sofinnova Partners, 8VC, Kindred Capital, and others.

💸 Revving, a fintech scaleup tackling delayed adtech payments, raised £107M led by DWS. Its platform accelerates commission payouts, easing cash flow issues for UK businesses. Partners include Awin and APMA, aiming to unlock growth capital for affiliates and publishers.

/funds

• NATO’s DIANA program has selected its first London-based startup cohort, accelerating dual-use defense tech across AI, semiconductors, and materials science. Backed by DASA and IoT Tribe, startups like Metahelios (UK) and AI Verse (France) are pioneering surveillance, sensing, and optical innovations for military and civilian applications.

/tech

• Cambridge-based AnthroTek secures Hollywood deal for its AI-driven hyper-realistic silicone tech, bridging cinema, medical simulation, and robotics.

• London-based Convergence AI, fresh off a $12M pre-seed led by Balderton, is developing Proxy, an AI agent competing with OpenAI and Anthropic. Targeting both B2B and B2C, it aims to automate workflows, reduce human error, and redefine digital labor with self-learning, autonomous AI agents.

• Altilium and tozero achieve breakthroughs in EV battery recycling, reducing CO₂ and dependency on China. Backed by Imperial College London, their innovations support EU sustainability targets.

/flywheel

• Cambridge Cleantech, Cambridge Consultants, and EIT Climate-KIC launch SuperCluster ClimAccelerator, a 16-week program supporting industrial decarbonization startups across UK, France, Germany, Belgium, and the Netherlands. The initiative connects startups to technical expertise, investor networks, and commercialization pathways. Applications open January 2025.

/breakfast

• These 6 Cambridge alumni just raised $67M

• Is this the end of European VC as we know it?

• 15 most active VCs in the UK

📸 /techbrunch

Every week I use Midjourney to reimagine a TechCrunch story from the week.

This week, researchers used NPR Sunday Puzzle questions to benchmark AI ‘reasoning’ models. I wondered, do AI enjoy crosswords?

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