Antwerp-based Vectrix, an order entry platform for the logistics sector, has raised €1.15 million in a seed funding round led by RDY Ventures to expand into European markets, starting with Belgium’s neighbouring countries. Logistics companies handle large volumes of transport requests each day, with administrative teams often manually entering order details into transport management systems. This repetitive process can take several minutes per request and leaves room for human error. Founded in 2024 by Dimitri Allaert and Ben Selleslagh, Vectrix aims to address this challenge by using AI to automate the manual entry of transport orders. The platform reduces processing time from around eight minutes to approximately two minutes per order while also helping to minimise errors. As the system processes more data, it continues to learn, enabling it to identify inconsistencies and suggest corrections, for example, when specific requirements such as temperature conditions for pharmaceutical transport are involved. Ben Selleslagh, CTO at Vectrix, explained that operational workflows differ between transport companies and that customer agreements are often tailored to individual clients: Vectrix’s AI understands each customer’s context, so it can complete missing information in a targeted way. The logistics employee always stays in control and can adjust where needed. That feedback loop helps the AI improve continuously. The efficiency gains help transport companies absorb the talent shortage, and new hires get up to speed faster, too. The platform operates as a pre–transport management system (pre-TMS) layer within the IT infrastructure. It converts unstructured input, such as emails or data from ERP systems, into validated information ready for use in transport management systems. Each automated decision remains transparent and is based on customer configurations, historical data, and defined operating procedures, allowing logistics teams to review and approve pre-filled transport orders through a single interface. The new funding will support team expansion, European growth, and further product development, including deeper integrations with transport management systems.

Silverflow, a cloud-native payment processing company, has closed a $40 million Series B funding round led by Picus Capital, with participation from Rabo Investments and existing investors Inkef, Global PayTech Ventures, Crane Venture Partners, and Coatue. Founded in Amsterdam, Silverflow provides a cloud-native card payment processing platform designed to modernise payment infrastructure. Its platform offers a single API connection directly to card networks, enabling payment service providers (PSPs), acquirers, payment facilitators, and merchants to process transactions while accessing enriched payment data and real-time insights. By replacing legacy processing technology with a flexible, scalable architecture, the company aims to reduce complexity and support innovation across the payments ecosystem. According to Anne Willem DeVries, CEO and Co-founder of Silverflow, the investment signals that the market is ready to move beyond the limitations of outdated legacy systems: We’re the only cloud-native company targeting this specific area, and this capital will ensure we cement our position as the new standard in payment processing globally. It’s not just about raising money – It’s about having the resources to build the infrastructure that helps our customers, including acquiring banks, payment companies and commerce platforms, to move faster and grow bigger. Over the past two and a half years, Silverflow has grown from processing around around 180 transactions per day to nearly 1.75 million daily, highlighting the rapid adoption of its platform. Its customers include acquiring banks, payment companies, and high-growth commerce platforms operating across Europe, North America, and Asia-Pacific. The new funding will support global expansion, product development, and team growth. Silverflow plans to increase its workforce by more than 50 per cent to around 120 employees, while strengthening its presence in North America and Southeast Asia. The company also plans to expand support for additional card networks, enhance its developer tools, and broaden its capabilities for in-store card payments.

The UK government has committed up to £40m to discover the UK’s AI “breakthroughs” of tomorrow, as it looks to rev up its sovereign AI credentials. A UK government-backed lab will support the effort, backed by up to £40m to invest in “blue sky AI research". The funding will be made available over six years for the Fundamental AI Research Lab, along with access to AI compute capacity worth tens of millions of pounds, the government said.   The UK government said it is looking to unlock breakthrough tech across healthcare, transport, science and everyday tech. The UK government is calling on the UK’s AI experts to bring their “boldest” and “ambitious proposals" to the table. Applications for funding will be assessed by a peer review panel chaired by Raia Hadsell, a researcher at Google DeepMind.   Last year, the government announced its Sovereign AI Unit, backed by nearly £500m in investment, to help build and scale AI capabilities on British shores, which is to be chaired by Balderton's James Wise.   AI minister Kanishka Narayan said: “AI is already doing things we could never have imagined just a few years ago, like helping to diagnose cancer. It can and will do even more – but if we want this technology to be a force for good, we need to make sure the next big AI breakthroughs are made in Britain.   “This is a long-term investment in the brilliant minds who will keep the UK in the AI fast lane. If we are the ones breaking new ground on what AI can do, we can make sure our values are baked in from the outset. This is a critical part of our mission to make AI work for everyone.” Image: Nano Banana Pro

London-based biomaterials company Shellworks has raised $15 million in a Series A funding round led by Paris-based impact investment fund alter equity. The round also included participation from Nat Friedman (NFDG) and JamJar, founded by the creators of Innocent Drinks, alongside existing investors Founder Collective, LocalGlobe and Third Sphere. Founded in 2019, Shellworks develops and manufactures Vivomer, a bio-based material designed as a sustainable alternative to conventional plastics. Its technology aims to deliver environmentally friendly packaging that remains cost-competitive and functional at scale, enabling brands to transition away from traditional plastics. The funding comes as Shellworks reaches a milestone in cost competitiveness, demonstrating that its material can match the cost of conventional materials such as aluminium and glass despite operating at a smaller production scale of around five million units. The development addresses a key barrier to wider adoption and positions the company to support brands seeking alternatives to petroleum-based packaging. Insiya Jafferjee, CEO and co-founder of Shellworks, said sustainable materials have long been viewed as too costly for widespread adoption. We're proving that's no longer true. At just a fraction of plastic's scale, we're already cost-competitive with alternatives like glass and aluminum. As we scale further, we'll only get more competitive. Vivomer is produced by fermenting second-generation feedstocks, such as used cooking oil, with microbes and is designed to function like conventional plastic during use while biodegrading after disposal. The new capital will support Shellworks’ expansion into the United States and the European Union, with a focus on the growing wellness sector. As part of this strategy, the company plans to establish regional production capabilities to reduce carbon footprints and strengthen supply chain resilience, while developing a global production network focused on technologies such as blow moulding, with facilities planned across the UK, Europe and the US.

Techstars, the global startup accelerator and VC firm which provides funding and support for early-stage startups, is ending its accelerator programme in Turin, marking its latest exit from a European city.   Martin Olczyk, Techstars former managing director, said: “I’m closing a very special Techstars chapter as our programme in Turin comes to an end.”   Techstars closing its accelerator in Turin follows Techstars halting European accelerators in Berlin, Paris, Stockholm and Oslo.   It comes amid New York-headquartered Techstars facing funding challenges and focusing on what it says is “quality over quantity”.    Techstars ran the Turin accelerator in partnership with Fondazione Compagnia di San Paolo, the philanthropic foundation, the non-profit Fondazione CRT, and Intesa Sanpaolo Innovation Centre, which is run by Intesa Sanpaolo, a major Italian banking group.   Techstars ran its first accelerator in Turin in 2020, with 69 startups participating over the years, raising more than $200m. Techstars' accelerator programmes typically run for three months, in which startups receive $220,000, (which was increased by $100,000 last year), along with mentorship and access to alumni founders and its corporate partners.   According to its website, Techstars is still running European accelerator programmes in London and Amsterdam, as well as several accelerators in the US, Saudi Arabia, Japan and other countries.   Andrea Palten, vice president, marketing, Techstars, said: “Over the past year, we have recommitted to being founder-first, focusing on quality over quantity, and building stronger startup communities around the world.   “As part of that work, we’ve made thoughtful decisions about where and how we operate accelerators.    “We are actively launching and relaunching programmes in communities where we see strong founders' momentum, deep alignment and the opportunities to deliver and an exceptional experience.   “We have reached the end of our six-year partnership with Fondazione Compagnia di San Paolo, la Fondazione CRT e Intesa Sanpaolo Innovation Center and concluded the Techstars Transformative Torino accelerator.    “While the official program has wrapped, Techstars and Martin Olczyk will continue to work with the 69 companies who participated.”   Reaction to the closure was mixed. One commentator on LinkedIn said it was “very bad news” for Turin, while others said the accelerator had had a positive impact on the Turin startup ecosystem. Olczyk has now left his role at Techstars.

International space transportation company, PLD Space, has closed a €180 million Series C equity funding round led by Mitsubishi Electric Corporation. The round included the Spanish Ministry of Science, Innovation and Universities, through the Centre for the Development of Technology and Innovation (CDTI) and its INNVIERTE fund, and the Spanish public funds management company COFIDES, through its FOCO investment fund, and Nazca Capital, via Nazca Aeroespacial y Defensa INNIVERTE I FCR Fund. With over €350 million raised to date, this financing advances PLD Space’s strategic roadmap, supporting its transition to commercial operations and the scaling of its industrial and launch capabilities.  PLD Space now consolidates its position among a select group of private companies worldwide developing complete launch systems, enabling global access to space supported by a strategic network of worldwide locations. PLD Space is preparing to transition into a commercial launch provider operating regular missions to deliver satellites and payloads. MIURA 5 is on track for its first test flight in 2026, with commercial activity expected to exceed 30 launches per year by 2030. “This financing reinforces our technological and industrial leadership in the launcher market, enabling us to execute the next phase of our strategic roadmap with the speed and scale required to compete globally,” said Ezequiel Sánchez, PLD Space’s Executive President.  “MIURA 5 was designed to address a clear and growing capacity gap in the market, and this investment support strengthens our ability to transition into commercial operations. It accelerates the build‑out of the industrial and launch infrastructure required to deliver reliable access to space for an expanding pipeline of global customers.” Tomonori Sato, Mitsubishi Electric’s Executive Officer, Group President, Defense & Space Systems said:   “By combining PLD Space’s launch capabilities with Mitsubishi Electric’s strengths in the satellite business, we aim to address evolving customer requirements, including those in the global market.” PLD Space will provide Mitsubishi Electric with small satellite launch services using its MIURA 5 rocket for Japan and across the Asian region, demonstrating international market confidence and positioning PLD Space as a trusted infrastructure provider on a global scale. The Spanish Minister of Science, Innovation and Universities, Diana Morant, has stated that “the closing of this series consolidates a strategic project with global impact born in our country, reinforcing Spain’s key position within the space economy. The Spanish Government has backed PLD Space’s growth plans, because investing in space means investing in technological sovereignty, strategic autonomy and qualified employment generation.” The new capital drives PLD Space’s industrial scale‑up and expands its production and test capacity. Leveraging its strategic global footprint, the company is building a global launch infrastructure and cementing its position among the most advanced private launch companies worldwide. I Ezequiel Sánchez added: “As demand for dependable access to space continues to rise, we are reinforcing the redundancy, test cadence and flight cadence needed to sustain continuity across multiple locations. This approach strengthens operational buffers and assurance frameworks that global operators increasingly rely on to secure their long‑term access‑to‑orbit strategies.”

As consumer health shifts toward longevity, quantified wellness and personalised nutrition, one of Europe’s fastest-growing health tech companies is repositioning itself for the next wave. Founded in 2013, Kilo Health — now rebranded simply as Kilo — rose to become the second-fastest-growing company in Europe in 2022. After building direct-to-consumer health brands used by over 10 million people worldwide, the Lithuanian company is evolving into what CEO Žygimantas Surintas calls a “high-velocity venture studio”, co-founding startups and investing in early-stage companies across health, longevity, beauty and travel. In 2024, the company posted consolidated revenue of €234 million and EBITDA of €11 million. Its portfolio spans established brands including Moérie, Pulsetto, Bioma, Her Bodhi, ColonBroom, and RatePunk, alongside newer ventures Agava, Iteractive, and Go Health — with products now used by more than 10 million people across the US, UK, Canada, Australia, New Zealand, France, Spain, Italy, and beyond. I sat down with CEO Žygimantas Surintas to find out more. Kilo's shift to a high-velocity venture studio According to Surintas, the rebrand from Kilo Health to Kilo signals a broader strategic shift: "It was really about clarifying who we are. For a long time, people described Kilo Health in different ways — studio, ventures, startup studio — and we wanted one clear answer. We did a full exercise to define where we act as an investor, as a managing partner, as a co-founder, as a financial partner, where we run operations, and where we don't. We crystallised it and landed on calling ourselves a high-velocity venture studio. We want to start and invest in companies that can develop very fast. Our key advantage is speed — we have a strong foundation to launch businesses quickly — and extensive knowledge from years in this space." That infrastructure is formalised through Kiloverse — Kilo's internal ecosystem, giving founders access to marketing expertise, technology tools, global partnerships, and specialists in R&D, nutrition, and research. The company works with builders primarily in health and wellness, supporting them from the MVP stage through to scale. Investment tickets range from €50,000 to €1 million, with follow-on funding of up to €10 million. To date, Kilo has invested over €10 million in external startups and nearly twice that in its own R&D and product development. The value of market specificity Kilo operates across health, wellness, beauty, and travel. Surintas contends that they're different markets, but they also share a lot: they target the mid-market and often serve more mature customers. “That means we have data and understanding around what these people want — their needs, interests, and problems we can solve. So we’re not going broad. If we launch a beauty product, we’re very specific about the market — and it often overlaps with what we know from supplements. Same with travel. We exchange a lot of data internally and we’re clear on where we’re going.” ​ Venture strategy: the right fit over the obvious winner From a venture perspective, Kilo isn't chasing segment leaders. "We're not rich enough to invest in the obvious, loved-by-everyone winners," Surintas says. "We focus on ideas that fit our concept — and especially where money is not the only value we bring. We're not private equity. This is our own equity — our own money — so we want to know how we'll help the business grow." If capital is the only requirement, Kilo isn't the right partner. "There are people with cheaper money. Our money is expensive — so we need the right fit and real synergies." He's equally pragmatic about defensibility. In Kilo's core markets, what launches today gets copied tomorrow — and Surintas accepts that as inevitable. What separates the winners, he argues, is execution. "Copy-paste doesn't win. A one-to-one copy never works because business takes soul, heart, and effort." Europe’s opportunity — but America first ​ Kilo sees Europe as its biggest potential market in the coming years. ​ But, Surintas admits, “We still have a rule: when we start something from scratch, we start in the United States first. It’s one country — one market. Europe is one system, but in practice it’s fragmented. You lose speed." "But if you’re afraid of wolves, don’t go into the forest.” Balancing speed, science, and data-driven decision making When asked how Kilo balances scientific rigour and regulatory compliance with the pace of growth he describes, Surintas says it is actually one of the company’s key strengths. “We have nutritionists, a legal team, and compliance specialists working on this every day. If someone comes with an idea tomorrow, we can quickly say: this path works, that path doesn’t.” While Kilo operates primarily in supplements and consumer health, the company does not manufacture its own products. Instead, it works with established partners — primarily in the United States — allowing it to develop scientifically grounded products while moving quickly. “We know who we work with, how to create unique formulas and blends, and how to build something scalable and compliant,” Surintas says. “That know-how saves time — and that’s where speed comes from.” Data, he adds, is central to how the company evaluates both products and new opportunities. After more than a decade of building direct-to-consumer health businesses, Kilo has accumulated extensive internal datasets about consumer behaviour and product performance. Looking ahead, Kilo plans to invest up to €20 million in AI development over the next three years, with an ambitious target of $1 billion in consolidated annual revenue. With the rise of quantified health, machine learning and AI are becoming increasingly prominent in wellness products. But Surintas says Kilo is deliberately cautious about how quickly it adopts new technologies. “We saw one company in our segment automate media buying with machine learning and let go of more than half their team — and sales dropped 40 per cent. That’s a hard lesson.” While he acknowledges the potential of AI, Surintas believes it should be introduced gradually rather than treated as a silver bullet. “As a leader, of course, I want AI to do everything today,” he says. “But the right approach is consistency and gradual adoption.” Why Kilo sees longevity as the next big health market In terms of what’s next in the health and wellness space, Surintas contends that diet will be a big shift: “Trends change — keto and fasting had their moment, and keto is declining year over year. People try something, then they look for the next thing. Even GLP-1 requires specific diets to reduce side effects — so it’s all connected.” He also sees growing demand emerging around mental health and longevity, arguing that the longevity market in particular has reached a turning point after several years of experimentation. “People are educated enough now that we can talk about mass products — what works and what’s proven versus what’s just noise,” says Surintas. “That’s a good moment for us. This year we’re planning to introduce four or even five longevity products.” Kilo prefers to invest once there is early traction rather than at the pure idea stage. “We invest when there’s real initial data and strong early development,” he explains. “The longevity point is more than the market foundations are now in place — so it’s the right moment to build and launch.” When it comes to navigating hype cycles versus genuine opportunity, Surintas says the company relies heavily on its own long-term dataset. “Kilo has 12 years of data and learning in this business. That’s central to our decision-making — and as machine learning improves, the importance of data only grows.” ​ Bootstrapped to €500M: Kilo’s biggest win and toughest lesson Surintas sees Kilo’s independence as its greatest achievement. “The biggest success is that the company got here without external funding. We expect to close 2025 at around €500 million in revenue — without external investment.” The business, he notes, was originally built by its founders from a small office and scaled organically. “Times were different then, but it’s still a major achievement. And I should stress — I joined two years ago. Others built this foundation.” But the biggest failure is also connected to success: the company grew too fast. Surintas explains. “When turbulence came, it was difficult to control and adjust the business quickly. It took time — but it also made the company stronger. Now we’re more consistent: doing less, but with better quality.” ​ "We want grinders" For founders considering the venture side, his advice is direct: take the help, and don't try to protect all the equity early. "You can have 100 per cent of something very small, or less than 100 per cent of something very big. Don't be afraid to share your ideas — we have plenty of ideas. For us, it's not your idea we need. It's you. We want strong partners we can grind with. Read this word: grinding. We don't look for hustlers. We look for grinders." Hustling, he contends, doesn't work anymore — especially post-COVID. "It's tough, it takes time, and you'll spend a lot of life in the office. It's doing the work — heads down. And no AI or machine learning will change that." Kilo’s ambitions for the next phase are both bold and pragmatic. The company aims to reach €1 billion in revenue within the next few years while maintaining strong high-digit profitability. At the same time, it plans to expand into new markets and verticals — particularly travel and longevity. “We want consistency — not chasing the latest FOMO. We don’t have a goal to be a unicorn or whatever the new term is. We could have chased that. Our goal is a stable, strong business.”

The European Investment Fund (EIF), part of the EIB Group, today announced a €50 million commitment to Join Capital’s third fund as Europe moves from defence spending announcements to rebuilding industrial capability. The commitment is the EIF’s largest to date in defence and is supported by the InvestEU Defence Equity Facility, which is designed to strengthen Europe’s defence technological and industrial base by backing venture capital funds.  Join Capital’s Fund III, targeting €235 million, will invest in 25 early-stage deeptech startups across Europe developing technologies with critical capabilities in defence, dual-use, security and space. Join Capital has backed early-stage defence and deeptech innovators across Europe, including Optics11 (Netherlands), Quadsat (Denmark), Kreios Space (Spain), Quantum Optics Jena (Germany) and 2D Photonics (Italy). These companies span fibre-optic sensing for critical infrastructure, quantum-secure communications, advanced electronic payloads, and cybersecurity. “We back founders whose technologies create an asymmetric advantage for their customers in the military and commercial industry. Investments in such dual-use technologies have a doubling effect, they create both deterrence and economic growth for Europe,” said Jan Borgstädt, a Founding Partner at Berlin-based Join Capital. "This investment, backed by the InvestEU fund, could not come at a better time, given the strategic importance attached to the fields of space, security and defence," said EIF Chief Executive Marjut Falkstedt. "With this backing, we are confident that additional investments will follow, helping Europe in building a robust ecosystem for innovative defence solutions.” “Innovation and disruptive technologies are crucial for the EU's defence readiness. By investing in specialist defence Venture capital funds, like Join Capital, the Commission and the EIF are strengthening the financial ecosystem that nurtures and supports our defence innovators, startups and SMEs to grow and scale up in Europe,” said Commissioner Andrius Kubilius.

London-based Diligent AI, a Y Combinator-backed startup developing autonomous AI analysts for financial crime compliance, has raised $2.5 million in seed funding. The round was led by Speedinvest alongside fintech investor Shapers, with participation from strategic angel investors including the CEOs and founders of N26, Allica Bank, IDnow, Billie and Cybersource (acquired by Visa). KYC and AML teams play a critical role in safeguarding the global financial system by verifying customer legitimacy, monitoring transactions and identifying potential fraud or money laundering. However, the expansion of sanctions regimes, rising fraud levels and the growing velocity of digital payments have significantly increased their operational burden. As a result, much of the work has become repetitive and time-intensive, with skilled professionals often focused on routine data gathering rather than deeper investigative analysis. Diligent AI addresses this challenge by replacing static compliance workflows with autonomous AI analysts designed to read, reason and investigate. Its agents automate routine KYC and AML tasks, including reviewing SMB risk profiles, analysing adverse media and resolving sanctions and payment screening alerts, reducing the need for manual information gathering and contextual analysis. Founded by Edoardo Maschio and Ahmed Gaber, Diligent AI develops AI agents that automate complex financial crime compliance processes such as AML screening and merchant due diligence, helping institutions reduce operational costs while improving risk detection. Edoardo Maschio, CEO and co-founder of Diligent AI, said the company is designing its platform specifically for analysts: When you strip away repetitive tasks - like clearing false positive alerts, searching corporate registries and public records, cross-referencing adverse media - you free up the human mind to focus on judgment and strategy. It’s decision-making instead of data processing. We’re not just making teams faster; we’re enabling them to do the job they were hired to do. The company’s agents are already deployed across financial institutions in Europe, the Middle East, the United States and Japan. Customers use the platform to resolve sanctions, PEP and adverse media alerts, conduct merchant risk reviews and streamline customer onboarding. Users report measurable operational efficiencies alongside improved decision consistency. Diligent AI plans to use the new funding to expand its engineering capabilities and accelerate the rollout of its agents across the UK and Europe as it continues to develop tools for financial crime compliance teams.

A British defence tech startup developing AI software which helps improve the deployment of drones when communication is lost in combat has raised over $2m in a seed funding round.   Mutable Tactics has raised $2.1m in a funding round, led by spacetech investor Seraphim Space, with funding also from the UK’s National Security Strategic Investment Fund, Koro, Entrepreneurs First and Transpose.    Mutable Tactics is building AI software, in what it calls the “decision-layer”, that sits between the human operator and a drone, helping defence forces leverage multiple drones simultaneously.    It says its software translates a commander’s instructions into actions, meaning that mixed fleets of drones can operate together as a coordinated team, rather than as individually piloted platforms.   It says it’s solving the problem of drone deployment relying on one operator controlling one system, which limits how many drones can be used effectively at any given time.    The startup said that in battle environments, where communications are disrupted, drone systems that depend on constant human control quickly reach their limits.   Mutable Tactics was founded in 2024 by former British Army officer Colin MacLeod and robotics AI specialist Enrique Muñoz de Cote.   The startup says it will use the funding to increase the size of its engineering team in Cambridge and speed up the development of its software.    It also says the funding will be used to validate its tech in collaboration with two European governments.   MacLeod, CEO and co‑founder, Mutable Tactics, said: “Increasingly, the constraint is no longer hardware but human attention. We can deploy more drones than ever before, yet we still ask operators to control them one by one, often in environments where communications are unreliable.    "True autonomy breaks that one‑to‑one link, allowing humans to supervise and direct teams of systems rather than individual machines. That shift is essential for supporting modern military missions, where scale, speed and resilience matter, and where operators must remain focused on intent and outcomes rather than manual control.”

GHARAGE Ventures has launched its €40 million Fund I, positioning itself as an independent venture capital platform focused on early-stage technologies shaping the future of global travel and retail. Anchored by Gebr. Heinemann, the firm plans to collaborate with additional strategic investors to support innovation across the travel and retail ecosystem. As air travel continues to grow, many operational areas across airports and travel retail remain under-digitalised. GHARAGE Ventures aims to invest in startups addressing this gap, with a focus on automation, AI-enabled operations, digital infrastructure, travel technology services, and logistics and supply chain innovation. The fund invests globally from seed to Series A. Emerging from the venture capital and innovation activities of Gebr. Heinemann, GHARAGE Ventures has built a network of operators, brands, technology partners and investors across the travel and trade ecosystem. With Fund I, the platform is now open to additional limited partners seeking access to emerging technologies, real-world testing environments and global market insights. Lennard Niemann, Managing Partner at GHARAGE Ventures, noted that significant parts of the airport and travel retail ecosystem remain structurally under-digitised: The fund brings together capital, operational know-how and immediate access to industry environments. This is exactly where long-needed innovation can be turned into scalable, profitable impact. Through Fund I, GHARAGE has already invested in several companies targeting structural challenges in the travel and retail sectors. Looking ahead, Fund I plans to make around 30 additional investments across the travel and trade value chain, backing companies that deliver measurable operational improvements. The fund’s focus remains on technologies that enhance efficiency and support sustainable growth across global travel and trade markets.

British self-driving startup Oxa has raised $103 million from investors to expand autonomous vehicle operations at ports, airports, warehouses and other industrial sites. The company said $50 million of its Series D funding came from the UK’s National Wealth Fund, with additional investments from chipmaker Nvidia’s venture arm NVentures and BP’s bp Ventures. The round brings Oxa’s total funding to more than $250 million. Founded in 2014 and headquartered in Oxford, Oxa develops configurable autonomous driving software that can be integrated into different types of vehicles to automate repetitive driving tasks in industrial environments such as ports, airports, warehouses and manufacturing sites. Its technology combines autonomy software, modular hardware and fleet management tools designed to enable the safe and scalable deployment of driverless vehicles. Unlike many autonomous vehicle developers focused on robotaxis and passenger cars, Oxa concentrates on what founder Paul Newman calls “industrial mobile autonomy”, where environments are more controlled and involve fewer interactions with pedestrians and regular traffic. We think trying to do that in the passenger car space is super, super hard. In the industrial space, it's extremely clear what you need to do to make a product, Newman said. The company designs both the software and hardware required to equip vehicles with autonomous capabilities and says it can convert a heavy-duty port truck to autonomous operation in under a day. The funding will support expanding deployments with customers including DHL, BP and Vantec, and will also be used to roll out Oxa’s technology in projects the company plans to announce in the near future. Oxa CEO Gavin Jackson will speak at the Tech.eu Summit London 2026, taking place on 21–22 April at the Queen Elizabeth II Centre.

Norwegian energy storage scale-up Photoncycle has raised €15 million in Series A funding to address a key renewable energy challenge in Europe: enabling households to store surplus summer solar power for winter heating and electricity. The round was led by NordicNinja and Voima Ventures, with participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures and Momentum. Photoncycle develops solid-state hydrogen energy storage systems that allow households and businesses to store excess renewable energy for seasonal use. Its patented technology converts surplus solar power into solid-state hydrogen stored underground and releases it later as clean heat and electricity when needed. The investment comes as Europe continues to face energy vulnerabilities exposed by the 2022 crisis. In 2025, the EU imported €396 billion in fossil fuels (about €880 per citizen), underscoring ongoing reliance on external supply. Winter risk remains high, with space heating accounting for 62.5 per cent of household energy use and natural gas still a major component. Photoncycle’s distributed, household-level seasonal storage is designed to reduce the volume of imported gas required to meet winter heating demand. At full industrial scale, the company’s proposed 1.4 TWh manufacturing facility would represent storage capacity equivalent to roughly 140,000 homes each storing 10,000 kWh of seasonal energy. Bjørn Brandtzæg, founder and chief executive of Photoncycle, said the company was focused on moving seasonal energy resilience closer to consumers: Europe is beginning to solve short-duration storage. The remaining gap is seasonal. If households can store summer energy for winter use, they reduce exposure to imported fuel and price volatility as well as to increasing grid costs for consumers. The company plans to offer its system through a subscription-based model covering solar panels, storage, servicing and access to energy trading markets, with the aim of lowering upfront costs for homeowners. By shifting summer solar energy into winter use, Photoncycle aims to provide households with more predictable year-round energy costs and reduced exposure to volatile gas markets. The new funding will support commercial rollout in Denmark and the Netherlands and finance the first phase of the company’s industrialisation plan, including the proposed 1.4 TWh annual manufacturing facility. Beyond its initial European markets, Photoncycle also sees longer-term expansion opportunities in regions such as Japan and the United States.

Startups Brilliant Labs, Neuphonic and TheStage AI today announced a strategic partnership to enable frontier AI in wearable technology without the latency and privacy compromises of cloud computing. Currently, AI inference, such as audio or image analysis, relies on models hosted in the cloud, creating unnecessary latency and risking user data exposure. This partnership addresses the issue by moving processing directly into consumer hardware, protecting sensitive point-of-view data and enhancing performance with faster response times. Brilliant Labs is gearing up for the launch of Halo, their latest smart glasses. In addition to on-device vision inference, Halo will use Neuphonic’s Conversational AI models on an inference engine built by TheStage AI. This architecture challenges the foundation of cloud-dependent offerings from giants like Meta and Snap, placing user privacy and latency at the core of the user experience. Brilliant Labs will release its groundbreaking AI memory feature through its open-source eyewear platform in one of the slimmest form factors available. Neuphonic will deliver the conversational interface, where their ultra-low-latency text-to-speech technology runs locally, turning the device into a conversational partner with human-like responsiveness.  Finally, TheStage AI will provide an automated inference engine that optimises AI models to run efficiently on the edge, ensuring instant processing without draining the battery. By combining these strengths, Brilliant Labs is delivering an unprecedented AI wearable experience to its customers where voice, vision, and sensor data is processed locally on the user’s device: no raw point-of-view data ever leaves the user’s phone or glasses. This architecture stands in stark contrast to cloud-dependent AI models that rely on remote inference for messaging, voice, and image analysis. Recent investigations have raised questions about whether major platforms have renege on their privacy promises. Those concerns only grow more acute as AI systems expand beyond text into always-on microphones and cameras. This partnership offers an alternative: intelligent wearables that keep sensitive visual and conversational data local, while delivering advanced AI through an open-source stack designed for transparency, trust, and independent scrutiny. “We believe in a privacy-first future for personal computing. AI glasses are soon going to be everywhere around us: always-on cameras and microphones capturing our lives. That’s either exciting or terrifying, depending on where that data lives and who is monetising it,” said Bobak Tavangar, CEO of Brilliant Labs and former Apple program lead. “I don’t want my children growing up in a world where that data is sold to the highest bidder. This partnership shows there’s a better way. And by embracing open source, we want people to understand how these systems work, build upon them, and ultimately foster trust. That’s the standard we think the industry should be held to.” “When you’re having a conversation, speed and privacy are everything. You cannot wait for the cloud to think,” said Sohaib Ahmad, CEO of Neuphonic. “We provide the 'voice' of this new ecosystem. By running our advanced speech models directly on Brilliant’s hardware, we’ve unlocked a conversational experience that feels real, immediate, and completely private.” TheStage AI ensures this heavy lifting happens smoothly. “Great hardware and great models need a bridge, and that is what we build,” said Kirill Solodskikh, CEO at TheStage AI. “Running conversational AI on a pair of glasses is a massive computational challenge.You have to manage peak memory, latency, and power consumption to make responses feel immediate. Our core technology, ANNA, optimises Neuphonic’s models and supporting components, including transcription, wake word, and diarisation, so they run efficiently on a smartphone paired with the glasses. Deploying the optimised models on GPU and NPU accelerators delivers the best performance possible on-device.” Looking forward, Brilliant’s Halo glasses will support: Context-aware, conversational AI that sees and hears in real time.  Private memory that indexes what the user sees and hears for later recall and personalised context. Vibe Mode, a natural-language interface that generates custom AI mini-apps on demand — from on-demand AI agents to enterprise workflows. All visual and audio inputs are processed on-device and converted into encrypted embeddings. Brilliant Labs’ Halo glasses with integrated Neuphonic voice AI will be available in Q1 2026 at $349.

Finnish infrastructure software technology company Groundhawk has raised €2 million in Seed funding to transform how underground utilities are mapped and documented.  As Europe invests heavily in electricity grids, fibre networks, EV charging and renewable integration, a critical weakness remains: underground infrastructure is still documented using outdated, post-construction surveys and estimates. The result is over €100 billion in annual global damage, project delays, and safety risks caused by inaccurate mapping.  Groundhawk replaces analogue documentation with real-time, AI-powered 3D capture, allowing construction crews to record precise underground data while trenches are open, creating digital records with centimetre-level accuracy, instantly synced to the cloud. The company’s technology combines high-precision satellite positioning, 3D scanning, and AI analytics to embed quality assurance directly into the construction workflow.  By capturing accurate depth measurements, installation details, and visual documentation while trenches are still open, Groundhawk enables crews and project managers to verify that cables, ducts, and connection points are installed correctly before the site is closed. This real-time capture transforms documentation from a passive record into an active quality-control tool, allowing issues to be identified and corrected immediately rather than discovered weeks later during post-build surveys. “Groundhawk is so user-friendly that anyone already on site with the device can handle the cable mapping. If you can shoot a video with your mobile phone, you can use Groundhawk. This accelerates the entire project,” says Christoffer Winquist, CEO and co-founder of Groundhawk. All data synchronises in real time to a cloud platform, giving network owners precise visibility and an accurate map of their entire new underground network. This approach delivers up to 50 per cent cost savings on surveying while providing project managers with immediate visibility into contractor progress and quality compliance. Groundhawk serves network owners, prime contractors, and subcontractors across fibre and electricity infrastructure projects. Customers include major Nordic and European infrastructure contractors such as Eltel Networks, Voimatel, Elvera, and Signal Group, which serve network operators including Telia, Telenor, Caruna, Global Connect, E.on, and Valokuitunen. The round was led by investors Greencode Ventures and 2C Ventures.  According to Ines Bergmann-Nolting, Managing Partner at Greencode Ventures, the Groundhawk team brings an exceptional combination of profound sector insight and deep technical expertise, and their strong early traction convinced us to invest. “As networks expand and regulations tighten, Groundhawk becomes the essential interface between physical construction and digital infrastructure."  The €2 million seed funding will support several strategic priorities: building a scalable B2B sales organisation across Germany, the UK, Benelux, and Nordic markets; expanding the engineering team to advance the AI and spatial intelligence capabilities; and developing new product features that extend from build-time documentation into planning support and predictive quality assurance.  Lead image: From left: Otto Salminen, Otto Virta, Christoffer Winquist, and Jonne Davidsson. Photo: uncredited. 

AI patent platform DeepIP has raised $25 million in Series B funding, bringing total capital raised to $40 million. DeepIP is a workflow-native AI platform built to support patent professionals across the full patent lifecycle — from early innovation through enforcement and portfolio evolution.  Designed to integrate directly into existing workflows, DeepIP helps both law firms and in-house IP teams manage complex patent work with greater continuity, quality, and collaboration.  Teams can adopt AI without changing their tools or processes. As a result, customers see up to 20 per cent higher adoption and 40 per cent higher usage compared to standalone AI tools. The platform is already trusted by leading patent law firms and corporate IP organisations across Europe and the United States, including Greenberg Traurig, Mewburn Ellis, Dexcom, and Philips.  DeepIP was founded in 2024 by François-Xavier Leduc and Edouard d’Archimbaud, the CEO and CTO, respectively, of Kili Technology, an AI scale-up that has delivered AI solutions to Fortune 500 companies worldwide since 2018 and will continue as a standalone company with its own revenue streams. “The first wave of AI in patent practice focused on speeding up individual tasks,” says François-Xavier Leduc, CEO and co-founder of DeepIP.  “But patent work is cumulative. It spans years, teams, decisions… We built DeepIP to be the system where that work lives, with AI embedded throughout the workflow so professionals don’t have to manage fragmentation or carry context manually.” DeepIP’s goal is simple, says Leduc: “Bring AI at every step of the patent lifecycle” The funding was co-led by Korelya Capital and Serena, with participation from Balderton and Headline. “DeepIP has built the modern end-to-end infrastructure for the new era of IP. Leveraging deep vertical expertise and native workflows that meet users where they are as compounding moats, the team has built an emerging global category leader in a matter of months,” says Paul Degueuse, Partner at Korelya Capital.  “IP sits at the core of how innovation becomes value, while AI is transforming the way we invent. The patent lifecycle needs to catch up. It's overdue.” “DeepIP has reached a major milestone since its Series A, increasing revenue by tenfold in the last 18 months and rolling out an AI-native platform now adopted by leading players and embedded at the heart of patent professionals’ daily workflows,” says Olivier Martret, Partner at Serena.  “We strongly believe this platform positioning is essential to establishing a new standard and helping structure what remains a highly fragmented global market for AI applied to patents.”

Founded in Kyiv in 2008, MacPaw has grown into a global technology company building a digital ecosystem designed to supercharge productivity for Mac users. With an office opened in Boston in 2023 and others and across the EU, the company is evolving beyond standalone utilities into a unified software experience blending system care, cybersecurity, app discovery — and increasingly — AI. Its best-known products, including CleanMyMac, Setapp, and ClearVPN, have long focused on simplicity and design. I spoke with CEO Oleksandr Kosovan, who says the company is undergoing a “total transformation” into an AI-first organisation. “That means two things. First, we are developing AI products that utilise large language models for our customers. Second, we are adopting AI internally — working with AI agents, automating processes, writing code with AI, and integrating it across workflows. So we are in the process of a total transformation.” AI as an opportunity — and a threat Kosovan argues that while Apple provides an excellent ecosystem for developers, AI is changing how people consume software. “There’s a decline in traditional search traffic, as users spend more time with chatbots like ChatGPT. In some cases, users may not need an app — they can solve tasks via AI. This is both an opportunity and a threat. The final user experience model is still evolving, and we want to be one of the alternatives people can choose.” Enter Eney In 2025, MacPaw released a beta version of Eney, an AI assistant — or what the company calls a “Computerbeing” — designed to change how Mac users interact with their devices. Built for everyday users rather than technical specialists, Eney aims to transform complex digital tasks into simple, conversational experiences. Instead of switching between multiple applications, users can rely on Eney to complete tasks through natural language prompts, creating a more streamlined and personalised workflow. At its core, Eney is designed as a human-like digital companion that helps users navigate their digital lives more intuitively. By removing friction from everyday processes, the assistant seeks to make routine interactions faster and more effortless. Kosovan explained: “We’re trying to do as much as possible directly on the user’s device to guarantee strong privacy. In some cases, this also enables faster operations. The goal is not only to allow users to speak with the assistant, but to execute actions on their devices.” Eney is currently available in closed beta exclusively through Setapp, with a broader public release planned later this year as the product continues to be refined Reinventing Setapp for the AI era  Today MacPaw announced new purchase options on Setapp, introducing single-app subscriptions for more than 60 applications. “We know people use apps differently,” says Kosovan. “Expanding into single-app models is our first meaningful step toward transforming Setapp into an open ecosystem marketplace — where users can discover and use third-party tools and AI-powered solutions.” AI is already unlocking new functionality. For example, CleanMyMac can analyse system logs and explain issues in natural language. “With a product like CleanMyMac, users could say, ‘Help me clean my Downloads folder,’ and the system can respond conversationally and execute actions. These are new possibilities enabled by large language models.” However, not every app is an obvious fit. Applications working with textual data — logs or documents — benefit most from LLM integration. “Tools like video compression or audio conversion rely on conventional algorithms. LLMs won’t replace those core functions,” he says. MacPaw plans to extend single-app subscriptions beyond Setapp Membership later this year. For Mac afficandos. MacPaw's vintage Apple museum is a delight. I visited their office in Boston Cambridge in 2024 and was pleased to see it extended Stateside. Moonlock and the rise of Mac cybersecurity As Mac adoption grows, so too do cyber threats. Moonlock is a Mac protection and antivirus app built for individual Mac users. Its detection engine has powered CleanMyMac’s malware removal module since 2023, protecting millions of users. The app’s malware database is continuously updated through hands-on research by Moonlock Lab, MacPaw’s in-house team of malware investigators, who track emerging macOS threats. Its launch comes amid rising Mac-targeted threats: malware detections increased 20 per cent in 2024 compared to 2023, while 66 per cent of Mac users report encountering a cyber threat in the past year. The long-standing perception of Macs as malware-free is no longer accurate. In 2025, the product expanded with the launch of “VPN for Home,” introducing router support that allows households to secure all connected devices through a single account — without installing the app on each device individually. To further strengthen safe browsing, the team launched ClearWeb, an ad-blocking Chrome extension that creates a cleaner and more secure online experience. One of its key advantages is the ability to block ads within videos, including on YouTube. How ClearVPN became critical infrastructure in Ukraine In February 2026, ClearVPN introduced Kid Safe Mode — a dedicated browsing profile designed to protect children online. With a single tap, it activates enhanced protection, filtering harmful content and preventing risky connections. Since February 2022, ClearVPN’s role has extended beyond technology. Following the start of Russia’s full-scale invasion, MacPaw made ClearVPN free for all Ukrainian citizens, recognising the urgent need for secure and uninterrupted access to trusted information. The product has helped thousands of Ukrainians — including those in temporarily occupied territories — access independent news and reliable updates. As attacks on Ukraine’s energy infrastructure continue, with power outages in Kyiv sometimes lasting more than 24 hours, many residents rely on public Wi-Fi networks to stay connected. In these conditions, VPN protection becomes even more critical due to the heightened security risks of public networks . MacPaw remains committed to providing ClearVPN free of charge to Ukrainians for as long as it is needed. Four years Into war, MacPaw keeps shipping — and scaling globally Before the invasion, MacPaw had already developed a crisis response plan covering power outages, air raids, cyberattacks, and supply chain disruptions. “Last year, during a missile strike near our office, those drills helped a lot,” Kosovan says. “When people are in shock, having a step-by-step procedure allows them to act correctly.” To monitor team safety, MacPaw continues to use Together App, a tool created by its engineers during the early months of the invasion to quickly confirm employees’ safety following missile or drone attacks. “After rocket strikes in Kyiv, we conduct daily check-ins to ensure everyone is safe.” Despite the extraordinary circumstances, Kosovan describes his role as largely consistent with that of any global CEO. “I focus on the business, customers, products, and internal transformation,” he says. “The main difference is security. After rocket strikes in Kyiv, we conduct daily check-ins to ensure everyone is safe.” The prolonged strain, however, is undeniable. Reflecting on the persistent air raids and disrupted sleep cycles, he acknowledges the toll: “Unfortunately, we are getting used to it. That’s very sad, but it’s our reality.” Productivity has inevitably been affected. “Sleep deprivation and prolonged stress affect people physically and mentally,” Kosovan admits. In response, the company introduced unlimited vacation and expanded mental health support. “But continuing to work on meaningful goals helps. The tech industry is moving very fast — especially with AI — and we must keep up.”  Due to ongoing security risks, office attendance is not mandatory. The company employs around 300 people in Kyiv and approximately 200–250 team members abroad, and continues to hire Ukrainians both domestically and internationally. Four years into the full-scale war, the company remains operational in Ukraine while expanding internationally. In 2023, MacPaw opened its first US office in Boston.  Since its founding in 2008, the company has built products for users worldwide — and continues to update and maintain them without interruption.   At the same time, its corporate social responsibility efforts have intensified. Since 2022, MacPaw has donated more than $13 million to initiatives supporting Ukrainians affected by Russian aggression, including humanitarian aid, restoring access to education, and promoting inclusion. Rethinking Ukrainian tech Kosovan asserts that Ukrainian tech is much larger than people think. “Many companies register abroad — Delaware, Cyprus — for security reasons. So users don’t realise they’re Ukrainian-made. There’s also a strong Ukrainian diaspora of engineers and founders worldwide. I’m proud of that heritage.” Four years into the full-scale war, MacPaw remains operational in Ukraine while expanding globally. Its strategy is clear: simplify software for everyday users, embed AI at every level of the organisation, and redefine how people interact with their computers. If successful, Eney — the “Computerbeing” — could mark MacPaw’s next evolution: from utility maker to architect of a new human-computer interface paradigm.

UK-based Antiverse, a biotech company developing AI-designed therapeutic antibodies for hard-to-target disease targets, has closed a $9.3 million Series A round led by Soulmates Ventures, with participation from Innovation Investment Capital, DOMiNO Ventures and existing investors DBW, Kadmos Capital and i&i Biotech Fund. The financing brings Antiverse’s total capital raised to more than $20 million. One of the major challenges in modern medicine is the treatment of diseases linked to so-called undruggable molecular targets. Drug discovery in this area remains difficult, with attrition rates of around 90% for candidates entering clinical trials. Antiverse is addressing this gap through an AI-led computational platform designed to generate therapeutic antibodies against complex targets such as G-protein coupled receptors (GPCRs) and ion channels, which are implicated in conditions including cancer, neurological disorders and rare genetic diseases such as cystic fibrosis. The company combines machine learning with in-house laboratory validation to generate and test antibody candidates. Its models design antibodies for specific disease targets, which are then built and evaluated using proprietary cell systems that replicate how the target proteins appear in the human body. Candidates showing promising results are subsequently advanced toward clinical development. Antiverse has also entered into a research agreement with the Cystic Fibrosis Foundation to design antibodies targeting the extracellular region of the CFTR protein, a historically challenging target. Under the collaboration, the company will apply its AI-driven platform to accelerate the evaluation of new therapeutic approaches. Through this combined AI-and-lab approach, Antiverse aims to improve antibody discovery efficiency for complex disease targets by enabling faster iteration between computational design and experimental validation. The new funding will enable Antiverse to scale its AI-powered antibody discovery platform for pharmaceutical and foundation partners through collaborative programmes. It will also support the expansion of the company’s internal drug pipeline and advance lead antibody programmes toward in vivo efficacy studies. Photo credit: Kevin Trimmer

BioInnovation Institute (BII), an initiative of the Novo Nordisk Foundation, has awarded an additional €1.3 million in follow-on funding to five portfolio startups, bringing total support per company to up to €1.8 million. The funding is intended to support product development, operational scaling and progress toward market deployment across healthtech, agritech, climatetech and deeptech. The announcement follows a recent commitment by the Novo Nordisk Foundation of up to €736 million (DKK 5.5 billion) to BII, enabling the Copenhagen-based institute to expand into new strategic areas and geographies while supporting a larger number of entrepreneurs and startups across Europe. Established in 2018, BII is a non-profit life science incubator that supports early-stage research and startups with funding, facilities and business support to help translate scientific discoveries into viable companies. The latest funding is being deployed through BII’s Venture House programme as part of its broader mission to translate cutting-edge research into commercially viable solutions with societal impact. The five supported startups are: Synuca Therapeutics - The first company funded through the DKK320 million innovation partnership with Lundbeckfonden/Lundbeck Foundation. It develops a first-in-class disease-modifying therapy for Parkinson’s disease and related brain disorders.  Gefjon Pharma - Building an outer membrane vesicle (OMV) platform to produce cost-effective vaccines and therapeutics, initially targeting E. coli infections in poultry to reduce antimicrobial use. MicroMiner - Advancing recycling technology to improve the sustainability of EV batteries as it transitions from research to deployable solutions. DARERL - Developing a SaaS platform that provides high-fidelity digital human anatomy models to support the design and validation of wearable and medical devices. Diasense - Industrialising a quantum diamond microscope to deliver real-time diagnostics and process insights for next-generation semiconductor manufacturing. Commenting on the announcement, Trine Bartholdy, Chief Business Officer at BII, said: All five companies clearly reflect BII’s mission to enable novel solutions that benefit human health, planetary health and societal resilience. We are proud to continue supporting them through our Venture House program and help bring them closer to external investment and commercialisation. Each of the five companies had previously received €500,000 from BII and will use the additional funding to advance key milestones, ranging from lead optimisation in neurodegenerative disease research to scaling vaccine production and industrialising quantum diagnostic tools.

Cambridge-based Bindbridge has secured $3.8 million in early-stage funding from Speedinvest and Nucleus Capital to advance next-generation crop protection aimed at improving crop resilience and agricultural productivity. Traditional crop protection methods face growing constraints due to environmental persistence, human health concerns and rising herbicide resistance, leaving farmers with fewer effective options as global food demand increases. The UN estimates that plant pests destroy about 40% of crops each year, with plant diseases costing the global economy more than $220 billion. At the same time, the agrochemical sector is under pressure to deliver more precise, biologically based solutions while meeting stricter safety and regulatory requirements. Bindbridge is addressing this challenge with a new R&D approach for the global agrochemical industry, where bringing a new active ingredient to market can take more than a decade despite significant annual research spending. Its BRIDGE platform uses AI to identify and design molecular glues that target and degrade specific proteins in weeds or pests by leveraging the plant’s intracellular protein control system. The approach aims to reduce development time and costs while enabling more effective herbicides, insecticides, fungicides and sprayable plant traits, such as improved nutrient use efficiency, heat tolerance and carbon sequestration. The company’s AI discovery platform aims to support the development of safer and more effective herbicides and next-generation crop protection agents while reducing development time and cost. It also opens the door to new sprayable plant traits, including improved nutrient use efficiency, heat tolerance and carbon sequestration. George Crane, CEO and co-founder of Bindbridge, said the agricultural industry is facing growing pressure to improve both performance and sustainability: The agricultural industry faces significant performance and sustainability challenges which is driving demand for more efficient products. Yet there’s no affordable, rational, or systematic way to discover molecular glues that are the foundation for such products. We’re changing that. We’re using the power of AI to rapidly and accurately derive new molecules that can change farming’s future. Bindbridge was founded in March 2025 by Cambridge University researchers Dr George Crane, Dr Alex Campbell and Dr Simeon Spasov. Over the next 12 months, the company plans to partner with agrochemical companies on targeted protein degradation co-development projects and begin lab testing its first agricultural molecular glues. The new funding will support platform development, team expansion and the company’s broader growth initiatives.