Europe’s AI companies are reaching another level. Cambridge-based CuspAI is set to raise $400m at a $2.6bn valuation, while London-based Cleo surpassed $400m ARR just months after hitting $300m ARR. ElevenLabs also made headlines again, receiving funding from Poland as the country launched AI Lab Poland to support the next generation of AI companies.
Let’s dive in.
💰 Funding rounds
Helsinki-based Solar Foods secured a €77.8m funding to support the construction and commissioning of Factory 02 and scale production capacity. Read more here.
London-based Conduct raised €51m Series A to expand its AI operating system that helps enterprises understand, operate and change complex software systems such as SAP, Salesforce and Oracle. Read more here.
Barcelona-based NeuralTrust raised €17.2m Seed to help enterprises secure and govern AI agents across their organisations. Read more here.
Berlin-based Flagright raised $12.5m Series A to expand its AI-powered financial crime compliance platform and strengthen its presence in the US market. Read more here.
London-based ElevenLabs received an $11m investment from Poland’s state-backed Vinci fund as Poland launched AI Lab Poland to support the next generation of AI companies in the country. Read more here.
Bolzano-based Soource raised €3m Seed to expand its AI-powered procurement platform across Europe and help companies automate supplier sourcing and selection. Read more here.
Stockholm-based Tonada raised €2.6m pre-Seed to help brands create AI-generated soundtracks tailored to their physical spaces across retail and hospitality. Read more here.
Berlin-based NexDash raised €2.5m to accelerate the electrification of Europe’s road freight sector through its AI-powered logistics platform and electric trucking model. Read more here.
Vilnius-based PDKINEMATICS raised €2m Seed to scale production and expand deployments of its precision guidance systems for drones across Europe and Ukraine. Read more here.
Berlin-based Tryll raised $600k pre-Seed to develop its on-device AI engine for video games and expand its go-to-market efforts ahead of a broader launch. Read more here.
🌱 Startup news
Cambridge-based CuspAI is reportedly raising $400m at a $2.6bn valuation, with backing from Jeff Bezos’s family office Bezos Expeditions, to scale its AI platform for materials discovery. Read more here.
London-based Cleo surpassed $400m ARR just months after hitting $300m ARR, with growth accelerating as it moves closer to joining Europe’s $500m ARR club. Read more here.
📣 Fund news
Ukraine and France launched BRAVE FRANCE, a €20m joint defencetech initiative to accelerate the development of drones, missile technologies and other battlefield innovations. Read more here.
🤝 M&A
Cologne-based DeepL acquired San Francisco-based Mixhalo for an undisclosed sum to strengthen its real-time voice translation capabilities at large-scale events and expand its voice AI offering. The deal also gives DeepL its first office in San Francisco. Read more here.
🎧 Podcasts
Riding Unicorns podcast featured Barney Hussey-Yeo, Founder and CEO of Cleo, on how the company reached $400m ARR. Listen here.
Scaling Europe podcast featured JP Haas, Co-Founder and CEO of Conduct, on their $60m Series A. Listen here.
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