Startup Researcher - Europe: Week 24, 2024

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Welcome to another edition of 🔍 Startup Researcher - Europe, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Let's delve into the core sections of our weekly newsletter:

• 📰 Important News

• 💸 Top Funding Rounds

• 💰️ Notable Exits

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🤝 Diversity Spotlight

• 🚀 Startup of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Wazoku Partners with DIANA Accelerator: Wazoku has partnered with NATO's DIANA accelerator to expand its enterprise SaaS solutions beyond defense tech, serving retail and finance sectors.

• Molten Ventures Reduces Stake in Graphcore: Molten Ventures has reduced its stake in UK semiconductor startup Graphcore by 45% to £20.6 million, amid speculation of an imminent acquisition.

• Aleph Alpha and Silo AI Partner for Sovereign AI: European AI leaders Aleph Alpha and Silo AI have partnered to advance "sovereign AI" across Europe, offering industrial firms a comprehensive generative AI solution.

• Sanofi Collaborates with Benchling: Sanofi teams up with Benchling to enhance pharmaceutical processes via Benchling's R&D Cloud, benefiting 1,500 scientists across 30 teams.

• UK Labour's Manifesto Highlights: UK Labour's manifesto prioritizes NHS tech enhancement, green energy support, increased industry funding, and regulatory improvements, lacking specific details on startup sector support.

💸 Top Funding Rounds

• Paris-based AI startup Mistral closed a €468M funding round at a €5.8B valuation, just six months after its €385M Series A, with a new lead investor.

• Aachen-based Black Semiconductor has secured €254.4M in Series A funding to advance the production of graphene-based microchips for applications in autonomous driving and generative AI.

• Düsseldorf-based Cognigy has raised €93M in Series C funding to accelerate its AI automation solutions for customer service globally.

• Dublin-based cloud accounting platform AccountsIQ has raised €60M in a Series C round led by Axiom Equity to enhance AI integration in its services.

• Gorilla, a Belgian energy tech company specializing in data processing for energy retailers, has secured €23M in Series B funding to expand its energy management platform globally.

💰️ Notable Exits

• BeReal Acquired by Voodoo: French mobile game publisher Voodoo acquires Gen-Z social media app BeReal for €500 million in a cash and earnout deal to enhance features and drive growth.

• Raspberry Pi Goes Public: Raspberry Pi, known for its affordable single-board computers, debuts on the London Stock Exchange at £2.80 per share, valuing the company at £542 million.

• Miro Acquires Uizard: Amsterdam and San Francisco-based Miro acquires Copenhagen-based AI-powered product design platform Uizard to bolster its collaborative whiteboard tools for product teams.

• Kalray to Merge with Pliops: French firm Kalray announces merger with Israel-based Pliops to strengthen its advanced data acceleration solutions for storage and AI GPUs.

• Pluxee Acquires Cobee: Pluxee acquires Spanish employee benefits platform Cobee to expand into Mexico, marking the first step in its strategic growth plan through mergers and acquisitions. Regulatory approval in Spain is pending.

🏦 About Investors

• Vsquared Ventures' Second Fund: Munich-based Vsquared Ventures closes a €214 million second fund focusing on early-stage deeptech startups, aiming to support approximately 25 companies with two-thirds reserved for follow-on investments.

• Italian Founders Fund (IFF): Italy launches the €50 million Italian Founders Fund (IFF), supported by over 100 Italian founders, to invest in pre-seed and seed-stage startups globally, with a focus on Italian founders.

• Equilibrium Ventures (EQV): Finnish seed-stage crypto fund Equilibrium Ventures (EQV) reaches its first close of a targeted €30 million fund, securing €6 million from LPs amid growing interest in blockchain startups.

📈 Deep Dive Bites

Explore Estonia's vibrant startup ecosystem with our curated list of top incubators and accelerators, from Tallinn to Tartu, nurturing innovation in fintech, cleantech, biotechnology, and more. Discover how these organizations provide essential support through mentorship, funding, and specialized programs, helping startups thrive.

Read the full article for detailed insights and opportunities in Estonia's dynamic entrepreneurial landscape.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Mistral

Mistral AI, based in Paris, specializes in developing advanced open-source artificial intelligence models. Founded by former employees of Meta Platforms and Google DeepMind in April 2023, the company focuses on democratizing AI through its innovative models like Mistral 7B and Mixtral 8x22B. These models are available via API for various applications, including serverless environments and public cloud services, aiming to enhance accessibility and efficiency in AI technology.

In its latest funding round, Mistral AI raised an impressive €600 million at a valuation of €5.8 billion. Led by DST Global and supported by existing investor General Catalyst, the round attracted participation from tech giants such as IBM, Nvidia, and Cisco, as well as prominent French institutions like Bpifrance and BNP Paribas. This funding underscores Mistral AI's rapid ascent in the AI sector and its strategic positioning as a significant player in Europe's technology landscape.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Vsquared Ventures

Vsquared Ventures is a Munich-based venture capital firm specializing in early-stage investments in deeptech startups across Europe. Recently closing its second fund at €214 million, surpassing its target of €165 million, the firm focuses on sectors like AI, energy transition, new computing, space tech, tech bio, and robotics. Notable investments include Cylib (lithium-ion battery recycling), Synthara (embedded chips), and Neura Robotics.

The firm partners with European LPs such as Novo Holdings, NATO Innovation Fund, and European Investment Fund. Vsquared Ventures aims to bolster Europe's deeptech ecosystem by accelerating the commercialization of scientific research and innovation, fostering globally competitive companies.

 🤑 Opportunity Radar

Paris Female Find - Entrepreneur First

Join the Paris Female Find Event! On June 27-28, 2024, this weekend-long program is designed to bring together exceptional women and non-binary individuals interested in founding a technology startup. Participants will network, generate ideas, and test cofounder partnerships with the support of experienced Talent Investors. Expand your personal network and experience life as a founder at an accelerated pace. Event dates: June 27-28, 2024.

Application Deadline: June 21, 2024

Join STATION F's In-House Founders Program!

This core program is designed for early-stage companies, offering maximum flexibility and resources to help startups grow over 3 to 18 months. The first 3 months are intensive, focusing on setting and achieving milestones, with top performers gaining access to funding, top-level advisors, and additional resources. Participants benefit from a supportive network, workshops, and the chance to build leading teams.

Application Deadline: July 7, 2024