2024-Q4 Portfolio News

Omnea raised a $20M Series A to simplify the way businesses purchase software, hardware, or contract services. Their all-in-one AI powered platform helps triage requests and respond to them. The company reported an 8x increase in last year’s revenues with clients including McAfee, Onfido, and Typeform. Their round was led by Accel with participation from First Round Capital and Point Nine who jointly led the $5M seed.

Genie AI raised a $17.8M Series A from Google Ventures and Khosla Ventures. Their platform helps businesses reduce costs by turning contracts around faster, saving users 3+ hours on average per document. Genie AI’s editing platform, used to draft and review legal documents, is already trusted by over 100,000 companies in 120 jurisdictions. The latest cash injection will be used to expand in the US and focus on advancing the company’s agentic AI capabilities.

Level Nine was awarded €1M in public innovation funding. They leverage bio-nanotechnology and quantum chemistry to develop the world’s first nanozymes. This next-generation catalyst bridges the gap between traditional catalysts and enzymes to unlock new possibilities for green chemicals production. The €1M non-dilutive funding from Investitionsbank Berlin and the European Regional Development Fund (ERDF) will be used to develop and commercialize their first nanozymes, converting waste streams into renewable chemical building blocks and reducing the world’s reliance on fossil fuels.

Phantasma Labs secured a seven-figure investment to advance AI driven manufacturing. They have developed a market-leading product that allows manufacturing companies of all sizes to efficiently plan and schedule their production processes 100x faster than traditional methods. The Berlin-based company will use the new funds to expand into the US and Nordic markets with the help of their funding partners’ extensive network and deep market understanding in these regions.

Plumerai is bringing their on-device AI solution to millions of smart home cameras. Their technology can perform tasks like people detection and familiar face identification without sending data to remote servers. Plumerai is backed by Tony Fadell; ‘father of the iPod’, co-creator of the iPhone, and cofounder of Nest.

Level Zero Health was selected among the Top 20 Finalists across all categories at TechCrunch Disrupt in San Francisco. Cofounders Ula and Irene presented their work on a cutting edge continuous hormone monitoring medical device, similar to the continuous blood glucose monitors that have revolutionized diabetes health. The company continues to push on with their ambitious roadmap and has secured clinical partnerships with IVF clinics in the US.

Nivoda secured a $51M Series C led by Northzone to expand their global supply chain. Nivoda is the leading digital marketplace and supply chain for the diamond industry. Their pioneering technology platform creates value for all stakeholders across the ecosystem including consumers, suppliers, and retailers. They are now expanding their trusted B2B marketplace beyond diamonds and gemstones to include all jewelry.

Faircraft raised a €15M Series A backed by Kindred Ventures. They have developed a lab-grown material that replicates the structure and composition of leather. Their revolutionary product achieves over 80% less water consumption, 90% fewer CO2 emissions, and 95% less waste than traditional leather. The Paris-based company holds two international patents for their proprietary technology and plans to scale operations to address growing demand amongst French luxury fashion brands.

Cleo hit $150M ARR with a three-tier subscription plan alongside their popular budgeting AI-powered chatbot. Cleo’s paid services include personalized money management plans, additional chatbot features, credit-building cards, and cash advances. This subscription revenue stream is in addition to the growing revenue from transaction fees. Cleo’s future plans include partnerships with financial institutions to recommend mortgage and loan products to their users, whilst also expanding into new overseas markets.

Research Grid raised $6.48M to automate clinical trial admin. They are making clinical trials more efficient by automating administrative and data management workflows. Their superior technology consists of two patented products and is the only software in the market to automate full back-office trials. The round was led by Fuel Ventures, with participation from Ada Ventures and Morgan Stanley Inclusive Ventures Lab. The recent funding will be used to invest in R&D, hiring engineers, and expansion into the US and Asian markets.

Theremia raised a €3M Seed round for precision medicine. Deep tech company Theremia is developing a precision medicine tool to enhance drug efficacy and tolerability across diverse populations. Their AI-driven platform uses advanced machine learning and causal algorithms to adjust medical treatment based on patients’ characteristics. Designed to address the limitations of standardized treatments, their approach seeks to revolutionize drug development, enhance clinical trials, and optimize treatment outcomes. Their funding round was led by Eurazeo and Salica Investment.

Tetsuwan Scientific raised an oversubscribed $2.7M pre-Seed round. Founded in 2023 and based in San Francisco, Tetsuwan is one of the first commercial entities pursuing the development of AI scientists. Their robotics platform gives AI physical agency to perform experimentation. The company deployed its first system to a rare disease gene therapeutics lab earlier this month. 2048 Ventures led the round, with participation from Carbon Silicon, Everywhere Ventures, and a collection of notable angel investors.

Betterdata has secured a contract with the Dept. of Homeland Security USA worth up to $1.7M to leverage its Large Synthetic Model (LSM) and drive cutting-edge innovations in data privacy for enterprises. Betterdata is capable of generating private synthetic data that is statistically accurate when real data is unavailable or low in volume, and highly representative when real data is available and extensive.

CloudNC was recognised as one of Bloomberg’s Top 25 startups of 2024. They develop and apply software and AI to re-imagine precision manufacturing, saving manufacturers hundreds of programming hours a year. CloudNC is backed by US market leader Autodesk and industrial giant Lockheed Martin.

DeepLife raised a $10M Series A. France-based DeepLife is developing technology to help pharma companies repurpose existing drugs for new treatments. Their platform uses genAI models to create ‘digital twins’ of cells that simulate the effects of repurposing drugs for different conditions. The result is new treatment options in a fraction of the time and cost. DeepLife are focusing on expansion in the US and considering a company-wide relocation after their Series B.

Briefcase raised a $3M Seed round. Briefcase’s AI-native platform aims to automate the most manual and time-consuming aspects of accounting, from bookkeeping to month-end close. Their round was led by Earlybird and will be used to expand the team and accelerate product development.

Synthera secured $1.86M in pre-Seed investment. Synthera aims to transform how financial institutions analyse market risk by addressing the limitations of traditional methods. Their technology leverages synthetic data to offer a robust alternative to static historical datasets. The round was led by Motive Ventures and the funds will be used to accelerate product development and pilot with leading financial institutions.

Wexler AI raised $1.4M in pre-Seed funding. Wexler AI aims to automate essential fact checking and intelligence gathering with a platform built for high-stakes legal disputes. Wexler delivers critical, verified facts that free up lawyers to focus on more complex and strategic value driven activities. The funding round was led by Myriad Ventures and will be used to bring their product to market after running a six month global scale POC with Clifford Chance.

PolyAI (#39), Cleo (#133) and Hadean (#201) were all mentioned in Sifted’s top 250 European startups for 2024. The rank lists startups founded in or after 2014 by the highest percentage revenue growth over the past three years, calculated using a two-year compound annual growth rate.