This week’s update on UK tech funding highlights notable investments despite a slow period for startup finance.
- Oriole Networks, a developer of photonics-based AI processors, secured a Series A round with backing from Plural.
- Genie AI, which automates legal contract drafting, attracted Series A funding from Google Ventures and Khosla Ventures.
- The nightlife navigation app Where You At raised seed funding with support from Tony Mallin.
- Overall, £37.4 million was tracked in UK tech investments this week, indicating a subdued market.
The most recent week in UK technology funding witnessed a collection of strategic investments in startups despite a relative lull in overall activity. The week’s funding totalled £37.4 million, reflecting a cautious environment for venture capitalists.
Oriole Networks emerged as a significant recipient of investment, drawing funds in a Series A round led by Plural. This London-based company, established in 2023, is utilizing photonics technology to amalgamate the computational capacities of multiple AI chips. The approach aims to enhance processing efficiency and performance, positioning Oriole as a key player in AI infrastructure.
Another notable funding success was Genie AI, headquartered in London and founded in 2017. Genie AI garnered interest from prominent investors, including Google Ventures and Khosla Ventures, as they secured a Series A round. The company’s platform is designed to streamline the legal contract drafting process, turning traditionally cumbersome tasks into automated solutions.
Additionally, Where You At, a navigation tool tailored for crowded nightlife venues, successfully obtained seed funding. Established in 2020 and based in London, the startup received investment from Tony Mallin. The app addresses an evolving need within the hospitality sector by improving wayfinding and enhancing venue safety.
Despite the presence of active investors and innovative ventures, the overall pace of startup funding appeared modest this week. This trend points to a potentially cautious approach among backers, who may be evaluating broader economic conditions and strategic alignment with long-term objectives.
This week’s funding activities underscore the resilience of UK tech startups amid a cautiously optimistic investment climate.
