Latest / Deep Tech Germany – AI, Robotics & Frontier Innovation by Startuprad.io™ / September 2024: Intel Halts €30B Chip Plant & Magic AI's $320M
Transcript
- WEBVTT 00:00:00.000 --> 00:00:07.920 Music. 00:00:07.762 --> 00:00:14.702 Your podcast and YouTube blog covering the German startup scene with news, 00:00:14.702 --> 00:00:17.382 interviews, and live events. 00:00:19.642 --> 00:00:26.722 Hello, everybody, and welcome to our September 2024 wrap-up with news from the 00:00:26.722 --> 00:00:30.262 startup and tech entrepreneurship scenes in Germany, Austria, and Switzerland. 00:00:31.062 --> 00:00:36.042 Our startup news is recorded with me, Christian, in New York City. 00:00:36.562 --> 00:00:40.302 Joe is joining from Frankfurt as always. Hello. Hey, guys. 00:00:40.822 --> 00:00:46.862 Today's news. The cutoff date is September 23rd. As always, all news not included 00:00:46.862 --> 00:00:48.982 will be in our next news wrap-up. 00:00:49.102 --> 00:00:53.522 I have to apologize a little bit for the boxy sound today, maybe. 00:00:53.702 --> 00:00:57.842 And if people are watching it on our YouTube channels or visual channels also, 00:00:57.922 --> 00:01:00.502 it looks like I'm being held hostage somewhere. 00:01:00.642 --> 00:01:03.742 But this is just the phone booth of my co-working space. 00:01:04.502 --> 00:01:08.402 You're holding yourself hostage. Yeah, don't we all. 00:01:08.742 --> 00:01:14.662 But nevertheless, we will bring you a quick wrap-up about everything that has 00:01:14.662 --> 00:01:17.342 been going on in the German startup scene. 00:01:17.502 --> 00:01:21.862 First of all, though, we have a new partner announcement with exclusive benefits 00:01:21.862 --> 00:01:24.682 for all StartupRate.io listeners. 00:01:25.042 --> 00:01:28.842 So let me give you a little spiel here. here because 00:01:28.842 --> 00:01:31.942 did you know that on average a blog still 00:01:31.942 --> 00:01:35.062 gets you way more traffic obviously than social media 00:01:35.062 --> 00:01:38.342 posts we have now a special deal with modern 00:01:38.342 --> 00:01:46.802 iqs.com so modern as in not traditional modern iq as in smart and then an s 00:01:46.802 --> 00:01:52.662 modern iqs.com where startup right.io listeners can create two Two free SEO 00:01:52.662 --> 00:01:55.802 optimized blog posts per month in less than a minute. 00:01:56.242 --> 00:02:01.122 You will get two free posts for your blog each month only when you use the link in the show notes. 00:02:01.362 --> 00:02:05.082 It's an exclusive offer for our audience. If you want to know more, 00:02:05.162 --> 00:02:07.182 please check out the show notes. 00:02:07.522 --> 00:02:10.362 And you are taking over with the highlights now, please. 00:02:11.346 --> 00:02:17.506 Yes, Chris, the highlights. This fall will be hot. September 2024 brought significant 00:02:17.506 --> 00:02:21.386 developments in the startup scene across Germany, Austria and Switzerland. 00:02:21.826 --> 00:02:29.286 The highlights include Intel's decision to halt its $30 billion chip factory 00:02:29.286 --> 00:02:34.986 project in Magdeburg due to cost-cutting measures and Northwood's struggle with 00:02:34.986 --> 00:02:41.326 factory closure amid financial challenges linked to faltering partnerships with car manufacturers. 00:02:41.666 --> 00:02:48.486 Germany's WIN initiative, backed by 12 billion until 2030, aims to revitalize 00:02:48.486 --> 00:02:52.926 the startup ecosystem with a focus on boosting innovation and venture capital. 00:02:53.166 --> 00:03:01.566 In Austria, the Vienna-based AI startup Magic secured 320 million US dollars 00:03:01.566 --> 00:03:04.966 in funding, led by former Google CEO Eric Schmidt, 00:03:05.186 --> 00:03:10.486 underscoring a growing trend of major investments in AI and tech-driven solutions. 00:03:11.666 --> 00:03:16.786 The quick commerce sector remains resilient, with Flink raising $150 million 00:03:16.786 --> 00:03:19.986 to expand in Germany and the Netherlands. 00:03:20.326 --> 00:03:26.466 The Swiss Startup Magic topped the 2024 Top 100 Swiss Startup Awards, 00:03:26.746 --> 00:03:29.686 showcasing continued innovation in the region. 00:03:29.686 --> 00:03:34.206 These developments reflect a dynamic and evolving startup landscape in the DACH 00:03:34.206 --> 00:03:38.946 region, emphasizing the importance of strategic investment, government initiatives, 00:03:39.166 --> 00:03:42.426 and market adaptability. 00:03:43.916 --> 00:03:50.116 Difficult work. Let's talk startups. Guys, by the way, happy holiday. 00:03:50.356 --> 00:03:56.556 Today is German Unity Day, always on October 3rd, a public holiday across the country. 00:03:56.876 --> 00:03:59.916 Most people will take Friday off to have a four-day weekend, 00:04:00.096 --> 00:04:04.556 so we thought we would use this opportunity to give you a bit more extensive 00:04:04.556 --> 00:04:08.376 news episode if you already have some free time on your hands. 00:04:08.416 --> 00:04:12.336 By the way, now is the best time to take a break and get a snack and a drink. 00:04:12.496 --> 00:04:17.396 We don't care if it's an alcoholic drink or not, just get something. This will be longer. 00:04:17.576 --> 00:04:19.816 We are back on our regular schedule. 00:04:20.036 --> 00:04:25.876 Expect the news to drop every last Thursday a month and our regular news episode 00:04:25.876 --> 00:04:29.336 Thursdays until December 19th. 00:04:30.156 --> 00:04:34.536 Then we'll take a little break and be back for you in January. 00:04:34.756 --> 00:04:40.796 As always, you will find the video podcast and the audio podcast on the respective channels. 00:04:40.796 --> 00:04:46.416 You can tune in to our internet radio station at startup.radio or get our content 00:04:46.416 --> 00:04:50.296 directly to your inbox at startupradio.substack.com. 00:04:50.396 --> 00:04:54.696 The interesting piece is we try to keep it as small as possible. 00:04:54.876 --> 00:04:59.336 And it's always startups in this month in five minutes or less. 00:04:59.456 --> 00:05:02.976 And you'll always get the management summary of each episode. 00:05:03.116 --> 00:05:07.876 And then you can decide if you want to read or learn more. You can also find 00:05:07.876 --> 00:05:13.116 all of our other channels at linktree.com forward slash Startup Radio. 00:05:13.816 --> 00:05:19.156 Again, our enablers. This episode is made possible by Hessen Trade & Invest 00:05:19.156 --> 00:05:21.336 and the Enterprise Europe Network, Hessen. 00:05:21.476 --> 00:05:25.296 You can learn more down here in the show notes and StartupRaven.com, 00:05:25.356 --> 00:05:29.416 the best way to find investors and cooperation partners for early startups. 00:05:29.876 --> 00:05:32.596 Sign up here for early access. Chris. 00:05:33.663 --> 00:05:36.843 You always seem to me like a top news guy. 00:05:39.303 --> 00:05:42.803 Perfectly right. And it's a bit of a bigger segment today. 00:05:43.763 --> 00:05:48.803 First of all, let's have a look at Seller X. This was once like a celebrated 00:05:48.803 --> 00:05:54.323 unicorn in the Amazon aggregator space, but now has faced a dramatic downturn, 00:05:54.443 --> 00:05:56.303 narrowly avoiding public auction. 00:05:56.303 --> 00:06:03.523 Originally modeled after Thrasio, Seller X raised $800 million and rapidly acquired 00:06:03.523 --> 00:06:05.823 Amazon brands, including KW Commerce. 00:06:06.123 --> 00:06:11.403 However, then financial challenges mounted, layoffs began in 2022, 00:06:12.243 --> 00:06:16.583 and then Thrasio was insolvent, casting a shadow on the whole sector. 00:06:16.763 --> 00:06:22.763 In September 2024, Seller X's major creditor BlackRock threatened public auction 00:06:22.763 --> 00:06:25.983 due to unpaid interest on a €400 million loan, 00:06:26.303 --> 00:06:32.363 only to cancel at the last minute amid ongoing negotiations to restructure companies' capital. 00:06:33.263 --> 00:06:38.063 And overall, this whole situation underscores the volatility of the aggregated 00:06:38.063 --> 00:06:43.723 business model, heavily impacted by rising interest rates right now and integration struggles. 00:06:43.843 --> 00:06:46.103 So complicated situation there. 00:06:46.995 --> 00:06:52.415 Basically going from Unicoin to near auction. And if you want to know more about 00:06:52.415 --> 00:06:56.315 this, we have a couple of in-depth articles in our show notes. 00:06:56.975 --> 00:07:07.175 Moving on to Intel and a discussion that had strong repercussions in German politics also. 00:07:07.295 --> 00:07:14.075 Because Intel planned to build a 30 billion euro chip factory in Magdeburg. 00:07:14.075 --> 00:07:19.435 But now put those plans on hold for at least two years, citing cost-cutting 00:07:19.435 --> 00:07:21.355 measures, ongoing financial struggles. 00:07:21.675 --> 00:07:25.855 So despite a 10 billion investment pledge from the German government, 00:07:26.075 --> 00:07:31.015 Inter's decision delays the factory's construction, risking the expiration of building permits, 00:07:31.675 --> 00:07:37.075 and also, I mean, basically risking heavy public debate about this. 00:07:37.195 --> 00:07:43.175 And already, very often, Germans see subsidies like this pretty critical. 00:07:44.375 --> 00:07:50.495 So, I can guess that this discussion might also haunt the politicians involved a bit. 00:07:51.195 --> 00:07:56.375 Setback is part of a broader restructuring strategy because Intel grapples with heavy losses. 00:07:56.555 --> 00:07:59.355 It aims to save over 10 billion euros by 2025. 00:07:59.955 --> 00:08:06.395 And while local projects like the Elbe-Wasserwerk and Hightech Park in Sülzital will continue, 00:08:06.755 --> 00:08:13.635 so stuff surrounding the plant, And Intel's move raises concerns about the future 00:08:13.635 --> 00:08:16.375 of one of Europe's most significant tech investments. 00:08:17.075 --> 00:08:21.915 So, yeah, I think it's a signal on the one hand for about, like, 00:08:21.935 --> 00:08:25.955 it's an important story about the challenges facing the global chip industry as a whole, 00:08:26.055 --> 00:08:32.495 but also the very often specifically German discussion around how to attract 00:08:32.495 --> 00:08:36.395 lighthouse projects like this. 00:08:37.155 --> 00:08:42.835 I may add that the MDR, which is part of the public broadcasting services in 00:08:42.835 --> 00:08:47.315 Germany, wrote in the article, which, by the way, you can read down here in 00:08:47.315 --> 00:08:51.375 the show notes that the building permit is only valid for two years. 00:08:51.455 --> 00:08:58.295 And currently, I don't see Intel committing to those multi multi building project 00:08:58.295 --> 00:09:02.015 within this time frame. Yeah, absolutely. 00:09:03.406 --> 00:09:10.546 Moving on to another problematic story, Northvolt, it's Europe's leading battery manufacturer, 00:09:10.926 --> 00:09:15.546 but it is also grappling with financial difficulties, factory closures and layoffs 00:09:15.546 --> 00:09:19.646 due to troubles linked to key automotive partners like Volkswagen. 00:09:20.146 --> 00:09:28.266 So the company raised 15 billion dollars since its funding in 2016. is 16. 00:09:29.026 --> 00:09:33.366 The company aimed to revolutionize Europe's battery sector with major investments. 00:09:34.186 --> 00:09:40.046 Including a 4.5 billion euro project in Germany, also supported by public funding. 00:09:40.366 --> 00:09:45.526 However, with Volkswagen's ongoing crisis, cancellations of major orders, 00:09:45.926 --> 00:09:51.026 also now Northvolt has problems with their ambitious expansion plans, 00:09:51.226 --> 00:09:56.746 including new factories in Germany, Sweden, Canada, All of it is kind of in jeopardy right now. 00:09:56.866 --> 00:10:00.046 North World seeks additional funding. 00:10:00.226 --> 00:10:05.666 The future of its role in Europe's green energy landscape remains a bit uncertain. 00:10:06.066 --> 00:10:13.546 And so this also shows some of the bigger discussions going on in the German 00:10:13.546 --> 00:10:14.906 automotive sector right now, 00:10:15.026 --> 00:10:20.426 because especially Volkswagen has been in the headlines in Germany quite a lot 00:10:20.426 --> 00:10:28.066 in recent weeks because they used to have a job guarantee negotiated basically 00:10:28.066 --> 00:10:32.066 between the union and the company. 00:10:32.366 --> 00:10:37.646 But now, for the first time in decades, Volkswagen nixed that job guarantee 00:10:37.646 --> 00:10:41.186 and people really expect that there are going to be factory closures. 00:10:41.946 --> 00:10:49.626 And the workers and the union say, well, we don't want to take the burden for management mistakes. 00:10:49.626 --> 00:10:52.526 Takes and uh for germany as 00:10:52.526 --> 00:10:55.546 a whole i think it's a pretty significant discussion because 00:10:55.546 --> 00:10:58.986 volkswagen is part of germans automotive 00:10:58.986 --> 00:11:02.006 industrial pride and i 00:11:02.006 --> 00:11:08.326 mean it even used to be the kind of company that wanted to democratize owning 00:11:08.326 --> 00:11:13.826 an automotive there's also kind of a like a nazi backstory there but where in 00:11:13.826 --> 00:11:18.986 germany isn't that the case um but um yeah but overall now Now, Volkswagen, 00:11:19.326 --> 00:11:23.606 it is still the second biggest car manufacturer in the world when you look at 00:11:23.606 --> 00:11:26.986 units sold after Toyota, I think. 00:11:27.426 --> 00:11:32.066 But overall, there's rumblings going on and there's even public debate whether 00:11:32.066 --> 00:11:35.106 probably the government should step in to secure those jobs. 00:11:36.400 --> 00:11:42.540 We may add that in the case of Volkswagen, one of the German states has so-called golden share. 00:11:42.680 --> 00:11:47.120 That means they can outvote everybody else who owns VW shares. 00:11:47.380 --> 00:11:50.840 So this is really a political situation going on here. 00:11:51.020 --> 00:11:59.420 And if the situation wouldn't be really difficult, they would not be talking 00:11:59.420 --> 00:12:04.060 about that because there's a lot of politicians in the supervisory board there. Yeah. 00:12:05.680 --> 00:12:11.720 And then moving on to a top news that says a bit more about the whole ecosystem 00:12:11.720 --> 00:12:13.460 for startups in Germany. 00:12:13.980 --> 00:12:20.140 We have news about Germany's WIN initiative. initiative when the whole program 00:12:20.140 --> 00:12:27.320 aims to supercharge the startup ecosystem and to mobilize 12 billion euros in investments by 2030, 00:12:27.640 --> 00:12:34.240 aiming at positioning Germany as a leading hub for innovation and VC and venture capital. 00:12:34.540 --> 00:12:38.440 It's supported by Deutsche Bank Allianz, Kreditanstalt für Wiederaufbau, 00:12:38.500 --> 00:12:41.200 KfW, that we've talked about quite often on the podcast. 00:12:41.460 --> 00:12:45.540 And the whole initiative was launched with a joint commitment from the government, 00:12:45.680 --> 00:12:47.520 financial the financial sector and the startup community. 00:12:48.540 --> 00:12:53.020 They want to improve access to growth and innovation capital, 00:12:53.420 --> 00:12:57.920 streamline regulations, encourage private investments in young dynamic companies, 00:12:58.180 --> 00:13:01.200 drive technological advancements and economic growth as a whole. 00:13:01.340 --> 00:13:03.320 So a whole lot of goals that they have. 00:13:05.780 --> 00:13:11.800 It's considered or hoped to be one initiative, one program that enhances the 00:13:11.800 --> 00:13:16.840 country's competitiveness as a whole on the global stage, particularly in tech 00:13:16.840 --> 00:13:18.080 and sustainability sectors. 00:13:19.100 --> 00:13:23.280 They want to bolster the venture capital market, improve existing conditions 00:13:23.280 --> 00:13:26.680 and integrate institutional investors into the funding landscape. 00:13:29.080 --> 00:13:33.120 There's people from several parties behind it. German Finance Minister Christian 00:13:33.120 --> 00:13:35.300 Lindner from the Liberal Party, 00:13:36.040 --> 00:13:40.600 pro-business Liberal Party, and the Economic Minister Robert Habeck from the 00:13:40.600 --> 00:13:45.120 Green Party emphasized the need to cut red tape in Germany, create a more favorable 00:13:45.120 --> 00:13:46.720 environment for startups to thrive. 00:13:47.040 --> 00:13:53.180 And they drew some of the momentum of previous funding efforts by the government, 00:13:53.240 --> 00:13:58.400 like the Zukunftsfonds, which had already invested 3.3 billion euros out of 00:13:58.400 --> 00:14:01.040 10 billion that they have as a whole. 00:14:01.260 --> 00:14:06.520 And now the WIN initiative aims to further strengthen and Germany's position 00:14:06.520 --> 00:14:08.200 as a key player in the startup scene. 00:14:08.620 --> 00:14:11.140 So, and reducing also the dependency 00:14:11.140 --> 00:14:14.200 on subsidies a bit, which is also always a big topic in Germany. 00:14:15.240 --> 00:14:19.380 We have more about this whole initiative in our show notes. 00:14:20.853 --> 00:14:33.373 And Magic AI, it's a Vienna-founded startup, has secured a massive $320 million investment. 00:14:34.273 --> 00:14:40.673 It's led by former Google CEO Eric Schmidt. The whole fundraising round signals 00:14:40.673 --> 00:14:47.373 its potential entry into unicorn status with now an estimated valuation of $1.5 billion. 00:14:47.373 --> 00:14:52.013 Million dollars, the funding round saw participation from top investors, 00:14:52.173 --> 00:14:57.313 including Jane Street, Sequoia, Atlassian, alongside already existing backers 00:14:57.313 --> 00:14:59.093 like Capital G and Andrej Karpaty. 00:14:59.833 --> 00:15:06.373 Magic, which is founded by the Austrians Erik Steinberger and Sebastian Derot, 00:15:06.513 --> 00:15:10.353 focuses on AI-powered developer assistance software, 00:15:10.553 --> 00:15:15.933 and it wants to revolutionize coding with human-like interaction capabilities. 00:15:17.373 --> 00:15:22.573 The latest funding right now wants to further fuel the development, 00:15:22.793 --> 00:15:28.033 including building supercomputers on Google Cloud, positioning the whole company 00:15:28.033 --> 00:15:29.733 as a key player in the AI landscape. 00:15:32.034 --> 00:15:37.894 Magic already had a $117 million funding round in February and an earlier round 00:15:37.894 --> 00:15:40.034 in 23, which was $23 million. 00:15:41.314 --> 00:15:48.234 And so, yeah, you can really see how the startup's growth trajectory is really rapid and massive. 00:15:49.814 --> 00:15:54.254 The way it looks behind the scenes is the software leverages large language 00:15:54.254 --> 00:15:57.394 models, LLMs, to assist developers in real time. 00:15:57.514 --> 00:16:02.254 It's a bit akin to GitHub's Autopilot. And now with Schmidt's leadership and 00:16:02.254 --> 00:16:04.534 substantial backing from renowned investors, 00:16:05.114 --> 00:16:10.814 Magic seems to be poised to drive significant innovation in AI-driven developer 00:16:10.814 --> 00:16:14.314 tools and hopefully becoming a standout player in the tech world. 00:16:14.474 --> 00:16:19.214 We will see about that. More information about the investment in our show notes. 00:16:19.214 --> 00:16:24.454 And last but not least, everyone's favorite topics right after volocopters or 00:16:24.454 --> 00:16:27.674 flying helicopters, quick commerce. 00:16:27.754 --> 00:16:30.314 How fast do you really need your groceries? 00:16:30.634 --> 00:16:32.514 We've seen them come. We've seen them go. 00:16:32.914 --> 00:16:39.334 But there's one company that sticks around, and that is Flink. 00:16:40.074 --> 00:16:44.874 It's a Berlin-based quick commerce startup. startups, and apparently, 00:16:45.194 --> 00:16:47.394 based on TechCrunch coverage, 00:16:47.734 --> 00:16:53.814 it has raised $150 million in a new funding round and really wants to double 00:16:53.814 --> 00:16:56.154 down on its operations in Germany and the Netherlands. 00:16:57.194 --> 00:17:01.534 It's generally backed by quite some renowned names like Bonn, 00:17:01.554 --> 00:17:05.854 Mubadala, and the big German supermarket chain Rewe. 00:17:06.574 --> 00:17:11.854 Now the latest funding aims to bolster Flink's market presence through a strategic 00:17:11.854 --> 00:17:18.374 partnership with Just Eat takeaway, and so they plan to open 30 new hubs by next year. 00:17:18.554 --> 00:17:25.554 And despite previous valuation highs of nearly $5 billion, Flink's current valuation 00:17:25.554 --> 00:17:32.094 sits just below $1 billion, reflecting also the volatility of the whole quick commerce sector. 00:17:33.142 --> 00:17:37.782 Again, I think we've spoken about this quite often in the podcast. 00:17:38.262 --> 00:17:41.482 Germans are really, really price sensitive when it comes to groceries. 00:17:41.802 --> 00:17:45.222 And so the question always remains is how big is this market really? 00:17:46.002 --> 00:17:50.062 Nevertheless, the company plans to achieve profitability by the second quarter 00:17:50.062 --> 00:17:52.842 of next year. And it wants to focus to do so. 00:17:52.902 --> 00:17:57.942 It wants to focus on operational efficiency and on expanding the network of 00:17:57.942 --> 00:18:03.482 146 hubs that are already existing across 80 cities. 00:18:03.722 --> 00:18:09.342 The company expects to generate 600 million dollars in gross revenue in 2024, 00:18:09.742 --> 00:18:12.422 20 percent increase compared to the previous year. 00:18:12.602 --> 00:18:19.802 And it targets an average order size of 40 dollars. So, yeah, 00:18:19.922 --> 00:18:25.262 still sounds to me as if it's really hard to make money with these margins. 00:18:25.582 --> 00:18:34.322 8,900 employees and new focus on core markets maybe is what might save Flink. 00:18:34.882 --> 00:18:39.542 They are basically set on proving that quick commerce still has a future driven 00:18:39.542 --> 00:18:44.342 by strategic scaling and enhanced customer service, as they say. 00:18:45.462 --> 00:18:47.542 And, yeah, we will see about that. 00:18:48.590 --> 00:18:51.610 And now we come to housekeeping and time to brag. 00:18:51.710 --> 00:18:53.830 And here's actually something I forced 00:18:53.830 --> 00:18:58.650 you to tell because you are also a podcaster, even though in German. 00:18:58.930 --> 00:19:06.270 And you are podcasting about the current election together with a colleague 00:19:06.270 --> 00:19:08.510 who's also based in New York, is my understanding. 00:19:08.790 --> 00:19:12.730 And you talk about the most recent developments and explain it a little bit 00:19:12.730 --> 00:19:15.650 for the German audience. Can you talk a little bit about that here? 00:19:16.270 --> 00:19:20.410 Exactly. As if I haven't talked enough. So the podcast is called By Burger and 00:19:20.410 --> 00:19:23.370 Beer, meaning whilst having a burger and a beer. 00:19:23.570 --> 00:19:27.630 And we are explaining American politics to a German audience. 00:19:27.810 --> 00:19:32.390 It really wants to be a little cheat sheet for the elections, 00:19:32.510 --> 00:19:34.950 for American society and politics as a whole. 00:19:35.590 --> 00:19:40.670 The idea is really to be in an amicable environment and to talk to each other 00:19:40.670 --> 00:19:46.530 on a basis of mutual understanding and be like, hey, what do you think about this? 00:19:46.530 --> 00:19:51.230 So recent episodes, we were covering already the immigration and the situation 00:19:51.230 --> 00:19:53.210 at the border. We covered abortion. 00:19:53.490 --> 00:19:59.470 We covered how good Kamala Harris's chances really are, how good Donald Trump's chances are. 00:19:59.630 --> 00:20:04.110 And so, yeah, release schedule is about every week, every other week. 00:20:04.350 --> 00:20:10.230 It's now, I think, since it's now high season, we might possibly be able to stick to every week. 00:20:10.350 --> 00:20:13.750 And, yeah, you should check it out. It's called By Burger and Beer, 00:20:13.870 --> 00:20:17.610 all written in the German language. 00:20:19.170 --> 00:20:24.170 And it's big fun. Yes. You know, I only have one critic point here. 00:20:25.350 --> 00:20:31.550 It's called By Burger and Beer. I've never heard any of you eating or even open a can of beer. 00:20:32.150 --> 00:20:35.870 It's our big dream that we actually do a live recording. But so far, 00:20:35.890 --> 00:20:38.890 we weren't able to convince any burger place around us. 00:20:39.579 --> 00:20:44.179 Yeah. So that is the housekeeping and time to break. And now I've really talked 00:20:44.179 --> 00:20:46.239 enough and I'm handing it over back to you. 00:20:46.519 --> 00:20:51.459 Yes. We hope you like the new format. Talking about some major news, 00:20:51.539 --> 00:20:53.039 a little bit more extensive. 00:20:54.099 --> 00:21:01.019 If you're interested to working with us, you are very welcome to do so. 00:21:01.079 --> 00:21:04.979 There is a link down here in the show notes that operate that forward slash 00:21:04.979 --> 00:21:07.799 become minus a minus partner. 00:21:07.799 --> 00:21:10.679 And there you can learn 00:21:10.679 --> 00:21:13.579 more about that you can subscribe and follow 00:21:13.579 --> 00:21:17.719 don't miss our latest episode and updates follow us on social media and subscribe 00:21:17.719 --> 00:21:23.899 to our newsletter for more exclusive content and today i'm taking over a little 00:21:23.899 --> 00:21:29.699 bit of the ecosystem from chris because he as he already said was already talking 00:21:29.699 --> 00:21:33.379 quite a lot and as you can hear he's not completely well so i'll take a 00:21:33.399 --> 00:21:37.059 little bit work of him the ecosystem talking 00:21:37.059 --> 00:21:40.419 about the world perspective here m&a market predictions from 00:21:40.419 --> 00:21:49.879 gp bullhound simon's mirandi expect hihr tech consolidation growth in industrial 00:21:49.879 --> 00:21:57.419 software and more private equity funds snapping up we see portfolios as we see chase liquidity. 00:21:57.719 --> 00:22:01.259 Are you ready for a backloaded 2024 00:22:01.259 --> 00:22:04.519 you can read more in 00:22:04.519 --> 00:22:09.659 our show notes in the sifted article going a little bit more down in our bird's 00:22:09.659 --> 00:22:15.939 eye view to europe big news for europe's startup scene bulgaria's ekaterina 00:22:15.939 --> 00:22:22.839 zahariva is set to become the eu's first ever commissioner for Startups, 00:22:22.859 --> 00:22:25.879 sorry for butchering the name, Research and Innovation, 00:22:26.079 --> 00:22:29.339 a bold move to place innovation at the heart of the EU economy. 00:22:31.360 --> 00:22:36.000 As exits and funding dry up, private equity interest in European fintechs rises, 00:22:36.220 --> 00:22:40.140 offering a lifeline amid the push for profitability. 00:22:40.480 --> 00:22:46.340 PE firms are increasingly backing mature fintechs, making a shift from traditional VC investments. 00:22:46.860 --> 00:22:53.100 You can read more in the sifted article. European stock exchanges and startups 00:22:53.100 --> 00:22:58.180 urge politicians to boost the EU IPO market, 00:22:58.380 --> 00:23:02.100 encouraging tech companies to go public at home instead of the US. 00:23:02.280 --> 00:23:06.280 Key reforms include better financing options, tax incentives, 00:23:06.520 --> 00:23:08.800 and lower cross-border costs. 00:23:09.880 --> 00:23:15.860 And Berlin secures its spot as number two in digital startup hops just behind 00:23:15.860 --> 00:23:23.100 London with 28% rise in new startups in the first half of 2024 and 1.1 billion 00:23:23.100 --> 00:23:26.240 in VC investments in this half the city's thriving. 00:23:26.500 --> 00:23:29.800 Berlin is home to 21 of Germany's 33 unicorns. 00:23:30.780 --> 00:23:32.800 You can read more at Berliner Zeitung. 00:23:33.920 --> 00:23:38.420 Chris, you are always an Austria ecosystem guy, right? 00:23:38.860 --> 00:23:42.360 Yeah, let's have a look at the Austrian ecosystem where there's also interesting 00:23:42.360 --> 00:23:46.680 news because they are planning to build Europe's first hydrogen valley. 00:23:47.300 --> 00:23:54.700 So basically a hub for hydrogen tech, for the hydrogen sector. 00:23:54.700 --> 00:24:04.920 And they are set to rise and it's set to be built in Austria with a 578 million euros investment. 00:24:06.217 --> 00:24:11.137 So far, it's spending 17 projects, and it aims to produce over 10,000 tons of 00:24:11.137 --> 00:24:15.717 green hydrogen annually by 2030, boosting industrial decarbonization. 00:24:15.817 --> 00:24:24.297 So they're really trying to bank in on a future-oriented technology here. 00:24:25.297 --> 00:24:34.637 And moving on to Germany, the ecosystem news here are once VC fundraising in 00:24:34.637 --> 00:24:38.117 Germany is gaining momentum, says KfW Capital. 00:24:39.357 --> 00:24:45.597 State-backed LP reports increased capital calls, signaling rising startup investments. 00:24:46.037 --> 00:24:49.657 Gender diversity in deep tech funds are key focus areas right now. 00:24:50.717 --> 00:24:57.517 More about this you can find in the show notes from the website sifted.eu. 00:24:57.757 --> 00:25:04.757 And we see that Berlin's mayor Kai Wegner aims to revive the city's startup 00:25:04.757 --> 00:25:07.677 scene, Target can attain a top three spot in Europe, 00:25:07.877 --> 00:25:14.517 which makes McDuris what they consider, which rank they consider to be at right now. 00:25:14.917 --> 00:25:20.637 With rising costs and fewer spaces, Berlin's fight to regain its edge is on. 00:25:20.837 --> 00:25:33.037 So we will see how well Berlin can stay, re-become a startup hub in Germany. 00:25:33.037 --> 00:25:39.177 Germany, more information about that can be found in Berlin based newspaper Tagesspiegel. 00:25:40.281 --> 00:25:44.501 What I found interesting is here how much 00:25:44.501 --> 00:25:50.881 Berlin's mayor is afraid to fall back in terms of being a top startup spot in 00:25:50.881 --> 00:25:55.921 Europe and how much he's willing to do versus a lot of other places here in 00:25:55.921 --> 00:26:00.361 Europe who are not doing anything at all and then complain, 00:26:00.581 --> 00:26:05.441 oh, the future passed, the business passed us, so do something. 00:26:05.441 --> 00:26:08.401 Thing talking a little bit about 00:26:08.401 --> 00:26:11.821 some cities who did at least something right 00:26:11.821 --> 00:26:14.961 um as always in the hops there in the order of how 00:26:14.961 --> 00:26:18.641 we found them always starting with frankfurt rhein-main because it's my home 00:26:18.641 --> 00:26:25.181 turf big news from our former guest qualifies they just raised 54 million us 00:26:25.181 --> 00:26:29.441 dollars in the series b funding led by insert partners to boost supply chain 00:26:29.441 --> 00:26:34.121 risk management in life We had them in our exclusive interview a month ago. 00:26:34.281 --> 00:26:38.561 You can read more in the link. And, of course, we link our interview. 00:26:39.901 --> 00:26:46.621 RheinMain, Böhringer Ingelheim, acquires Swiss startup Saiba Animal Health, 00:26:46.821 --> 00:26:51.641 boosting its R&D pipeline in pet therapeutics. 00:26:51.641 --> 00:26:57.541 Zybar's innovative virus-like particles-based vaccines target chronic diseases 00:26:57.541 --> 00:27:00.701 in pets, offering long-lasting treatment outcomes. 00:27:02.801 --> 00:27:09.861 Ultark secured €2.5 million in seed investment to revolutionize B2B green energy 00:27:09.861 --> 00:27:14.081 trading, with backing from venture stocks, D11-set ventures, 00:27:14.161 --> 00:27:15.701 tribe investments, and more. 00:27:17.341 --> 00:27:25.521 Or Luco lands 1.5 million-year investments led by Albrecht Merck and Erhan Tilki. 00:27:25.741 --> 00:27:31.241 Twin founders Evin and Helin Akar are ready to scale big. 00:27:31.441 --> 00:27:33.841 Next stop, new markets and innovative solutions. 00:27:35.961 --> 00:27:41.301 BioVox secures 2.2 million years to revolutionize healthcare with sustainable 00:27:41.301 --> 00:27:46.081 bioplastics. backed by high-tech Chronoform BioVox aims to cut carbon emissions 00:27:46.081 --> 00:27:49.501 and set a new standard in medical-grade bioplastic. 00:27:50.241 --> 00:27:56.641 The city of minds, as always, antibody showdown at ESMO, BioNTech and Summit, 00:27:58.041 --> 00:28:00.721 Akeso go head-to-head with their. 00:28:03.921 --> 00:28:09.141 Bispecific cancer therapies, sorry, potentially shaking up the dominance of 00:28:09.141 --> 00:28:11.501 Keytruda, all eyes on Barcelona. 00:28:13.392 --> 00:28:20.292 Leipzig. Leipzig-based startup Alive Foods shuts down operations amid high costs 00:28:20.292 --> 00:28:24.312 and low demand for its 20 years cultured meat schnitzel. 00:28:24.392 --> 00:28:30.212 Founded in 2019, the company aimed to bring a hybrid meat plant product to market. 00:28:30.212 --> 00:28:35.672 Chris, as you always said, very price-sensitive consumers here in Germany. 00:28:36.032 --> 00:28:39.012 The lovely city of Düsseldorf retracted 00:28:39.012 --> 00:28:43.572 Fraser's 15 million euros to revolutionize textile supply chains. 00:28:43.812 --> 00:28:47.972 The Düsseldorf-based startup digitizes and tracks supply chains, 00:28:48.112 --> 00:28:50.072 promoting transparency for fashion brands. 00:28:50.392 --> 00:28:54.392 Lead investor is Partec. and Augsburg 00:28:54.392 --> 00:28:57.772 RIONIC secures 13 million euros 00:28:57.772 --> 00:29:01.232 series A funding to power sustainable energy solutions 00:29:01.232 --> 00:29:04.152 across Europe the climate tech startup will use 00:29:04.152 --> 00:29:09.632 the funds to expand further and grow its team led by Northzone with support 00:29:09.632 --> 00:29:15.032 from Point9 and Puzzle Ventures Chris you are taking Austria and Switzerland 00:29:15.032 --> 00:29:22.812 news and as always I do believe we have moved the fundraisings towards the end Yes. 00:29:23.632 --> 00:29:27.272 Tiny corrections. The Dusseldorf startup is called Retraced, 00:29:27.352 --> 00:29:31.332 not Retracted. I'm sorry, Retraced. Apologies. 00:29:33.452 --> 00:29:37.152 They don't have Retracted yet. They're just tracing. 00:29:37.832 --> 00:29:42.912 In Austria, we see that Urban Sports Club acquires the Austrian market leader 00:29:42.912 --> 00:29:45.152 MyClubs, so in the fitness sector. 00:29:45.152 --> 00:29:50.292 And in order to expand the fitness platform across the GSA region, 00:29:51.012 --> 00:29:55.332 founder Moritz Kreppel signals more acquisitions ahead as the company focuses 00:29:55.332 --> 00:29:56.792 on scaling and efficiency. 00:29:57.732 --> 00:30:04.672 So some fitness tech news here. We also see that Vienna's new Aithyra Institute, 00:30:05.152 --> 00:30:12.272 I hope, Aithyra, A-I-T-H-Y-R-A. 00:30:12.272 --> 00:30:16.812 It's an institute that aims to revolutionize biomedicine with AI. 00:30:17.957 --> 00:30:24.617 And with AI breakthroughs in disease understanding, diagnostics, and therapies. 00:30:24.957 --> 00:30:28.837 It's led by Oxford's Michael Bronstein. 00:30:30.217 --> 00:30:38.257 And in Switzerland, we can congratulate Depoli for topping the 2024 Top 100 Swiss Startup Awards. 00:30:38.577 --> 00:30:43.617 They are leading the charge in plastic recycling with groundbreaking tech, as they say. 00:30:43.617 --> 00:30:46.477 And um yeah you can have 00:30:46.477 --> 00:30:49.297 more about you find more about the award and the 00:30:49.297 --> 00:30:52.397 company in the show notes on the website 00:30:52.397 --> 00:30:57.037 startup ticker.ch moving on 00:30:57.037 --> 00:30:59.957 to the general news tech news company news section 00:30:59.957 --> 00:31:03.297 um that to kick it off as 00:31:03.297 --> 00:31:06.077 always we have some vc news and new funds in 00:31:06.077 --> 00:31:09.597 case you're looking for money let me rattle 00:31:09.597 --> 00:31:12.617 them oh it's it's quite a lot so we 00:31:12.617 --> 00:31:18.537 will see inside partners nears a closing on a massive 10 billion dollar fund 00:31:18.537 --> 00:31:24.317 um despite a dip from the previous 20 billion 20 billion dollar fund inside 00:31:24.317 --> 00:31:30.277 continues to make major moves selling recorded future to mastercard and own to Salesforce. 00:31:32.697 --> 00:31:40.897 Atomico raises its largest fund ever, 1.12 billion euros to few Europe's boldest 00:31:40.897 --> 00:31:47.517 founders with 681 million euros for growth stage and 438 million euros for early stage. 00:31:47.737 --> 00:31:50.097 Atomico is doubling down on Europe's tech rise. 00:31:51.137 --> 00:31:57.077 Headline secures $865 million for growth fund, boosting focus on Europe. 00:31:57.077 --> 00:32:01.317 Half of the fund targets European startups, marking a shift towards the region. 00:32:01.497 --> 00:32:05.057 Major backers here are Porsche, Otto, KFW, EIF. 00:32:06.191 --> 00:32:13.231 Swiss VC Red Alpen launches also its largest fund yet, raising $200 million 00:32:13.231 --> 00:32:15.991 to back up to 20 early-stage European companies. 00:32:16.211 --> 00:32:20.371 They have a new office in London and want to strengthen their presence in Europe's 00:32:20.371 --> 00:32:21.831 startup ecosystem as well. 00:32:22.411 --> 00:32:26.011 We have two different articles that this is based on in the show notes. 00:32:26.471 --> 00:32:32.591 SET Ventures closes a €200 million fund to power digital clean energy startups. 00:32:32.591 --> 00:32:38.751 They are focusing on digital-first data-driven solutions to push renewable energy into mass markets. 00:32:39.871 --> 00:32:48.091 The Berlin-based VC AENU secures €170 million to few Europe's climate tech startups, 00:32:48.371 --> 00:32:52.111 pivoting from an original evergreen model now due to market conditions. 00:32:52.471 --> 00:32:56.211 They are backed by EIF, KfW and top funders. 00:32:57.311 --> 00:32:59.411 CapMont Technologies closes 100 00:32:59.411 --> 00:33:03.411 million euro fund to back early stage B2B startups in Europe and the US. 00:33:03.591 --> 00:33:08.871 They are targeting enterprise software as a service and industrial tech in order 00:33:08.871 --> 00:33:14.711 to support the next big disruptors in AI, robotics and the Internet of Things. 00:33:14.971 --> 00:33:21.351 Two more to go. Outboard VC raises 60.5 million euros for fund two to support 00:33:21.351 --> 00:33:22.871 early stage fintech founders. 00:33:22.871 --> 00:33:28.351 And somehow related to the VC topic, there's a big move in finance partners 00:33:28.351 --> 00:33:33.031 group teams up with BlackRock to launch a new investment solution for retail investors, 00:33:33.411 --> 00:33:38.051 combining the strength of two global private equity big players, 00:33:38.271 --> 00:33:46.311 diversified portfolios and simplified access are two of the main goals here. 00:33:48.258 --> 00:33:51.658 A new section, relatively new. Let's move on to green tech news. 00:33:52.698 --> 00:33:59.858 Yes, let's do some green tech news. Big changes at Solar with a set instead of DS. 00:34:00.018 --> 00:34:07.098 The Solar startup shifts focus to B2B, exiting its original B2C solar installation business. 00:34:07.358 --> 00:34:14.098 Over half of the team affected as Solar pivots to digital tools and financing for installers. 00:34:14.238 --> 00:34:18.458 You can learn more about them with my interview of the founder on the partner 00:34:18.458 --> 00:34:20.158 podcast called Stalling Y. 00:34:21.158 --> 00:34:26.578 Shake up in the solar scene. 1.5 parts of solar's business as the later exits 00:34:26.578 --> 00:34:30.178 B2C with solar shifting to B2B. 00:34:30.258 --> 00:34:35.498 1.5 could boost its PV storage and energy management software offerings. 00:34:35.978 --> 00:34:45.738 NPAS revenue soared 118% to 905 million euros in 2023, despite challenges in the solar market. 00:34:45.918 --> 00:34:49.938 With plans to expand its heat pump business and international presence, 00:34:50.138 --> 00:34:54.158 and Polar is gearing up for a transformative 2024. 00:34:56.058 --> 00:35:03.418 Quello, Q-W-E-L-L-O, secures 65 million euros funding to expand its EV charging 00:35:03.418 --> 00:35:07.218 network across Europe, backed by ABN Ambro and Investec. 00:35:07.238 --> 00:35:11.918 The funds will support growth projects, including the recent acquisition of 00:35:11.918 --> 00:35:16.718 Park & Charge. March, there was a lot of green tech news. 00:35:17.018 --> 00:35:19.298 Let's go on with the green tech news. 00:35:19.938 --> 00:35:26.038 Sum up, it's 1 billion revenue, but questions swirl around its 8 billion valuation. 00:35:26.298 --> 00:35:31.778 The fintech giant is focusing on profitability, but we're not sure if it's worth the hype. 00:35:32.378 --> 00:35:36.098 N26, Trade Republic and Bitpanda are back on growth track. 00:35:36.238 --> 00:35:41.098 Will renewed momentum N26 lift its upper cap? Cap Trade Republic's new account 00:35:41.098 --> 00:35:44.718 boosts downloads and Bitpanda rides the crypto wave. 00:35:45.837 --> 00:35:53.617 Deal of GetSafe's attempt to acquire fellow insurtech Friday fell through due 00:35:53.617 --> 00:35:55.257 to disagreements on valuation. 00:35:55.577 --> 00:36:03.797 As industry consolidation continues, both startups face profitability challenges amid high losses. 00:36:04.837 --> 00:36:09.357 Peter Kroskov exits Unstoppable Finance, halting plans for a crypto bank. 00:36:09.357 --> 00:36:13.457 Despite the pivot, the startup remains well-funded and shifts the focus to develop 00:36:13.457 --> 00:36:17.877 an infrastructure for institutional clients to integrate stable coins. 00:36:18.597 --> 00:36:23.277 Former Wirecard CEO Markus Braun remains in custody due to flight and tampering 00:36:23.277 --> 00:36:25.657 risk, according to Munich One Regional Court. 00:36:26.177 --> 00:36:30.397 Braun faces charges of fraud, embezzlement and market manipulation in one of 00:36:30.397 --> 00:36:32.137 Germany's largest financial scandals. 00:36:32.277 --> 00:36:36.257 I think our audience already knows we covered this extensively. a flee. 00:36:36.797 --> 00:36:41.257 Police raids at Dock Financial's offices in Munich and Luxembourg as part of 00:36:41.257 --> 00:36:45.917 a money laundering investigation, highlighting lingering issues from the fintech's past. 00:36:46.197 --> 00:36:51.277 Once a hopeful new start, the company now faces insolvencies amid internal conflicts 00:36:51.277 --> 00:36:52.937 and regulatory scrutiny. 00:36:54.497 --> 00:36:58.957 Munich's fintech Finway exploring a potential sale amidst market shake-up. 00:36:59.017 --> 00:37:02.437 Despite raising Pricing 10 million US dollars in early 2023, 00:37:02.857 --> 00:37:07.837 consolidation looms as competition heats up with Payhawk and other players in the prowl. 00:37:08.617 --> 00:37:14.717 WeFox appoints Joachim Müller as new CEO amid financial turmoil and strategic 00:37:14.717 --> 00:37:17.637 pivots, including exiting the German market. 00:37:17.917 --> 00:37:22.797 Will this move steer the insurtech back on track? We're not sure yet. 00:37:23.077 --> 00:37:25.837 Chris, you want to take over the general news again? 00:37:26.697 --> 00:37:29.657 Yes, and then we are nearly done. Bear with us. 00:37:29.937 --> 00:37:35.557 Germany's Startup Association unveils its Innovations Agenda 2030. 00:37:37.087 --> 00:37:42.047 So the innovation agenda 2030 to strengthen innovation and secure future prosperity, 00:37:42.387 --> 00:37:47.147 bold moves like tripling the VC investments, boosting talent and pushing for 00:37:47.147 --> 00:37:49.847 30 deep tech unicorns by 2030 are part of it. 00:37:49.927 --> 00:37:53.067 And the question is, can Germany stay world class? us. 00:37:53.427 --> 00:37:59.167 Dirk Hoke, CEO of Volocopter, leaves for Void by April 2025. 00:38:00.307 --> 00:38:03.327 Volocopter, we've talked about a lot, a company also with challenges, 00:38:03.547 --> 00:38:09.647 and now Hoke aims to lead Void through its transformation and boost its stagnant growth there. 00:38:11.007 --> 00:38:15.707 DLA, Deutsches Luft- und Raumfahrtzentrum, successfully detected Volocopter's 00:38:15.707 --> 00:38:20.047 VoloCity air taxi, marking a crucial step towards certification, 00:38:20.507 --> 00:38:25.087 aeroelastic vibration Vibration tests like this confirm the safety and dynamic 00:38:25.087 --> 00:38:27.827 performance of the 18-motor urban aircraft. 00:38:28.907 --> 00:38:35.447 Lilium, a similar industry, reshaped its board, bringing in defense expert Filippo 00:38:35.447 --> 00:38:39.327 Balducci to guide its strategic pivot. 00:38:40.107 --> 00:38:44.947 Deep aerospace experience is something that Balducci brings to the table. 00:38:45.007 --> 00:38:49.667 He is set to boost Lilium's journey towards its first customer deliveries in 00:38:49.667 --> 00:38:52.567 2026. So also a lot of hope there. 00:38:53.267 --> 00:38:58.767 Finally, Bavaria agrees because now Lilium, second news story about the company, 00:38:58.927 --> 00:39:05.627 is set to receive 15 million euros in state aid, but only if matched by federal funds. 00:39:05.867 --> 00:39:10.307 There had been months of debate before that, and Bavaria steps in to support 00:39:10.307 --> 00:39:12.887 the cash-wrapped Pioneer. 00:39:14.473 --> 00:39:20.113 Despite a theory setback, rocket factory Augsburg RFA remains undeterred in 00:39:20.113 --> 00:39:23.553 its quest to launch Germany's first private rocket into space. 00:39:23.873 --> 00:39:27.973 So now we're dreaming even bigger. We move on from helicopters to space. 00:39:29.033 --> 00:39:34.233 They claim that with lessons learned, all eyes can now turn to ESA Aerospace 00:39:34.233 --> 00:39:36.153 upcoming launch. We will see. 00:39:37.473 --> 00:39:42.073 So a month after us. OK, weird flex here. 00:39:42.213 --> 00:39:46.913 Fortune catches up. Aleph Alpha pivots from the AI race to a new strategy, 00:39:47.013 --> 00:39:51.413 no longer chasing open AI or meta, but focusing on corporate and government AI solutions. 00:39:52.293 --> 00:39:59.273 So also Fortune is now writing or asking the question whether this shift will 00:39:59.273 --> 00:40:01.473 redefine Europe's AI landscape. 00:40:02.653 --> 00:40:08.533 There's another topic about this from Handelsblatt in our show notes. 00:40:08.533 --> 00:40:16.753 And German fitness startup 7NXT supercharges its European presence with the BuddyFit acquisition. 00:40:17.573 --> 00:40:21.073 This is boosting subscriber numbers to more than 800,000. 00:40:21.233 --> 00:40:26.993 And 7NXT is set to dominate the fitness and well-being space, 00:40:27.233 --> 00:40:30.373 at least based on their own claims. 00:40:31.553 --> 00:40:36.733 Upgrain and Brauerei Locher open Europe's largest food upcycling plant, 00:40:37.033 --> 00:40:41.973 where they want to transform 25,000 tons of spent grain into proteins, 00:40:42.073 --> 00:40:47.073 fibers, and valuable ingredients annually, could be a game changer in sustainable food production. 00:40:47.493 --> 00:40:53.213 More about this in our show notes coming from an article at startupticker.ch. 00:40:53.413 --> 00:40:58.753 And we saw a cybercrime crackdown by the German Federal Police, BKA. 00:40:58.753 --> 00:41:04.253 They shut down 47 crypto platforms suspected of laundering money for ransomware 00:41:04.253 --> 00:41:13.853 groups or darknet traders and more and we see you says the federal police uh to the criminals okay. 00:41:15.455 --> 00:41:20.615 I like it that the BKA, the German Federal Police, appears to have a little sense of humor here. 00:41:20.755 --> 00:41:24.175 Going a little bit faster into Schumpeter's Schöpferische Zerstörung, 00:41:24.255 --> 00:41:26.755 the creative destruction is still ongoing. 00:41:27.415 --> 00:41:31.495 Shockwaves in Berlin, Fintech scene, right capital, backed by stars like Verena 00:41:31.495 --> 00:41:33.915 Pauster and Mario Goetze files for insolvency. 00:41:34.275 --> 00:41:41.255 Charging startup MiEnergy has to file for insolvency, known for its off-grid 00:41:41.255 --> 00:41:45.015 fast charger converting bioethanol into charging power. 00:41:45.455 --> 00:41:52.795 German startup Confer files for insolvency due to 335,000 Corona-Aid repayment demand. 00:41:53.255 --> 00:41:58.875 Graz-based luxury tent startup Stroboid files for insolvency despite successful 00:41:58.875 --> 00:42:06.395 expansion in the US, delayed orders and recession impacted led by a 4.6 million euro debt. 00:42:07.075 --> 00:42:12.275 One Climate, the green fintech app backed by Wiesmann and promoted by Thomas 00:42:12.275 --> 00:42:14.795 Müller, is shutting down after failing to secure funding. 00:42:15.455 --> 00:42:19.715 Chris, you want to end on a high note? There is a lot of fundraisings. 00:42:19.715 --> 00:42:24.335 I think you only do a little bit of the highlights of each message, right? 00:42:24.415 --> 00:42:26.715 We are already going for more than 40 minutes here. 00:42:27.875 --> 00:42:30.155 Yeah, so there's many, many news 00:42:30.155 --> 00:42:35.175 going on this time around in terms of successful fundraising and exits. 00:42:35.455 --> 00:42:42.655 So bear with us. Let me just highlight a couple of those. We see Swiss spine 00:42:42.655 --> 00:42:46.015 surgery innovator Neomedical securing $68 million. 00:42:46.355 --> 00:42:53.895 They want to boost U.S. expansion and enhance their AI-powered AR platform at Weiss. 00:42:54.495 --> 00:43:00.355 Berlin's Formo raises $61 million to launch the world's first cheese made from 00:43:00.355 --> 00:43:05.655 koji fungus proteins, now available at a couple of German grocery stores. 00:43:05.655 --> 00:43:11.235 Munich's Reverion secures 56 million euros in order to supercharge renewable 00:43:11.235 --> 00:43:14.695 power plants and lead a carbon negative revolution. 00:43:15.295 --> 00:43:23.235 Swiss Medtech Corflow Therapeutics secures 44 million euros in a Series B funding 00:43:23.235 --> 00:43:28.835 to bring microvascular diagnostic and therapeutic systems closer to US market clearance. 00:43:29.769 --> 00:43:34.349 Germany's Habit, not as like something you do regularly with an I, 00:43:34.449 --> 00:43:41.109 but Habit with a Y, H-I-B-Y-T, secures 40 million euros in order to expand flexible 00:43:41.109 --> 00:43:42.469 living solutions globally. 00:43:43.189 --> 00:43:47.749 They claim to have 30,000 more, more than 30,000 spaces in more than 50 cities 00:43:47.749 --> 00:43:53.689 and might be set for strategic acquisitions and profitability this year. 00:43:53.689 --> 00:44:05.209 Quantum Computing goes mobile with the Parity QC and Quantum Brilliance team 00:44:05.209 --> 00:44:12.589 teaming up to miniaturize quantum computers for a 35 million euro project coming from Germany, 00:44:12.689 --> 00:44:16.609 enabling high-speed simulations and encryptions in remote locations. patients. 00:44:16.749 --> 00:44:24.409 Swiss biotech company Vandria raises $30.7 million in a Series A funding in 00:44:24.409 --> 00:44:26.749 order to advance mitochondrial therapeutics. 00:44:27.629 --> 00:44:33.649 Deep Drive raises $30 million to revolutionize EV motors. 00:44:34.189 --> 00:44:39.409 They have backing from Leitmotiv, BMW iVentures, and more. 00:44:40.829 --> 00:44:45.709 CPTX, a Munich-based biotech spinoff from the university there, 00:44:45.829 --> 00:44:52.989 secures $29 million funding to revolutionize DNA nanofabrications for antivirals, 00:44:52.989 --> 00:44:54.429 gene transfer, and vaccines. 00:44:55.269 --> 00:45:02.709 Swiss Mile, an Etihad Zurich spinoff, so university there, engineering university there, 00:45:03.429 --> 00:45:11.069 raises $22 million, led by Jeff Bezos' expeditions to advance AI-powered four-legged robots. 00:45:12.189 --> 00:45:16.429 They are designed for tasks like last mile delivery and infrastructure security. 00:45:17.709 --> 00:45:24.349 Flair secures 14.5 million euros in seed funding to scale direct air capture tech. 00:45:26.519 --> 00:45:33.379 Geno Startup Truco, T-R-U-U-C-O, secures 8 million euros from Atruvia and DZ 00:45:33.379 --> 00:45:36.359 Bank to harness customer data for banking sales. 00:45:37.059 --> 00:45:41.319 Smalt secures 8 million euros seed funding to supercharge talent and productivity 00:45:41.319 --> 00:45:42.859 in the energy transition. 00:45:43.899 --> 00:45:50.019 Munich-based XOLIFE gets 7 million euros to enhance its impact monitor platform, 00:45:50.159 --> 00:45:52.799 helping pharma companies to better understand patient needs. 00:45:52.799 --> 00:45:58.299 Leeds, Lytium from Switzerland, raises $7 million seed funding to fast-track 00:45:58.299 --> 00:46:05.219 the commercialization of cutting-edge thin-film lithium niobate photogenic integrated circuits. 00:46:06.119 --> 00:46:12.519 Vienna-based Bitcoin startup BitCredit Protocol secures 6.7 million euros to 00:46:12.519 --> 00:46:16.499 transform Bitcoin from a store of value into a usable currency for the real economy. 00:46:16.739 --> 00:46:20.759 We will see how that goes. Monda, Berlin-based data monetization platform, 00:46:20.939 --> 00:46:24.639 raises $5 million in seed funding led by Zenovo and AcroBeta Ventures. 00:46:24.879 --> 00:46:30.579 The funds here will help to expand U.S. operations and enhance the platform 00:46:30.579 --> 00:46:34.279 to support companies monetizing their data in an AI-driven market. 00:46:34.719 --> 00:46:40.159 And last but not least, Munix, Giesecke and Devrian dives into AI with a stake 00:46:40.159 --> 00:46:44.439 in BlockBrain, founded by serial entrepreneur Matthias Protzmann. man. 00:46:45.219 --> 00:46:49.299 Basically, it's about moving from fighting blockchain scams to transforming 00:46:49.299 --> 00:46:50.559 how companies manage knowledge. 00:46:51.699 --> 00:46:54.659 So check out block brain. 00:46:56.699 --> 00:47:00.319 Chris, that's right. That was that was quite long. 00:47:00.399 --> 00:47:04.439 We're recording for more than 45 minutes now guys, really, really sorry, 00:47:04.559 --> 00:47:09.219 we only did this very long one in order to bring you the most extensive news 00:47:09.219 --> 00:47:10.799 coverage on a public holiday here. 00:47:10.959 --> 00:47:17.559 And maybe next time we do a little bit more cutting here and maybe go only to 00:47:17.559 --> 00:47:20.479 fundraisers up to 10 million. Yes. We will see. 00:47:20.779 --> 00:47:24.319 Make more money, people, because otherwise you won't be in the podcast. 00:47:25.059 --> 00:47:28.779 Oh, Chris, you know, one downside of you being in this booth recording? 00:47:29.639 --> 00:47:31.879 No sirens. No sirens. 00:47:32.899 --> 00:47:37.179 Maybe next time around. Chris, it was, as always, a pleasure talking to you. 00:47:37.219 --> 00:47:39.659 Thank you very much and talk to you soon. 00:47:39.799 --> 00:47:44.519 Look at that. our next news will go live on halloween no we're not going to 00:47:44.519 --> 00:47:49.559 wear something scary thanks for listening trick-or-treating thanks guys bye-bye, 00:47:54.959 --> 00:48:04.119 that's all folks find more news streams events and interviews at www.startuprad.io 00:48:04.119 --> 00:48:06.699 remember sharing is caring. 00:48:07.600 --> 00:48:20.437 Music.