Welcome to ICYMI – a weekly snapshot of European news stories that have given me pause for thought. ICYMI is a chance for you to go beyond the front-page headlines and find out what other stories may be worthy of your attention.
In a special edition to mark the 20th anniversary of Blue Monday, known as the most depressing day of the year, we’re spotlighting some of the most positive developments in tech and business from across the continent in ICYMI this week.
Funding for scale-ups jumps by 13% during last three months of 2024
Although Europe’s tech community secured 5% less funding in 2024 than in 2023, the amount raised still exceeded pre-pandemic levels, according to Crunchbase.
The latest figures reveal the amount of funds raised by tech firms in Europe grew by an impressive 13% in the fourth quarter, compared to the previous three months.
Much of this increase was concentrated among late-stage funding rounds, which saw a 25% year-on-year increase, suggesting that investor confidence is growing.
Across Europe, the UK, France, and Germany led the way securing the largest share of funding, while mt/sprout reports that funding increased by 23% in the Netherlands.
AI progress accelerates, as UK and France race to become Europe’s AI capital
Last week, UK Prime Minister Kier Starmer unveiled the much-awaited AI Opportunities Action Plan, outlining how the government plans to use the technology to improve public services, drive efficiencies, and generate economic growth.
With support from AI adviser Matt Clifford, whose name you may recognise from the latest Tyto Tech 500, the UK government set out 50 ambitious recommendations. These included plans to establish “AI Growth Zones” across the UK, build a new supercomputer, and fund the creation of several large data centres and tech hubs.
In total, more than £14 billion has been committed towards various projects to harness the power of AI, creating more than 13,250 new jobs across the UK.
Meanwhile, on the other side of the channel, preparations are heating up for a global AI Summit in Paris, which is set to take place on February 10-11.
The event, which will be co-chaired by France and India, aims to showcase Europe’s leadership in AI innovation and will welcome participants from over 100 countries.
Some of the biggest names in AI and tech are also expected to be there, including OpenAI’s Sam Altman, Anthropic’s Dario Amodei, Mozilla’s Mitchell Baker, and Dataiku’s Florian Doutteau, alongside senior politicians and world leaders.
Many of the key figures in the French AI scene are expected to attend including MistralAI’s CEO, Arthur Mensch, who this week announced an agreement with AFP. The deal will give Mistral’s conversational chatbot access to over 38 million news articles to enhance the accuracy of its responses and could improve trust in AI tools.
Energy transition bolstered by €1 billion battery storage project
There was good news for Germany’s energy transition last week with Handelsblatt reporting that Green Flexibility, a developer of large-scale battery storage systems secured €400 million in funding from Partners Group.
In total, this gives the company more than €1 billion to invest in building large-scale battery storage systems across Germany.
These systems are a key step towards enabling greater use of renewable energy, helping to stabilise the electric grid, and minimise price fluctuations for consumers and companies. Something that has come into sharp focus across Europe since the conflict in Ukraine broke out.
However, while enhancing the infrastructure for renewable energy is crucial, this will require skilled workers, and thus greater investment in training young people.
So, it’s great to see the European Commission renew its Young Energy Ambassadors programme, which trains 30 young people every year to become advocates for clean energy policies.
With 3.5 million new jobs set to be created across Europe by 2030 in sectors like wind and solar power, the initiative aims to ensure the next generation is equipped with the skills needed to take an active role in powering the energy transition.
These efforts are helping to lay the foundation for a workforce that can sustain and accelerate the shift to renewable energy and GreenTech across the continent.
