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Think practical quantum computing is decades away? Think again.While the tech world pours billions into cryogenic hardware and qubit races, the real bottleneck to a multi-trillion-dollar industry isn't physical machines - it's the software to make them useful. Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to grow your business faster at www.getfrontierstack.com.About this episode:Without hyper-efficient software, even the most advanced quantum supercomputers cannot solve practical commercial problems. By engineering algorithms that slash computational complexity by factors of millions or billions, Phasecraft is pulling commercial quantum advantage forward from theoretical horizons into the next 2 to 3 years. In this episode of the Raising Europe podcast, host Tom Guinness sits down with Ashley Montanaro, CEO & Co-founder of Phasecraft. Spun out of top UK universities after two decades of foundational research, Phasecraft recently secured a $34 million Series B - bringing total funding over $50 million - to build Europe’s quantum software category leader. Ashley breaks down transitioning deep tech from university labs to commercial execution, collaborating with hardware leaders like Google Quantum AI and IBM, and why the algorithm layer will capture outsized value in the emerging quantum economy. What defines the Phasecraft approach to European Deep Tech & Practical Quantum Advantage?➡️ Algorithmic Advantage: Why quantum enhances rather than replaces classical workflows, and how Phasecraft cuts computational costs by millions to model critical battery materials and optimize national energy grids. ➡️ Hardware Agnostic: How partnering with Google, IBM, Quantinuum, and DARPA enables Phasecraft to benchmark and optimize algorithms directly on frontier hardware without platform lock-in. ➡️ Lab-to-Market Scale: How academic founders built a 50+ person transatlantic team, deployed discovery-as-a-service models, and established Phasecraft as the universal algorithm layer for all quantum machines. Chapters: 00:00 Intro 07:21 The Missing Layer: Why Hardware Alone Won't Unlock Quantum 11:36 Commercial Quantum Advantage: Practical Value in 2–3 Years 19:43 Quantum-Enhanced DFT: Battery Materials & Clean Energy Networks 27:04 DARPA Benchmarking: Rigorous Evaluation for Frontier Hardware 32:03 Strategic Hardware Alliances: Google Quantum AI, IBM & Quantinuum 46:09 Inside the $34M Series B: Scaling Deep Tech Across the UK & US 56:18 The 10-Year Vision: The Universal Quantum Algorithm Layer Enjoyed the episode? Find more interviews with leading founders & investors on our channel.You can follow Ashley Montanaro & Phasecraft here: ◼ Ashley Montanaro LinkedIn – https://www.linkedin.com/in/ashley-montanaro-a88278199/ ◼ Phasecraft Website – https://phasecraft.io/◼ Phasecraft LinkedIn – https://www.linkedin.com/company/phasecraft/Follow Raising Europe & Tom Guinness here: ◼ Raising Europe website – https://raisingeurope.com/◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Raising Europe LinkedIn – https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack – https://raisingeurope.substack.com

Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to grow your business faster at www.getfrontierstack.com.About this Episode:For decades, Europe has been celebrated for world-class academic research while being critiqued for failing to commercialize it. But inside the Italian Institute of Technology (IIT) in Genoa, a quiet paradigm shift is taking hold: more than half of leading academic researchers and principal investigators are now stepping out of the lab to launch venture-backed deep tech startups.In this episode of the Raising Europe podcast, host Tom Guinness sits down with Professor Giorgio Metta, Scientific Director of the Italian Institute of Technology (IIT), on-site in Genoa, Italy.A pioneer in humanoid robotics who spearheaded the creation of the world-renowned iCub platform over two decades ago, Giorgio has guided IIT through major global shifts while embedding artificial intelligence across core scientific disciplines - ranging from neurodegenerative drug discovery to sustainable biomaterials and next-generation embodied robotics.Giorgio breaks down what is driving the momentum behind Europe's deep tech renaissance, how IIT systematically de-risks the journey across the "Valley of Death" between foundational lab breakthroughs and market-scale spin-offs (such as Generative Bionics and IAMA Therapeutics), and why deep tech hardware demands patient, multi-stage capital rather than the short cycles of software venture capital. He also shares an unvarnished assessment of European technological sovereignty, the necessity of building CERN-scale infrastructure hubs to halt the continent's brain drain, and why transforming Europe’s cultural relationship with risk and failure is the single most critical catalyst for exponential growth.What defines the IIT approach to European deep tech and commercializing frontier science?➡️ The Dual-Track Scientist-Founder Model: Why the pure-academic stereotype is breaking down across European universities, how IIT provides the tools needed to launch companies, and why having visible entrepreneurial role models has led to multiple venture-backed spin-outs.➡️ Patient Capital & The Embodied AI Timeline: Why general-purpose humanoids cannot be evaluated on conventional 2-to-3-year VC horizons, how tactile sensing and general manipulation remain massive engineering hurdles, and why founders must de-risk commercialization while physical AI matures.➡️ CERNs for Deep Tech & Pragmatic Sovereignty: Why Europe’s talent retention depends on creating world-class infrastructure hubs, why pursuing 100% supply chain autarky in areas like cloud infrastructure is unrealistic, and how Europe can leverage its dominance in precision engineering and semiconductor lithography within the global economy.Chapters:00:00 Intro01:30 The Genesis of iCub: 20 Years of Humanoid Robotics07:44 The Lab Exodus: Why 50% of Researchers Become Founders13:07 Untapped Frontiers: Low-Power AI & Molecular Biology20:10 Halting Brain Drain: Why Europe Needs a CERN for AI25:58 Frontier Spin-Outs: Therapeutics & Composable Biomaterials29:13 Crossing the Valley of Death: Patient Capital & CDP39:22 The Cultural Shift: De-Stigmatizing Risk and FailureEnjoyed the episode?Find more interviews with leading founders & investors on our channel.You can follow Giorgio Metta & Istituto Italiano di Tecnologia (IIT) here:◼ Giorgio Metta LinkedIn: https://www.linkedin.com/in/giorgio-metta-9ab2025/◼ Istituto Italiano di Tecnologia (IIT) Website: https://www.iit.it/◼ IIT LinkedIn: https://www.linkedin.com/company/istitutoitalianoditecnologia/Follow Tom Guinness & Raising Europe here:◼ Raising Europe website: https://raisingeurope.com/◼ Follow Tom Guinness: https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Raising Europe LinkedIn: https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack: https://raisingeurope.substack.com/

Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to grow your business faster: www.getfrontierstack.com. About this Episode: Today most people view humanoid robots as standalone gadgets, drop-in human replacements, or fun things to watch do crazy stunts. But to Daniele Pucci and Alessandro Scortecci, humanoids aren't consumer novelties – they represent a critical layer of continental industrial infrastructure engineered to amplify human capability in the face of an accelerating demographic crisis. In this episode of the Raising Europe podcast, host Tom Guinness sits down with Daniele Pucci (CEO & Co-founder of Generative Bionics) and Alessandro Scortecci (CIO of Direct Investments at CDP Venture Capital) on-site at Generative Bionics' headquarters in Genoa, Italy. Spun out of the Italian Institute of Technology (IIT) after 15 years of world-class robotics research, Generative Bionics made waves across global tech by securing a historic €70 million seed round to build Europe’s physical AI category leader. Daniele and Alessandro unpack what it takes to transition complex deep tech from the research lab into heavy industrial reality – complete with an impromptu live demonstration of their flagship humanoid platform, GENE.01, during the conversation. Meanwhile, Alessandro breaks down the strategy behind their syndicate (featuring AMD, Eni Next, Duferco, and Tether), how CDP Venture Capital’s tech transfer hubs turn domestic research into venture-scale assets, and why Italy's scaling dilemma is not a lack of founder ambition, but a failure to mobilize its €1 trillion institutional capital into growth-stage venture. What defines the Generative Bionics and CDP Venture Capital approach to European Physical AI? ➡️ Co-Designing Brain & Body via Biomechanics: Why separating mechanical engineering from AI models leads to suboptimal robots, and how Generative Bionics automates physical AI design - optimal weight distributions, actuators, and materials conditioned by biomechanics to perform demanding physical tasks. ➡️ Modular Platforms & Building a Humanoid Robot Factory: Why generalist, one-size-fits-all humanoid claims fall flat against real-world customer KPIs, how Generative Bionics derives task-specific robots (starting with shipyard welding for Fincantieri) from a modular mechatronic base with multimodal tactile skin, and why they are building their own manufacturing facility. ➡️ Strategic Syndicates & The Growth Capital Gap: Why physical AI demands Day-Zero alignment with compute powerhouses (AMD) and industrial heavyweights (Eni, Duferco), how Italy's RoboIT hub bridges research to product, and why Italy must allocate a fraction of their €1T+ institutional funds to back domestic champions. Chapters: 00:00 The Lab Exit: Building Italy’s €70M Robotics Leader 05:00 Live Demo: Gene.01 Enters & Testing Its Tactile Skin 11:05 Co-Designing Brain & Body: Why Generic Humanoids Fail 18:15 Industrial Ground Zero: Shipyard Welding with Fincantieri 25:10 The Strategic Syndicate: Rapid Prototyping for AMD 34:50 Vertical Integration: Building a Humanoid Robot Factory 37:15 The €1 Trillion Dilemma: Unlocking European Growth Capital Enjoyed the episode? Find more interviews with leading founders & investors on our channel. You can follow Daniele Pucci, Alessandro Scortecci & Generative Bionics here: ◼ Daniele Pucci LinkedIn – https://www.linkedin.com/in/daniele-pucci-78428420/ ◼ Generative Bionics Website – https://gbionics.ai/ ◼ Alessandro Scortecci LinkedIn – https://www.linkedin.com/in/a-scortecci/ ◼ CDP Venture Capital Website – https://www.cdpventurecapital.it/ Follow Raising Europe here: ◼ Raising Europe website – https://raisingeurope.com/ ◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Raising Europe LinkedIn – https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack – https://raisingeurope.substack.com/

Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to scale your business at www.getfrontierstack.com.About this Episode:Most enterprises treat artificial intelligence as a superficial wrapper – paying continuous token taxes to hyperscalers without securing data ownership, margin profitability, or proprietary defensibility. Meanwhile, institutions operating in regulated and mission-critical industries face severe privacy, sovereign compliance, and zero-error-tolerance hurdles that generic off-the-shelf chatbots can’t hope to resolve.In this episode of the Raising Europe podcast, host Tom Guinness sits down with Uljan Sharka, Founder & CEO of Domyn (Italy’s first AI unicorn, valued at over $2B), and Marco Caradonna, Co-Founder of BlackSheep Ventures. Starting with Uljan’s early days at Apple realizing enterprise customers wanted conversational intelligence for their internal data, Domyn has grown into a 200+ person powerhouse helping global banks, shipbuilding conglomerates, and defense leaders turn enterprise data into a sovereign virtual brain. Uljan and Marco breakdown why the future belongs to "AI ownership" rather than passive consumption, how European compliance serves as a strategic trust moat rather than a hindrance, and why the historic "3rd mover advantage" will define the ultimate winners of the AI revolution. Marco also shares BlackSheep’s distinct investment playbook – bringing operator empathy, double-digit GP capital commitment, and domain-specific focus to backing Europe's most ambitious tech founders.What defines the next era of sovereign enterprise AI & European ambition?➡️ AI Ownership Over Adoption: Why renting external API tokens creates margin drag without commensurate enterprise value uplift, and how enabling banks and industrial leaders to own their sovereign models unlocks significant value.➡️ The 3rd Mover Advantage: How history repeats itself – from Olivetti inventing the personal desktop computer, to HP commercializing it at scale, to Apple redefining the category – and why the enduring AI winner will be an agile, design-centric new entrant.➡️ Trust & Regulation as a Moat: Why the EU AI Act provides structural guardrails analogous to car brakes, positioning Europe to lead global trust while the US chases brute-force compute and China prioritizes efficiency.➡️ Fixing Broken Software Economics: How addressing defective enterprise data unlocks multi-trillion-dollar market value before AGI even arrives, shifting the conversation from minor efficiency gains to strategic acceleration.➡️ Founder-Led VC Alignment: Marco Caradonna breaks down why only single-digit percentages of European venture funds are run by former operators, and how BlackSheep leverages corporate LP networks and deep domain expertise to de-risk Series A expansion.Chapters:00:00 Introduction & The Apple Spark: Building Italy’s First AI Unicorn04:15 AI Ownership vs. Adoption: Transforming Regulated Industries10:45 Sovereign AI & Why Europe Can Win the Trust Battle17:30 The 3rd Mover Advantage: Lessons from Olivetti, HP, and Apple24:00 Operator-Led Venture: Why BlackSheep Backed Domyn29:45 From Chatbots to Autonomous Decision Systems34:20 Scaling to a Decacorn & Building for Human FlourishingEnjoyed the episode? Find more interviews with leading founders & investors on our channel.You can follow Uljan Sharka and Marco Caradonna here:◼ Uljan Sharka LinkedIn - https://www.linkedin.com/in/uljan/◼ Marco Caradonna LinkedIn - https://www.linkedin.com/in/marcocaradonna/◼ Domyn - https://www.domyn.com◼ BlackSheep Ventures - https://blacksheep.venturesFollow Raising Europe here:◼ Raising Europe website - https://raisingeurope.com/◼ Follow Tom Guinness - https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Raising Europe LinkedIn - https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack - https://raisingeurope.substack.com/

Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to scale your business at www.getfrontierstack.com.About this Episode:The modern creator economy frequently trades massive attention for fleeting dopamine, leaving artists without direct fan ownership or steady revenue streams. Meanwhile, early Web3 platforms often suffered from friction and clunky user experiences.In this episode of the Raising Europe podcast, host Tom Guinness sits down with Ludovica Rosi, Italian entrepreneur and Founder & CEO of Arno (formerly known as Zeroone). Arno – a creator platform empowering over 300,000 artists by combining digital collecting with zero ad spend – was recently acquired after a deal that originated from a simple Twitter DM.In this episode, Ludovica breaks down how she built an organic, viral growth engine by conducting 20 user interviews a day and abstracting complex blockchain technology under the hood for a seamless mobile experience. She shares her journey moving to New York City at age 22, navigating selling her business at the age of 25, and rebranding Zeroone to Arno. Ludovica also discusses her return to Europe to build in Milan’s emerging startup ecosystem, her passion for tennis, and her timeless mental frameworks.What defines the next era of creator infrastructure & global ambition?➡️ $0 CAC & Product-Led Virality: By creating a self-sustaining growth loop where artists actively marketed their own collectible drops to fans, Arno scaled to 300,000 creators without spending a single dollar on paid acquisition.➡️ Dopamine vs. Revenue: Ludovica explains how Arno shifted creator monetization away from ephemeral likes and comments toward true micro-ownership, empowering artists across emerging economies to earn steady income.➡️ Invisible Tech & Intuitive UX: Discover how Arno leveraged tools like Biconomy for gasless, invisible transactions while delivering an intuitive consumer experience.➡️ Discovery Rigor: Hear how conducting 20 user interviews a day during the first two years helped Ludovica anticipate market trends, build deep user loyalty, and shape a product users love.➡️ Strategic Exit via Twitter DM: Learn how a casual direct message evolved into a strategic acquisition and brand evolution into Arno, expanding their mission with greater resources and broader reach.Chapters:00:00 Introduction01:30 01: $0 Marketing: Scaling To 300K Users05:15 02: Dopamine vs Revenue: Fixing Creator Pay09:20 03: Invisible Tech: Abstracting Web3 For UI13:10 04: Discovery Rigor: 20 Interviews A Day16:40 05: The Exit: Acquired Via Twitter DM20:15 06: Scaling Mindset: European Roots, Global AmbitionCompanies and institutions mentioned in this episode: Zeroone, Arno, Biconomy, Bending Spoons.Enjoyed the episode? Find more interviews with leading founders & investors on our channel.You can follow Ludovica Rosi here:◼ LinkedIn - https://www.linkedin.com/in/ludovica-rosi-3b53561a3◼ Zeroone - https://zeroone.art/Follow Raising Europe here:◼ Raising Europe website - https://raisingeurope.com/◼ Follow Tom Guinness - https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Raising Europe LinkedIn - https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack - https://raisingeurope.substack.com/#Zeroone #Arno #CreatorEconomy #Art #RaisingEurope #TomGuinness #LudovicaRosi #ArtTech #Tech #Web3 #Startups

Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to scale your business at www.getfrontierstack.com.About this Episode:I hear this a lot: Founders need to be passionate about their sector to succeed. But, to Gaultier Brun, passion is completely overrated - discipline, endurance, and relentless execution beat raw passion every single time.In this episode of the Raising Europe podcast, host Tom Guinness sits down with Gaultier Brun, Partner at 199 Ventures. Launched with Andréa Bensaid - founder and CEO of leading digital marketing agency Eskimoz, who is the fund's solo LP - 199 Ventures is rethinking early-stage venture capital by pairing single-LP agility with unmatched marketing firepower to back high-growth startups like Lucis and Spiko.Gaultier breaks down why he rejects traditional VC clichés - explaining why conviction beats soft coachability, why market insight is overrated, and why founder discipline is the ultimate predictor of success. He also details how 199 Ventures uses Eskimoz's deep marketing & acquisition expertise to supercharge portfolio companies, his viral "investing in public" YouTube series, the real unit economics behind AI solopreneurs, and how European startups are scaling rapidly by building R&D in Paris while expanding GTM to New York.What defines the 199 Ventures approach to backing European tech?➡️ Discipline Over Passion: Why Gaultier rejects the myth that founders must be passionate about their sector, arguing that relentless execution, endurance, and unshakable conviction beat market insight and soft coachability every time.➡️ Single-LP Speed & Marketing Advantage: How 199 Ventures pairs single-LP agility with Andréa Bensaid’s SEO, paid ads, and digital acquisition expertise to give early-stage startups an unfair distribution edge alongside flexible €200k checks.➡️ European Scaling & AI Realities: From the underlying token economics of AI solopreneurs to building tech teams in Paris while scaling GTM in New York, Gaultier outlines how European founders are navigating market fragmentation and winning globally.Chapters:00:00 Intro01:45 Gaultier's Journey: From GFC and Antler Paris to 199 Ventures05:15 199 Ventures: Single-LP VC & The Eskimoz Marketing Advantage11:00 Investing in Public: Scaling Visibility with Authentic Content16:30 Discipline Over Passion: Why Execution Beats Market Insight22:15 Anti-Coachability: Why Conviction Beats Softness in Founders27:45 AI & Solopreneurs: Token Economics & Talent Density32:30 European Scaling: R&D in Paris, GTM in New York37:15 Backing Founders & The Future of Specialized VC SyndicatesEnjoyed the episode? Find more interviews with leading founders & investors on our channel.You can follow Gaultier Brun & 199 Ventures here:◼ LinkedIn - https://www.linkedin.com/in/brun/◼ Website - https://199.vc/Follow Raising Europe here:◼ Raising Europe website - https://raisingeurope.com/◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Raising Europe LinkedIn – https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack - https://raisingeurope.substack.com/#199Ventures #VentureCapital #RaisingEurope #TomGuinness #GaultierBrun #MarketingVC #EuropeanTech #StartupGrowth #AI #Startups #Eskimoz

Brought to you by Frontier Stack. Sign-up now for perks and discounts on the tools and services you need to scale your business at www.getfrontierstack.com. About this Episode: Winning government contracts in Europe requires navigating a labyrinth of paperwork, complex compliance, and highly fragmented data. In this episode of the Raising Europe podcast, host Tom Guinness sits down with Andrea Zorzetto, CEO & Co-founder of Cato - the first AI platform for public tenders in Italy. Backed by leading investors, Cato recently secured a €6 million Seed round led by Keen with continued support from the Italian Founders Fund (IFF), Vento, and Heartfelt_. In this episode, Andrea breaks down how Cato is transforming a massive market by automating the most tedious parts of public procurement. He shares his journey of shutting down a failed B2C startup to build a B2B powerhouse that achieved 50% month-over-month growth for 5+ consecutive months. Andrea also details how his team leverages AI to draft complex technical offers, why Italy is the perfect laboratory for cracking bureaucracy, and the raw realities of rapid execution and early-stage fundraising. What defines Europe’s opportunity in public tenders? ➡️ The 15% GDP Blue Ocean: Public tenders account for nearly 15% of European GDP, representing trillions of euros, yet the market has been historically ignored by venture-backed startups due to its unsexy, bureaucratic nature. ➡️ Automating the Bidding Process: By leveraging foundational models to find, read, summarise, and draft 300-page tender documents, Cato aims to automate up to 80% of the manual work for participating businesses. ➡️ Hypergrowth & Execution: Andrea reveals how extreme focus, aggressive outbound sales, and a high-intensity startup culture propelled Cato from a handful of beta testers to 150+ active clients in just a few months, putting them on a rapid trajectory towards hypergrowth. Chapters: 00:00 Intro 01:45 Andrea's Path: From the UK Treasury to Plug and Play 03:30 The Pivot: Shutting Down a B2C Startup to Build in B2B 07:15 The Problem: Navigating the Trillion-Euro Public Tender Market 11:00 Product Deep Dive: Automating the 4 Core Jobs of Bidding 15:30 AI Development: Building Complex Workflows with Foundational Models 19:15 Go-to-Market Strategy: Hitting 50% MoM Growth 24:30 Culture & Hiring: Building a High-Trust, Intense Startup Environment 29:00 Raising a €1.6M Pre-Seed: Navigating the Deal with Italian Founders Fund 34:15 The Mental Toll of Failure: B2B vs. B2C Realities 38:00 Future Expansion: Taking Cato Across Europe Companies and institutions mentioned in this episode: Cato, Keen, Italian Founders Fund (IFF), Vento, Heartfelt_, Moonstone, B Heroes, Plug and Play, Y Combinator, Anthropic. Enjoyed the episode? Find more interviews with leading founders & investors on our channel. You can follow Andrea Zorzetto & Cato here: ◼ LinkedIn - https://www.linkedin.com/in/andreazorzetto/ ◼ Website - https://www.get-cato.com/ Follow Raising Europe here: ◼ Raising Europe website - https://raisingeurope.com/ ◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Raising Europe LinkedIn – https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack - https://raisingeurope.substack.com/ #CatoAI #PublicTenders #VentureCapital #RaisingEurope #TomGuinness #AndreaZorzetto #GovTech #Technology #EuropeanTech #AIPlatform #Software

Brought to you by Frontier Stack: www.getfrontierstack.com Fixing global supply chains and bringing clarity to traditional industries means cutting out unnecessary middlemen and giving traditional makers better digital tools. In this episode of the Raising Europe podcast, host Tom Guinness sits down with Francesco Profili, Co-founder & COO of Merum. Based in Milan, Merum is modernising the $100+ billion global wine import and export industry starting by connecting small, family-owned wineries in Italy directly with US distributors. Built without outside venture capital, Merum has bootstrapped to handle the entire import process - from discovering new wines to booking ocean shipping and syncing with local store inventory software. In this episode, Francesco explains why a bottle of wine can be marked up by 420% as it passes through layers of middlemen - and how Merum simplifies the process to give profits back to the winemakers. He shares his journey from working at drinks giant AB InBev to starting his own company with Co-founder & CEO Mirko Lagattolla, how they built their initial product using simple AI tools like Lovable before upgrading to custom software, and why deep industry experience is essential when building tech for traditional businesses. What this means for European tech: Europe is home to thousands of world-class, family-run producers, but many are held back by outdated export systems and complicated layers of middlemen. By bringing simple AI-driven tools to traditional trade, European businesses can keep more of their profits, more easily sell to large international markets like the US, and share their unique local stories with the world. What defines Merum's approach to modernizing the wine trade? ➡️ Cutting Out Middlemen: Merum simplifies the long chain between winemakers and sellers, helping small family wineries make up to 20% higher profits by selling directly overseas. ➡️ Handling the Whole Process: Instead of just listing products online, Merum manages the heavy lifting - from arranging trucks and ocean shipping to calculating taxes and updating inventory. ➡️ Building Smart from Day One: Using simple "vibe coding" tools like Lovable allowed them to test their idea quickly with real customers before upgrading to custom software. Chapters: 00:00 Intro 01:15 From Business School & Consulting to AB InBev & Wine Making 03:00 The Vinitaly “Aha” Moment: Realizing a $100B Global Industry is Stuck in the Past 04:45 What is Merum? Simple Wine Trade & Pure Latin Roots 06:30 The 420% Price Bump: Cutting Out Middlemen on the Italy-to-US Route 08:45 How the Product Works: Matching Wineries, Shipping, and Inventory 11:15 Building the Software: From Quick Prototypes (Lovable) to Custom Code 14:00 Bootstrapping: Smart Business Models & Sourcing Wineries 16:45 Boosting Profits: Helping Wineries Earn 20% More 19:15 What’s Next: Expanding to Spirits and New European Countries 21:30 The Future of Wine: Climate Change, Authenticity, and Local Stories 24:00 Founder Advice: Why Knowing Your Industry Beats Corporate Life 25:45 Outside of Tech: Playing Drums, Improv Acting, and Favourite Movies Companies and institutions mentioned in this episode: Merum, AB InBev, Bocconi University, Vinitaly, Lovable. Enjoyed the episode? Find more interviews with leading founders & investors on our channel. You can follow Francesco Profili & Merum here: ◼ LinkedIn - https://www.linkedin.com/in/francesco-profili-a6105932/ ◼ Website - https://www.merum.club/ Follow Raising Europe here: ◼ Raising Europe website - https://raisingeurope.com/ ◼ Follow Tom Guinness - https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Raising Europe Linkedin - https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack - https://raisingeurope.substack.com/

Building resilient supply chains and defining tomorrow's critical industries requires funding complex, early-stage technologies and backing translatable intellectual property (IP).In this episode of the Raising Europe podcast, host Tom Guinness sits down with Lina Gaydarova, a venture capital investor at Novaterra. Based between Milan and London, Novaterra focuses on early-stage deep tech - identifying visionary founders who are building technologies that don't yet exist, but fundamentally should. Recently spinning out into an institutional fund, Novaterra writes checks ranging from €100k to €500k for critical technology companies across Europe and North America.In this episode, Lina breaks down how Novaterra identifies strategically important areas within critical technology and examines the supply-chain bottlenecks where innovation can have an outsized impact - such as a multi-step biosynthetic process for heparin that could bypass China’s dominance of pig-intestine-derived supply. She also explains her pivot from investing in enterprise software companies to tangible critical industries, why she looks for complex “picks and shovels” in hard science, and the realities of navigating Italian bureaucracy to back university spin-outs.What this means for European tech:Europe possesses immense technical talent and university-backed research, but commercialising these breakthroughs requires investors willing to underwrite pre-seed risk in highly complex sectors. Shifting capital toward deep tech rather than purely enterprise software helps Europe establish sovereignty in energy, life sciences, and industrial supply chains. By acting as hands-on commercial operators for academic founders, investors can bridge the region's storytelling gap, enabling brilliant scientists to translate critical IP into globally competitive businesses.What defines Lina's approach to critical technology investing?➡️ The Power of Irreplaceable IP: Lina looks for businesses whose translatable IP dictates multi-layered processes that make replication near-impossible (like managing multiple stakeholders, relationships, and build phases that create massive barriers to entry and/or a structural moat.➡️ The Transatlantic Storytelling Gap: Having reviewed thousands of pitches, Lina notes a stark difference: North American founders can often present exceptional stories with little built, while European PhDs frequently undersell major technical milestones - a "mid-Atlantic" approach to pitching investors is required.➡️ Mapping Supply Chain Monopolies: Instead of following trends, Novaterra maps out the missing links in critical industries - such as extreme environment end-effectors for nuclear reactor dismantling or localised cathode materials for LFP batteries - to invest directly in the bottleneck.Chapters:00:00 Intro01:45 Lina's Path: A West Coast Investing Lens Across Company Stages04:10 The Pivot: A Paradigm Shift into the Tangible in a New Geography06:30 Novaterra’s Strategy: Investing in Critical Industries and Translateable IP09:15 Fund Dynamics: Check Sizes and Launching the Institutional Fund12:30 Identifying Opportunities: Industrial Bottlenecks Shaping Fusion, Batteries, and Energy16:00 The Heparin Case Study: Bioengineering Around Supply Chain Dependencies20:45 Relationship Driven Sourcing Human Connection vs. Data Tools24:10 The Storytelling Gap: North American Vision vs. European Execution28:30 Founder Traits: Why "Hustle Culture" is Overrated and Unsustainable31:15 Navigating Italy: Bureaucracy, LOIs, and Accessing Top Technical Talent36:00 Portfolio Support: Playing "Sales Manager" for Nuclear PhDs39:45 Beyond VC: Protein Maxing, Magical Realism, and Deep Dive PodcastsCompanies and institutions mentioned in this episode: Novaterra, Turn/River Capital, Nascent, GraphiCore, Sogin, Politecnico di Milano, Samphire Neuroscience.Enjoyed the episode? Find more interviews with leading founders & investors on our channel.

Autonomous driving in Europe requires navigating complex regulations, sovereign tech development, and capital-intensive hardware and software integration. In this episode of the Raising Europe podcast, host Tom Guinness sits down with Luca Foresti, CEO & Co-founder of Niulinx - a high-tech company developing advanced Level 4 autonomous vehicle software and hardware solutions. Backed by leading corporate and institutional investors, Niulinx recently launched with a landmark €38 million seed round. In this episode, Luca breaks down Niulinx’s unique robo-sharing model, their low-speed approach to solving L4 safety and homologation, and how remote tele-operation converts multi-billion-dollar CapEx hurdles into manageable OpEx. He also shares his vision for European sovereign tech, lessons from raising a €38M seed round, and why founders must be radically honest with investors. 𝐖𝐡𝐚𝐭 𝐝𝐞𝐟𝐢𝐧𝐞𝐬 𝐄𝐮𝐫𝐨𝐩𝐞’𝐬 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐢𝐧 𝐚𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠? ➡️ 𝐓𝐡𝐞 𝐑𝐨𝐛𝐨-𝐒𝐡𝐚𝐫𝐢𝐧𝐠 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞: Instead of competing directly for scarce European taxi licenses, Niulinx delivers cars autonomously at 30 km/h so users can drive themselves to their destination without speed or range limits. ➡️ 𝐏𝐡𝐲𝐬𝐢𝐜𝐬-𝐅𝐢𝐫𝐬𝐭 𝐄𝐧𝐠𝐢𝐧𝐞𝐞𝐫𝐢𝐧𝐠 & 𝐔𝐧𝐢𝐭 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬: By capping autonomous speed and deploying remote operators for false positives, Niulinx targets an ultimate cost of €0.50 per km - undercutting both private car ownership (€1.00/km) and conventional taxis (€3.50 - €4.50/km). ➡️ 𝐒𝐨𝐯𝐞𝐫𝐞𝐢𝐠𝐧𝐭𝐲, 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐑𝐞𝐟𝐨𝐫𝐦 & 𝐏𝐫𝐚𝐠𝐦𝐚𝐭𝐢𝐜 𝐅𝐮𝐧𝐝𝐫𝐚𝐢𝐬𝐢𝐧𝐠: Luca argues for a unified European autonomous vehicle framework and breaks down how Niulinx raised €38M from strategic giants like A2A, CDP, Pirelli, and Gruppo Ferrovie dello Stato Italiane (FS Group) by being transparent about long-term capital needs. Chapters: 00:00 Intro 01:45 Luca's Path: From Physics & Banking to Healthcare & Startup Studio 06:10 The Origin Story: Spinning Out Niulinx from University R&D 09:30 Solving L4 Autonomy: Low Speed, Remote Ops & The Robo-Sharing Model 14:15 European Sovereignty: Why Europe Needs Its Own AV Tech 18:00 Regulatory Realities: Aviation Lessons & Overcoming 27 Fragmented Rules 22:30 Market Size: Replacing Private Car Ownership Across Europe 27:10 Fleet Dynamics: 10x Utilisation & Reclaiming City Space 31:00 Micro-Mobility Engineering: Building L7 Platforms & Brescia MVP 35:45 European Expansion: Opening Munich & Testing in 5 Countries 39:15 Unit Economics Deep Dive: Hitting €0.50/km vs. Taxis and TCO 44:00 Team Structure: The 5 Engineering Pillars of Autonomous Systems 47:30 Culture & Hiring: The "Local Enlightened Dictatorship" 50:45 Securing €38M: Pitching to Investors 54:30 The Golden Rule of Fundraising: Absolute Sincerity with Investors 57:15 Next Capital Tranches, Citizen Kane & Why Startups Really Fail Companies and institutions mentioned in this episode: Niulinx, A2A, CDP Venture Capital, Pirelli, Gruppo Ferrovie dello Stato Italiane (FS Group), Scuola Normale Superiore, Waymo, Zoox, Wayve, ASML. Enjoyed the episode? Find more interviews with leading founders & investors on our channel. You can follow Luca Foresti & Niulinx here: ◼ LinkedIn - https://www.linkedin.com/in/lforesti/ ◼ Website - https://www.niulinx.ai/ Follow Raising Europe here: ◼ Raising Europe website - https://raisingeurope.com/ ◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Raising Europe Linkedin – https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack - https://raisingeurope.substack.com/ #Niulinx #AutonomousDriving #VentureCapital #RaisingEurope #TomGuinness #LucaForesti #RoboSharing #DeepTech #EuropeanTech #Automotive #Level4

Brought to you by Frontier Stack! Sign-up to learn more here: https://www.getfrontierstack.com/ The Italian tech ecosystem is undergoing a massive transformation, driven by world-class engineering talent and AI flattening traditional operational hurdles. In this episode of the Raising Europe podcast, host Tom Guinness sat down with Lorenzo Franzi, Founding Partner of Italian Founders Fund - a Milan-based €100M+ venture capital fund backing founders with Italian ties globally. In this episode, Lorenzo breaks down his journey from scaling Zipjet across Europe as a founder to launching Italy’s first founder-backed VC fund. He shares his framework for sizing and pricing rounds, evaluating founder urgency and integrity, how AI is supercharging capital efficiency, and why Italian engineering talent is uniquely positioned to win globally. 𝐖𝐡𝐚𝐭 𝐝𝐞𝐟𝐢𝐧𝐞𝐬 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐜𝐡𝐚𝐩𝐭𝐞𝐫 𝐨𝐟 𝐈𝐭𝐚𝐥𝐢𝐚𝐧 𝐚𝐧𝐝 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐭𝐞𝐜𝐡? ➡️ 𝐅𝐫𝐨𝐦 𝐎𝐩𝐞𝐫𝐚𝐭𝐨𝐫 𝐭𝐨 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫: Lorenzo explains how his experience building and exiting Zipjet shaped his founder-first approach to VC, highlighting why investor empathy makes all the difference during tough fundraising and operational cycles. ➡️ 𝐓𝐡𝐞 𝐀𝐈 𝐄𝐟𝐟𝐞𝐜𝐭 & 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Lorenzo breaks down how AI is flattening Italy's traditional bureaucratic hurdles and challenging the belief that raising the biggest round leads to success, advocating for lean teams and bootstrapping as long as possible. ➡️ 𝐒𝐩𝐨𝐭𝐭𝐢𝐧𝐠 "𝐌𝐮𝐬𝐭-𝐁𝐚𝐜𝐤" 𝐅𝐨𝐮𝐧𝐝𝐞𝐫𝐬: From evaluating non-negotiables like integrity and urgency to filtering storytelling vs. substance after three meetings, Lorenzo outlines Italian Founders Fund’s decision-making framework and deal-sizing process. Chapters: 00:00 Intro & Lorenzo’s Path: From Zipjet Founder to VC 03:45 Transitioning to Investing: Angel Check, GFC & Launching IFF 07:30 The Mission of IFF: €100M Backing Italian Ties Globally 11:00 Italy’s Tech Surge: Talent Shifts, AI, and Flattening Bureaucracy 15:15 Debunking VC Myths: Why Raising More Money Isn't Always the Answer 18:45 What Makes a "Must-Back" Founder: Urgency, Speed & Integrity 22:30 Storytelling vs. Substance: How to Filter Real Vision in Pitch Meetings 25:15 Deal Sizing, Valuation Frameworks, and Calculating Runway 29:00 Lessons from Early Wins and Missed Deals: NWear, Cato, and Lexroom 32:45 Seed Strapping & The Future of Capital-Efficient Startups 35:30 Architecture, Outliers, and Polymarket: Life Outside Venture Capital Companies and institutions mentioned in this episode: Italian Founders Fund, Zipjet, Glovo, Deliveroo, Rocket Internet, Global Founders Capital, NWear, Syndo, Jet HR, Cato, Lexroom, Polymarket. 𝐄𝐧𝐣𝐨𝐲𝐞𝐝 𝐭𝐡𝐞 𝐞𝐩𝐢𝐬𝐨𝐝𝐞? 𝐅𝐢𝐧𝐝 𝐦𝐨𝐫𝐞 𝐢𝐧𝐭𝐞𝐫𝐯𝐢𝐞𝐰𝐬 𝐰𝐢𝐭𝐡 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐟𝐨𝐮𝐧𝐝𝐞𝐫𝐬 & 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐨𝐧 𝐨𝐮𝐫 𝐜𝐡𝐚𝐧𝐧𝐞𝐥. 𝐁𝐫𝐨𝐮𝐠𝐡𝐭 𝐭𝐨 𝐲𝐨𝐮 𝐛𝐲 𝐅𝐫𝐨𝐧𝐭𝐢𝐞𝐫 𝐒𝐭𝐚𝐜𝐤! 𝐒𝐢𝐠𝐧-𝐮𝐩 𝐭𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞: ◼ Frontier Stack website - https://www.getfrontierstack.com/ ◼ Frontier Stack Linkedin - https://www.linkedin.com/company/frontier-stack/ 𝐘𝐨𝐮 𝐜𝐚𝐧 𝐟𝐨𝐥𝐥𝐨𝐰 𝐋𝐨𝐫𝐞𝐧𝐳𝐨 𝐅𝐫𝐚𝐧𝐳𝐢 & 𝐈𝐭𝐚𝐥𝐢𝐚𝐧 𝐅𝐨𝐮𝐧𝐝𝐞𝐫𝐬 𝐅𝐮𝐧𝐝 𝐡𝐞𝐫𝐞: ◼ LinkedIn - https://www.linkedin.com/in/lorenzo-franzi-b22baa42/ ◼ Website - https://italianfoundersfund.com/ 𝐅𝐨𝐥𝐥𝐨𝐰 𝐑𝐚𝐢𝐬𝐢𝐧𝐠 𝐄𝐮𝐫𝐨𝐩𝐞 𝐡𝐞𝐫𝐞: ◼ Raising Europe website - https://raisingeurope.com/ ◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Raising Europe Linkedin – https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack - https://raisingeurope.substack.com/ #ItalianFoundersFund #VentureCapital #RaisingEurope #TomGuinness #LorenzoFranzi #EuropeanTech #ItalianTech #StartupFundraising #AI #CapitalEfficiency #AngelInvesting #FrontierStack

When investing in sustainability-focused innovation, when done well, impact and commercial returns directly drive each other. In this episode of the Raising Europe podcast, host Tom Guinness sat down with Lucy Rands, a Partner at ETF Partners - a UK-based venture capital fund that has been investing in sustainability-focused innovation since 2005 across Europe. In this episode, Lucy breaks down how ETF Partners targets the intersection of climate impact and economic value across energy transition, future mobility, and AI applications. She shares her framework for evaluating software defensibility through proprietary data, tracking core metrics, and navigating the future of vertical AI and quantum computing. 𝐖𝐡𝐚𝐭 𝐝𝐞𝐟𝐢𝐧𝐞𝐬 𝐭𝐡𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐬𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐢𝐦𝐩𝐚𝐜𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠? ➡️ 𝐈𝐦𝐩𝐚𝐜𝐭 𝐌𝐞𝐞𝐭𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬: Lucy explains why true impact investing differs from traditional ESG, showing how backing loss-making growth businesses at the Series A to C stage requires aligning planetary good with clear venture-scale returns. ➡️ 𝐓𝐡𝐞 𝐀𝐈 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐋𝐚𝐲𝐞𝐫 & 𝐃𝐞𝐟𝐞𝐧𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲: While AI poses massive energy consumption challenges, Lucy highlights the massive opportunity in vertical-specific AI applications that leverage proprietary data and deep customer relationships to build unbreakable moats. ➡️ 𝐓𝐮𝐫𝐧𝐢𝐧𝐠 𝐕𝐂 𝐂𝐨𝐧𝐯𝐞𝐫𝐬𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧𝐭𝐨 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬: For founders raising capital, Lucy shares a tactical approach to fundraising - treating every VC conversation as a productive business development project by actively seeking client and investor introductions. Chapters: 00:00 Intro & Lucy's Path from Oxford to ETF Partners 04:30 Mixing Capitalism & Impact: The ETF Partners Mission 08:15 Portfolio Breakthroughs: From AI Project Management to Maritime Exits 12:00 Evaluating Risk & Sector Focus Across Energy Transition and Quantum 16:15 The AI Paradigm Shift: Solving Energy Challenges via the Application Layer 20:30 Decoding Key Metrics: Why Net Revenue Retention (NRR) Matters Most 24:15 The Must-Back Founder Profile: Drive, Integrity, and Narrative Power 28:00 Venture Capital Maths: Pricing Rounds and Driving Capital Efficiency 31:45 A Bold Prediction: Finding Undervalued Moats in Vertical Software 35:15 Tactical Fundraising: How to Turn VC Rejections into Client Introductions 38:30 Vibe Coding with Claude, Balancing Family, and Essential Book Picks. Companies and institutions mentioned in this episode: Nodes and Links, Fairly Made, Greenbird, GE Vernova, Deep Sea, Monzo, University of Oxford, Claude. 𝐄𝐧𝐣𝐨𝐲𝐞𝐝 𝐭𝐡𝐞 𝐞𝐩𝐢𝐬𝐨𝐝𝐞? 𝐅𝐢𝐧𝐝 𝐦𝐨𝐫𝐞 𝐢𝐧𝐭𝐞𝐫𝐯𝐢𝐞𝐰𝐬 𝐰𝐢𝐭𝐡 𝐥𝐞𝐚𝐝𝐢𝐧𝐠 𝐟𝐨𝐮𝐧𝐝𝐞𝐫𝐬 & 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐨𝐧 𝐨𝐮𝐫 𝐜𝐡𝐚𝐧𝐧𝐞𝐥. 𝐘𝐨𝐮 𝐜𝐚𝐧 𝐟𝐨𝐥𝐥𝐨𝐰 𝐋𝐮𝐜𝐲 𝐑𝐚𝐧𝐝𝐬 & 𝐄𝐓𝐅 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐡𝐞𝐫𝐞: ◼ LinkedIn - https://www.linkedin.com/in/lucy-rands-96474858/ ◼ Website - https://etfpartners.capital/ 𝐅𝐨𝐥𝐥𝐨𝐰 𝐑𝐚𝐢𝐬𝐢𝐧𝐠 𝐄𝐮𝐫𝐨𝐩𝐞 𝐡𝐞𝐫𝐞: ◼ Raising Europe website - https://raisingeurope.com/ ◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Raising Europe Linkedin – https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack - https://raisingeurope.substack.com/ #ETFPartners #ClimateTech #Sustainability #VentureCapital #RaisingEurope #TomGuinness #LucyRands #ImpactInvesting #AIApplications #QuantumComputing #EnergyTransition #UKTech #EuropeanTech

The UK has world-class research, but scaling academic breakthroughs into global market leaders requires long-term, patient capital. In this episode of the Raising Europe podcast, I sat down with Rowan Bird, a deep tech investor at BGF - a major UK growth fund with over £5 billion deployed into more than 650 growth and early-stage businesses. In this episode, Rowan breaks down how BGF uses its self-funding evergreen structure to back hardware innovation across semiconductors, advanced materials, and AI infrastructure. He shares his framework for evaluating university spinouts, navigating deep tech valuation steps, and overcoming the fear of failure to build game-changing companies. 𝐖𝐡𝐚𝐭 𝐝𝐞𝐟𝐢𝐧𝐞𝐬 𝐭𝐡𝐞 𝐔𝐊’𝐬 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐢𝐧 𝐝𝐞𝐞𝐩 𝐭𝐞𝐜𝐡?➡️ The UK Spinout Engine: BGF builds close relationships with world-leading research institutions to back high-potential spinouts like Echion Technologies and Gaussion, helping technical teams shift from an R&D mindset to commercial markets. ➡️ Sovereign AI & Capital Realities: Rowan discusses the UK’s £500 million AI commitments, stressing the need for strict investor discipline during peak hype cycles while targeting infrastructure and compute bottlenecks. ➡️ How to Invest in Deep Tech - The Risk Transition Framework: To prevent Europe from falling behind global competitors, founders must align their fundraising with clear technical and commercial risk milestones from seed to multi-billion dollar exits. Chapters: 00:00 Intro & Rowan's Path to BGF02:45 Inside BGF: Funding UK Tech via an Evergreen Structure 06:10 Investing in the AI Infrastructure Layer & Compute Bottlenecks 14:00 Maintaining Investment Discipline During Peak Hype Cycle16:35 Debunking the Fear of Failure in European Venture Capital 21:05 Winning University Spinout Deals Across the UK & Ireland 23:30 Portfolio Deep Dive: Battery Tech to the $1.5B OrganOx Exit 26:15 The Must-Back Founder Profile: Low Ego, High Ambition 31:40 How VCs Price Risk & Value Deep Tech Inflection Points 39:20 Geopolitical Shifts & Mapping a Long-Term Funding Strategy Companies and institutions mentioned in this episode: Echion Technologies, Gaussion, OrganOx, University of Oxford, University of Cambridge, University College London.Enjoyed the episode? Find more interviews with leading founders & investors on our channel.You can follow Rowan Bird & BGF here:◼ LinkedIn - https://www.linkedin.com/in/rowan-bird-527a1ba4/ ◼ Website - https://www.bgf.co.uk/Follow Raising Europe here:◼ Raising Europe website - https://raisingeurope.com/◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Raising Europe Linkedin – https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack - https://raisingeurope.substack.com/#BGF #DeepTech #VentureCapital #RaisingEurope #TomGuinness #RowanBird #AIInfrastructure #AdvancedMaterials #UniversitySpinouts #UKTech #IrishTech #SovereignTech

Long before the generative AI hype cycle began, securing a true investment edge required deep technical pedigree. In this episode of The Raising Europe podcast, host Tom Guinness sits down with Barry Downes, Founder & Managing Partner of Sure Valley Ventures (SVV). Since 2017, SVV has deployed specialised pre-seed and seed venture capital into AI-native enterprise software exclusively across the UK & Ireland. As a founder-operator turned veteran VC investor, Barry leverages his background building & exiting FeedHenry to Red Hat and directing machine learning research at the Walton Institute to spot breakthrough technologies. He breaks down how software is transitioning into an autonomous actor, why corporate competitive moats are shifting from foundational models to custom scaffolding, and how SVV dogfoods its own agentic stack to scale fund operations. 𝐖𝐡𝐚𝐭 𝐝𝐞𝐟𝐢𝐧𝐞𝐬 𝐁𝐚𝐫𝐫𝐲’𝐬 𝐞𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞 𝐢𝐧 𝐀𝐈 𝐯𝐞𝐧𝐭𝐮𝐫𝐞 𝐜𝐚𝐩𝐢𝐭𝐚𝐥? ➡️ The AI Investment Playbook: Launching SVV with AI as a core investment thesis in 2017, Barry brings rare market longevity to AI investing. He applies deep technical empathy from running a 140-person applied machine learning research lab to identify high-potential, early-stage technical teams and his team’s experience in building and exiting software companies to help with their commercial success. ➡️ Deconstructing the Enterprise AI Stack: Rejecting consumer-facing AI hype, SVV systematically deploys capital across the specialized B2B software layer. As core language models commoditize, Barry targets the "scaffolding" layer - where custom data workflows, context memory, and deep enterprise knowledge graphs own the customer relationship. ➡️ Dogfooding Agentic Workflows: SVV acts as a live testbed for fund automation, using custom AI agents built via their spin-out platform, Alludium AI, to scale deal origination, market mapping, and investment evaluation. To elevate the ecosystem, they’ve launched AgenticInvestor.org to open-source these operational agent templates for VCs and LPs. Chapters: 00:00 Intro 01:38 Core Software Architecture: Founding FeedHenry & Exiting to Red Hat 03:43 Translating Applied Machine Learning at the Walton Institute 04:53 Launching SVV: Thesis-Driven AI Investing Since 2017 09:35 UK & Ireland Portfolio Case Studies: Exits from Artomatics to Unity, and Getvisibility to Forcepoint 12:45 Mapping the Enterprise AI Stack: From Inference to Middleware 17:22 Model Commoditization vs. Sustainable AI Scaffolding Moats 19:27 Vertical Takeoff: Evaluating the Velocity of AI Scaling 22:53 Dogfooding the Venture Capital Lifecycle via Alludium AI 26:31 The Next Frontier: Automating Mathematics, Code, and Material Science 32:07 The Venture Capital Framework for Must-Back Founding Teams 35:23 Substance Over Storytelling: Verifying Reality in AI Due Diligence 36:28 Market Dynamics: Sizing and Pricing Pre-Seed & Seed AI Rounds 39:32 Launching AgenticInvestor.org: Open-Sourcing for VCs & LPs 45:42 Quick Fire Round: Investment Philosophy, Books, and Media Other companies Discussed in this episode: Mirror Security, Overpath AI, Isomorphic Labs. Enjoyed the episode? Find more interviews with leading founders & investors on our channel. You can follow Barry Downes & SVV here: ◼ LinkedIn - https://www.linkedin.com/in/barrydownes/ ◼ Website - https://www.surevalleyventures.com/ Follow Raising Europe here: ◼ Website - https://raisingeurope.com/ ◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/ ◼ Follow Raising Europe – https://www.linkedin.com/company/raising-europe/ ◼ Subscribe on Substack - https://raisingeurope.substack.com/ #SureValleyVentures #SVV #EnterpriseAI #VentureCapital #RaisingEurope #TomGuinness #BarryDownes #ArtificialIntelligence #TechInvesting #AIAgents #DeepTech #MachineLearning #Founders #UKTech #IrishTech

Cash flow is the lifeblood of any business and a CFO or Finance Leader’s key metric, yet managing accounts receivable remains a broken, admin-heavy process. In the UK alone, working capital constraints cause 38 businesses to collapse every single day - and a staggering 40% of these late payments are caused by simple process, system, and admin errors. Instead of relying on rigid legacy automation tools that eliminate hours but fail to change financial outcomes, the future belongs to autonomous software. The goal is simple: building a brain trained solely to execute background workflows, handle customer conversations, and get businesses paid faster. That is exactly how Spinal operates - providing AI agents that get you paid and 10x the leverage of modern finance teams. In this episode of The Raising Europe podcast, host Tom Guinness sits down with Guiv Ardalan, CEO & Co-founder of Spinal. He breaks down how Spinal converts unstructured communications into high-velocity cash flow, why founders must act like an investor’s "golden ticket" during fundraising, and how to blend European structure with American optimism to build a category-defining AI company.𝐖𝐡𝐚𝐭 𝐝𝐞𝐟𝐢𝐧𝐞𝐬 𝐒𝐩𝐢𝐧𝐚𝐥’s 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡 𝐭𝐨 𝐀𝐈-𝐝𝐫𝐢𝐯𝐞𝐧 𝐟𝐢𝐧𝐚𝐧𝐜𝐞?➡️ The 10x Finance Engine: Operating as an autonomous brain for accounts receivable, Spinal doesn't just automate tasks - it reasons. ➡️ Unstructured Data Monetization: While traditional tools stumble on messy human communication, Spinal captures deep context by connecting directly to ERP systems and company emails. ➡️ The Golden Ticket Fundraising Playbook: Rejecting the urge to over-optimize on early valuations, Spinal secured backing from top-tier funds like Venture Friends, 14 Peaks, and Enzo Ventures.Guiv's perspective highlights why building in the AI era requires an uncompromising focus on trust, tangible value, and gut instinct over blind data. When you pair an elite, high-density engineering culture with a solution to an economic problem as old as the Silk Road, you can build a pioneering company capable of reshaping global B2B trade. Chapters: 00:00 Intro 07:36 What is Spinal? Solving the Backbone of B2B Cash Flow 12:45 The Micro & Macro of Accounts Receivable: A $500B UK Problem 19:04 Why Now? How Autonomous AI Agents Differ From Legacy Automation 22:36 Inside the Product: The Dashboard That Works While You Sleep 24:52 Building the Moat: Unstructured Data & 15-Minute Time-to-Value 26:27 Finding the Perfect ICP: From Series B Startups to High-ACV Manufacturing 29:30 Cultivating Talent Density: Hiring for Evidence and Energy Over Paychecks 33:08 The Golden Ticket Rule: Navigating Europe vs. US Fundraising Dynamics 34:47 Valuation vs. Alignment: Decoupling Risk in Pre-Seed Rounds 38:51 Why Fundraise vs. Bootstrap? The Reality of Sales-Led AI Scaling 42:37 One Bold Prediction: Why Every Business Problem is Becoming an Engineering Problem 44:49 Quick Fire Round: Brandon Sanderson, High Fantasy, and the Silk Roads Enjoyed the episode? Find more interviews with leading European Tech founders & investors on our channel. You can follow Guiv Ardalan & Spinal here:◼ LinkedIn - https://www.linkedin.com/in/guiv-ardalan/ ◼ Website - https://www.withspinal.com/ Follow Raising Europe here:◼ Website - https://raisingeurope.com/◼ Follow Tom Guinness – https://www.linkedin.com/in/tom-guinness-raising-europe/◼ Follow Raising Europe – https://www.linkedin.com/company/raising-europe/◼ Subscribe on Substack - https://raisingeurope.substack.com/#CFO #AccountsReceivable #RaisingEurope #Spinal #TomGuinness #GuivArdalan #ArtificialIntelligence #AIAgents #Fintech #CashFlow