vc-scanPre-diligence & valuation
← This week's Intake

The Podium

Last 90 days

The i-Index ranks sectors. This ranks ideas — the lanes where several separate companies raised money for the same thing. Ranked by how many companies, not by how much money, because one $2bn round can make any lane look like the story of the quarter.

If you are raising, this is the answer to “am I alone in this, or is a partner already looking at three of us?” If you are investing, it is a comp set you did not have to assemble.

28 May – 25 Aug · 200 companies raised · 21 contested lanes · rumours excluded · share ↓

We have been collecting since 17 Jul 2026, so this window is only as deep as that — it is everything we hold, not ninety days of it.

01

Chips built for AI

11 companies · $3.9bn reported

02

Defence & national security

6 companies · $373.4m reported

03

AI agents doing the work

6 companies · $290.5m reported

Every contested lane

01

Chips built for AI

11 companies$3.9bn reported · 10 of 11 disclosed

Silicon designed specifically to run models, rather than general-purpose processors doing the job.

  • Firmus$2.9bn (reported)7 Aug 2026 · AU

    Builds and operates large AI data centres in Australia powered by Nvidia chips.

    Startup Daily
  • OLIX€270.5m (reported)3 Aug 2026 · GB

    Designs specialised silicon chips to replace general-purpose GPUs for AI inference workloads.

    EU-Startups
  • Etched$300m (reported)24 Jul 2026 · US

    Designs specialized computer chips built to run AI models efficiently.

    Tech in Asia
  • Xsight Labs$300m (reported)31 Jul 2026

    Designs chips that connect servers together inside AI and cloud data centers.

    Tech in Asia
  • Callosum$100m (reported)20 Aug 2026 · GB

    Systems software that routes AI workloads to the cheapest suitable models and chips.

    EU-Startups
  • DeepX$30m (reported)4 Aug 2026 · KR

    Designs AI processor chips for edge devices; says it has secured over 30 mass-production contracts across eight countries.

    Tech in Asia
  • Velatir€5m (reported)20 Aug 2026 · DK

    An AI infrastructure platform that helps companies run AI workloads across different chips and models.

    EU-Startups
  • Solinide€4m (reported)20 Aug 2026 · SE

    Silicon-nitride photonic chips for AI data centres, moving toward mass manufacturing.

    Tech.eu
  • Embedd$2.7m (reported)25 Aug 2026 · GB

    Software that builds a digital twin of computer chips and uses AI to auto-generate the integration code needed for physical-AI devices.

    UKTN
  • HexSeed Technology£600k (reported)21 Aug 2026 · GB

    Develops a diamond-coating material that stops AI computer chips from overheating.

    UKTN
  • Groqamount undisclosed17 Aug 2026 · US

    Designs AI inference chips for running AI models efficiently.

    Tech in Asia
02

Defence & national security

6 companies$373.4m reported · 4 of 6 disclosed

Companies selling into defence ministries — including dual-use businesses that lead with that customer.

  • Cambridge Aerospace$300m (reported)10 Aug 2026 · GB

    Builds low-cost interceptor missiles for European and allied militaries.

    EU-Startups
  • Greenjets$40m (reported)21 Jul 2026 · GB

    British-built aircraft propulsion systems and small aircraft platforms, aimed at defence and resilience buyers.

    UKTN
  • Agon£22.5m (reported)30 Jul 2026 · GB

    Builds AI systems and a virtual battlefield simulator so defence AI can train and improve faster than adversaries.

    UKTN
  • FuVeX€3m (reported)5 Aug 2026 · ES

    Drone technology built for both civilian and military uses.

    Tech.eu
  • Monavaamount undisclosed4 Aug 2026

    Uses acoustic sensors to detect and track drones for security and defence.

    Tech.eu
  • SpaceAMamount undisclosed17 Aug 2026 · GB

    Makes ultra-lightweight autonomous sensing systems for use in harsh defence and space environments.

    EU-Startups
03

AI agents doing the work

6 companies$290.5m reported

Software that carries out a multi-step business task end to end — booking, onboarding, chasing, resolving — instead of answering a question and handing back.

  • Onyx$113m (reported)30 Jul 2026 · IL

    Monitors company use of AI tools, tracking prompts and AI agent actions to catch security and shadow-AI risks.

    Tech in Asia
  • Freehand$75m (reported)29 Jul 2026

    Autonomous AI agents that manage supply-chain spend and decide whether to pay invoices for large enterprises.

    Crunchbase News
  • BUSINESSNEXT$40m (reported)23 Jul 2026 · IN

    Enterprise software with AI agents that run customer onboarding and service workflows inside banks and insurers.

    Inc42
  • Arrakis$30m (reported)24 Jul 2026 · GB

    Autonomous AI agents that run core business workflows for enterprises.

    UKTN
  • Natural$30m (reported)20 Jul 2026

    Payment rails built for AI agents that buy and sell on their owner's behalf.

    TechCrunch
  • Aisot Technologies€2.1m (reported)14 Aug 2026 · CH

    Gives institutional investors AI-driven portfolio management tools using autonomous 'agentic' AI.

    EU-Startups

Fleet & freight software

5 companies$379.5m reported

Running vehicles that carry goods — routing, utilisation, compliance and cost per mile.

  • Moove$250m (reported)5 Aug 2026

    Manages fleets of autonomous vehicles, including Waymo robotaxis, for ride-hailing operators.

    TechCrunch
  • Yulu$93m (reported)12 Aug 2026 · IN

    Electric two-wheeler ride-sharing and fleet operator, expanding into full-size electric scooters.

    Inc42
  • Chargepoly€23m (reported)6 Aug 2026 · FR

    Electrification systems and charging infrastructure for heavy-duty commercial vehicle fleets.

    EU-Startups
  • Fleetx₹650m (reported)27 Jul 2026 · IN

    Fleet management software for logistics operators, backed by a strategic investment from IndiaMART.

    Inc42
  • 5U AI$3.2m (reported)28 Jul 2026 · DE

    An AI digital workforce platform for freight-forwarding and logistics teams.

    Tech.eu

Software supply-chain security

5 companies$238.7m reported · 4 of 5 disclosed

Checking the code a company depends on but did not write — the open-source packages that reach production unread.

  • HappyRobot$150m (reported)4 Aug 2026

    AI voice agents that automate calls and coordination for supply-chain and logistics teams.

    Tech.eu
  • Freehand$75m (reported)29 Jul 2026

    Autonomous AI agents that manage supply-chain spend and decide whether to pay invoices for large enterprises.

    Crunchbase News
  • Intropy$11m (reported)31 Jul 2026 · GB

    AI platform that automates decision-making for spare-parts supply chains.

    UKTN
  • Ossprey$2.7m (reported)22 Jul 2026 · GB

    Security tool that protects software supply chains from attacks.

    Tech.eu
  • Platteramount undisclosed7 Aug 2026 · GB

    Software that runs food supply chains for suppliers, wholesalers and manufacturers.

    Tech.eu

Compact nuclear reactors

4 companies$1.5bn reported

Small reactors built in a factory and shipped to where the power is needed, rather than constructed once, on site, as a bespoke power station.

  • Valar Atomics$1bn (reported)4 Aug 2026 · US

    Builds compact nuclear fission reactors; its Ward 250 unit reached criticality in Utah under a US Department of Energy pilot program.

    Tech in Asia
  • Antares$470m (reported)28 Jul 2026 · US

    Compact nuclear reactor technology; its demonstration reactor recently reached criticality.

    Tech in Asia
  • Nuclear Turbines£15m (reported)27 Jul 2026 · GB

    Nuclear power-generation technology aiming to cut electricity costs to a fifth of today's plants, a BAE Systems spinout.

    Tech.eu
  • Bluecore Energy$10m (reported)21 Jul 2026 · US

    Portable nuclear reactors built on barges, towed to wherever power is needed.

    TechCrunch

AI-designed materials

4 companies$481.6m reported

Using models to propose new physical materials — catalysts, sorbents, alloys — instead of discovering them by trial in a lab.

  • CuspAI£334m (reported)24 Jul 2026 · GB

    AI-driven platform for discovering new materials.

    UKTN
  • Greyparrot$27m (reported)28 Jul 2026 · GB

    AI that identifies and sorts waste materials to improve recycling in the circular economy.

    Tech.eu
  • Discovered Materials$9m (reported)11 Aug 2026 · IN

    Uses AI to discover new materials for semiconductor manufacturing.

    Inc42
  • HexSeed Technology£600k (reported)21 Aug 2026 · GB

    Develops a diamond-coating material that stops AI computer chips from overheating.

    UKTN

Making AI cheaper to run

4 companies$329.5m reported · 3 of 4 disclosed

Cutting the cost of answering each request once a model is live — compression, serving infrastructure and the arithmetic of inference, as distinct from training.

  • OLIX€270.5m (reported)3 Aug 2026 · GB

    Designs specialised silicon chips to replace general-purpose GPUs for AI inference workloads.

    EU-Startups
  • Infinity$15m (reported)20 Jul 2026

    Infrastructure that runs AI models faster and more cheaply when they are answering live requests.

    TechCrunch
  • KantokoAUD 3.5m (reported)13 Aug 2026

    Offers online care to make ADHD diagnosis and treatment faster and cheaper.

    Startup Daily
  • Groqamount undisclosed17 Aug 2026 · US

    Designs AI inference chips for running AI models efficiently.

    Tech in Asia

Construction & project bidding

4 companies$213.4m reported

Software for an industry that still runs on tenders and spreadsheets — finding the work, pricing it and winning it.

  • Gravis Robotics€172m (reported)17 Aug 2026 · CH

    Develops autonomous-driving technology for heavy construction machinery.

    EU-Startups
  • conmeet€6m (reported)5 Aug 2026

    AI-powered operating system to help construction and trades businesses run projects.

    Tech.eu
  • Cascade$3.5m (reported)22 Jul 2026

    Software that helps construction firms find and win project bids.

    TechCrunch
  • Volve$3m (reported)25 Aug 2026 · NO

    AI platform that helps construction companies manage tendering and preconstruction planning.

    Tech.eu

Servicing craft in orbit

4 companies$45.8m reported

Refuelling, repositioning and powering satellites that are already up there, instead of replacing them.

  • Neuraspace€15.6m (reported)5 Aug 2026 · PT

    AI software that tracks satellites and debris to help prevent collisions in orbit.

    Tech.eu
  • deltaVision€10.2m (reported)21 Jul 2026 · DE

    Makes fluid-handling refuelling systems for satellites, launch vehicles and lunar landers.

    Tech.eu
  • Outlier Space$10.5m (reported)28 Jul 2026 · NZ

    Reusable, uncrewed space capsules that manufacture drugs and computer chips in orbit.

    Startup Daily
  • ORiS€5m (reported)21 Jul 2026 · IT

    Beams power by laser to satellites and other craft that would otherwise run out of energy in orbit.

    Tech.eu

Warehouse & factory robots

3 companies$2bn reported

Machines that move, pick and handle physical goods inside warehouses, factories and fulfilment centres.

  • Atoms$1.7bn (reported)22 Jul 2026

    Builds industrial robots powered by AI ('physical AI').

    TechCrunch
  • Humanoid$152m (reported)21 Jul 2026 · GB

    Builds industrial humanoid robots.

    Tech.eu
  • Sereact$116m (reported)20 Jul 2026

    Warehouse robots that can pick and handle items they have not been trained on beforehand.

    Tech.eu

Grid & energy storage

3 companies$598m reported

Storing electricity so it can be used when it is needed rather than when it is generated — batteries, and the software that decides when to charge them.

  • Antora$550m (reported)30 Jul 2026

    Builds large thermal batteries that store energy and supply steady power to factories and electricity grids.

    Crunchbase News
  • Ore Energy$43m (reported)4 Aug 2026 · NL

    Long-duration batteries that can store energy for several days at a time.

    Tech.eu
  • Boldr$5m (reported)24 Aug 2026 · GB

    Smart thermostats and software that turn home heating and cooling systems into flexible capacity for the power grid.

    Tech.eu

AI on the phone

3 companies$232.1m reported

Machines handling spoken customer conversations — sales calls, support lines and booking, without a person on our end.

  • HappyRobot$150m (reported)4 Aug 2026

    AI voice agents that automate calls and coordination for supply-chain and logistics teams.

    Tech.eu
  • Omilia€58.1m (reported)7 Aug 2026 · CY

    AI-powered customer-service software that runs automated conversations for enterprise contact centres.

    EU-Startups
  • telli$15m (reported)23 Jul 2026 · DE

    AI platform that automates customer-facing calls and support for businesses.

    Tech.eu

Recovering & reusing materials

3 companies$41.4m reported

Pulling valuable materials back out of waste streams and industrial by-products so they do not have to be mined or made again.

  • Greyparrot$27m (reported)28 Jul 2026 · GB

    AI that identifies and sorts waste materials to improve recycling in the circular economy.

    Tech.eu
  • Circular Materials€11.8m (reported)21 Jul 2026 · IT

    Recovers valuable and scarce metals from factory wastewater so they can be reused instead of mined.

    Tech.eu
  • Metal Morph£700k (reported)13 Aug 2026 · GB

    Recovers valuable metals and chemicals from industrial wastewater instead of letting them go to sewer.

    UKTN

Humanoid robots

2 companies$1.1bn reported

Robots built in roughly human shape, so they can work in buildings and with tools designed for people.

  • XPeng Robotics$900m (reported)25 Aug 2026 · CN

    Develops humanoid robots, spun out from EV maker XPeng.

    TechNode
  • Humanoid$152m (reported)21 Jul 2026 · GB

    Builds industrial humanoid robots.

    Tech.eu

Giving robots senses

2 companies$295.8m reported

The sensors, chips and models that let a robot work out what it is touching or looking at, rather than following a fixed path.

  • PaXini¥1bn (reported)4 Aug 2026 · CN

    Makes tactile-sensing "skin" that gives robots a sense of touch.

    TechNode
  • Yimu Tech¥1bn (reported)20 Jul 2026 · CN

    Touch sensors, chips and software that let robots feel what they are gripping.

    TechNode

Launch & space infrastructure

2 companies$159.8m reported

Getting mass off the ground, and the vehicles and ground systems that do it.

  • i-Space¥1bn (reported)5 Aug 2026 · CN

    Builds and launches reusable rockets for commercial spaceflight.

    TechNode
  • deltaVision€10.2m (reported)21 Jul 2026 · DE

    Makes fluid-handling refuelling systems for satellites, launch vehicles and lunar landers.

    Tech.eu

Electric vehicle manufacturing

2 companies$18.8m reported

Building electric vehicles, as opposed to the software or charging around them.

  • Matel Motion & Energy Solutions₹1.3bn (reported)3 Aug 2026 · IN

    Manufactures components for electric vehicles.

    Inc42
  • Omega Seiki Mobility₹500m (reported)27 Jul 2026 · IN

    Manufactures electric vehicles, raising capital to expand production capacity.

    Inc42

Solar

2 companies$12m reported · 1 of 2 disclosed

Generating power from sunlight, and the businesses that finance, fit and maintain it.

  • Naked Energy£8.9m (reported)6 Aug 2026 · GB

    Solar-thermal panels that generate renewable heat directly at the point of use.

    EU-Startups
  • SolarSquareamount undisclosed21 Jul 2026 · IN

    Sells, fits and maintains solar panels on Indian homes as a single package.

    Inc42

AI for online shopping

2 companies$1.4m reported · 1 of 2 disclosed

Helping a shopper find the right thing, and helping the retailer describe it — search, listings and product data.

  • PageMind€1.2m (reported)23 Jul 2026 · ES

    AI tool that helps online shoppers find products on e-commerce sites.

    Tech.eu
  • Sowiloamount undisclosed21 Jul 2026 · IS

    AI platform giving fashion brands product intelligence via a Shopify app.

    Tech.eu

Counter-drone defence

2 companies

Spotting and stopping hostile unmanned aircraft — one of the fastest-moving lines of European defence procurement.

  • Alta Aresamount undisclosed21 Jul 2026

    Systems for spotting and stopping hostile drones.

    Tech.eu
  • Monavaamount undisclosed4 Aug 2026

    Uses acoustic sensors to detect and track drones for security and defence.

    Tech.eu

📣 Share the Podium

A ready-made post with the leading lanes and who is in them, plus anyone who joined one this week. Copy it, or open a platform and paste.

Share on X

X pre-fills the post. LinkedIn can't pre-fill text, so Copy + open LinkedIn copies it for you — just paste (Ctrl/Cmd+V) into the box that opens; the link still shows its preview card. Putting the link in the first comment instead of the body often gets more reach.

How this is built

The lanes are written, not discovered

We hold a list of 36ideas and the words that identify each one, and a company joins a lane when our one-line description of it matches. The alternative — letting an algorithm group the descriptions by shared vocabulary — was built first and thrown away: it proposed a lane called “scale” containing a farm-waste plant, a gene-therapy company and a quantum computer, and it merged AI agents with estate agents. A machine still proposes candidates; a person decides what gets a name.

One company, one vote

The count is of companies, never of news stories. A round reported by two outlets on two days is one company in one lane. Money is the sum of what each company's most recent report said — never added up across repeat sightings, which would inflate it.

Why there are no percentages

A company can be in two lanes at once — a payments rail built for AI agents is both. That is deliberate, and it means there is no total to take a share of. So this page counts and adds, and never says “X% of deals”. The eighteen sectors are the mutually-exclusive classification; these are not.

When we refuse to rank

Medals need enough companies in the window that a quiet fortnight cannot reorder the table, and enough lanes with 3 or more companies that coming first means something. Below either, the lanes are still listed — as a tally, with no medals and no ranking claim.

The list of lanes grows as the market shows us new ones, and this table is recomputed from it every time the site is rebuilt — so adding a lane can make it appear in past windows too. That is the honest behaviour (the companies were always there; we had no name for what they shared), but it means this is a live view and not a fixed historical record. Lexicon v1, 36 lanes.

Every figure is what a news outlet reported, not a verified or audited number. Rounds tagged “rumoured” are excluded entirely. This page is general information — not investment advice, and not a recommendation of any company on it. Spotted a lane we have missed, or a company in the wrong one? Tell us.