The British Business Bank is a government-owned development bank created to increase the supply and diversity of finance for smaller businesses in the UK.
The British Business Bank and the Sovereign AI Fund have backed the artificial intelligence developer in a record-setting seed round.
"David Silver is a generational talent who has consistently been on the cutting edge of AI development. Ineffable Intelligence has the potential to produce a paradigm shift in our scientific and technology landscape, and we are incredibly excited to be supporting him and his team in this endeavour."
The British Business Bank has backed the warehouse robotics provider as part of its recent Series C round.
"The UK consistently produces companies with market-leading technology, which need greater domestic backing to scale globally. The Bank is stepping up to ensure companies like Dexory have the capital they need to innovate and expand here in the UK. We are working with fund managers to create deeper pools of capital and are increasing the scale of our co-investing activity, which directly increases the size of funding rounds for high-potential UK companies."
The funding round was supported by One Planet Capital, SFC Capital, Scottish Enterprise, and the British Business Bank.
"My main motivation was the huge opportunity to make an impact when I realized the potential of my idea. This started out as a dissertation on wind turbines and realized this could be so much more. I want to make a difference. We need clean energy fast to meet our targets we are behind on. Hence my inspiration to design a wind turbine that focused on lowering costs, improving logistics and eliminating the need for cranes and large teams to install and maintain wind turbines."
Ingenii Capital led the seed round with backing from Haatch, British Business Bank, and Velocity Capital.
"The rent payment experience has long been outdated and inflexible. Payr has identified a clear market inefficiency and developed a solution that meets the evolving financial habits of modern renters. Their early traction and approach to distribution made this an easy decision for us to support."
The round was co-led by Eclipse, Balderton and SoftBank Vision Fund 2.
"We are making larger investments in high growth companies like Wayve to support the UK’s most promising businesses to start, scale, and stay in the UK."
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