Weekly RoundUp #08 — Scale Mode
Scale is no longer theoretical.
📅 February 23 – 27, 2026 | Read time: 5 mins
👋 The Week in Review
This week, Europe’s technology champions moved decisively into capital-intensive territory. Quantum hardware firms are preparing for public listings. Autonomy platforms are raising multi-billion dollar rounds to industrialize deployment. Space and fusion programs are securing the funding required to build physical infrastructure, not prototypes.
Even global giants are reinforcing their European footprint, with London emerging as a key research base in the next phase of AI infrastructure buildout.
Across deeptech, greentech, mobility, and space, the signal is consistent. The ecosystem is shifting from innovation narratives to execution at industrial scale.
Let’s dive into the data.
📰 News of the Week
OpenAI hits a staggering $730B valuation following a $110B infrastructure-focused funding round
Led by SoftBank, Nvidia, and Amazon, this historic capital injection allows OpenAI to secure the specialized chips and energy resources required for its “Stargate” data center project while simultaneously designating London as its largest global research hub outside the US to tap into the UK’s elite talent pool.
Finland’s quantum champion IQM prepares for a US public debut via a landmark SPAC merger
The Espoo-based leader in superconducting quantum computers is set to list in New York through a blank-check vehicle, providing the liquid capital necessary to scale its modular “Radiance” systems and maintain Europe’s competitive edge in the global quantum hardware race.
Revolut enters the UK’s stablecoin sandbox as it eyes a $100B valuation ahead of its London IPO
By joining the FCA’s regulated testing environment for digital assets, the fintech giant is diversifying its revenue streams with a proprietary stablecoin, a move designed to bolster its investor appeal as it prepares for one of the most anticipated public listings in European history.
Swedish freight pioneer Einride raises $113M in a pre-IPO bridge round to fuel its US expansion
Ahead of its planned New York SPAC listing, the autonomous electric trucking startup is doubling down on its “Einride Saga” software and charging infrastructure to meet surging enterprise demand for decarbonized logistics in the North American market.
Wayve secures $1.2B in a SoftBank-led Series D to hit an $8.6B valuation and accelerate its global autonomy platform
The London-based pioneer has drawn strategic backing from top tier investors and Nvidia, Uber, Microsoft, alongside global automakers Mercedes-Benz, Nissan, and Stellantis, to scale its “Embodied AI” architecture, which utilizes end-to-end deep learning and real-time computer vision to navigate complex urban environments without the need for expensive HD mapping.
Berlin-based Dash0 enters the unicorn race with a Balderton-led funding round at a $1B valuation
The observability startup, which leverages OpenTelemetry to help developers debug complex cloud-native applications, is reportedly closing a major investment to challenge incumbents like Datadog with its more efficient, AI-integrated monitoring platform.
Doctolib invests €20M in a dedicated AI laboratory to transform the French healthcare experience
The European healthtech leader is launching an internal R&D hub to develop generative AI tools that automate medical administrative tasks and provide diagnostic assistance, aiming to significantly reduce burnout for the hundreds of thousands of practitioners on its platform.
🇪🇺 Deals of the Week
🔍 The Deep Dive
ISPTech (SpaceTech) | Seed | €5.5M
The Deal: Ludwigsburg-based German Aerospace Center (DLR) spin-off developing non-toxic in-space propulsion systems for satellites secured €5.5M.
The Investors: Led by Jolt Capital, with participation from HTGF, Faber, First Momentum Ventures, Lightfield Equity, Final Frontier Liftoff, German Aerospace Center, Start-up BW Seed Fonds
The Analysis: Satellite manufacturers are currently transitioning away from toxic and expensive propellants like hydrazine toward sustainable alternatives that simplify ground operations and reduce launch overhead. ISPTech addresses this shift by developing high-performance green propulsion systems that utilize non-toxic propellants such as hydrogen peroxide and ethanol for orbital maneuvering. The company leverages advanced metal 3D printing to manufacture complex thruster architectures with integrated cooling channels, enabling rapid production cycles and significantly lower hardware costs compared to traditional fabrication methods. These propulsion modules are designed to support the rapid expansion of the small satellite market, which is a key segment of a broader space propulsion sector projected to reach a valuation of 18.5 billion dollars by 2030.
What’s Next: Scale production, grow workforce, build a new in-house test facility, expand propulsion offerings including dual-mode system that could provide chemical and electric thrust.
Flox Intelligence (NatureTech) | Seed | €2.5M
The Deal: Stockholm and New York-based AI-powered digital shepherd platform that guides wildlife away from danger using real-time detection and deterrence systems raised €2.5M.
The Investors: Led by Tilia Impact Ventures, with participation from N/ASatgana, GENIUS NY, J.O.S.S., Unconventional Ventures, Almi Invest
The Analysis: Managing the intersection of heavy infrastructure and local wildlife has traditionally been a losing battle of static fences and lethal deterrents. Flox Intelligence redefines this field through its autonomous “Edge” systems, which act as a digital shepherd by identifying animal species in real time and deploying tailored bioacoustic signals to steer them safely away from danger zones. This proactive approach not only mitigates the estimated 1.5 billion dollars in annual damages caused by wildlife collisions but also builds a global biodiversity dataset to improve long-term ecological coexistence. By integrating its AI layer into airports, railways, and industrial sites across North America and Europe, the company is transforming animal hazard mitigation into a scalable, data-driven utility for modern logistics.
What’s Next: Expand across North America, deploy more Edge systems.
⚡ Deal Flow
🇩🇪 Proxima Fusion (DeepTech) — €400M Grant: Munich-based stellarator fusion energy company building Europe’s first commercial fusion test facility to provide clean energy.
🇳🇱 Axelera AI (Semiconductors) — €213M Series C: Eindhoven-based semiconductor company developing high-performance AI inference chips and edge computing platforms for energy-efficient AI deployment.
🇬🇧 Allica Bank (FinTech) — €131M Series D: London-based digital bank providing a full suite of banking services and proprietary technology tailored for established SMEs.
🇬🇧 Dwelly (PropTech) — €79M: London-based AI-enabled rollup of letting agencies that acquires and digitizes independent rental agencies to automate property management.
🇬🇧 ThreatAware (Cybersecurity) — €21M Series A: London-based cyber asset management and hygiene platform delivering real-time visibility across IT estates to uncover hidden devices.
🇦🇹 nyra health (HealthTech) — €20M Series A: Vienna-based AI-platform for neurological therapy and rehabilitation providing digital solutions for stroke and dementia patients.
🇩🇰 Hybrid Greentech (GreenTech) — €15M: Roskilde-based virtual power plant provider integrating renewable energy assets and battery storage for European grid flexibility.
🇨🇿 ValkaAI (CreativeTech) — €12M Pre-Seed: Prague-based real-time interactive AI video platform developing AI-powered avatars and dynamic content for sports and media.
🇩🇪 FLEXOO (DeepTech) — €11M Series A: Heidelberg-based physical AI and robotics company scaling advanced manipulation and ultra-thin sensor technology used in space and industrial rovers.
🇮🇹 Sinergy Flow (CleanTech) — €7M Seed: Milan-based developer of proprietary flow battery technology for long-duration energy storage supporting the circular economy.
🇵🇱 FlyFocus (DefenseTech) — €4.5M Series A: Warsaw-based defense technology company specializing in NATO-aligned unmanned aerial systems and avionics for military applications.
🇩🇪🇺🇸 YOU(th) Health Tech (HealthTech) — €3.8M Seed: Berlin-based digital health company using smartphone sensors and machine learning to enable rapid preventive screening of digital biomarkers.
🇬🇧 Quantcore (DeepTech) — €2.8M Seed: Glasgow-based quantum hardware company building sovereign manufacturing capabilities for quantum and advanced computing.
🇭🇺 The New Era of Shopping (E-commerce) — €1.2M Pre-Seed: Budapest-based agentic commerce platform enabling brands to make products discoverable and purchasable within AI assistants.
👉 See the full database of 60+ rounds from this week: here.
💸 New Dry Powder
Spotlight: Seraphim 🇬🇧 — $100M
London-based Seraphim Space has reached an oversubscribed final close for its latest early-stage vehicle, Seraphim Space Ventures II, surpassing its original $100M target. This 2026 vintage fund centers on a thesis of “industrialising space at scale,” specifically targeting the convergence of SpaceTech and artificial intelligence as the foundational infrastructure for the global economy. The vehicle focuses on Seed and Series A stages and has already hit the ground running by backing 17 companies, including recent investments in Mutable Tactics, Hubble Network, Delos, and Atmos Space Cargo. Seraphim boasts a formidable track record with 9 unicorns birthed from its previous vehicles, featuring industry leaders like ICEYE, D-Orbit, and LeoLabs. The firm differentiates itself as the world’s first and most prolific pure-play space investor, leveraging a vertically integrated ecosystem that includes the Seraphim Space Camp accelerator and a publicly listed investment trust (LSE: SSIT).
Other Fund Launches:
🇧🇪 Syndicate One (€22M): Second fund dedicated to early-stage Belgian tech founders, backed by a network of the country’s top entrepreneurs and the European Investment Fund.
🇬🇧 Guinness Ventures (£3M): A dedicated Seed Enterprise Investment Scheme (SEIS) fund targeting early-stage British startups across diverse sectors to identify high-growth potential founders.
🇫🇮 Founders House (N/A): An equity-free startup hub and selective workspace in Helsinki designed to unite Finland’s most ambitious founders with direct access to top-tier Nordic VCs and operators.
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See you next week for more Tech & VC insights.
Best,
Agathe