Air taxi startup Vertical Aerospace extends runway with $50mn lifeline

Vertical Aerospace has been thrown a crucial lifeline, staving off potential bankruptcy at the cash-strapped air taxi startup. The UK-based company — which makes electric vertical take-off and landing (eVTOL) aircraft — secured the fresh funds from its largest creditor, American debt investor Mudrick Capital. The agreement, announced Monday, includes a $50mn cash injection and a substantial debt-to-equity swap. Mudrick will invest $25mn upfront and guarantee another $25mn in future funding, offset by contributions from third-party investors. Mudrick will also convert half of its $130mn in outstanding loans into equity at $2.75 per share, taking its ownership stake in Vertical…This story continues at The Next Web

Published: 2024-11-26 10:17:36

Swiss startup turning rainy days into refunds launches first product

Zurich-based startup Poncho has officially launched its weather insurance platform — and bagged some fresh funding to boot. Founded in 2023, the company aims to transform how the travel and hospitality industries handle unpredictable weather. Poncho’s tech integrates with booking systems, allowing customers to opt for weather protection at checkout. If bad weather, such as heavy rain or wind, occurs during their scheduled event or trip, a refund is processed automatically. You don’t need to file a claim. Maybe torrential rains turn your Alpine ski trip to slush or maybe you’ve splurged on a Mediterranean yacht adventure only to have…This story continues at The Next Web

Published: 2024-11-25 22:56:31

UK hospitality startup Lighthouse enters unicorn club with $370M raise

London-based startup Lighthouse just raised a hefty $370mn from American investment giant KKR at a valuation of over $1bn, making it Europe’s latest unicorn tech company. The funding will supercharge the company’s ambitions to shake up the $15bn travel tech market. What’s on the to-do list? Refining its AI tools, expanding globally, and snapping up competitors through mergers and acquisitions (it has already made four). Lighthouse’s platform crunches over 400 terabytes of travel data every day, using AI to turn that ocean of info into bite-sized insights that help hotels make better business decisions. It includes data like how many…This story continues at The Next Web

Published: 2024-11-21 21:42:23

Candela brings electric flying ferry to US shores after $40M raise

Candela is flying high — and across the Atlantic. The Swedish startup has secured $14mn, marking the close of its Series C round at a cosy $40mn. This puts its total funding at just shy of $90mn. Candela has also sold its first P-12 ferry in the US, amid burgeoning demand for what is the world’s fastest and longest-range electric passenger vessel. FlyTahoe, the company that will operate the service, will use the P-12 to shuttle tourists and locals across Lake Tahoe. This massive freshwater lake straddles the border of California and Nevada and is best known for its clear…This story continues at The Next Web

Published: 2024-11-21 15:00:30

Dutch startup picked for $100M wind-powered carbon capture plant in Texas

Amsterdam-based startup Skytree is set to deploy its carbon-sucking machines on a newly announced carbon capture and storage project in Texas, US. Dubbed “Project Concho,” the $100mn Direct Air Capture (DAC) plant aims to initially vacuum up 30,000 tonnes of carbon from the atmosphere annually, eventually scaling to 500,000 tonnes. This carbon will be permanently stored underground, on site. The facility is set to enter operation in 2028, a Skytree representative told TNW via email. Project Concho is masterminded by carbon capture developers Return Carbon, from the Netherlands, and Verified Carbon, from Texas. They will generate revenue from the plant…This story continues at The Next Web

Published: 2024-11-21 13:00:57

UK startup launches ‘world’s first’ AI deepfake-detecting browser

UK startup Surf Security has launched a beta version of what it claims is the world’s first browser with a built-in feature designed to spot AI-generated deepfakes. The tool, available through Surf’s browser or as an extension, can detect with up to 98% accuracy whether the person you’re interacting with online is a real human or an AI imitation, the company said. The London-based cybersecurity upstart uses “military-grade” neural network technology to detect deepfakes. The system uses State Space Models, which detect AI-generated clones across languages and accents by analysing audio frames for inconsistencies. “To maximise its effectiveness, we focused…This story continues at The Next Web

Published: 2024-11-20 13:07:41

Tokamak Energy secures $125M to commercialise fusion power

British scaleup Tokamak Energy has secured $125mn as it looks to harness fusion — the same clean, virtually limitless energy source that powers the Sun and stars. Tokamak spun out from the UK’s Atomic Energy Authority in 2009. As its name suggests, the company is building a tokamak reactor, the most common kind of fusion design, first pioneered in the 1960s. Tokamaks use giant magnets to keep plasma moving in a loop while running an electrical current through it. The funding brings the company’s total raised to $335mn, comprising $275mn from private investors and $60mn from the UK and US…This story continues at The Next Web

Published: 2024-11-20 00:01:54

Nanoprinter turns Meta’s AI predictions into potentially game-changing materials

For the past few months, Meta has been sending recipes to a Dutch scaleup called VSParticle (VSP). These are not food recipes — they’re AI-generated instructions for how to make new nanoporous materials that could potentially supercharge the green transition. VSP has so far taken 525 of these recipes and synthesised them into nanomaterials called electrocatalysts. Meta’s algorithms predicted these electrocatalysts would be ideal for breaking down CO2 into useful products like methane or ethanol. VSP brought the AI predictions to life using a nanoprinter, a machine which vaporises materials and then deposits them as thin nanoporous films. Electrocatalysts speed…This story continues at The Next Web

Published: 2024-11-19 17:00:18

Rocket plane blasts through sound barrier on route to hypersonic flight

Dawn Aerospace has flown its rocket-powered aircraft past the speed of sound, the latest milestone on its path to its first commercial flights. During the test, which took place on New Zealand’s South Island, the startup’s Mk-II Aurora aircraft reached Mach 1.1 and an altitude of 25 kilometres. Dawn said this marks the first time a civil aircraft has flown supersonic since Concorde. The feat comes after Aurora hit Mach 0.92 in August, which, at the time, was three times the speed and five times the height of its previous test conducted in 2023. Dawn’s aircraft just keeps on getting…This story continues at The Next Web

Published: 2024-11-19 11:18:22

UK startup taps last-mile delivery algorithms to bring a nurse to you

Two years ago, the minds behind Testing for All — a Covid-era at-home testing service — launched a new startup. But instead of those dreaded antigen tests that make you feel like you’re trying to tickle your brain with a cotton swab, the company delivers something much more comforting: a trained nurse or doctor. The London-based venture is called Heim Health. It works with the private sector and the NHS to match patients with the best practitioners in their area. Once paired, the platform uses algorithms borrowed from delivery apps to map the fastest routes and schedule the most convenient time…This story continues at The Next Web

Published: 2024-11-19 06:00:48

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