Thank you for reading THE UN BRIEF.
In this edition you will find:
Switzerland at the UN Security Council in New York
GP Bullhound on Leading Series B for Q-CTRL
GESDA: Hello Tomorrow CEO on Deep Tech in Europe
This week we present a mix of curated news about tech investments in nuclear energy, and an interview with Per Roman, Founder and Chair Emeritus of GP Bullhound, on their investment on quantum infrastructure software company Q-CTRL.
GP Bullhound led a $113 million Series B funding round marking the largest aggregate Series B for a quantum software company to date. Scroll down to watch.
“This round extension will fuel the continued development of Q-CTRL’s quantum sensing and computing technologies, expanding their real-world applications across industries. GP Bullhound invested through Fund VI, which also includes late-stage ventures such as LeoLabs, EcoVadis, CoverManager, Mentimeter, and Sesame HR.“
The investment was supported by the LFF 2 initiative, a collaboration between the Société Nationale de Crédit et d’Investissement (SNCI) and the European Investment Fund (EIF). The invested capital also included contributions from the German Future Fund (GFF) and the ERP Special Fund (ERP-Sondervermögen).
GP Bullhound also invested in the health and performance tracker WHOOP, worn by Cristiano Ronaldo and other top performing sports professionals, to monitor and improve their training goals.
Cristiano Ronaldo swears by the precision of WHOOP’s biomarkers, and the impact it has on his sleep quality and other performance indicators, essential for elite athletes.
Predictions
Every year GP Bullhound publishes a much waited predictions’ list of tech trends for the upcoming year. In 2023 they said that 2024 would be a watershed for natural language processing for business strategies, and that has proved right, as enterprise versions of GPTs are the ones leading returns on investment, or at least being the one sector that will show the monetization path to boards. Watch for more:
Interview with Per Roman
Co-Founder and Managing Partner of GP Bullhound LLP
Bio
Per Roman is one of Europe´s best-known technology investment bankers and expert in international M&A and capital transactions for high-growth businesses.
He is the co-Founder and Managing Partner of GP Bullhound LLP since 1999 and has worked with successful companies including Klarna, Spotify, Navteq, Neonode, Tobii, TradeDoubler, Shazam and SteelSeries, among many others.
Roman started his banking career at Lehman Brothers in London, focused on technology & Internet. Prior to that, he gained experience at Autodesk Inc., both in San Rafael and Geneva. During his youth Roman found his passion for the industry through programming Apple IIe and Commodore Amiga computers. Roman graduated from the Stockholm School of Economics and holds an MSc in Finance.
GESDA: Hello Tomorrow CEO, on Deep Tech in Europe
Arnaud de la Tour is the CEO and co-founder of Hello Tomorrow, a global organization that enables deep-tech and science entrepreneurs to solve world challenges. Through a Global Challenge for start-ups, which has received more than 18,000 applications from more than 100 countries since 2014, Hello Tomorrow identifies deep-tech solutions by partnering with universities and research labs, and connecting them with industry leaders, investors, researchers, and regulators through conferences and networking events in 11 countries.
Arnaud wrote his Ph.D. thesis on the photovoltaic industry, focusing on the role of intellectual property in technology transfer, then worked for a few years in management consulting at the Boston Consulting Group. He is the main author of two reports about deep tech co-published by Hello Tomorrow and BCG: “From Tech to Deep Tech” (2017) and “The Dawn of Deep Tech Ecosystems” (2019).
Switzerland at the Security Council
On Monday, October 21, the UN Security Council will hold a briefing on "Anticipating the Impact of Scientific Developments on International Peace and Security."
Led by Swiss Foreign Minister Ignazio Cassis, this meeting marks Switzerland's October SC presidency. The briefing will feature Robin Geiss from UNIDIR, neurotechnology specialists Jocelyne Bloch and Grégoire Courtine, and Amin Awad from DCAF.
The discussions will focus on emerging scientific advancements, particularly in neurotechnology, and their implications for global security.
Participants will address both the opportunities and risks posed by these developments, with a particular focus on ethical concerns and human rights.
Members will discuss the need for updated regulatory frameworks and the integration of scientific knowledge into peacekeeping and conflict prevention efforts.
The meeting builds on the UN Pact for the Future, which calls for responsible use of technology in global security. For more details check here.
Catching up. In case you missed it.
Macron Calls for Robust Investment in Tech
At the Berlin Global Dialogue the French President called for a more robust European capital market to spur innovation, and that Europe must create an European Capital Market Union, which already has French-German support. The Draghi Report was the center piece, with its focus on European tech companies being laggards.
IAEA on Financing Nuclear Power for Climate Action
The 2024 edition of the IAEA’s Climate Change and Nuclear Power report has been released, highlighting the need for a significant increase in investment to achieve goals for expanding nuclear power. Read more →
Nadia Calvino on the EU Green Deal
EU Commissioners giving a vote of confidence to EIB President Nadia Calvino. During the Climate Week in New York last September, in an interview with Bloomberg TV, she spoke about investing in the Green Economy.
The EIB is the largest multilateral development bank in the world. They have a balance sheet of 600 Billion Euros, 90% of which are invested in EU-based companies. 60% of investments are in the Green Economy.
During Climate Week in New York, the Earthshot Prize Innovation Summit, led by Bloomberg Philanthropies, focused on scaling climate solutions alongside the UN General Assembly. Nadia Calvino, President of the European Investment Bank, talked to Bloomberg Television about the European Green Deal, which aims for EU climate neutrality by 2050. (Source: Bloomberg)
Amazon Invests $500 Million in Nuclear Energy
Ed Ludlow and Caroline Hyde of Bloomberg Tech speak with Amazon’s CEO about the investments on nuclear to address the growing energy needs for an AI powered economy.
Can the EU Retain its Tech Titans?
On the European Tech Ecosystem and the Draghi Report
European Tech Talent Exodus: Despite a burgeoning tech scene, Europe struggles to retain its successful startups. The lack of large-scale acquisitions within the EU drives companies towards US-based exits, leading to a "brain drain" and loss of potential investment capital that could fuel further innovation.
The Productivity Gap: A productivity gap between the EU and the US, primarily attributed to the difference in the scale and dynamism of their respective tech sectors. This gap is further exacerbated by the flow of capital out of Europe through US acquisitions.
Draghi Report
Mario Draghi cites ‘the tech sector’ as the largest cause of the ‘productivity gap between the EU and the US’."
European stock exchanges lack the liquidity and investor confidence found in US markets, hindering large-scale acquisitions. Only a small number of European companies currently have the capacity to execute €5 billion acquisitions.
Mario Draghi's Call to Action: Mario Draghi's competitiveness report, which stresses the urgency of addressing the EU's tech sector challenges advocates for radical change and highlights the need to bridge the productivity gap with the US.
The Role of Regulation and Incentives: A multi-pronged approach is needed involving government incentives, streamlined regulations, post-IPO support, and targeted investment in key technology areas like quantum computing and AI.
Boosting European Acquisition Capacity: Creating a more favorable environment for large-scale acquisitions through measures like encouraging consortiums, simplifying regulatory approvals, and providing tax incentives.
Strengthening European Stock Exchanges: Increasing liquidity and investor confidence in European markets to rival the attractiveness of US exchanges.
Fostering Public-Private Partnerships: Encouraging collaboration between governments, research institutions, and private companies to drive innovation in strategic technology sectors.
Cultivating a Culture of Growth: Shifting the focus from simply creating unicorns to nurturing their long-term success and enabling them to reach their full potential within Europe. Read the full Draghi report here.
However…
An op-ed by Daniel Gros, Director of the Institute for European Policymaking at Bocconi University, is skeptical, as in his opinion the report is short on specifics, even as it calls for larger investments.
What we are reading and watching.
Tech News Elsewhere
EU in Palo Alto, Op-Ed by Saul Klein, WIRED
Hottest Startups in Paris in 2024, WIRED
Women in Venture Capital
People you should meet.
Noor Sweid
Saudi Arabia
Tech and Food Security
Venture Capital, AI, HealthTech & The Education System | Noor Sweid
On Mo Podcast
Noor Sweid is an influential figure in the world of venture capital and entrepreneurship, especially in the Middle East and North Africa (MENA) region.
She is the Founder and Managing Partner of Global Ventures, a UAE-based venture capital firm that invests in high-growth startups across emerging markets, particularly focusing on technology and innovation.
Before establishing Global Ventures, Noor held key leadership positions in various industries. She was the Chief Investment Officer at The Dubai Future Foundation.
In addition to her business roles, Noor Sweid is a strong advocate for diversity and women in business.
UAE
Minister for Happiness and Well Being? Yes.
H.E. Ohood bint Khalfan Al Roumi was the Minister of State for Happiness and Wellbeing and Director General of the Prime Minister’s Office, United Arab Emirates, and is an advocate for the UN SDGs. Now she is the UAE Minister of State For Government Development and the Future.
Speaking of the Future
Check this * From 2015
“For Paul Saffo, the "new economy” anticipated in the late 1990s is arriving late and in utterly unexpected ways. Social media, maker culture, the proliferation of sensors, and even the 2008 market crash are merely local phenomena in a much larger shift.
What unfolds in the next few years will determine the shape of the global economy for the next half-century and will force a profound rethink of economic theory.
Paul Saffo teaches forecasting at Stanford and Singularity University. Journalists rely on him for cruelly telling quotes about everything from the monthly disruptions in Silicon Valley to the yearly turmoils in the global economy.
"The Creator Economy" was given on March 31, 2015 as part of Long Now's Seminar series. The series was started in 2003 to build a compelling body of ideas about long-term thinking from some of the world's leading thinkers. The Seminars take place in San Francisco and are curated and hosted by Stewart Brand.“
