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On a warm day in October, three corporates and two startups gathered together in the TNW offices for the conclusion of the one-hundred-day Vodafone IoT Challenge. Innovation is something all businesses want, but few actually have time for. We read about the advanced new tools and technologies collecting richer insights and making things faster and easier than ever before. But, when it comes down to it, day-to-day tasks always end up taking precedence over the effort and progress we could make for tomorrow. The real challenge is simply committing to the time it takes to innovate. That’s why Facilicom Group, Vodafone Ziggo, and the Heineken Experience joined the 2024 edition of the Vodafone IoT Challenge. The Vodafone IoT Challenge began in 2018, as Vodafone Business IoT experts sought to address some of the most common customer challenges in new ways. The idea behind the initiative was to discover innovative solutions through the collective power of major industry players and cutting edge, young tech companies. After a successful first edition, the Challenge has gone on to welcome partners from different sectors. Webinar: Unicorn DNA: The Blueprint for Scaling Success What does it take to build a unicorn? Top executives of unicorn companies reveal the mindset, strategies, and innovative thinking that propelled their companies to the top. Much like a fitness boot camp, the Vodafone IoT Challenge connects each participant to a startup in the IoT space and gives them the support and motivation to complete a one-hundred-day sprint in which they develop and demo a solution to one key challenge they’re facing. The challenge kicked off on June 20 with the participants being matched up with two startups: Sensing Feeling and PFM Intelligence. On October 17, everyone came together for Demo Day to share results and compare notes. Here’s what we learned: Challenge One: How can we see without seeing? As the EU takes a leading role in promoting data privacy rights across the bloc, this has also presented challenges for businesses that want to use technology to gain more insights, without infringing on data privacy. This is the challenge Ron Knaap, Director of Platform Technology at Facilicom, was faced with. Focused on enhancing building occupant experience, Knaap and his team needed to develop a way to monitor factors such as occupancy levels, air quality, and occupants’ sentiments to improve well-being within buildings. Through the programme, he was partnered with Jag Minhas, CEO of Sensing Feeling. Together, they developed a project that uses 3D sensors to create heat maps within buildings. In this way, they were able to gather rich data on things like whether crowds are gathering or dispersing, the velocity with which people are moving, and more. This information can then be used to provide real-time insights and even predict behaviours. For Minhas, this challenge provided a new use case in which to deploy Sense Feeling’s technology and expertise, “Usually our use cases are outdoors or in industrial centres. This time we were able to focus on human behaviour in relatively compact spaces like reception areas and corridors.” Challenge Two: Can we analyse people’s behaviour and match it to online reviews? The Heineken Experience is an immersive experience with interactive exhibits that bring visitors closer to one of the Netherlands’ most beloved brands. Benjamin David, Sales & Marketing Manager at the Heineken Experience, wanted to gain deeper insights into visitor satisfaction by understanding what was going on inside the attraction and comparing it to what visitors were saying online. Bart Schmitz of PFM Intelligence was their solution partner for this challenge. Together, they analysed the key insights which could help Heineken to improve the experience. Based on these required data, PFM designed a sensor-based system that could gather information on visitor behaviour, flow, and interactions within their exhibition space. One learning David took from the experience is that, although they started big, aiming to gain insights from the entire location ultimately, they realised they needed to limit the demo to a few key spaces. However, both partners are confident that, when deployed this December, the insights gained by the system will aid strategic decision-making on refurbishments and routing, enhance the overall visitor experience, and allow them to test ideas that can be scaled up later. Challenge Three: How can we optimise a store layout? Vodafone Retail has recently introduced a new shop concept in their Bijlmer Arena location. As Hein van Hell, Channel Manager Vodafone Retail, explained, they wanted to be able to analyse the store in a data-driven way allowing them to optimise the layout and drive more traffic into the store. They wanted to dive deeper into questions like: How are people interacting with the products on the different shelves in the shop? How busy is the street outside the shop at different times of the day/week? How many store clerks do we need to deploy at different times during the day? At the same time, they needed to ensure this data could be collected according to privacy and GDPR guidelines. To gain these types of insights, they needed a solution that could monitor customer patterns, understand crowd composition, and engagement levels in their physical locations. Additionally, they needed a platform capable of aggregating diverse sets of data for comprehensive insights. Van Hell and his solution partner, Christiaan van Rooijen of PFM, came up with a concept that combined technologies to get the insights Vodafone Ziggo wanted. “Although they already had a store counter, we installed sensors that could capture data on shoppers coming into the store. We also installed sensors focused on street traffic so we could understand how many people walked by the store compared to how many people went in. Once shoppers stepped inside, we were able to track every step they took in the store,” said van Rooijen. Through this demo, they were able to confirm that their new shop concept is more appealing and also gain insights into how they could customise their portfolio of products based on customer insights. Learnings

Amsterdam-based startup CarbonX has secured €4mn to industrialise a new anode material that could help Europe reduce its reliance on China for graphite, a substance which makes up half the weight of a typical lithium-ion battery.  Netherlands-based VC Energy Transition Fund Rotterdam led the round. It’s an extension on CarbonX’s €10mn capital injection announced in February, capping off the funding round at a cosy €14mn.   Graphite is the go-to material for lithium-ion battery anodes, which is the negative electrode responsible for storing and releasing electrons during the charging and discharging process. Its found in batteries that power everything from EVs to smartphones.  The EU imports almost 100% of its graphite from China, which recently imposed restrictions on exports of the carbon-based material amid rising political tensions between Bejing and the West. “A resilient battery supply chain is crucial for global electrification,” said CarbonX’s co-founder Rutger van Raalten. “Yet, we don’t see sufficient alternatives for locally sourcing critical raw materials such as graphite.”  Webinar: Unicorn DNA: The Blueprint for Scaling Success What does it take to build a unicorn? Top executives of unicorn companies reveal the mindset, strategies, and innovative thinking that propelled their companies to the top. CarbonX wants to offer European and American battery makers a way to source a graphite alternative that is not just locally-made, but greener and better performing.  Spun out from Delft University of Technology in 2014, the company has developed an “emulsion feedstock” technology that takes carbon black — a fine, black powder made mostly of pure carbon —  and processes it into a material with a complex 3D porous structure.   Similar to graphite, this hexagonal formation creates spaces where lithium ions can insert themselves during charging. However, CarbonX says that its material has even more little crevices for the lithium ions to hide. That equals faster charging and longer-lasting batteries.  “CarbonX’s unique 3D porous network structure improves electron and lithium-ion transfer, while it is still highly compressible to achieve high energy densities,” explained Daniela Sordi, CTO and co-founder of CarbonX.  CarbonX’s feedstock technology purportedly consumes much less energy compared to synthetic or natural graphite production. This equals lower costs and less carbon emissions, it said.    The company’s carbon anode material is currently undergoing “late-stage qualifications” with “several top 10 global battery cell manufacturers.” It expects to secure its first offtake agreements halfway into 2025.  Graphite demand is expected to rise by 20-25 times between 2020 to 2040, according to the International Energy Agency (IEA).  To cater to this “enormous market pull,” CarbonX plans to scale up quickly. CarbonX is currently planning its first high-capacity facility at an existing carbon black factory in the Port of Rotterdam. Its tech can “plug-in” to existing carbon black factories, using their current equipment, so there’s no need to build new plants. The company is also undergoing a feasibility study for a 20,000 ton per annum production line in both Europe and US, it said.  “The founders of CarbonX found an answer to the developing Chinese export ban on graphite,” commented Jesse In ‘t Velt, investment manager of Energy Transition Fund Rotterdam.  source

UK and Luxembourg-based startup Uplift360 has landed €1mn in pre-seed funding to scale up a greener method for recycling advanced materials like Kevlar. Uplift360’s patent-pending process breaks down Kevlar and other composites without compromising the integrity of the fibres and resins. These raw materials can then be reused to make new products. It does this using safe chemicals and at room temperature — making it greener and more energy-efficient than traditional methods, the startup claims.   “It’s a game-changer,” Sam Staincliffe, Uplift360’s co-founder and CTO, told TNW in an interview. “It means we can lower costs and recycle a wide range of advanced materials without the harmful impacts.” The process can also break down carbon fibre and glass fibre. Uplift360 will use the fresh funding to accelerate R&D, mature its technology and expand its team of scientists and engineers. Over the next 12 months, the company will set up its first concept demonstrator plant at its lab in Luxembourg, as it looks to woo potential customers, including DuPont: the American chemical conglomerate that first invented Kevlar.     Giving body armour a second life Webinar: Unicorn DNA: The Blueprint for Scaling Success What does it take to build a unicorn? Top executives of unicorn companies reveal the mindset, strategies, and innovative thinking that propelled their companies to the top. Staincliffe, a defence tech expert, founded Uplift360 alongside Royal Airforce (RAF) veteran Jamie Meighan in 2021. Their mission was to help green the defence sector, which by one estimate contributes 5.5% of global greenhouse gas emissions — more than Russia.  First, the founders considered recycling military uniforms until Dr Debra Carr, a textile scientist working for the UK’s Defence and Security Accelerator (DASA), suggested they look into body armour. More specifically, para-aramid fibres — aka Kevlar.    DuPont chemist Stephanie Kwolek invented Kevlar in 1965. The material, which is five times stronger than steel, is best known for stopping bullets, but it’s also found in planes, cars, boats and many other products.  Today, Kevlar vests are incinerated after around 5 years of use. They are never recycled. That’s partly because traditional recycling methods aren’t up to the task. Governments also don’t want body armour ending up in the wrong hands.    Either way, it’s a big sustainability problem. It can take over 37 kilograms of petrochemicals to make one kilogram of Kevlar, so making new ones all the time isn’t exactly good for the planet.  Burning Kevlar also doesn’t make economic sense. Para-aramid fibres cost 85 times as much per weight as steel. A single vest can cost up to €3000. This makes Kevlar “waste” pretty darn valuable.  ‘Matter of national security’ Last year, Uplift360 secured €600K in funding from the UK’s Defence and Security Accelerator (DASA), as the country’s Ministry of Defence looks for innovative ways to green its supply chain. It also wants to cut reliance on foreign powers for key materials.   “The defence industry in the UK and Europe has a pretty fragile supply chain,” said Staincliffe. “Recycling and reusing isn’t just about sustainability, it’s also a matter of national security.”    However, the startup’s first customers will likely not be the users of products like Kevlar, but the manufacturers of them. Uplift360 is already trialling its technology with DuPont and Teijin, a Japanese company specialising in high-performance fibres.  The aim is to build recycling facilities at these firms’ factories. The plants will take in old products and recycle them for reuse to make new ones. While Uplift360 is focusing on Kevlar recycling for now, the company plans to put its chemicals to work on a range of tough stuff in the future — from aircraft components to wind turbine blades. source

In 2018, Elon Musk put a Tesla in space. Like many of the billionaire’s antics, it was a publicity stunt. However, it pointed to an undeniable truth: the future of space travel is electric.   Most spacecraft today — like cars and trucks back on Earth — burn chemicals to get around. But space agencies like NASA, ESA, and France’s CNES have been experimenting with electric thrusters for decades, in a bid for a cleaner, more efficient way to propel satellites. A few startups have spun out from this work. One of them is Paris-headquartered ION-X. It hopes to build the most efficient propulsion system ever put in space. ION-X has developed a so-called electrohydrodynamic (EHD) electrospray thruster. It works by applying a high-voltage electric field to an ionic liquid fuel. (Ionic liquid is made up of organic salts that are liquid at room temperature). The electric charge breaks up the fuel into tiny charged particles that eject from the back of the thruster at high speeds — propelling the satellite through space.  Today, ION-X announced it has raised €13mn in funding as it looks to break out from the lab and industrialise its technology. This adds to €4mn in seed capital, raised back in 2022.   “This funding round is a decisive step for ION-X,” said Thomas Hiriart, the company’s CEO. “We are deeply convinced that our propulsion solutions can revolutionize the space mobility market, contribute to sustainable, innovative, and cost-effective space missions, and carve out a significant commercial position in a market eager for reliable thrusters.”  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! World-renowned engineer Jacques Giérak founded ION-X in 2021 following decades of research into electrospray propulsion systems at the French National Centre for Scientific Research (CNRS) and CNES. Giérak co-founded the company with Yves Matton, a partner at the early-stage deep-tech venture firm Technofounders, which has also invested in Ion-X.   Unlike chemical thrusters, which burn fuel to produce thrust, or ion thrusters that use xenon, ION-X’s system is far more energy-efficient and compact. It’s better at precisely manoeuvring satellites, the startup claims. The ionic liquid fuel is also non-toxic and nonflammable, and thus safer. However, it’s less powerful than combustion-based systems, so it’s better suited to smaller satellites, like those in Low Earth Orbit (LEO) — which is, nevertheless, a booming market.  ION-X is set to demonstrate its technology in orbit for the first time early next year. Its thrusters will propel a satellite by Danish company Space Inventor as part of a larger ESA mission. The company is also building a production facility near Paris. Here it hopes to produce 200 ion thrusters per year by 2028.  The funding round was led by aerospace-focused VC Expansion and Technofounders. The European Innovation Council (EIC) also joined in, as did the Île-de-France Region, through its Reindustrialisation Fund.   source

German startup FibreCoat has bagged €20mn in Series B funding as it looks to bring its super-resistant materials to the burgeoning space industry.  FibreCoat spunout from RWTH Aachen University in 2020. The startup has developed a patented process for coating fibres with metals and plastics during the spinning stage. This creates fibres that are lightweight and conductive, yet strong and durable — at a fraction of conventional costs. These can then be spun together to form reinforced composites.  So far, FibreCoat has focused on securing clients in the automotive, construction, and defence industries, where the materials are particularly useful for radiation shielding and weight reduction applications. Now the company is setting its sights on upward. Spacecraft require materials that can withstand extreme temperatures, radiation, and electromagnetic interference (EMI) without adding unnecessary weight. “Space is a rapidly growing sector, and launchers and satellites increasingly need coated fibres to endure harsh conditions,” said Dr. Robert Brull, CEO of FibreCoat.  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! Luxembourg-based NewSpace Capital co-led the funding round, bringing vital expertise as the startup looks to cash in on the expanding space ecosystem, projected to reach $1.8trn by 2035.  “Space and terrestrial supply chains are converging,” said Bogdan Gogulan, managing partner at NewSpace Capital, adding that FibreCoat has the potential to address critical challenges across a swathe of industries. FibreCoat will use the fresh funds to ramp up R&D and scale production as it looks to commercialise its fibre coating technology.  The startup is far from the only spinout access story to emerge from RWTH Aachen in recent years.    One of the fastest growing is Cylib. The startup is currently constructing what is set to be Europe’s largest EV battery recycling plant.  Cylib’s founders — Dr Lilian Schwich, Paul Sabarny, and Dr Gideon Schwich — launched the company after a decade of battery recycling research at RWTH Aachen. The partners claim their method uses 30% less energy than competitors.  Another big player is Black Semiconductor, which raised €254.4mn back in June. That’s a massive raise for any startup, let alone a European one. Even more impressive is that the company is only four years old.  Brothers Daniel and Sebastian Schall launched Black Semiconductor in 2020. The startup is developing a new type of chip-connecting technology using the “wonder material” graphene. source

A police force in the UK is using Bluetooth tracking wristbands for people with dementia in a high-tech bid to keep them safe.   Starting this month, Avon and Somerset Police will start giving out Bluetooth wristbands for free to families. It’s part of a broader initiative to protect dementia patients, who often suffer from extreme memory loss and confusion as a result of the incurable condition. The wristbands are fitted with Tile, a popular tracking device similar to the Apple Airtag. Once the tag is attached to a patient, caregivers can track their location via a smartphone app. If the person strays too far, the app sends out an alert.   The Tile tags’ Bluetooth range is typically limited to a few hundred metres. However, the device can make a virtual “handshake” with other smartphones running the Tile app, to create a crowdsourced tracking network. Life360, the US firm that makes Tile, claims over 76 million people use its app globally.   Webinar: Unicorn DNA: The Blueprint for Scaling Success What does it take to build a unicorn? Top executives of unicorn companies reveal the mindset, strategies, and innovative thinking that propelled their companies to the top. Dementia is a growing problem globally, with over 55 million people currently living with the condition, according to the World Health Organisation.  The scheme was launched by Inspector Stuart King in 2015, following a rise in missing person incidents involving people living with dementia.     “The introduction of Bluetooth-enabled devices from Life360 and Tile is a significant step forward in safeguarding those living with dementia,” said Inspector King.  “These discreet and user-friendly devices not only offer reassurance to families but can be a critical tool in emergencies, enabling quick response and timely assistance,” he said.   Tile also incorporates QR code functionality. When the QR code on the back of the device is scanned, it allows the next of kin or carer to be contacted directly via phone or text.   Unlike GPS devices which need regular charging, the battery on the Bluetooth wristbands should last for about three years. The initiative comes amid a boom in health tech, as startups develop high-tech solutions everything from machines that help detect cancer to algorithms that fastrack the discovery of new drugs.  source

Google DeepMind researchers have built an AI weather forecasting tool that makes faster and more accurate predictions than the best system available today. Dubbed GenCast, the new model outperformed the ENS forecast, widely regarded as the world leader, 97% of the time for predictions up to 15 days in advance. It was tested on over 1,320 weather scenarios, including tropical cyclones and heatwaves. “Outperforming ENS marks something of an inflection point in the advance of AI for weather prediction,” Ilan Price, a research scientist at Google DeepMind, told the Guardian. “At least in the short term, these models are going to accompany and be alongside existing, traditional approaches.” GenCast is a diffusion machine learning model, similar to those used in generative AI for tasks like image or text creation. However, it’s uniquely adapted for weather prediction, trained on four decades of data from the European Centre for Medium-Range Weather Forecasts (ECMWF) — the agency behind ENS.  The 💜 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol’ founder Boris, and some questionable AI art. It’s free, every week, in your inbox. Sign up now! During the experiments, researchers asked GenCast to generate a forecast for 2019. They then compared the results to the actual weather during that year as well as ENS’ predictions.   GenCast creates an ensemble of 50+ different predictions, each showing a possible future scenario. This data helps authorities prepare for extreme weather events like hurricanes or wind farm operators better predict power output days in advance.  The fancy name for this technique is probabilistic ensemble forecasting. It’s already the gold standard in traditional forecast systems. However, GenCast is taking things up a notch. The system can spit out predictions in far less time: 8 minutes, compared to hours for traditional models.  That’s because models like ENS run on massive supercomputers that have to crunch through millions of equations to make a prediction. By contrast, GenCast runs on a single Google Cloud TPU, a chip designed for machine learning. That’s because the AI has been trained, it’s “learnt” the data — it doesn’t have to go through it every single time it needs to make a forecast.  GenCast improves upon Deepmind’s GraphCast model unveiled last year. Other tech firms are also developing their own AI weather forecasters. Nvidia released FourCastNet in 2022, while Huawei launched its Pangu-Weather model in 2023.  So will AI replace traditional forecasting soon? Probably not. Models like GenCast still rely on data from traditional weather systems and models to train and calibrate their predictions. However, AI can certainly enhance current methods. “The greatest value comes from a hybrid approach, combining human assessment, traditional physics-based models and AI-based weather forecasting,” Steven Ramsdale, chief forecaster at the UK’s Met Office, told the Financial Times.   source

A Spanish government-appointed committee of experts has recommended that smartphones sold in the country carry health warning labels. The advice comes amid mounting concern about the effects of smartphone use, particularly among young people.   The experts published their findings in a 250-page report, seen by newspaper El País. The document details ways the government could crack down on what the panel calls a “public health epidemic”.   Proposals include banning digital devices for kids under three and restricting their use for those between three and six, except in rare cases. The report also advises rolling out so-called “dumbphones” for teens up to 16 and discouraging social media use entirely for children under 12.  The experts also took aim at educational apps with “instant gratification” mechanics. They recommend their removal from schools to avoid negative impacts on learning. Schools should focus on analogue teaching for younger students and limit digital tools in early education, they said.  On the public health front, the panel pushes for recognising tech-related mental health issues — like addiction and anxiety — as pressing health concerns. It suggests adding screenings for digital overuse into routine doctor visits.  The report calls for mandatory health warnings on digital devices, detailing potential risks like overuse and exposure to harmful content — similar to the ones on cigarette packets, but presumably not as extreme. Similar warnings should pop up on screens when certain apps or platforms are accessed. The sweeping recommendations aim to reframe how Spain approaches tech and its youngest users.  Around half of children in Spain own a smartphone by the time they turn 11. In the UK, this figure is around 90%. The majority of these kids also use social media.  Studies have linked excessive use of apps like Facebook, Instagram, and TikTok to an increase in cases of depression, anxiety, and diet-related issues among youth.   In France, a government-commissioned study said in April that children should not be allowed to use smartphones until they are 13. Meanwhile, Australia made headlines recently for banning social media entirely for under 16s, in a groundbreaking, but controversial, move.   In Spain, the government introduced draft legislation in June that, if passed, would include default parental controls on smartphones, a national campaign to educate children and teens on social media use, and raising the minimum age you can open a social media account from 14 to 16.  While Spain’s digital safeguards for kids sound great on paper, rolling them out won’t be easy.   For starters, good luck getting kids to fess up their real age online. Even harder though might be convincing greedy tech companies to add warnings and default controls that would no doubt affect their revenue.   Big ideas, sure, but execution might take a little longer than that next TikTok scroll. source

Just two weeks since raising $125mn in funding, British scaleup Tokamak Energy has secured backing from the US and UK to upgrade its ST40 fusion energy plant. The US Department of Energy (DOE), the UK’s Department of Energy Security and Net Zero (DESNZ), and Tokamak Energy will jointly sponsor a $52mn upgrade to the fusion facility in Oxfordshire.  “Fusion has the potential to be a clean and sustainable energy source, transforming how we power our country, and countries around the world,” said Kerry McCarthy, Minister for Climate at DESNZ.  “This strategic partnership is therefore crucial to develop this new and exciting technology, and bring it into use quicker,” he said. What day is today? It’s CYBER MONDAY! TNW Conference is offering an exclusive 30% discount on their startup and scaleup programs this week only. This is the best deal you’ll get before prices change in January. The ST40 is a spherical tokamak, a circular-shaped fusion reactor that uses giant magnets to confine superhot plasma and create the conditions needed to fuse atoms. In 2022, the ST40 became the first privately owned fusion reactor to reach 100 million °C — six times as hot as the core of our closest star. The machine is under constant development as Tokamak Energy races to build something commercially viable.  This latest upgrade includes coating the inside of the ST40 with lithium. Research suggests the element can help the walls of fusion reactors better withstand extreme temperatures. But the new project is not just a fusion reactor makeover. “It represents a huge leverage opportunity for advancing fusion science and technology as a whole,” said the DOE’s Dr Geraldine Richmond.  Under the agreement, researchers at universities and national laboratories in both countries will also be able to benefit from the research carried out at the ST40 tokamak. The project is slated to commence next year. The $52mn in funding will be divided equally among all three partners.  Tokamak Energy has already raised $335mn in pursuit of fusion power, making it Europe’s most well-funded private fusion energy venture.  Spun out from the UK’s Atomic Energy Authority in 2009, the company is pursing a type of tokamak that is more compact than traditional doughnut-shaped reactors like the ITER fusion plant under construction in France. According to the company, this shape allows better confinement of the super-hot plasma where fusion occurs, making the reactor smaller, cheaper, and easier to build.    Last year, Tokamak announced plans to build a second prototype spherical tokamak — the ST80-HTS — by 2026 “to demonstrate the full potential of high-temperature superconducting magnets.”  The next step is to build its first grid-connected fusion power plant, which it hopes to pull off somewhere in the 2030s. Its grand vision is for fleets of modular reactors each with a power output of 500MW — enough to power approximately 85,000 homes.  source

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 to just over 70%. This move reduces Vertical’s debt burden while extending the repayment date for the remaining $65mn to December 2028. What day is today? It’s CYBER MONDAY! TNW Conference is offering an exclusive 30% discount on their startup and scaleup programs this week only. This is the best deal you’ll get before prices change in January. Vertical’s founder Stephen Fitzpatrick — whose stake will shrink from 70% to around 20% — is stepping back from an operational role. He will remain on the board as a non-executive director. Despite the shift in control, Vertical will continue to operate from its headquarters in Bristol.  “The additional equity and stronger balance sheet will enable us to fund the next phase of our development programme and deliver on our mission to bring this amazing electric aircraft to the skies,” said Fitzpatrick. The rescue deal comes at a crucial moment for Vertical, which has been burning through cash in a bid to get its VX4 aircraft tested, certified, and airborne by 2028.  In September, Bloomberg reported that without additional funding, Vertical would risk running out of cash by March 2025. Stuart Simpson, the startup’s chief executive, said that Mudrick’s fresh backing will now extend its cash runway to the end of 2025.   eVTOL startups have drawn huge investments in recent years, driven by the promise of revolutionising urban transportation with quiet, eco-friendly flights. Optimism — and a fair bit of hype — fueled early funding, but many underestimated the challenges of development, certification, and scaling production.  As costs rose and timelines slipped, investor confidence steadily waned, leaving many startups grounded. One of Vertical’s main competitors, German startup Lilium, filed for bankruptcy this month after failing to secure new funds.  Vertical, which went public on the New York Stock Exchange in 2021, has lost 95% of its market value since the listing. While the bailout gives the company a lifeline for now, its future is far from certain. source