Magentic, a provider of AI-powered digital workers for industrial companies, has raised $18 million in Series A funding, a year after its launch. The round was led by Felicis, with participation from existing investors Sequoia Capital and The Westly Group.

Magentic develops AI agents designed to automate procurement and operational workflows for large manufacturers. Its digital workers are multi-agent systems that operate through tools already used by employees, including Microsoft Teams, email and companies' internal systems.

The agents can manage workflows end-to-end, including assessing whether to buy or build products, selecting suppliers, negotiating contracts, managing orders and processing invoices. Magentic supports both indirect procurement and direct spend on raw materials and other inputs used in manufacturing.

The company is targeting industrial and procurement teams facing growing workloads amid increased manufacturing demand, trade disruption and pressure on budgets. Magentic says its technology is designed to operate across the complex and fragmented technology environments common in global manufacturing, where companies may manage billions of data points, large procurement budgets and a mix of legacy enterprise software and spreadsheets.

The physical world is dealing with the biggest capex cycle in history, driven by AI demand, during a time of trade disruption and geopolitical challenges. The companies that build the best intelligence into every decision they make will be the ones that compound their competitive advantage,

said Robin Van Aeken, CEO and co-founder of Magentic.

The platform includes security controls for enterprise deployments, including zero-data-retention agreements with major AI providers, support for different cloud environments and isolated deployments across different data regions.

Odhran O'Donoghue, CTO and co-founder of Magentic, said bringing advanced AI into physical-world applications requires systems capable of handling significantly more context:

We're building AI that can diagnose problems, plan the fixes, take action, and see work through across gigabytes and terabytes of multimodal data at once.

The new funding will be used to accelerate the development of Magentic's AI agents, extend the platform across additional procurement and supply chain workflows, and support research into AI systems capable of handling complex optimisation problems across industrial operations.

“When you are racing towards a cliff, you hit the brakes,” Senator Bernie Sanders told the Pro-Human Assembly in Washington on Tuesday. Sanders, a Vermont independent, and Trump ally Steve Bannon both called for stronger AI oversight at the event, Reuters reported. The nonprofit Future of Life Institute hosted it. Several hundred people attended, according […]

“To be clear, the core experience in our apps stays free,” Instagram head Adam Mosseri wrote on Threads on Tuesday, as Meta launched its Meta One subscriptions worldwide. Meta One is a new subscription service across Instagram, Facebook, WhatsApp and Meta AI, Meta announced on 15 September. It offers higher AI usage, extra expression features […]

The London-based Magentic, a start-up building AI agents for procurement and supply chain teams at large manufacturers, has raised $18M in a Series A round today, led by Felicis. Sequoia Capital and The Westly Group, which were existing investors, also took part. Also, this round comes a year after the company launched in July 2025, […]

PROSPER has launched Performance Markets, a new framework built on Pharos Network. It allows third-party operators to connect verifiable onchain performance data with independently priced crypto-native assets. The framework introduces MemeRWA. In MemeRWA, observable economic performance serves as a reference for a crypto-native asset without tokenizing ownership of the underlying strategy. Vault Shares and p{VAULT} […]

Mozilla has partnered with Mistral AI to bring the French company’s models to Smart Window, the AI browsing assistant in beta in Firefox. The two companies announced the deal on Wednesday in a joint post, alongside the feature’s launch in France. Smart Window, introduced by Mozilla in August, is a separate AI-assisted browsing mode. It summarises complex searches […]

“We do not believe that the AI industry has solved alignment and monitoring to a sufficient degree to continue responsibly scaling at maximum speed for much longer,” OpenAI wrote on Wednesday. The line appears in a new OpenAI post. It sets out how the company will track, investigate and disclose model misalignment. OpenAI uses the […]

The Scaleup Europe Fund, a €5bn growth fund backed by the European Commission, is in discussions to invest in the voice AI company ElevenLabs, according to Bloomberg. The report says ElevenLabs aims to raise over $500 million in this funding round. Talks are ongoing, and there is no guarantee a deal will happen, according to […]

Google must open its ad auctions to rivals and accept years of outside oversight, according to the full decision in the US government’s ad tech case, unsealed on Wednesday. US District Judge Leonie Brinkema ruled on 2 September that Google would not have to sell its AdX ad exchange, and gave both sides two weeks […]

Finland's tech ecosystem attracted around €1.3 billion across 53 funding deals in H1 2026. Investment was heavily concentrated at the top, with space accounting for €900 million, or nearly 69 per cent of the total capital raised.

Beyond space, funding reflected Finland's strength in research- and engineering-intensive technologies. Deeptech, quantum computing, AI infrastructure, energy, semiconductors and cleantech all attracted capital, while smaller rounds were spread across software, healthcare, foodtech, cybersecurity, e-commerce and sportstech.

The funding mix ranged from pre-seed and seed rounds to large growth financings, debt and grants. While a small number of major transactions drove the overall value, the number and range of smaller early-stage rounds point to continued startup formation across multiple sectors.

Overall, H1 2026 highlighted an ecosystem combining large-scale investment in established technology companies with a broad pipeline of early-stage startups across emerging and research-intensive sectors.

For further insights into funding trends across the European technology ecosystem, check out Tech.eu's Funding Explorer, free and open to everyone.

Here are the ten companies that raised the most in H1 2026.

Amount raised in H1 2026: €900M ICEYE is a spacetech company providing Earth observation and intelligence through synthetic aperture radar (SAR) satellites. It operates the world’s largest SAR satellite constellation, enabling monitoring in all weather and lighting conditions. Its technology is used across defence and intelligence, environmental monitoring, insurance and emergency management, while the company also provides sovereign satellite systems to governments. In H1 2026, ICEYE secured €900 million across three rounds to expand its satellite constellation, increase production and support sovereign missions and global growth.

Amount raised in H1 2026: $117M Verda, formerly DataCrunch, is an AI infrastructure company providing cloud computing resources for AI development and other compute-intensive workloads. Its vertically integrated platform spans physical servers and data centres through to the software and services used by customers to build AI applications, with its Finnish data centres powered by renewable energy. During H1 2026, Verda raised $117 million in equity and debt financing to accelerate development of its AI cloud infrastructure, hire more than 100 employees and expand internationally, including launches in the UK and US and broader growth across Europe, the US and Asia.

Amount raised in H1 2026: €77.8M Solar Foods develops Solein, a single-cell protein produced using a microorganism and a process that is independent of conventional agriculture. Designed as an alternative to animal- and plant-based proteins, Solein can be used as an ingredient across a range of foods and is produced independently of agricultural land, weather and climate conditions. Solar Foods secured €77.8 million in H1 2026 through a grant and R&D loan package to support the construction and commissioning of Factory 02, where the company plans to significantly increase production of Solein as it moves towards larger-scale commercialisation.

Amount raised in H1 2026: €50M IQM Quantum Computers develops full-stack superconducting quantum computers for research and commercial applications. The company provides both on-premises quantum systems and cloud-based access, serving universities, research institutions, high-performance computing centres and national laboratories, with a long-term focus on fault-tolerant quantum computing. In the first half of 2026, IQM secured a €50 million financing package from funds and accounts managed by BlackRock. The capital will be used to accelerate its technology roadmap, expand R&D and support entry into additional markets as the company grows its superconducting quantum computing capabilities.

Amount raised in H1 2026: €25M Qutwo is an AI and quantum computing company developing technology that combines classical AI, high-performance computing and quantum systems. Its Qutwo OS software platform is designed to help companies develop and integrate quantum-enhanced applications and connect existing computing infrastructure with emerging quantum processing capabilities. Qutwo raised €25 million in H1 2026 from angel investors to support the development of its AI and quantum computing platform as it works to build a European AI lab focused on the emerging quantum computing era.

Amount raised in H1 2026: €19.7M Algorithmiq develops quantum algorithms and software for healthcare and life sciences, combining classical and quantum computing to address complex problems in quantum chemistry and drug discovery. Its technology includes a quantum computing interface and algorithms designed to model molecular systems and support the development of new drugs and materials. In H1 2026, Algorithmiq received €19.7 million, comprising an €18 million funding round and a €1.7 million Wellcome Leap prize, to advance its quantum technology, expand commercialisation and support applications including quantum-enabled drug discovery.

Amount raised in H1 2026: €15M Kelluu develops and operates autonomous hydrogen-powered airships for persistent aerial monitoring and data collection. Its platform collects high-resolution data for defence, critical infrastructure and environmental applications, providing digital twins, monitoring feeds and change-detection analysis. Kelluu raised €15 million in H1 2026 to scale its autonomous airship platform, expand production and support the deployment of its aerial intelligence technology for defence and civilian applications.

Amount raised in H1 2026: €11M Capalo AI develops software for optimising battery energy storage systems across electricity markets. Its AI-powered platform combines forecasting and optimisation models to manage the operation and trading of battery assets, which can also be aggregated into a virtual power plant to support grid stability and renewable energy integration. During the first half of 2026, Capalo AI secured €11 million to expand its virtual power plant across Europe, enter additional markets and scale the optimisation and trading of stand-alone and renewable energy-linked battery storage systems.

Amount raised in H1 2026: €10M Quanscient develops cloud-based multiphysics simulation software for engineering and product development. Its Allsolve platform enables companies to run simulations at scale, automate engineering workflows and use AI for optimisation and design predictions, while the company also develops quantum algorithms for engineering simulations. A €10 million Series A secured by Quanscient in H1 2026 will support its international expansion and further development of its cloud simulation platform, AI capabilities and quantum computing technology for hardware engineering.

Amount raised in H1 2026: €10M Vexlum is a Tampere University spin-off developing and manufacturing semiconductor laser systems. Its VECSEL technology provides high-power, narrow-linewidth lasers across a broad range of wavelengths for applications including quantum technology, semiconductor manufacturing and scientific research. In H1 2026, Vexlum secured €10 million in equity, grant and debt financing to expand its semiconductor chip manufacturing and laser production capacity in Finland and accelerate adoption of its technology in quantum and other industrial applications.

According to a report by Nikkei Asia on Thursday, Japan and the United States are negotiating to set up a semiconductor factory as part of their $550bn investment agreement. The project would be worth between ¥2trn and ¥3trn ($12.9bn and $19.3bn) and will be run by the US chipmaker GlobalFoundries, which makes logic chips. Nikkei […]

Swedish fintech Trustly is cutting around 200 jobs, around a quarter of its overall headcount, as it looks to streamline its operations and focus on key areas of the business, it said.

Trustly, which is backed by BlackRock and has raised over $400m in funding, leverages open banking technology to allow its customers to pay directly from their bank account without needing to use a card or app. It is an alternative payment method to card giants Visa and MasterCard.  

Trustly is used by thousands of merchants worldwide, including Alibaba, PayPal and Wise.

The job cuts were first reported in Swedish outlet Breakit, which said last year Trustly lost a significant chunk of revenue when it lost two major unnamed clients, which subsequently returned. The outlet also reported that Trustly might have been up for sale last year.

Trustly said the job cuts, which are understood to mostly hit its teams in Brazil, were about focusing investment on priority areas.

A Trustly spokesperson said: "We've shared proposed organisational changes with our employees that impact around 200 roles globally. These changes are about sharpening our focus and concentrating investment behind the priorities that will help us lead the rapidly growing open banking market. We understand the impact this will have on those whose roles are affected, and we’re supporting every employee throughout the process.”

Trustly is understood to employ over 800 staff.

Headquartered in Stockholm, it has offices around the world, including in London, Helsinki, Ottawa and San Carlos. Trustly CEO Johan Tjärnberg told staff about the cuts via an email sent yesterday.

Trustly snapped up UK open banking outfit Ecospend in 2023. It has raised $438m in total and its other backers include Nordic Capital, Aberdeen Standard Investments and the Investment Corporation of Dubai, according to PitchBook.

MicroLub, a Leeds-based DeepTech ingredient solutions company that develops protein-based biolubricant technologies for replacing fats and oils in food and personal care products, has completed an €8.7 million ($10 million) funding round. 

The round was led by Northern Gritstone, with participation from all of MicroLub’s existing investors, including NPIF II – PXN Equity Finance, which is managed by PXN Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II).

Duncan Johnson, CEO of Northern Gritstone, said, “MicroLub is addressing one of the food industry’s biggest scientific and commercial challenges. Its proprietary technology enables manufacturers to reformulate products in response to changing consumer expectations without compromising the sensory experience that drives purchasing decisions.”

Founded in 2023 by Professor Anwesha Sarkar from the School of Food Science and Nutrition at the University of Leeds, MicroLub develops protein-based technologies that enhance mouthfeel, texture, and nutrition in food, beverage, and personal care products. 

The company states that its patented technologies enable consumer brands and food service suppliers to reduce fat content and increase protein content in their products while maintaining the sensory experience consumers demand.

According to the company, food manufacturers are under growing pressure to improve the nutritional profile of their products. It notes that tighter regulation and changing eating habits are driving reformulation across food categories. The widespread adoption of GLP-1 weight-loss medicines is accelerating this shift, with consumers increasingly seeking higher-protein, lower-calorie foods. 

However, MicroLub highlights that reducing fat, increasing protein or developing plant-based alternatives often compromises the taste, texture and mouthfeel that consumers expect, limiting repeat purchases.

The UK startup claims to solve this challenge through its patented protein-based ingredient technology. Rather than replacing fat with starches, gums or alternative fats, MicroLub replicates this lubrication using water, enabling manufacturers to reduce fat and calorie content by up to 75% while maintaining the sensory experience consumers demand. 

“MicroLub’s technology reduces molecular friction in food and personal care products, delivering oil-like sensory performance without adding fat or oil. By coating protein microgels with polysaccharides in precisely calibrated ratios, MicroLub creates biolubricant molecules that replicate the mouthfeel of fat and the skinfeel of oil. This enables manufacturers to reduce fat content, increase protein, or incorporate micronutrients — all while maintaining the quality and sensory experience consumers expect,” the company explained. 

The company states that, in many applications, the technology can also increase protein content and clean up the ingredients list by removing the need for ingredients such as emulsifiers and thickeners, which consumers are increasingly rejecting. 

David Peters, CEO of MicroLub, said, “For too long, consumers have had to choose between food products that taste great, but are unhealthy, and those that are nutritious but compromise on the eating experience. With MicroLub’s technology, that’s no longer the case – they can now literally have their cake and eat it! Our technology enables manufacturers to reduce fat, increase protein and simplify ingredient lists while delivering the indulgent mouthfeel and texture consumers expect. This investment supports our international scale-up, team growth, and getting MicroLub powered on shelves very soon.”

MicroLub states that it has progressed from lab-scale to industrial-scale manufacturing and is now working with some of the world’s largest food and ingredient companies. It continues to collaborate closely with the University of Leeds, using its research facilities while also operating its own food innovation laboratory at Nexus in Leeds.

“Since emerging from the University of Leeds, the company has made exceptional progress, scaling its technology and attracting interest from global food manufacturers. This is exactly the kind of world-class university spinout Northern Gritstone was created to support, and we’re excited to back the team as they build what we believe can become a globally significant ingredient technology company,” added Johnson.

The company plans to use this capital to support its next phase of growth, including expanding the team and accelerating its expansion into the US and Asian markets. It will also help convert existing customer trials into commercial agreements and further develop its proprietary ingredient technology.

The post Leeds-based MicroLub raises €8.7 million to help food makers cut fat without sacrificing taste and texture appeared first on EU-Startups.

Security experts from the US and China have proposed a set of safeguards for military AI modelled on the rules that grew up around nuclear weapons, including a ban on letting AI decide whether to launch them, Reuters reported. The recommendations, published last week, come from the US-China AI and National Security Dialogue, a track […]

King Charles will host a meeting at Dumfries House, his Ayrshire estate and the home of the King’s Foundation, having invited executives from Nvidia, Google DeepMind, OpenAI, and Anthropic. The event is being run by the Ditchley Foundation, the King’s Trust, the King’s Foundation and the Sustainable Markets Initiative. Politico had reported last week that […]

The Paris-based quantum computing company Alice & Bob and France’s Alternative Energies and Atomic Energy Commission (CEA) announced today that they will collaborate on software enabling quantum computers to run alongside conventional supercomputers, without either party disclosing the financial terms. The project focuses on Qaptiva, a quantum application platform created by the French state-owned company […]

Developers can improve artificial intelligence systems in various ways. The most common practice is to retrain models on custom datasets to help them get better at performing specific tasks. But retraining and fine-tuning AI systems is notoriously expensive. That is why the AI startup Sentient Labs has been looking at ways to teach models to […]

Strasbourg – The European Commission has proposed a draft of the EU KIDS Act to prevent children under 13 from using social media across the EU and to stop anyone under 15 from creating an account. The EU KIDS Act, adopted in Strasbourg on Thursday, also requires platforms to show that their services are safe […]

One of Mark Zuckerberg’s daughters has used AI tools to create a messaging app, a game similar to FarmVille, and a website like GeoCities. However, none of these projects are available on the open internet. “She’s quite limited, because Mom doesn’t let her build things that are open to the internet,” Priscilla Chan told Jeremy […]

Join us for a conversation with Patrick Ryan, co-founder of Odin, as we explore the journey that led him from consumer goods and corporate venture capital to launching a platform that’s transforming how investment firms operate.

Odin, often described as “Shopify for Venture Capital,” enables anyone, anywhere, to launch and run a private investment firm online – handling everything from legal structuring and investor onboarding to KYC/AML, payments, and reporting. In this interview, Patrick dives into the inspiration behind Odin, the inefficiencies he identified in traditional investing, and how the platform is empowering a new wave of fund managers, angel syndicates, and founders to invest in companies.

We unpack what it truly means for Odin to offer “VC in your pocket” and who the platform is designed for. The conversation also explores the cultural and ideological differences between investing in the US and Europe, and how Odin’s recent expansion is addressing critical friction points for global investors.

With nearly €1 billion in disclosed European VC vehicle announcements in 2026, Patrick explains Odin’s role in this evolving ecosystem and how it’s enabling more people to shape the future through capital allocation.

If you found this conversation valuable, be sure to like, share, and subscribe for more content like this. Drop a comment below with your biggest takeaway or a question you’d like us to explore in future videos.

Key Points:

• The moment of realisation that traditional investment systems are unnecessarily complex and ripe for disruption.
• The practical meaning of Odin’s “VC in your pocket” approach for users worldwide.
• The diverse target audience for Odin, from first-time fund managers to seasoned angel syndicates.
• How Odin is challenging and redefining the traditional venture capital model.
• The cultural and ideological nuances of investing in the US versus Europe.

The post The EU-Startups Podcast | Interview with Patrick Ryan, co-founder of Odin appeared first on EU-Startups.