Creator Fund closes £42m fund to back Europe's scientists - UKTN

• AI video startup Higgsfield is currently in talks to raise up to $500 million in new funding. • The company is targeting a $5 billion valuation, which represents a fourfold increase from its valuation in January.

• Amazon and Google experienced a spike in greenhouse gas emissions in 2025, undermining their previous corporate climate commitments. • The surge is driven by the massive energy demands of the AI boom, as hyperscalers scale up data centers that still rely heavily on fossil fuels.

• Global venture funding reached a record-breaking $510 billion during the first half of the year. • This surge in investment is primarily driven by the accelerating boom in artificial intelligence technologies.

• A U.N. independent scientific panel consisting of 40 leading experts released its first report on July 1 regarding the rapid development of artificial intelligence. • The report highlights that while AI offers enormous potential benefits for people and nations globally, it simultaneously poses significant risks.

• The U.S. federal government has seen a severe depletion of AI talent following a year of budget cuts and the dismantling of key tech offices. • Specific casualties include the U.S. Digital Service, the General Services Administration’s 18F office, and the AI Corps within the Department of Homeland Security’s CISA.

• Together AI raised $800 million in a Series C funding round on July 1, 2026, reaching a post-money valuation of $8.3 billion. • The investment was led by Aramco Ventures, with participation from major firms including NVIDIA, Vista Equity Partners, General Catalyst, and Emergence Capital.

• European venture capital fundraising in 2026 is increasingly concentrated in specialist funds targeting high-growth sectors including DeepTech, AI, DefenceTech, FinTech, quantum, BioTech, and climate. • A significant trend involves funds specifically targeting growth-stage European DeepTech companies, with a strategic focus on Series B and Series C investment rounds.

• Europe has launched a €200 billion initiative to establish at least five AI gigafactories, creating high-performance ecosystems to provide essential computing power. • Spain is positioning itself as a strategic hub within this framework, focusing on sovereign cloud efforts to reduce reliance on overseas technology providers.

• Researchers report that Russia conducted a concerted drone surveillance campaign targeting nuclear sites in the UK, France, Belgium, and the Netherlands over an 18-month period. • The operation involved 144 separate incidents, including flights over RAF Lakenheath, with drones launched from "shadow fleet" vessels to avoid detection.

• The Startup Genome 2026 report highlights a strategic shift in India's startup ecosystem, moving beyond Bengaluru's rankings toward AI, DeepTech, and scientific research. • The trend emphasizes a transition from traditional software to original AI models, robotics, semiconductor technologies, and specialized software.

• Portugal has launched Amalia, its first open-source artificial intelligence model, developed by a consortium of national universities and research institutions. • The project was supported by the Portuguese government and funded with €5.5 million ($6.26 million) from EU recovery funds.

• The EU and UK are implementing "sovereign-tech" measures to counter US dominance in AI and reduce the risk of foreign "kill switches" affecting their infrastructure. • This industrial policy aims to bridge a massive $2 trillion revenue gap between European tech firms and their American counterparts.