Sophie Rucker had been living and working in London for five years when a trip to a yoga training school in Bali presented her with an alternative to the rat race. Despite enjoying life in London, witnessing digital nomads balance work with sun, sea, and relaxed vibes in the Indonesian island province prompted her to pursue more freelance work.  At the start of 2020, having set herself up as a communications strategist for NGOs and social impact organisations, Sophie quit her permanent role and moved to Bali. Despite the uncertainty of the progressing pandemic, she found the space she needed to grieve her mother, whom she had lost not long before. And to Sophie’s delight, the digital nomad lifestyle has fulfilled many of her expectations. She soon noticed, however, a distinct bias against her choice of location. Some potential clients wouldn’t even entertain a conversation, because she was based in Bali. “I couldn’t make sense of it — it felt so stupid,” she explains. “I’m working with organisations like Greenpeace and the UNDP to instigate positive global change, as well as being a somatic trauma counsellor, so when people assume I’m not doing ‘serious work’ out here, it grinds my gears.” Now she has greater control over the projects she pursues, Sophie tells employers she lives in Indonesia, and is transparent about exactly where once she’s secured a contract. It’s the same for many of her remote working friends in Bali, who don’t disclose their location to remote employers for fear of losing work. Getting snubbed from projects, haemorrhaging your savings on basic living costs and constantly edging on burnout are usually the hardships associated with full-time home-based working in a metropolitan centre like London, New York, or Amsterdam. Despite the dominant utopian narrative presented in the media — think bossing it at the beach, bottomless cocktails, and a perennial tan — the reality of balancing global travel with remote work has always been hard. And it’s only getting harder: surging costs, political turbulence, and fickle visa rules are pushing digital nomads in new directions. Forking out for freedom New research from the Dutch neobank Bunq has revealed the hidden financial, emotional and mental toll, with its survey of 5,000 workers across Europe who identify as digital nomads and/or living internationally. Indeed, just one in five say that working internationally has positively impacted their career, with Britons in particular (25%) saying their career has actually suffered as a result of being a digital nomad. It’s certainly not the picture that wistful salaried employees conjure when daydreaming at their desks. For experts in the field, however, the tough reality is widely known. “Many of those experimenting with the lifestyle can’t sustain it,” says David Cook, an anthropologist and researcher at University College London who specialises in remote work. “Maintaining self-discipline, staying productive, and finding the space to focus gets worse over time, not better, alongside all the other external circumstances.” Managing the finance side is an area of particular concern. Bunq found that 17% of study participants feel less financially secure, while 14% are spending more than expected. Although this cohort isn’t weighed down by a mortgage or a huge rental deposit, they do have to factor in local taxes, medical bills, nomad visa costs, insurance claims, legal assistance, and banking fees. Sophie boarding a flight from Bali to visit family in Australia. Credit: Sophie Rucker The top unforeseen expenses, according to Bunq, include medical expenses (16%) and local taxes (15%). Less common, but equally unsettling, is that 5% of nomads across Europe have had to pay for emergency evacuation costs.   All that is before budgeting for the rise in everyday living costs, which have impacted home-based and remote workers alike. Everyone is feeling the pinch, with the majority of Europeans (67%) noticing the rise in food and beverage prices in the past 12 months, as per data from the Dutch firm Innova Market Insights. Day-to-day budgeting trumps a laundry list of other anxieties too. In the first quarter of 2025, McKinsey’s ConsumerWise research found that Europeans ranked rising prices and inflation as their number one concern over issues such as job security, international conflicts, climate change, and political tension, to name a few. Geoarbitrage — decoupling life and work from a specific location to make your income go further — has long been a practice employed by digital nomads. Coined by Tim Ferriss in his 2009 book The 4-Hour Workweek, the tactic is now often being reconsidered due to increased outgoings. “Accommodation has always been the biggest challenge, but in the last few years, after COVID-19 and the war in Ukraine, it’s significantly more expensive, sometimes €200 extra a month for the same place and conditions haven’t changed,” says Anna Maria Kochanska, a strategist who advises governments on digital nomad policy, and has been nomadic since 2017. Anna Maria tends to avoid Airbnb, negotiating directly with apartment owners for midterm rentals, but even so, her rental outgoings are much higher in 2025. “I’m based in Barcelona at the moment, and of course, one solution is to go to new and emerging destinations, with fewer tourists and nomads, but my travel costs are going up too, so I’m moving around less frequently.” Popular digital nomad hubs like Barcelona, Lisbon, and Mexico City are losing their affordable edge, as available housing dries up, prices rise, and neighbourhoods are transformed to meet the needs of itinerant knowledge workers. Local residents are tiring of the impact remote workers are having, and have been protesting against the influx. The souring of once-beloved hubs is leading nomads to look elsewhere and decamp to more off-the-beaten-track destinations. According to 2025 data from Nomad List, which tracks cities, locations and remote workers through the trips booked on its platform, cities like Sarajevo, Portimao, and Varna are emerging as some of the most popular among nomad, with 46% of them staying in one city for less than seven days, and 33% staying between seven and 30 days. Fatigued by visa strategising While some digital nomads are travelling less and avoiding established hotspots to mitigate rising expenses, others are turning their backs on location independence entirely. Kach Umandap has been nomadic since 2014, originally starting as a virtual assistant, then moving into blogging and e-commerce. “For a Filipino like me, there are a ton of limitations on the places I can visit visa-free, but I was determined to visit every single country in the world,” says Kach. “I had to be really strategic about planning and already figure out where I would go afterwards, which is perhaps not the carefree image you have of digital nomad life.”  During certain weeks, Kach would spend more time arranging visas and doing travel admin than her actual job. She often had to do expensive visa runs to neighbouring countries to reset the clock. For example, when based in Vietnam, she needed to travel to Laos every 30 days, pay for transport, a hotel, and a booking agent each time. Having achieved the goal of working from all 193 UN member states and spending thousands of dollars each year on visa applications, Kach has returned to the Philippines to slowly establish her base there. Kach in Turkmenista, one of the 193 UN states she’s worked in. Credit: Kach Umandap Although new digital nomad visas are being rolled out constantly — the latest include Taiwan and the Philippines — many are launched hurriedly, so governments can have a horse in the race in the global talent tussle. Each one has wildly different eligibility criteria and often high minimum income requirements. Iceland, for example, requires a monthly salary of $7,763 (€6,868). Few digital nomads actually even engage with these visa programs. Grappling with a messy landscape and muddy definitions of “a digital nomad,” those eligible are being deterred. For nomads who do try, an application can take months to process, and putting one in only to find out you aren’t eligible due to poor signposting is hugely stressful. “We have the best lifestyle in the world, yet the worst ecosystem,” says Gonçalo Hall, CEO of NomadX, a global platform for digital nomads and president of the Digital Nomad Association Portugal. “Nomads have the numbers, energy, and economic force, but the cohesion is missing.” What’s more, nomads with ”weaker” passports, such as those from Syria, Pakistan, and Nigeria, have a hard time travelling compared to those from the EU and North America. With ongoing conflicts, political instability, and changing immigration laws, crossing the next border for a period of remote work is getting more intimidating by the day.  People drop off from full-time digital nomad lifestyles for many reasons though, from loneliness and moving too often to dealing with bureaucracy and the precarity of their careers. “It’s not for everyone, and although many people experiment with the lifestyle, they discover the real struggle a few months to a year in,” says Cook, of UCL. “It gets harder over time, so successful, long-term nomads need to be disciplined, resilient and self-motivated — in many ways, the perfect neoliberal person.” Cook is in his eighth year of collecting data in Chiang Mai, Thailand with the same group of people and estimates that 90% of the nomads in his research give up the lifestyle in the first year or two. “They tend to start hyper mobile, but end up craving place and being embedded in communities, which is not easy to sustain while living on the move,” explains Cook. “This is compounded when their income situation is precarious.” A strong pull, no matter the cost With 60 million digital nomads predicted to have joined the ranks by 2030, the lifestyle — despite, or even because of its challenges — remains alluring. For the knowledge workers who are forcibly displaced due to war, climate disaster, or fears of persecution, digital nomadism offers the chance to earn, even when on the move. For today’s remote workers, change is the only constant, and roaming patterns will continue to shift, as people adapt and find ways to thrive amid global change. They might choose to housesit through platforms like Nomador and Trusted Housesitters instead of renting, become an e-resident in a country like Estonia to maximise profit and minimise cost, or travel less and embed themselves deeper in a community. After all, the same autonomy and flexibility that draws people to this lifestyle also enables them to overcome the hurdles that come their way. Back in Bali, the housing and rental market is booming — and the clamour about overtourism is getting louder. To slow its development and ease local worries, the Balinese officials have floated the idea of a tourist tax, set to cost around $100 (€88) per day. In the current climate, Sophie is paying £750 (€881) a month for her cabin in Bali — just £70 (€82) shy of the room she rented in London — so she cannot save and is feeling the pressure to maintain her earnings. “The only thing that means I can make it work is the culture and lifestyle — for example, I work when my clients are sleeping, because of the different time zones,” she explains. “It eases my anxiety and enables me to solve problems more creatively.”  As many of her friends return home due to rocketing costs, Sophie is committed to staying put. “I’m in a privileged position to be working on some big projects, and am paying taxes in the UK and contributing to the local economy here,” she says. “I have to keep checking in on myself, but I’ve come to a very conscious decision: loving Bali and this life as much as I do, why should it be any cheaper than where I started?”  Story by Megan Carnegie Megan Carnegie is a London-based independent journalist who specialises in writing features about the world of technology, work, and busines (show all) Megan Carnegie is a London-based independent journalist who specialises in writing features about the world of technology, work, and business for publications like WIRED, Business Insider, Digital Frontier and BBC. Her work is underpinned by a desire to investigate what's not working in the working world, and how more equitable conditions can be secured for workers — whatever their industry. Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

The collapse of Builder.ai exposes the growing threat of “FOMO investing,” according to an expert in tech growth intelligence. Builder had become one of Britain’s best-funded startups, but is now filing for bankruptcy due to financial problems. The insolvency comes after enormous sums were invested into the business. Big-name backers including Microsoft and Qatar’s sovereign wealth fund had poured a total of over $500mn into the startup, which aimed to simplify software development with AI. The funding gave Builder a coveted unicorn status, with a valuation exceeding $1.3bn. But the eye-watering sums couldn’t keep the business afloat. Builder blamed the downfall on “historic challenges and past decisions” that strained its financial position.The 💜 of EU techThe 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! The company has been accused of inflating sales figures under the leadership of Sachin Dev Duggal, the startup’s founder. Duggal stepped down as CEO in February, but retained the role of “chief wizard.” His replacement as chief executive, Manpreet Ratia, told employees this week that the company was filing for bankruptcy. Ratia said “unexpected and irreversible action” from lenders had triggered the company’s collapse.   Carrie Osman, CEO of growth intelligence firm Cruxy, highlighted another cause: “FOMO investing.” “Technology like GenAI has been massively overhyped in recent years and investors and boards are under increasing pressure to find the latest, sexiest uses for AI,” she said. “Driven by FOMO rather than fundamentals, investors are rushing into deals with minimal scrutiny, inflating valuations and sidelining due diligence.” Her warning comes amid an extended “AI gold rush.” Since the launch of ChatGPT in 2022, investors have heavily focused their funds on artificial intelligence companies. Approximately 40% of last year’s US venture cash came from funds that “list AI as a focus,” according to a report released this week by Silicon Valley Bank (SVB). In 2021, the proportion was just 10%. SVB also discovered a growing number of “zombiecorns” — unicorns with poor revenue growth and unit economics. Builder has become another member of the injured flock. Osman warned that more of them are set to emerge. “Microsoft and others failed to capture the true value and ROI from Builder’s product and didn’t dig below the headlines and hype,” she said. “This isn’t the first case of disastrous FOMO we’ve seen over the years, either — Zymergen, Frank, and Theranos are all famous examples. And as AI washing continues, this won’t be the last case.” The future of AI will be a hot topic at TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30% off. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

The rapid rise of AI agents is sparking both excitement and alarm. Their power lies in their ability to complete tasks with increasing autonomy. Many can already pursue multi-step goals, make decisions, and interact with external systems — all with minimal human input. Teams of AI agents are beginning to collaborate, each handling a specialised role. As their autonomy increases, they’re poised to reshape countless business processes. Tech giants are heralding them as the future of the web. At Microsoft’s Build conference this week, the company declared that we have entered “the era of AI agents.” OpenAI CEO Sam Altman joined the event, proclaiming his lab’s new Codex tool as “a real agentic coding experience.” He called it “one of the biggest changes to programming that I’ve ever seen.” Beyond the hype, practical applications are rapidly emerging. AI agents are already assisting with various tasks, from code generation and cyber threat detection to customer service enquiries and shopping marketing campaigns.  Before long, they could become comprehensive executive assistants — managing your emails, calendar, and projects. But to harness the opportunities, people need to prepare now. Cihangir Kocak is helping them do just that. A principal business and AI strategist at HP, Kocak guides organisations through digital transformation. He believes AI agents will unleash a new wave of opportunities. “We are going to a future where everyone will have an AI agent as an assistant,” he says. At TNW Conference this summer, Kocak will host two sessions on AI agents. On June 19, he’ll deliver a keynote on their rise. The next day, he’ll join Joost Bos, Senior AI Engineer at Deloitte, for a masterclass titled “Agentic AI: Architecting the Future of Business.” Ahead of the event, he shared a few of his tips. 1. Understand what AI agents can do AI agents evolve large language models (LLMs) from passive responders into active problem-solvers. With tools, memory, and defined goals, they can complete complex tasks on their own. “Large language models act as the brains and AI agents as the hands, which means they can also act,” Kocak says. “They can do things for you autonomously.” Agents can also collaborate. One might source products, another handle logistics, a third build your website, and a fourth write the marketing copy. In future, businesses may need their own agents to interact with others. Your AI assistant could collaborate with them to book the best service for your needs. Free courses from the likes of Hugging Face, Salesforce, and Microsoft are good starting points to explore the possibilities. After getting an understanding of the basics, you can put them into practice.  2. Start experimenting Kocak expects AI agents to rapidly reshape workplaces. “I believe that within five years, everything will be changed because of AI agents,” he says. “It might be even much less than five years — maybe two to three years.” Many companies are already shifting numerous tasks from humans to AI. In the near future, the people that they do recruit may require experience of working with AI agents. “Soon, a lot of these companies will ask for people who can work with AI agents,” says Kocak. His advice? “Get your hands dirty. Play with it, experiment with it — but do it consciously.” One tool he recommends is LM Studio, a desktop app for running LLMs locally. But his key recommendation is simply getting started. “Just do something to get a feel of it. Once you have that, it’s time for the next step.” 3. Find use cases After testing some tools, Kocak suggests identifying where they can add value. He advises looking for tasks where AI can free up your time — and start small. “What costs you the most time? What don’t you like to do? When you figure out those things, you can look at how AI agents can help you.” Kocak uses local LLMs for privacy-sensitive tasks, and ChatGPT for public ones — like drafting LinkedIn posts in his own voice. “It saves at least half of my time,” he says. 4. Focus on the data The real magic of AI agents emerges when they’re personalised with your choice of data. Generic tools like ChatGPT can handle broad tasks. But if you want something tailored, agents trained on your choice of data can offer sharper performance. That internal knowledge can turn a generic agent into a bespoke powerhouse. “What makes an AI solution special is when you feed it with your own data,” says Kocak. “Then you will have a solution that can operate differently than anything else.” 5. Maintain human oversight Although AI agents can act autonomously, human oversight remains vital. Agents are powerful, but not flawless. Giving them too much freedom is risky. “It’s wise to have a human in the room,” he says. “The future will be AI agents plus humans — that will be the most beneficial combination.” 6. Stay secure As AI tools become more accessible, security concerns are mounting. Among the threats are data leaks, adversarial attacks, and agents going off the rails. There’s also the risk of losing a competitive edge.  “External parties can take your data and send it to their servers,” says Kocak. “They can then use all sensitive data in your conversations to optimise their models.” Many risks can be reduced by deploying open-source, local models — especially for sensitive data and use cases. “If you really want a competitive advantage, you need to run and own your AI. That sets you apart,” says Kocak. He adds that people shouldn’t be fearful, but conscious. Closed-source, cloud-based tools such as ChatGPT remain useful — but sensitive data and tasks may require more secure alternatives. “Just be aware of what information you enter. And remember there is another, better option, of running your large language model locally.” 7. Embrace the future As the industrial revolution and factory automation did before them, AI agents will transform jobs. Some roles will disappear — but new ones will emerge. A welder could become an operator of robotic welders. A data entry clerk might oversee AI agents. Kocak is optimistic about the possibilities. “Our core capabilities as humans — like being creative, finding solutions out of the box, and empathy — will come to the forefront.” These tips are just a glimpse of what Kocak will provide at TNW Conference. If you want to check out his sessions — or anything else on the event agenda — we have a special offer for you. Use the code TNWXMEDIA2025 at the ticket checkout to get 30% off. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Again, the German-Danish startup using ancient bacteria to turn CO2 into new chemicals, is building a new bioreactor plant in Texas. The facility will be located at Texas City, a major petrochemicals park located on the Gulf Coast. The industrial centre is run by Diamond Infrastructure Solutions — a joint venture between chemicals giant Dow and Macquarie Asset Management.   “We’re building a global company, and that also means taking our technology into new regions,” Again’s co-founder Max Kufner told TNW. “There is a high demand in the US for our chemicals, particularly ones that can be sustainably made on-shore.” The new facility will capture CO2 from one of Texas City’s refineries. Again will then combine the gas with hydrogen and feed the concoction to a host of millennia-old bacteria. The little germs devour the brew, turning it into commercial-grade compounds like acetate. This is the base chemical in everything from plastics and cosmetics to paint.  Grab that deal Most industrial acetate is derived from fossil fuels. By using CO2 that would’ve otherwise entered the atmosphere, Again aims to produce cleaner chemicals. The company claims its CO2 fermenter can cut the greenhouse gas emissions (GHG) of chemical-making by up to 80%.   The petrochemical industry is responsible for 4% of the world’s total GHG emissions — twice that of air travel — so Again’s tech could make a huge impact. The company also claims its product is cost-competitive with the same chemicals made using fossil fuels.   Again opened its first pilot plant in Copenhagen in 2023, which converts up to 1 tonne of CO2 each day and turns it into acetate. The company is also currently building a facility in Norway, backed by a $47mn grant from the EU’s Horizon Europe research initiative.    Again emerged from over a decade of research led by Dr. Torbjørn Jensen and Professor Alex Nielsen at the Technical University of Denmark. They teamed up with Kufner, a German former early-stage investor, to found the startup in 2021. So far, Again has raised $150mn, according to Dealroom. The company has already broken ground at the Diamond Texas City site, where it aims to build a new facility and begin production within a year. To bring its low-carbon chemicals to market, Again is partnering with German chemicals distributor Helm, targeting heavy industries in the region as key customers. Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Belgium-based Ravical has secured €7.3mn in pre-seed funding to bring AI agents to professional services firms in tax, legal, accounting, and insurance.  Joris Van Der Gucht, Ravical’s CEO and co-founder, said the “virtual employees” could do 80% of the work in these firms.   “Ravical’s agents take on the repetitive, time-consuming tasks that slow experts down,” he told TNW, citing examples such as retrieving data from internal systems, checking the latest regulations, or reading long policies.  Despite doing up to 80% of the work in these firms, Van Der Gucht downplayed concerns about the agents supplanting humans. “We don’t expect job losses,” he said. “It’s not about replacing experts, it’s about creating space for them to be more impactful and reimagining how they engage with their clients.”The 💜 of EU techThe 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! Ravical’s AI agents are designed to suggest, not act independently. The company said each AI-generated output is traceable and audible, which are critical requirements in the world of professional services.  Ravical isn’t Van Der Gucht’s first venture into automating workflows. He previously co-founded Silverfin, which provides cloud-based accounting automation software. In 2023, he sold the company for €320mn. In February, he founded Ravical alongside AI experts Ken Bastiaensen and Benjamin Vandermarliere. Armed with fresh funding, the startup plans to refine its algorithms and expand its team.   Enrico Mellis, partner at Lakestar, the lead investor in the round, said he was excited to support the company in bringing its “proven” experience in automation to the booming agentic AI market. “Agentic AI is moving from buzzword to board-level priority,” Mellis said.  Ravical said it has already undertaken 10 pilot projects with professional services firms of various sizes and across multiple industries. The company is eyeing international expansion, but didn’t elaborate on where. AI’s evolution will be a hot topic at TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30% off. Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

TNW Backstage returns this week to explore one of tech’s most fascinating frontiers: brain-computer interfaces (BCIs). The capabilities of these neural devices are rapidly expanding. They’ve been implanted in skulls and worn as headbands. They’ve measured focus, treated Parkinson’s disease, and enabled paralysed people to control computers with their minds. A range of research labs and tech firms are developing BCIs. Yet the spotlight has been dominated by one company: Elon Musk’s Neuralink. The startup has put brain implants in monkeys so they can play Pong with their minds. Musk also has big plans for humans, from giving us “superpowers” to downloading our memories. But shockingly, not everyone is keen on the idea of Elon controlling their brains. Thankfully, there are other options. One of them comes from Dutch healthtech company MindAffect. The company uses BCIs primarily for hearing and visual tests. Worn as headbands, the devices analyse the brain’s responses to stimulation, which reveals what the user saw or heard. It’s completely non-invasive, affordable, and requires little staff support. MindAffect’s CEO, Jennifer Goodall, discusses the system on this week’s episode of TNW Backstage. We revisit her session from TNW Conference 2024 and discuss the healthtech trends shaping this year’s event. You can listen to the show on Spotify, at our dedicated website, or via the media player at the bottom of this article. Once you’re done, check out our previous episodes of the podcast, which goes behind the scenes of TNW Conference and the tech shaping our world. In our debut show, we explored the data security landscape — and Meta’s controversial “pay or consent” model — with Ron de Jesus, the world’s first Field Chief Privacy Officer. In our second episode, comedy content creator Derek Mitchell and TNW co-founder Boris discussed the value of humour in tech businesses. To celebrate the podcast’s launch, we’re also offering an exclusive discount on tickets for TNW Conference, which takes place in Amsterdam on June 19 and 20. You’ll find the offer hidden in each episode of TNW Backstage. Thanks for reading — and now, for listening too. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Paris-based AI startup Veesion has secured €38mn to fuel expansion to the US — where it looks to help cure the country’s shoplifting “epidemic.” Veesion’s AI-based computer vision software is trained to spot gestures in security camera feeds, such as a shopper putting an item in their pocket. If it sees something suspicious, the AI pings the store owner or security guard via an app, where it displays a recording of the activity. The user then makes the final judgment on whether the situation qualifies as theft.  The software comes in a small box that plugs into a shop’s existing CCTV system. To protect privacy, the system only registers human movements, not identifying information like a person’s face or clothing, the company said.  Security cameras are common in most retail outlets. However, Veesion’s CEO and co-founder Thibault David said he thinks they are “completely useless.” Grab that deal “Cameras in shops are rarely used, because they require a human to keep watch on them,” he told TNW. Founded in 2018, Veesion’s AI shoplifter-spotter is already installed in over 6,000 stores in 25 countries, including France, the UK, Brazil and the US, where it is now looking to expand.   In 2022, US retailers reported inventory losses amounting to $112bn (€100bn), $40.3bn (€36bn) of which was attributed to shoplifting. Meanwhile, the UK, with a population around a quarter of the US, is also experiencing a rise in incidents of shoplifting. The country suffered losses of £2.2bn (€2.5bn) in 2023, according to a recent survey by the British Retail Consortium (BRC).  “Shoplifting is a huge pain point for retail stores, especially in the US, which is suffering from a theft epidemic,” said David. However, spotting the crime is just one part of the puzzle — confronting shoplifters is another. According to the same BRC survey, violence and abuse against UK shop workers rose by 50% in 2023, with more than 2,000 such incidents recorded on average per day. In both the UK and the US, enforcement against shoplifters is free-falling.   As retailers struggle to keep pace with rising theft, some are turning to technology for support. While Veesion’s AI doesn’t promise to solve shoplifting outright, it might give store owners better tools to detect it and decide how to respond.  As part of its US expansion plans, Veesion will open an office in Florida that aims to employ about 50 people. One of its co-founders, Benoît Koenig, is also moving across the Atlantic permanently as part of the company’s expanded presence in the country.  Looking ahead, Vession hopes to use its computer vision technology to spot other issues in retail stores, such as falling or slipping risks. It’s also considering expanding to other sectors like manufacturing and healthcare.  AI’s evolution will be a hot topic at TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30% off. Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Europe’s not lacking talent — it’s lacking confidence. That’s the verdict from Meta’s chief AI scientist Yann LeCun, who says an “inferiority complex” among European media and investors is holding back the continent’s tech industry. “The main reason why the European tech industry is small is a mistaken assumption of technological inferiority on the part of the European media,” wrote LeCun in an X post.  “Perhaps more importantly, there was a similar inferiority complex on the part of investors, which made them less willing to take risks when the mere possibility of an American competitor would rear its head. That has been changing over the last few years.” This reluctance to make bold bets is illustrated in the funding gap across the Atlantic. Despite having more than twice the population, European tech firms struggle to attract the investments going to their American counterparts. In 2024, US startups raised $178bn, more than triple the $51bn figure for Europeancompanies, according to CrunchbaseThe 💜 of EU techThe 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! LeCun’s comments came in response to an X post by Arnaud Bertrand, the French founder of rental marketplace HouseTrip, who has had his own struggles building a startup in Europe. Bertrand founded HouseTrip in 2009, a year before the launch of a similar startup: Airbnb. HouseTrip also planned to make booking an apartment as simple as booking a hotel, but couldn’t compete with its American rival. Airbnb, which is now valued at over $80bn, grew into one of the world’s greatest tech successes.   Housetrip struggled to compete with the cash-flushed unicorn. Two years after Airbnb entered the European market in 2012, Bertrand stepped down as CEO. In 2016, TripAdvisor acquired the company for an undisclosed sum, before incorporating it into the travel site Holiday Lettings. Bertrand took to social media today to push back against a recent Wall Street Journal article that scrutinised Europe’s tech sector. Published Monday, the piece blamed the region’s sluggish performance on overregulation, fragmented markets, limited access to capital, and a risk-averse business culture. Bertrand agreed with some of the criticisms, but added that they “are all secondary.” “Based on my experience, the key problem faced by European startups can be summarised in one word: patriotism,” he said.” “There is virtually [no patriotism] in Europe, and more than anything that’s what’s killing EU startups, or preventing them from developing,” he continued.  According to Bertrand, one of the reasons his startup failed to beat Airbnb was a lack of patriotism among investors and media in Europe — a determination to back their own startups. LeCun, however, has a different view on the causes. “Not sure I would call this a lack of patriotism,” he said. “More like a lack of self-confidence.” Europe’s tech competitiveness will be a hot topic at TNW Conference, which takes place on June 19-20 in Amsterdam. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30% off. Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Europe has been turning uranium into energy for over half a century. In the process, the continent has amassed vast stockpiles of nuclear waste. This radioactive material can take millions of years to become safe, and no one really knows what to do with it. Thorizon, a Franco-Dutch startup, has an idea: reuse the nuclear waste to generate new energy. The company is developing a small modular molten salt reactor (MSR) that runs on a mix of spent nuclear fuel and thorium, a radioactive metal with untapped potential.  Thorizon aims to begin construction of its first reactor, Thorizon One, within five years. Once complete, the plant is expected to produce 100 megawatts of electricity — enough to power around 100,000 homes or a major data centre. “We’re not just building a new type of reactor — we’re rethinking how we use the fuel we already have,” Thorizon’s CEO Kiki Leuwers told TNW. “Europe is sitting on a stockpile of valuable nuclear material. With the right technology, that waste becomes a resource.”  A 3D render of Thorizon’s nuclear reactor: Credit: Thorizon Register now When the radioactive uranium is used as fuel in a nuclear reactor, its atoms undergo fission, releasing heat. This heat is then used to produce steam, which spins a turbine to generate electricity. The radioactive waste produced in this process still retains around 90% of the uranium’s original energy. Lauwers estimates that Europe’s stockpiles of nuclear waste could power the entire region for 40 years. In the US, scientists believe it could power their country for around 100 years. Why aren’t we reusing nuclear waste? Countries including the US, France, and Japan have long understood the potential of reusing spent nuclear fuel. In the 1960s and ‘70s many so-called fast reactors were built — advanced designs capable of extracting more energy from nuclear fuel and even “breeding” new fuel from waste. But in the decades that followed, most were phased out. There were two key reasons: politics and economics. Fast reactors produce significant quantities of plutonium, the building block of atomic bombs. At the height of the Cold War, fears of nuclear proliferation prompted many countries, especially the US, to abandon efforts to recycle nuclear waste. At the same time, global uranium supplies turned out to be far more abundant than expected. Discoveries of deposits in Australia, Canada, and Africa drove prices down, making it cheaper to mine fresh uranium than to invest in recycling infrastructure. Combined, these factors put radioactive recycling on ice.   While France and Japan still reprocess some of their used fuel, most of the world’s nuclear waste today ends up in massive steel cylinders called dry casks — a temporary solution to a very, very long-term problem. Efforts to bury it deep underground for eternity — like Finland’s 500-metre-deep Onkalo repository — are making progress, but remain contentious and expensive. Meanwhile, expanding nuclear power in Europe continues to be a thorny issue, but the tide may be turning. Faced with the twin crises of climate change and energy insecurity, countries including the UK and France are pushing to expand nuclear power capacity, especially in small modular reactors (SMRs).  Whether nuclear energy gets its moment back in the sun or not, Europe still has a massive nuclear waste problem. One that Thorizon hopes to clean up.   How will Thorizon’s plant work? Thorizon’s MSR operates at high temperatures but low pressure, making it safer and more efficient. If something goes wrong, the salt solidifies and contains the radioactive material, limiting the risk of leaks or explosions.  MSRs were first developed in the 1960s at the Oak Ridge National Laboratory in the US and showed great promise. But they never reached commercial viability, largely because housing the corrosive salts safely proved technically challenging and expensive.   To counter this, Thorizon’s design uses a system of cartridges. Each massive steel cylinder is filled with molten salt and a mix of spent fuel from traditional reactors and fresh thorium — a radioactive material much more abundant than uranium and safer to handle. The idea is that these cylinders can simply be replaced once the radioactive part of the fuel has largely been depleted. “The cartridge approach lets us isolate the most extreme conditions inside the reactor,” said Lauwers. “It’s modular, replaceable, and gives us a safe way to deal with radioactive materials.” Thorizon spun out from the Netherlands’ nuclear research institute NRG in 2018. It now employs around 50 engineers split between Amsterdam and Lyon. The company says it has completed its conceptual design and is engaged in regulatory talks with Dutch, French, and Belgian authorities.  Three pre-feasibility studies are underway for potential launch sites in France, the Netherlands, and Belgium. Industry partners, including Dutch manufacturing giant VDL, are helping prototype core components.   By blending spent uranium fuel with thorium in a molten salt reactor, Thorizon aims to create a cleaner, more sustainable source of nuclear energy. It could turn a huge nuclear waste problem into a solution for Europe’s clean energy future. But the benefits won’t come cheap.     Funding a nuclear waste renaissance  So far, Thorizon has raised €42.5mn, including funding from the French government and Dutch bodies such as Invest-NL and the Brabant Startup Fonds. However, that’s just a fraction of the €750mn it says it needs to begin building its prototype reactor.  The long timelines, strict regulations, and high upfront costs of nuclear startups typically make them a hard sell. “To bring the technology to life, public-private partnerships are crucial,” said Lauwers. “Some of the money being spent on burying nuclear waste could be instead diverted to reusing it.”  Government backing will be crucial, she said, as will venture capital. However, the CEO said that being based in Europe may put the company at a disadvantage from a funding perspective.  “In the US, relatively small teams have been able to scale much faster, obtain more private funding, and obtain their licenses,” she said. “Here in Europe, that can take longer.”  TerraPower and X-Power are two examples. Each SMR startup has raised over $1bn to commercialise its technology. In Europe, by contrast, no tech companies have attracted a fraction of that funding. However, if Thorizon manages to overcome the hurdles, it could hit three birds with one stone: cleaning up nuclear waste, reducing Europe’s reliance on fossil fuels, and supplying stable baseload power to homes and industries.   Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Ali Niknam has built Dutch fintech Bunq into one of Europe’s biggest neobanks. But he fears the Netherlands is now driving entrepreneurs away. The Bunq founder and CEO is alarmed by the country’s business mindset. He believes risk-aversion, growing insularity, and hostility to ambition are pushing talent overseas. “Many of the best entrepreneurs I know have either left or are considering leaving,” Niknam tells TNW. Surveys back him up. A poll last year found that almost one in five Dutch entrepreneurs were considering relocating — up from nearly one in eight in 2023. The 💜 of EU techThe 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!Another study found that 24% of large companies were contemplating moves abroad — nearly double the share from the year before.  Tech scaleups are also mulling exits. One of the country’s biggest — software unicorn Bird — recently announced plans to shift operations out of the country. The company’s CEO blamed “over-regulation” and a bad climate for tech businesses. Niknam — who’s set to speak at TNW Conference on June 20 in Amsterdam — has his own critiques of the Dutch business landscape. He calls its support for entrepreneurship “among the worst” he’s seen. Yet he still has deep faith in the country’s talent pool.  “There are very few countries I know that have such amazing, creative, smart people as the Dutch,” he says.  Those people have been integral to Bunq’s rapid growth. Building bridges at Bunq Niknam’s idea for Bunq emerged in the wake of the 2008 financial crisis. One of the causes, he believes, was groupthink at incumbent banks. He founded Bunq in 2012 to create an alternative.  To create a new approach to banking, Niknam sought to embrace diverse ideas. He points to the company’s approach to proposals, which can be pitched anonymously — even to Niknam himself. “On the one hand, that’s better for the company — the best ideas win. And on the other hand, it makes it more fair, because all that counts is the quality of your idea, not who you know, where you’re brought up, or what school you attended.” The strategy delivered rapid results. In 2015, Bunq became the first Dutch company in 35 years to obtain a greenfield banking license. It then grew into Europe’s second-largest neobank after Revolut — and one of the few to achieve profitability. The company now boasts over 17 million users with more than €8bn in deposits. Outside Bunq, however, Niknam sees a country that’s becoming more closed. He believes the Netherlands is abandoning its internationalist roots, which is damaging its tech ecosystem and chasing talent away.  “Historically, the Netherlands has been very entrepreneurial, very international… when this country retreats and closes the doors is when things start to get worse.” Even the country’s vast pension funds, he notes, avoid backing Dutch startups. “They know the returns are going to be less,” he says. “Why are the returns less? Because it’s a small country, and it is retreating and starting to focus within its own borders.” He contrasts the mood with developments in the Baltics. The region’s tech ecosystem has attracted admiring glances for its optimism, openness, and rapid growth. Niknam feels that many people in the Netherlands take their rights for granted. “It’s maybe a little bit of an entitlement disease — that we have forgotten that all these wonderful things that we enjoy today, somebody worked for them really, really hard,” he says. Born in Canada to Iranian parents and with homes in the Netherlands and the US, Niknam has diverse cultural experiences. Image: OLSjopera Niknam feels the Netherlands has become too risk-averse and inward-looking. Despite the liberal stereotype, Dutch society can be surprisingly conservative.  That caution, Niknam says, is embedded in the culture — even in local proverbs. One goes: “Steek je kop niet boven het maaiveld uit.” Loosely translated: “Don’t stick your head above the mowing line.” If you do, it might get chopped off. In Niknam’s eyes, that mentality thwarts ambitious entrepreneurs. “Success is not only not celebrated, but you’re almost faulted for being successful,” he says.  The international return The Netherlands is also losing its appeal to international talent. Over nine in ten expats and migrant workers no longer even consider coming to work in the country, according to research from last year. Tech firms have raised major concerns over losing access to global talent. The chip equipment maker ASML — the largest company in the Netherlands — has threatened to move abroad because of the country’s hardening stance on migrants. Peter Wennink, ASML’s former CEO — who will also speak at TNW Conference — recently warned against losing access to skilled workers. “If we cannot get those people here, we will get those people in Eastern Europe or in Asia or in the United States,” he said. Still, Niknam believes the tide can turn. For change to come, he believes the “silent majority” — those who value openness and diversity — must speak up.  Despite its problems, Niknam remains upbeat about the future for tech businesses in the Netherlands. “The people are great. The schooling is great. The infrastructure is great,” he says. “It is simply changing the attitude and mindset — which can happen in a relatively short amount of time — that will make all the difference.” If you want to catch the talks by Niknam and Wennink — or anything else on the agenda for TNW Conference — we have a special offer for you. Use the code TNWXMEDIA2025 at the checkout to get 30% off your ticket. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

A Russian-born gaming mogul has been named the UK’s richest person under 40 — in a ranking dominated by tech entrepreneurs. Dmitry Bukhman, 39, built his fortune after founding mobile gaming giant Playrix. His estimated wealth of £12.54bn tops The Sunday Times 40 Under 40 Rich List — and makes up over a third of its £36.2bn combined total. His net worth has nearly doubled since last year. As a child in post-Soviet Russia, Bukman taught himself to code. Alongside his older brother Igor, he built his first game with an old Pentium PC given to them by their grandfather. After founding Playrix in 2004, the duo turned their focus to free-to-play mobile games. Their biggest hits — including Homescapes, Fishdom, and Township — have come in the casual puzzle and simulation genres. The 💜 of EU techThe 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!Most of their revenue derive from in-app purchases (IAP). In 2024, Playrix was the world’s fourth-largest mobile game publisher by IAP revenue, generating around $1.66 billion. The company has also faced accusations of pay-to-win mechanics and misleading advertising. The Bukhman brothers left Russia in 2016. They moved to Israel in 2016 and then relocated to the the UK four years later. In 2022, they shut down Playrix’s operations in their home country after the full-scale invasion of Ukraine. Bukhman is far from the only tech leader on the rich list — nearly half its members come from the sector. Five of them join Bukhman in the top 10: Herman Narula, the CEO of virtual worlds business Improbable, Oliver and Alexander Kent-Braham, the co-founders of insurtech firm Marshmallow, and Piotr Dabkowski and Mati Staniszewski, the co-founders of AI firm ElevenLabs. The rankings are a subset of The Sunday Times Rich List, which profiles the UK’s 350 wealthiest people and families. Their combined wealth is estimated at £772.8bn — more than the annual GDP of Switzerland. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Swiss tech startup Metafuels has unveiled plans to open its first commercial-scale sustainable aviation fuel (SAF) plant in the Port of Rotterdam.  Metafuels’ CEO Saurabh Kapoor told TNW that Turbe represents a “major step forward” toward ramping up SAF production. The startup also announced plans to build a similar facility in Denmark last year. “Europe has ambitious decarbonisation targets, but without scalable and affordable SAF production, aviation will struggle to keep up,” said Kapoor.  The facility, dubbed Turbe, will be built in collaboration with liquid energy storage provider Evos. Turbe will be integrated into Evos’ existing Rotterdam terminal, which offers access to the infrastructure needed to store green methanol in large quantities.   Register now Metafuels’ “aerobrew” technology converts renewable methanol into jet fuel, using a process it claims delivers high energy efficiency and up to 90% lower life cycle emissions than conventional jet fuel. The resulting SAF is “drop-in ready,” requiring no changes to aircraft or airport infrastructure. Turbe will be able to process both bio-methanol — sourced from biological waste — and e-methanol, which is made using renewable electricity and captured CO2. This flexibility allows Metafuels to respond to shifts in feedstock availability and regulatory demand, the company said. Kapoor said he expects both the Netherlands and Denmark plants to start producing fuel for use in commercial aircraft from 2028. However, before that happens, the company will need to obtain accreditation for its aerobrew process, which it expects to get by the end of this year.   Metafuels says the new site will produce 12,000 litres of SAF per day during its first phase, with ambitions to scale that tenfold in the second phase. For reference, a Boeing 737 Max has a fuel tank capacity of around 26,000 litres, which equates to a range of around 6,570 km. Metafuels and the broader aviation industry still has a long way to go to meet global and regional targets for SAF adoption.  SAF made up only 0.53% of global aircraft fuel use in 2024. The EU wants to ramp that up to 70% by 2050, which will require a drastic increase in the production of the greener fuel.   Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week.

TNW Backstage is going Double Dutch this week — in more ways than one. In the second episode of our new podcast, which goes behind the scenes of TNW Conference and the tech shaping our world, we’re joined by two special guests. Both of them are based in — you guessed it — the Netherlands. Together, they brew a distinctively orange blend of tech and humour, which has become a TNW trademark. One of them is content creator Derek Mitchell, the mind behind comedy brand Let’s Double Dutch. Mitchell’s viral videos exploring culture and identity in the Netherlands have earned global acclaim. His wildly popular sketches have now racked up over 250 million views. The 💜 of EU techThe 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!In TNW Backstage, we revisit his appearance at last year’s conference. During the talk, Mitchell reveals how he found his voice online — and how you can too. Now, you may be wondering why a comedian was appearing at a tech conference. Well, there’s no one better to explain than this week’s second guest: Boris, the co-founder of TNW. Boris drops by TNW Towers to explain how humour fuels startup ideas — and lightens the load of tech work. He also looks back at memorable moments from TNW Conference. Among his favourites are a risky rib at Amazon’s CTO, wakeboarding through Amsterdam canals, and, um, cow poop bingo. (It’s another Dutch thing, apparently.) Our terrifically talented head of content, Oliviana Bailey, then gives a sneak peek at the fun and games at this year’s events. It’s a distinct break from the debut episode of the podcast, which explored the evolving data security landscape — and Meta’s controversial “pay or consent” model — with Ron de Jesus, the world’s first Field Chief Privacy Officer. But the contrast encapsulates the two sides of TNW Conference: serious business and festival vibes. You can check out both episodes of the podcast here. To celebrate its launch, we’re also offering an exclusive discount on tickets for TNW Conference, which takes place on June 19 and 20. You’ll find the offer hidden in each episode of TNW Backstage. Thanks for reading — and now, for listening too. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Welsh startup Space Forge has raised $30mn to advance its first commercial in-orbit manufacturing satellite, ForgeStar-2. The NATO Innovation Fund led the funding round, the largest Series A financing in UK space tech history. Space Forge’s demonstrator — the ForgeStar-1 — is set to launch from the US on a SpaceX rocket this year. The oven-sized satellite will then harness the conditions of space to produce “supermaterials” that are impossible to make on Earth. Joshua Western, Space Forge’s CEO and co-founder, compared the technology to a sourdough starter — a small but potent base for growing something much bigger. “Our satellites utilise the zero-gravity, ultra-cold, vacuum environment of space to produce tiny crystals of a higher quality than could ever be made otherwise,” Western explained.  View all speakers Once returned to Earth, the crystal “seeds” can be used to grow larger crystals that form the basis of ultra-efficient computer chips, which could power everything from data centres to telecoms networks. Space Forge says these semiconductors could halve the time it takes to charge an EV. The technology could also be used to make new metal alloys or pharmaceutical drugs.   At least, that’s the long-term vision — but Space Forge hasn’t yet made its materials in space, and ForgeStar-1 won’t be coming back to Earth. Instead, the satellite will be intentionally burned up in the atmosphere.   Sensors on board, however, will enable the team to measure whether the crystal-forming process was a success. The first mission aims to validate the startup’s key technologies in preparation for the launch of ForgeStar-2.   Designed to be reusable, ForgeStar-2 will be equipped with a heat shield called Pridwen that will protect its precious payload from the intense heat and pressure of re-entry. That could enable it to make regular trips to space and deliver new seeds back to labs on Earth.    Space Forge predicts its crystal seeds could be worth up to £45mn ($60mn) per kg, which would easily cover the costs of launch. The company also claims that the power-saving gains of its semiconductors in technologies like EVs will offset the carbon emitted when launching the satellite.  Space Forge will use the fresh funding to accelerate the development of ForgeStar-2. As hinted by NATO’s participation in the round, the company’s technology could also have potential applications in security and defence. It may enhance European security by enabling the production of advanced materials for defence systems and reducing reliance on foreign suppliers for critical components. Chris O’Connor, partner at NATO Innovation Fund, said Space Forge would advance Europe’s access to space, supply chain independence, and long-term resiliency.  “We look forward to working with the Space Forge team to leverage their technological breakthroughs in order to secure the future of NATO nations,” he said. Update (11:10AM CET, May 14, 2025): This article previously stated that ForgeStar-1 was Space Forge’s first demonstrator. However, the first was actually ForgeStar-0, which was destroyed following the failed launch of Virgin Orbit from Spaceport Cornwall in 2023.

Helsing, Europe’s best-funded defence tech startup, has unveiled its latest product — an autonomous mini-submarine for underwater reconnaissance.  Dubbed SG-1 Fathom, the sub is the latest addition to Europe’s growing fleet of ocean drones, which aim to better protect the continent’s ships and subsea infrastructure from surveillance, sabotage, and attacks.  The 1.95-metre Fathom is designed to slowly patrol the ocean for up to three months at a time. The vessel is powered by an AI platform called Lura. The system is a large acoustic model (LAM) — like a large language model (LLM) but for sound.  Lura is able to classify sounds made by ships and submarines and then pinpoint their locations. Helsing said the algorithm can identify sounds at volumes 10 times quieter than competing AI models. It also works at 40 times the speed of an equivalent human operator. View all speakers Helsing said the “mass-producible” submarines can be deployed in hundreds-strong “constellations” to carry out large-scale surveillance.  Helsing plans to build the autonomous ocean drones in large numbers. Credit: Helsing Ocean reconnaissance of this kind has become increasingly urgent since the 2022 Nord Stream pipeline sabotage, which exposed the vulnerability of underwater assets to covert attacks. European nations NATO are also stepping up their maritime defences amid growing concerns over Russian aggression.  In Ukraine, ocean drones have already become an important tool in its war against Moscow. High-tech arsenal  The war in Ukraine is increasingly characterised by battles between autonomous systems, mainly unmanned aerial vehicles (UAVs). However, the battle between machines is also playing out in the seas.   Earlier this month, Ukraine used its Magura naval drone to shoot down two Russian aircraft. The Magura, armed with missiles, has been used extensively since 2023 to attack and destroy Russian ships and aircraft.  The country is also expanding its fleet of waterborne drones. Last week, Ukrainian company Nordex unveiled the Seawolf, an uncrewed surface vessel (USV) for combat, surveillance, and border security applications.     British company Kraken is developing a similar uncrewed boat that can engage enemies in combat or deliver cargo and personnel. Meanwhile, Denmark is set to trial autonomous sailboats to patrol the Baltic Sea looking for signs of potential threats.    The adoption of drones at sea comes amid rising geopolitical tensions, which have prompted European officials to go all-in on defence tech.  In March 2025, EU leaders endorsed the “ReArm Europe” plan, aiming to mobilise up to £683bn (€800bn) over the next four years to enhance military capabilities. Similarly, the UK government has committed to raising defence spending to 2.5% of GDP and wants to spend at least 10% of its defence budget on “innovative technologies”.  Helsing looks to capitalise on this political momentum. The company told Bloomberg last month that it has “won over a dozen contracts” with “total order volumes of hundreds of millions of dollars” since its founding in 2021.   Helsing, which is valued at €5bn ($5.4bn), is perhaps best known for its combat drones and AI software that acts like the brain for military vehicles such as fighter jets. Fathom marks its first entry into ocean-bound technology.  Several naval forces have already shown interest in Helsing’s autonomous submarine, the company said. It aims to deploy the first fleets of underwater drones within a year.  Defence tech is a key theme of the Assembly, the invite-only policy track of TNW Conference. The event takes place in Amsterdam on June 19 — a week before the NATO Summit arrives in the city. Tickets for TNW Conference are now on sale — use the code TNWXMEDIA2025 at the checkout to get 30% off. Story by Siôn Geschwindt Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehic (show all) Siôn is a freelance science and technology reporter, specialising in climate and energy. From nuclear fusion breakthroughs to electric vehicles, he's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. He has five years of journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. When he's not writing, you can probably find Siôn out hiking, surfing, playing the drums or catering to his moderate caffeine addiction. You can contact him at: sion.geschwindt [at] protonmail [dot] com Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with

Five standout scaleups from the Baltics have made it into TECH5 — the “Champions League of Technology.”  Representing Estonia, Lithuania, and Latvia, the quintet will now challenge rivals from six other regions for the title of Europe’s hottest scaleup. To earn their place in TECH5, the Baltic contenders have already had to fend off stiff competition. For a combined population of just over six million, the region is the birthplace of a remarkable range of innovations, startups, and scaleups. Collectively, the three states are renowned for strong digital infrastructure, tech-savvy populations, global mindsets, and government policies that support innovation. Individually, each country boasts its own impressive attributes. Estonia leads Europe in density of unicorns (privately held startups valued at over $1bn). Several trace their roots to the “Skype Mafia” of entrepreneurs that emerged from the video chat pioneer, including Playtech, Wise, and Bolt. Last year, the country was also ranked as the global leader in e-government and venture funding relative to GDP. The 💜 of EU techThe 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!Lithuania has bred its own impressive flock of unicorns: Vinted, Nord Security, Baltic Classifieds Group, and the most recent addition, Flo Health — which last year became Europe’s first femtech unicorn. The country is also the number one fintech hub in the EU by number of licensed companies. Latvia, meanwhile, was named Europe’s most startup-friendly country in 2021 by Index Ventures. Currently, on-demand printing company Printful is the nation’s only unicorn, but the ecosystem is growing fast. Since 2019, the country’s startups have grown in enterprise value by 5.3x — the highest increase in the region, according to Dealroom data. With such fertile ground for scaleups across the region, picking just five for TECH5 was a challenge.  Our judges selected them after analysing their growth, impact, and future potential. In no particular order, let’s meet them. Vok Bikes Estonia’s Vok Bikes develops electric cargo bikes with three key qualities: smart, safe, and sustainable.  Designed for city use and streamlined deliveries, the four-wheel drive bikes have a range of 100km and a top speed of 25km/h. According to Vok, the system saves users up to 70% annually in maintenance expenses. Acceleration, braking, and reversing are integrated into the pedals, while the fine-tuned torque control reduces fatigue. The design also supports extended climbing with heavy loads, without overheating the system. Further features include regenerative braking, intelligent power disruption, online diagnostics, and a swappable battery. Customers include IKEA, which uses Vok Bikes for last-mile deliveries, alongside many delivery, transportation, and logistics companies. Last month, the Tallinn-based company reported that a Vok XL bike has an ownership cost that’s 64% lower than a Ford Transit Connect. “Even resale value holds up,” the scaleup said. “After five years, the Vok still retains ~22% of its original value.” PVcase Lithuania’s PVcase is a global leader in solar project software. The company’s end-to-end platform covers the entire development of solar farms, from site selection and design to yield optimisation. The approach aims to streamline solar project design, cutting costs and timelines. By accelerating deployments of solar energy, PVcase contributes to reducing greenhouse gas emissions and mitigating the impacts of climate change.  Since launching in 2018, the Kaunas-based business has delivered software to customers in nearly 80 countries. “With 2 terawatts of solar already installed globally, PVcase tools empower our customers to design the next terawatts 10 times faster,” the scaleup told TNW. “This exponential increase in solar design speed is not just an industry statistic; it’s a lifeline for our planet.” Investors have been impressed by the progress. In 2023, PVcase secured a cash injection of $100mn (€88mn), bringing its total funding to over $123mn (€109mn). Jeff App Latvia’s Jeff App supports people with limited access to traditional financial services — the “underbanked.” The Riga-based business offers alternative credit scores in emerging economies, extending the pathways to financial inclusion.    Founded in 2019, Jeff also operates as a lead generation service. The fintech says it has over 8 million users, with each one undergoing creditworthiness and fraud detection checks. By partnering with Jeff, banks and lenders can tap into new markets of borrowers. Jeff also collects, analyses, and models data from a host of sources, including smart devices, social media, and behavioural analytics. Clients can access the insights through the scaleup’s API. Last year, Jeff secured $2mn (€1.77mn) in late-seed funding to further develop its services. “Financially, we can now pursue new product categories that offer much greater market size and a faster path to becoming a household name in emerging markets,” said Toms Niparts, the scaleup’s co-founder and CEO. Roofit Solar Another Estonian flagbearer, Roofit Solar delivers fully-integrated solar panels that blend innovation and elegance. The panels combine Nordic design with premium materials and efficiency. The solar cells are integrated into high-quality metal sheets. The panel then form a solar roof tailored to a home’s aesthetic design. Using AI, the system also optimises energy purchases, sales, and storage — maximising the customer’s savings and revenues. The company emerged from the founders’ dissatisfaction with the appearance of traditional solar panels. In 2016, they launched Roofit Solar to prove solar energy doesn’t need to compromise on looks. In January, the company unveiled a new slimmed-down design: the Velario Slim. “Our other products are already high performers when it comes to energy efficiency, but the compact Velario Slim will allow even more roof space to be covered and more free energy to be generated for property owners under the same roof,” said Andres Anijalg, the scaleup’s CEO. Turing College Our second Lithuanian finalist, Turing College provides online courses that empower users to upskill or reskill — on their terms. The Vilnius-based edtech emerged in 2021 with a new approach to learning. Each course is designed to equip busy professionals with in-demand tech skills. The methodology involves short intensive sprints inspired by the Agile method, which is used by industry leaders including Google, Apple, and Facebook.  Last year, the scaleup was awarded a €2.5mn grant from the European Innovation Council (EIC). “This grant is pivotal for us,” said Lukas Kaminskis, Turing College’s founder and CEO. “It allows us to invest in solutions that both simplify mentor work and boost learner experience and outcomes. “While there’s widespread agreement on AI’s potential to transform education, what that transformation will look like is still unclear. Our team has been searching for the answer over the past eight years, and we believe we’ve found it — at least for digital skills training.” What’s next for the Baltic scaleups? The Baltic scaleups will compete for the TECH5 title with rivals from across Europe.  The challengers from Southern Europe, France, Benelux, the Nordics, and DACH have also been selected. Next week, we reveal the contenders from the final region to enter the tournament: the United Kingdom and Ireland. The tournament will culminate next month, when the grand champion is crowned Europe’s hottest scaleup.  The coronation will take place at TNW Conference on June 19 and 20 — and you can be there too. Tickets for the event are now on sale — use the code TNWXMEDIA2025 at the checkout for 30% off. Story by Thomas Macaulay Managing editor Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he e (show all) Thomas is the managing editor of TNW. He leads our coverage of European tech and oversees our talented team of writers. Away from work, he enjoys playing chess (badly) and the guitar (even worse). Get the TNW newsletter Get the most important tech news in your inbox each week. Also tagged with