The Venture Codex

Participated · Equity · Oct 2025

Founded in 2021, Scaleup Finance blends human expertise and software to deliver strategic finance services to smaller companies that typically lack an in-house CFO. Its new product, Nume, connects directly to clients’ banking and accounting systems to generate liquidity forecasts, board-ready reports and proactive risk alerts through familiar channels like Slack and email. The technology is built on lessons learned from Scaleup Finance’s 40 human CFOs who have supported more than 500 high-growth startups across Europe. During a private beta, over 2,500 companies from 80 countries signed up for Nume, demonstrating global demand. The company hit €1 million in ARR in its first year entirely through word-of-mouth, highlighting strong product-led growth economics. By leveraging a multi-agent AI architecture that the team claims delivers 100 % numerical accuracy, Scaleup Finance hopes to make professional-grade financial leadership accessible to the long tail of 50 million SMEs worldwide. The fresh capital will be used to bring Nume to market at scale.

Participated · Series A · Mar 2025

TurinTech develops Artemis, an "evolutionary AI" platform designed to optimize, validate, and evolve enterprise codebases to reduce inefficiencies and resource usage. The company positions Artemis as distinct from LLM-only code assistants by focusing on refinement, validation, and evolutionary selection of data structures and implementations. Artemis is being launched at NVIDIA's GTC event, with a full platform release planned later this year. TurinTech traces the product's ideas to a 2018 research paper by cofounder Dr. Leslie Kanthan describing a Darwinian approach to data structure selection. The founders are Dr. Leslie Kanthan (CEO), Mike Basios (CTO), and Fan Wu (Chief Science Officer). The company says several large blue-chip players and banks have joined its early adopter program ahead of general release. TurinTech.ai provides a platform that automates software optimisation, enabling autonomous evolution of software and AI systems to accelerate performance improvements while cutting time, energy and costs. Its Optimisation Automation suite can be customised across industries and is being used in the finance sector to optimise algorithmic trading. The company says the technology allows smart optimisation at scale, reducing resources and costs for clients. Founded in 2017 by four UCL computer science researchers as a University College London spin‑out, TurinTech.ai has gained traction and support from leading cloud enterprises. It has received research grants and cloud resources from Microsoft, Google and Amazon to support research and development. The newly raised funds will be used to hire additional data scientists and deepen the Optimisation Automation suite.

Participated · Series A · Jun 2023

Material Evolution has created a low-energy cement made using an alkali-fusion process that produces material at ambient temperatures from industrial wastes and feedstocks, avoiding kiln heat. The company says its product has an 85% lower carbon footprint than conventional Portland cement. Its material is already being used in industry through a strategic partnership with materials company SigmaRoc. Material Evolution is incorporated in the U.S. but operates substantively out of the U.K., where its founders and a team of 20 are based and all product development takes place. The startup was founded in 2017 and is focused on scaling production of its low-carbon cement to address cement’s large share of global CO2 emissions. Founded in 2017 by Elizabeth Gilligan, Ph.D., Material Evolution uses patented geopolymer technology and proprietary algorithms to produce high‑consistency construction materials. The company is developing a geopolymer product made of roughly 95% industrial waste that it says is stronger and more durable than conventional alternatives. Material Evolution claims its material reduces the carbon consumption of concrete by 85% compared with Ordinary Portland Cement. It employs AI and machine learning to guarantee 100% batch-to-batch consistency. The recent funding will be used to build a world‑leading material science team, expand future projects, and scale batch production. Prior to this raise the startup had operated on a $120,000 pre‑seed investment.

Participated · Seed · Mar 2023

emma provides a cloud management platform that combines AI-driven automation, real-time analytics, and comprehensive multicloud management to help teams optimize workloads and forecast usage. The product aims to simplify complex cloud ecosystems, improve resource allocation, and increase financial predictability for customers. The company plans to add new features including AI accelerators, enhanced security, broader cloud integrations, and more robust automation capabilities. emma will also establish an R&D center at its headquarters in Luxembourg to support product development. Financially, emma raised $17M in a Series A following a $6M seed in March 2023, bringing total funding to $23M within two years. CEO Dmitry Panenkov emphasized the company’s mission to enable cloud-agnostic operations and give companies greater control and flexibility across providers. Emma provides an end-to-end, no-code cloud management platform designed to unlock the benefits of multi-cloud while reducing operational complexity and security risks. Led by CEO and founder Dmitry Panenkov, the company operates from Luxembourg and Santa Monica, CA. Since its launch in November 2021, emma has doubled its team to 40 employees. The company plans to use recent funding to expand its engineering team and accelerate its development pipeline. Planned product work includes infrastructure-as-code, agnostic transfers, and autoscaling for managed services across different cloud providers. Emma also intends to improve native connectors to customers’ private clouds to enable seamless scaling from private to public clouds and reduce hardware overheads. The company aims to better serve customers on both sides of the Atlantic as it grows.

Participated · Series A · Dec 2022

Vaultree develops software that lets companies process, search and analyze fully encrypted data using homomorphic encryption without decrypting it. The company offers its technology as a SaaS product, is a Google Cloud partner, and provides an SDK for on-premises integration so customers can slot the tech into existing stacks and databases. Vaultree says its platform preserves operational performance and that it does not hold client data or encryption keys, leaving control with the enterprise. The company acknowledges general limits of homomorphic encryption (larger encrypted files, poorer performance for heavy compute workloads, and no native verified-computing guarantees) while positioning its implementation as better-than-average. Vaultree has 48 staff and reports onboarding several multinational healthcare and financial customers, but declined to disclose customer counts, early revenue or burn rate. The company plans to iterate features, expand database support and pursue continued R&D and patent registrations as it prepares for general availability after a months-long beta. Vaultree is an Irish startup that provides Encryption-as-a-Service (EaaS) and privacy-enhancing technology (PET) with an off-the-shelf product for protecting sensitive information. Its platform uses proprietary Enhanced Searchable Symmetric Encryption (ESSE) — patent pending — and Fully Homomorphic Encryption (FHE) to let companies process data while it remains encrypted without revealing sensitive information. The technology is designed to operate at scale, supporting billions of data sets without the performance degradation typical of many encryption solutions. With the new funding, Vaultree will continue developing a market-ready product and expand its storage and data-protection offerings that are scalable, fast, and easy to integrate. The company plans to grow its team with hires in engineering, cryptography, sales, and customer support and has chosen Brazil as the starting point for operations in Latin America. Advisors including Sarah Armstrong-Smith have commented on the platform's potential to reduce cyberattacks and data breaches by enabling fully encrypted processing.