How hydrofoil boat startup Candela took a wild idea and made it fly

Mar19
by on March 19, 2024 at 4:00 am
Posted In: Uncategorized


In 1906, inventor Enrico Forlanini launched the first hydrofoil boat on Lake Maggiore in the Italian alps. His contemporary innovator Alexander Bell later said a ride on Forlanini’s invention was “as smooth as flying.” Fast forward a little over a century to 2014, when Gustav Hasselskog quit his corporate job because he was bored. Seeking a new challenge, he came up with the idea for his own flying boat, powered by electricity. People thought he was crazy — he’s gone on to prove them wrong.     Swedish startup Candela has since built hundreds of hydrofoil boats, grown its team to over…

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Riddled with debt, Sweden’s Embracer sells Star Wars game maker for $500M

Mar15
by on March 15, 2024 at 2:38 pm
Posted In: gaming


Swedish gaming company Embracer Group has sold a big chunk of one of its biggest subsidiaries, US-headquartered Saber Interactive, in a deal totalling $500mn.  The buyer is Beacon Interactive, a holding company recently formed by none other than Saber’s own co-founder Matthew Karch. In a letter shared with Bloomberg, Karch said he was buying back the rights to his company and many of its studios because “they represent the best of what Saber is and can be.”  Saber Interactive is currently overseeing the development of 38 games, including Warhammer 40,000: Space Marine 2, John Carpenter’s Toxic Commando, and Jurassic Park:…

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ASML backs €110M Dutch deeptech fund for quantum, semiconductors

Mar15
by on March 15, 2024 at 2:06 pm
Posted In: Uncategorized


The pride and joy of the Dutch tech ecosystem, ASML, has featured heavily in the news this past couple of weeks, after news broke the government was scrambling to keep the company in the country. However, ASML’s plans to potentially relocate due to difficulty securing talent and infrastructure bottlenecks does not mean it is not still actively supporting the Dutch tech ecosystem. The company has just contributed an undisclosed amount to Eindhoven-based DeepTechXL’s €110mn fund. The VC is  looking to invest in deeptech startups in the fields of quantum technologies, photonics, semiconductors, and other complex mechanical engineering. “DeepTechXL is much…

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UK fusion startup trials plasma-stabilising laser for ‘holy grail’ of energy

Mar15
by on March 15, 2024 at 11:27 am
Posted In: Uncategorized


British startup Tokamak Energy is testing a new type of laser that it says is “crucial” to stabilising fusion reactions — the same atom-fusing process that powers the Sun and promises to deliver virtually limitless, clean energy.   The Oxford-based company is building ST40, a donut-shaped machine that in 2022 became the first privately-owned fusion reactor to reach 100 million °C — six times as hot as the core of our closest star. This is generally regarded as the temperature threshold whereby fusion reactions can become self-sustaining.  During fusion, atoms merge together. This produces huge amounts of power in the form…

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French MoD taps 5 startups to develop fault-tolerant quantum computer

Mar14
by on March 14, 2024 at 4:35 pm
Posted In: Uncategorized


Quantum computers have an almost mythical status among data scientists and researchers. The dream of emerging out of the NISQ (noisy intermediate-scale quantum) era into a world of fault-tolerant qubits generating unbreakable encryption or solving climate change keeps many startups going despite difficult investment propositions with longer return horizons. But quantum technologies don’t only inspire wonder and excitement — they are also a growing geopolitical concern. More and more countries are setting up ambitious quantum strategies, and the US has placed export controls on equipment that supports quantum technology development to China. As part of its €1bn National Strategy for…

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