The AI Rush

2018 EDITION
Jean-Baptiste Dumont
@jbdumont
Partner
Léa Verdillon
@lverdillon
Associate
Eric Gossart
@egossart
Associate
Sébastien Le Roy
@SebastienLe_Roy
Associate
Made with by
A comprehensive study of +605 fundraisings rounds in 2017 for AI & data-driven startups

THE ARTIFICIAL INTELLIGENCE RUSH
2018 EDITION
During the 15th century, Chinese civilization was probably the most advanced in the world. By
1433, the Chinese admiral Zheng He had already sailed from China to India, Indonesia, and
even Africa on caravels twice as large as those Christopher Columbus used 59 years later
for his fateful journey. China could have been the country to discover America. Instead, its
government surprisingly decided to put an end to its naval activities and burn its entire fleet
of ships, indirectly allowing Spain to conquer America and bring prosperity to Europe. It took
more than 5 centuries for China to recover from this political decision. What could make such
an advanced country deliberately turn away from its future? Officially, Chinese elites decided
to cease naval exploration for budgetary reasons. But in reality, they burned their fleet of 317
ships because of the new wealth and power bestowed upon a rising class of merchants,
seeing this change as a threat to their internal stability (and likely to their sovereignty).
AI is an extremely powerful trend. It offers humans and machines a brand-new perspective
thereby fueling changes that disrupt our economy today and tomorrow will impact our society
as a whole. China is currently leading the AI race, spending nearly half (48%) of the $12.5
billion to be invested globally in 2017 (*). Europe is lagging behind but experiencing some
strong momentum (+190% YoY), with $2.3 billion invested in AI startups in 2017. In the EU,
the AI ecosystem has created 32,000 jobs at 888 amazing VC backed companies ❤️, up
from zero just 5 years ago.
The time for AI adoption has come. For European policymakers, it’s more a matter of how the
EU will use AI as a competitive edge and lever for society than pouring money into its
development. With populism and isolationism in full swing, the AI revolution must be
legitimized and guided by our institutions, so it can be accepted by the population and keep
us from falling into technological obscurantism.
The faster and the smoother the EU adopts AI, the more advanced it will be compared to
other nations.
Jean-Baptiste Dumont, Partner @Serena
2 (*)Source : CB Insights

Data & AI ventures backed by Serena
-----
For the third consecutive year, Serena has published its annual report on AI and data-
driven fundraising rounds. This study provides an overview of “deep tech” startups in
Europe.
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@serenavcwww.serenaca.vc | THE AI RUSH - 20183

GIMME! GIMME! GIMME! MORE… DATA
# NUMBER OF
ROUNDS
583 611 774
2 255
2014 2015 2016 2017
TOTAL
FUNDRAISING
VENTURES FUNDED
$M
5
71 83
271
585
2014 2015 2016 2017

583 611
774
2 255
2014 2015 2016 2017
THE 2 BILLION DOLLAR MARK HAS BEEN SMASHED! 💥
TOTAL FUNDRAISING IN EUROPE ($M)
NUMBER OF DEALS
585
rounds
271
rounds
83
rounds
71
rounds
6

HEY UK, CAN YOU HEAR US FROM UP THERE? ⛰️
NUMBER OF DEALS IN EUROPE

HEY UK, CAN YOU STILL HEAR US FROM UP THERE? ⛰️
TOTAL FUNDRAISING ($M)

SERIES C ARE GETTING SERIOUS. EVEN IN FRANCE 🕶️
NUMBER OF DEALS PER ROUND SIZE (EXCLUDING UNDISCLOSED AMOUNTS)
#France
#Germany#United Kingdom
*Excluding undisclosed rounds
FRENCH ROUNDS >$20M
2014 2015 2016 2017
$ 0 - 1 M 5 3 39 63
$ 1 - 5 M 11 14 24 64
$ 5 - 10 M 5 2 11 18
$ 10 - 20 M 4 2 8
>$ 20 M 2 3 4 8
Total 23 26 80 161
2014 2015 2016 2017
$ 0 - 1 M 1 12 16
$ 1 - 5 M 5 6 8 14
$ 5 - 10 M 2 2 3 11
$ 10 - 20 M 2 2 5
>$ 20 M 3 1 3
Total 11 11 25 49
2014 2015 2016 2017
$ 0 - 1 M 3 4 12 8
$ 1 - 5 M 5 12 17 26
$ 5 - 10 M 1 6 11
$ 10 - 20 M 1 5
>$ 20 M 2 5
Total 9 19 35 55
9

THE RISE OF THE AI EUROPEAN LEADERS 🐻
SERIES C CLUB (ROUNDS >20$M – 2017 HALL OF FAME
#Germany#United Kingdom
332 $M 127 $M
#France
227 $M

HEALTH & SECURITY – A REAL CONCERN 🔒
AMOUNT RAISED PER SECTOR ($M)

EACH BULLET POINT REPRESENTS A JOB CREATED BY A DEEP TECH VENTURES…
NUMBER OF JOBS IN FUNDED AI & DATA-DRIVEN STARTUPS SINCE 2014
@serenavcwww.serenaca.vc | THE AI RUSH - 2018*Based on Linkedin data as of September 201812

@serenavcwww.serenaca.vc | THE AI RUSH - 2018*Based on Linkedin data as of September 201813
EACH BULLET POINT REPRESENTS A JOB CREATED BY A DEEP TECH VENTURES…

JOB CREATION RATIO
NUMBER OF JOBS CREATED PER $100K INVESTMENT
UNITED KINGDOM FRANCE GERMANYEUROPE
0,8 jobs
0,79 jobs 0,78 jobs
0,53 jobs
For every $100K invested…
were created.
14 *Based on Linkedin data as of september 2018

HMM, YOU MIGHT SAY LONDON IS (A BIT) AHEAD OF PARIS and THE RoE
9548
3676
922
798
556
632
445
2070
351285
403
372
568
833
640
779
327
London
Paris
Madrid
Barcelona
Toulouse
Lausanne
Zürich
Dublin
Helsinki
Vienna
Berlin
Bruxelles
Munich
Copenhagen
Stockholm
Amsterdam
UNITED
KINGDOM
11 683 JOBS
FRANCE
5 152 JOBS
GERMANY
3 220 JOBS
Hamburg

THE AI RUSH

METHODOLOGY… 📜
WE ANALYZED 5,134 FUNDRAISING ROUNDS WHICH OCCURED IN 2017
IN EUROPE
WE IDENTIFIED 585 ROUNDS AND 512 VENTURES FITTING OUR
DEFINITION OF BOTH DATA AND ARTIFICIAL INTELLIGENCE FIRMS
A DEFINITION BASED ON THE 5 ATTRIBUTES OF THE DATA CHAIN
Collection Interpretation
Actionnable Data
Storage
Processing
AS FOR THE NUMBER OF JOBS IN DATA & AI, WE USED LINKEDIN TO
IDENTIFY EACH EMPLOYEE BELONGING TO A DATA OR AI STARTUP THAT
RAISED FUNDS BETWEEN 2014 AND 2017
17

DO YOU REMEMBER, THE DATA CHAIN… ⛓️
Collection Interpretation Actionable data
Storage Processing
Digital
Layer
Physical
Layer

<data – ai startups/>
Sector Name Country Raised Amount ($k) Storage Processing Collection Interpretation Actionnable Data
Health 1928diagnostics Nordics $ 1 - 5 M • •
Automotive 2hire Rest of Europe $ 0 - 1 M •
Security 42Crunch Rest of Europe undisclosed •
Horizontal 5Analytics GmbH Germany $ 0 - 1 M • •
Fintech ABAKA Holdings UK $ 1 - 5 M •
Data distribution Ably UK $ 0 - 1 M •
Sales&Marketing Acrolinx Germany >$ 20 M • •
Energy Actility France >$ 20 M • •
ChatBot action.ai UK $ 1 - 5 M •
Health Ada Health Germany >$ 20 M •
AdTech adsquare Germany $ 1 - 5 M • •
AdTech Adverity Rest of Europe undisclosed •
Other Aesthetic Integration Ltd UK $ 1 - 5 M •
Industry Ai Build UK undisclosed • • •
Edtech AIAR EdTech AB Nordics $ 0 - 1 M •
Sales&Marketing Aiden.ai UK $ 0 - 1 M •
Health Aidence Nordics $ 1 - 5 M • •
Health AIMO Nordics undisclosed • •
Automotive AIPARK Germany $ 0 - 1 M • •
Other Aircloak Germany undisclosed •
Fintech Aire UK $ 1 - 5 M • •
Horizontal Algolytics Rest of Europe undisclosed • •
Sales&Marketing Allo-Media France $ 1 - 5 M • • •
Customer insight Anbotux Rest of Europe $ 0 - 1 M • •
Retail Angus.ai France $ 0 - 1 M • • •
Other Archii Nordics $ 0 - 1 M • •
InsurTech Artificial Labs UK $ 1 - 5 M • • •
Other Artomatix Rest of Europe $ 1 - 5 M • •
ChatBot AskPorter UK $ 0 - 1 M •
AI Tech - Speech Audio Analytic UK $ 5 - 10 M • •
Health AURA Devices UK $ 0 - 1 M •
Horizontal Automorph UK undisclosed •
Analytics Avora UK $ 1 - 5 M •
Transport Awaait Artificial Intelligence S.L. Rest of Europe $ 1 - 5 M • • •
AI Tech - NLP/NLG AYLIEN Rest of Europe $ 1 - 5 M •
Health Babylon Health UK >$ 20 M • • •
Energy Bamomas Nordics undisclosed • • •
Security Barac UK undisclosed • •
Customer insight BB1 UK $ 0 - 1 M • •
Health BC Platforms Rest of Europe $ 5 - 10 M •
Other BCaster Nordics $ 0 - 1 M • •
Retail beaconsmind Rest of Europe undisclosed • • • •
Sales&Marketing Beemray Nordics $ 1 - 5 M • • • •
Fintech Behavox UK $ 10 - 20 M • • •
Retail BeMyEye UK $ 10 - 20 M •
Sales&Marketing Beonprice Rest of Europe $ 1 - 5 M • •
Transport BestMile Rest of Europe $ 1 - 5 M • • • • •
Sales&Marketing Bibblio UK $ 1 - 5 M • • •
Sales&Marketing Big Property Data UK undisclosed •
19

Customer insight BigProfiles Rest of Europe $ 0 - 1 M • • •
AI Tech - Vision Bird.i UK $ 1 - 5 M • • • • •
Security BitSensor Nordics $ 0 - 1 M • • • •
Robotics Blue Frog Robotics France undisclosed • • •
Sales&Marketing BlueBoard.io France $ 1 - 5 M • • • •
Sales&Marketing Boardfy Rest of Europe $ 0 - 1 M • • • •
Fintech bonify Germany $ 5 - 10 M • • • •
Health BOOST THYROID by VLM Health Germany $ 0 - 1 M • • • •
AI Tech - NLP/NLG Botfuel France $ 1 - 5 M • • • • •
Customer support BotsAndUs UK undisclosed • • • • •
AI Tech - NLP/NLG BotXO Nordics $ 0 - 1 M • • • • •
Edtech Bread (formerly Breadwallet) Rest of Europe >$ 20 M • •
Automotive Bright Box Rest of Europe undisclosed • • • • •
Horizontal ByteWeen Rest of Europe $ 0 - 1 M • • •
AdTech Cablato UK $ 0 - 1 M • • •
Customer support CallDesk France $ 1 - 5 M • •
Security Callsign UK >$ 20 M • •
Processing Cambridge Quantum Computing Limited UK $ 1 - 5 M
Fintech CANDIS Germany undisclosed • •
Blockchain Cardano Foundation Rest of Europe undisclosed • • •
Health CardioCube Germany undisclosed • • •
Health CardioLogs France $ 5 - 10 M • •
Health Cardiolyse UK undisclosed • •
Retail Cartwatch Germany undisclosed • • •
Sport Carv by MotionMetrics UK undisclosed • •
Analytics CASEonIT (MedUX) Rest of Europe $ 1 - 5 M • •
Automotive Cazana UK $ 1 - 5 M • •
Analytics Cerebreon Technologies Rest of Europe $ 0 - 1 M • •
Analytics ChartMogul Germany $ 1 - 5 M • •
Customer insight Chattermill UK $ 0 - 1 M • •
Security Circadian UK $ 0 - 1 M •
AI Tech - NLP/NLG Clarida Technologies Ltd. UK $ 5 - 10 M •
Retail Clear Returns UK $ 1 - 5 M • •
Fintech Cleo UK $ 0 - 1 M • •
Other Cloud & Heat Technologies GmbH Germany undisclosed • •
e-Commerce cloud.IQ UK $ 1 - 5 M • •
Horizontal CLOUDEO Germany $ 1 - 5 M •
Other CloudNC UK $ 0 - 1 M •
Storage cloudplan GmbH Germany undisclosed •
HR Clustree France $ 5 - 10 M • • •
Health Coala Life Nordics $ 1 - 5 M • •
Sales&marketing Cobiro Nordics $ 1 - 5 M
Sales&marketing Cobrainer GmbH Germany undisclosed • •
DevOps Codacy UK $ 5 - 10 M •
Customer insight Codec UK $ 1 - 5 M • •
ChatBot CogniCor Technologies Rest of Europe undisclosed •
Sales&marketing Cognism UK $ 0 - 1 M •
Blockchain Coinfirm UK $ 0 - 1 M • •
Blockchain Coinify ApS Nordics $ 1 - 5 M •
20

SaaS dribution Collibra Rest of Europe >$ 20 M •
Fintech compaio Germany undisclosed • •
AI Tech - Vision Condi Food Nordics $ 0 - 1 M • •
Health Congenica UK $ 5 - 10 M • •
Health connected health Germany $ 0 - 1 M
IT Containous France $ 1 - 5 M
Security Contego Fraud Solutions UK $ 1 - 5 M • •
Horizontal Contiamo Germany undisclosed • • •
Security Corax UK $ 1 - 5 M •
Security Corlytics Rest of Europe $ 1 - 5 M • • •
Industry CorrosionRADAR UK $ 0 - 1 M • •
AI Tech - Vision Cortexica Vision Systems UK $ 1 - 5 M •
Horizontal Cosmo Tech France $ 1 - 5 M • • •
LegalTech Courtsdesk Rest of Europe undisclosed •
Fintech Creamfinance Rest of Europe >$ 20 M •
Fintech CREDIT-VISION UK undisclosed • •
Industry Crosser Nordics $ 1 - 5 M • • •
Analytics Crossing35 UK $ 0 - 1 M •
Sales&Marketing Crystal Apps Ltd. UK undisclosed • •
Customer insight Cx MOMENTS Rest of Europe undisclosed • •
Security CybelAngel France $ 1 - 5 M • •
Security Cyberlytic UK $ 0 - 1 M •
Sales&Marketing Cytora UK $ 1 - 5 M
Security Darktrace UK >$ 20 M • •
Analytics Dataiku France >$ 20 M • • • •
Sales&Marketing DATAlovers AG Germany undisclosed • • •
IoT Datamars UK undisclosed •
Sales&marketing Datarino Rest of Europe $ 1 - 5 M • • • •
Customer insight DataSine UK $ 1 - 5 M • • •
Analytics DataStories International Rest of Europe $ 0 - 1 M • • •
AI Tech - Vision Deepomatic France $ 0 - 1 M • • • •
AdTech DelidataX Rest of Europe $ 0 - 1 M • •
Health Desktop Genetics UK $ 1 - 5 M • • •
Sales&Marketing Destygo France $ 1 - 5 M • •
IT DiffBlue UK >$ 20 M • • •
AI Tech - NLP/NLG DigitalGenius UK $ 10 - 20 M • •
Sales&Marketing Divvit Nordics $ 1 - 5 M • • •
esport DOJO Madness Germany $ 5 - 10 M • •
Transport DOVU UK undisclosed • • • • •
Other DPOrganizer Nordics undisclosed • • •
Fintech DreamQuark France $ 1 - 5 M • • • • •
Security DriveLock Germany $ 5 - 10 M • • • • •
Logistics DriverNet UK undisclosed • •
Fintech Eagle Alpha Rest of Europe $ 1 - 5 M • • • •
e-Commerce Early Birds France $ 5 - 10 M • •
AI Tech - Vision EarthCube France $ 1 - 5 M • • •
IoT Eat Me App UK undisclosed • •
ChatBot e-bot7 Germany $ 0 - 1 M • • • •
Security EclecticIQ Nordics $ 10 - 20 M • • • • •
21

AI Tech - NLP/NLG Econiq Rest of Europe undisclosed • • • •
Transport EEE Innovations Nordics $ 0 - 1 M • • •
Logistics eeSea Nordics $ 0 - 1 M • • •
Blockchain Eidoo Rest of Europe >$ 20 M
Logistics Eiratech Robotics Rest of Europe $ 0 - 1 M • •
Fintech ELEMENT Insurance AG Germany undisclosed • • • • •
Energy Eliq Nordics $ 1 - 5 M • • • • •
Industry Elmodis Rest of Europe $ 1 - 5 M • • • •
Retail ELSE Corp Rest of Europe undisclosed • • •
Other Emteq UK $ 0 - 1 M • • • •
Security Encedo UK undisclosed • • •
Energy Enervalis Rest of Europe $ 1 - 5 M • • • • •
IoT Enevo Nordics $ 10 - 20 M •
Security Enigmedia Rest of Europe $ 0 - 1 M • • • •
Sales&Marketing Envoy Rest of Europe $ 5 - 10 M • • •
Blockchain Ethereum Foundation Rest of Europe undisclosed
Fintech Etherisc Germany undisclosed • • • • •
Sales&Marketing Eulerian Technologies France $ 5 - 10 M • • • • •
AI Tech - Vision Everseen Rest of Europe $ 10 - 20 M • • •
Analytics Evolved Analytics Europe Rest of Europe $ 0 - 1 M • •
Security ExactTrak UK $ 0 - 1 M •
Analytics Exonar Ltd UK $ 1 - 5 M • • • •
Fintech Expensya France $ 1 - 5 M • •
Customer insight Exponea UK $ 5 - 10 M • •
IoT Eyra Rest of Europe $ 0 - 1 M • •
AI Tech - NLP/NLG Factmata UK $ 0 - 1 M • • • • •
Security Featurespace UK undisclosed • • • •
Fintech FeedStock UK undisclosed • • • • •
IoT FeetMe France $ 1 - 5 M • •
Fintech FIDEL UK $ 1 - 5 M •
Edtech Filtered UK $ 0 - 1 M • •
Health Fimmic Oy Nordics $ 5 - 10 M •
Fintech FinAi Rest of Europe $ 1 - 5 M • • •
Sales&Marketing Fineway Germany $ 5 - 10 M • • •
Fintech Finiata Germany $ 5 - 10 M • • •
Fintech FinScience Rest of Europe $ 1 - 5 M • • • •
Fintech FintecSystems Germany $ 5 - 10 M • • •
Fintech fintonic Rest of Europe >$ 20 M •
IoT Firmwave Rest of Europe undisclosed • • • •
Automotive FiveAI UK >$ 20 M • • • • •
Fintech Flock Cover UK undisclosed • •
Drone FloodFlash UK $ 0 - 1 M • •
AI Tech - Vision FlowX UK undisclosed • • • • •
Fintech Fluidly UK $ 1 - 5 M • • • • •
Sales&Marketing Flytxt Nordics $ 10 - 20 M • • • • •
Drone Focal Point Positioning UK $ 1 - 5 M • • • •
health FoodMarble Rest of Europe $ 1 - 5 M • •
Analytics Forecast Nordics undisclosed • •
IT Forepaas France $ 5 - 10 M • • •
22

Analytics Formisimo UK $ 0 - 1 M • • • •
Sales&Marketing Fornova UK $ 10 - 20 M • • • •
Sales&Marketing Foxintelligence France $ 5 - 10 M • • • •
Transport Fractal Logistics UK $ 10 - 20 M • • • •
Security Fraugster UK $ 1 - 5 M • •
Sales&Marketing Fresh Relevance UK $ 1 - 5 M • • • •
Security FRISS Nordics $ 10 - 20 M • • • •
Security Frosha Nordics undisclosed • •
Sales&Marketing FRUX Rest of Europe undisclosed •
IoT Furhat Robotics Nordics $ 1 - 5 M • • • •
AI Tech - NLP/NLG Futr UK $ 0 - 1 M • • • • •
Analytics Futures Platform Nordics $ 0 - 1 M • • •
Health Galactica Biotech Rest of Europe undisclosed • • • • •
AgTech Gamaya Rest of Europe $ 1 - 5 M • • • • •
esport GameScorekeeper Nordics $ 0 - 1 M • • •
Security Garrison Technology UK $ 10 - 20 M • • •
Logistics GeoSpark Nordics $ 0 - 1 M • • • •
AI Tech - Vision Gestoos Rest of Europe undisclosed • •
Customer insight Geztio Nordics $ 1 - 5 M • •
Customer insight Glisser UK undisclosed • •
Health GoClinic Nordics undisclosed • • •
Blockchain Golem Factory Rest of Europe undisclosed • •
Blockchain Gospel Technology UK undisclosed • • • • •
Database Graphcore UK >$ 20 M • • •
Analytics Graphext Rest of Europe $ 0 - 1 M • • • • •
Sales&Marketing GreenBone Rest of Europe $ 5 - 10 M • •
Database Hadean UK $ 1 - 5 M • •
Customer insight Happydemics France $ 1 - 5 M • •
Sales&Marketing Hazy UK $ 0 - 1 M •
HR Headstart UK $ 0 - 1 M • • •
Health healthbank innovation AG Rest of Europe $ 0 - 1 M • • •
health Healthbit Rest of Europe undisclosed • • •
Health heartbeat medical solutions Germany $ 1 - 5 M • • •
Security HelloSoda UK $ 5 - 10 M • • • •
Energy Hero Balancer Nordics undisclosed • • • •
health Heterogeneous UK undisclosed • • •
AI Tech - Vision Heuritech France $ 1 - 5 M • • • • •
Sales&Marketing HiJiffy Rest of Europe undisclosed • • • •
Blockchain hiveonline Nordics $ 0 - 1 M • • •
Security Homeppl UK undisclosed • •
Real estate Homerun Technologies Nordics undisclosed •
IoT Hoofstep Nordics $ 0 - 1 M • •
security HoxHunt Nordics undisclosed • • • •
Retail Hoxton Analytics UK undisclosed • • • • •
Analytics Human UK $ 0 - 1 M • • • • •
Analytics Human Affinity Platform Rest of Europe $ 0 - 1 M • • • • •
Sales&Marketing Huq Industries UK undisclosed • • • •
AI Tech - NLP/NLG Hutoma UK $ 0 - 1 M • • • • •
Database IAMIP Sverige AB Nordics $ 1 - 5 M • • •
23

AI Tech - Vision Iceye Nordics $ 10 - 20 M • • • •
AI Tech - Vision iCoolhunt Rest of Europe undisclosed • • • • •
AI Tech - Vision IFDAQ Rest of Europe undisclosed • • • • •
Analytics iGenius Rest of Europe undisclosed • • • •
Analytics illumr UK $ 0 - 1 M • • • •
Health ImageBiopsy Lab (IB Lab GmbH) Rest of Europe $ 1 - 5 M • • • • •
IoT Imagimob Nordics $ 0 - 1 M • • • •
Sales&Marketing imin UK $ 0 - 1 M • • •
Sales&Marketing Immersal Ltd. Nordics $ 0 - 1 M •
Blockchain ImmVRse UK $ 0 - 1 M •
Customer insight Impala UK undisclosed • • •
Sales&Marketing Import Radar Rest of Europe undisclosed • • •
InsurTech INARI Rest of Europe undisclosed • • •
Health Inato France $ 1 - 5 M • • • • •
Analytics Indica Nordics undisclosed • • •
Sales&Marketing Infinity Mobile Rest of Europe undisclosed • • • • •
Sales&Marketing infloAi UK $ 0 - 1 M • • •
Sales&Marketing Influans France $ 5 - 10 M • • • • •
Analytics InfoSum UK $ 1 - 5 M • • •
fintech Instantor Nordics undisclosed • • • • •
IoT IntelFlows Nordics $ 0 - 1 M • • •
Analytics Intelligence Fusion UK $ 0 - 1 M • • •
Drone Internest France undisclosed • • • • •
IoT Internet of Trees Ltd. UK undisclosed • • • •
Sales&Marketing IOVOX UK $ 5 - 10 M • • • • •
AI Tech - NLP/NLG Iris.ai Rest of Europe undisclosed • • • • •
Analytics Ivbar Institute AB Nordics $ 5 - 10 M • • •
Fintech Jenji France $ 1 - 5 M • • • •
AI Tech - NLP/NLG Julie Desk France $ 1 - 5 M • • • • •
Legaltech Juro UK $ 0 - 1 M • • •
IoT Kalray France >$ 20 M • • •
Analytics Kantwert GmbH Germany $ 1 - 5 M • • •
IoT Karnott France $ 1 - 5 M • • •
Energy Kayrros France $ 5 - 10 M • • • •
IoT Keecker France $ 5 - 10 M • •
Health Kheiron UK undisclosed • • • • •
Health Kirontech Nordics $ 1 - 5 M •
Analytics Kitman Labs Rest of Europe $ 1 - 5 M • • •
Analytics KNIME Rest of Europe >$ 20 M •
Storage Kolos Germany $ 1 - 5 M • •
TravelTech KOMPAS UK $ 0 - 1 M • •
IoT KONUX Germany $ 5 - 10 M • • •
Health Kraydel UK undisclosed •
Health LabGenius UK $ 1 - 5 M •
Blockchain Lamden Rest of Europe $ 0 - 1 M •
Analytics Landoop UK $ 0 - 1 M •
AI Tech - NLP/NLG LEVERTON Germany $ 10 - 20 M • •
EdTech Lexplore Nordics $ 5 - 10 M • •
IT LogPoint Nordics $ 5 - 10 M • •
24

AdTech LoopMe UK $ 5 - 10 M •
LegalTech Luminance UK $ 5 - 10 M •
Health LynxCare Rest of Europe $ 0 - 1 M • •
Health Lytics Nordics $ 0 - 1 M • •
Analytics Mapidea Rest of Europe undisclosed • •
Database MariaDB Corporation Nordics >$ 20 M • •
Fintech MarketsFlow UK $ 0 - 1 M • •
AdTech Match2One Nordics $ 1 - 5 M •
Sales&Marketing mediarithmics France $ 1 - 5 M •
Health MedicSen Rest of Europe $ 0 - 1 M • • •
Health MedLab Media Group Rest of Europe undisclosed •
Fintech Meniga UK $ 5 - 10 M • •
Fintech Metafused UK $ 0 - 1 M • •
Industry Micropsi Industries Germany $ 1 - 5 M • • •
Fintech Mind Foundry UK $ 1 - 5 M •
Analytics MindProber Rest of Europe $ 0 - 1 M • •
Processing Mindtrace Limited UK $ 1 - 5 M
Health MJN Neuroservices Rest of Europe $ 0 - 1 M • • •
Blockchain Moeco Germany $ 1 - 5 M • •
Fintech More Money Rest of Europe $ 0 - 1 M •
AgTech Mothive UK undisclosed • • •
InsurTech MotionsCloud Germany $ 0 - 1 M •
Cybersecurity MUSO UK $ 1 - 5 M • •
Sales&Marketing Namu Rest of Europe $ 0 - 1 M •
Health Natural Cycles Nordics >$ 20 M • • •
Blockchain Neufund Germany $ 1 - 5 M • •
Industry Neuron Soundware UK $ 0 - 1 M • • •
Sales&Marketing NGDATA Rest of Europe $ 5 - 10 M •
Blockchain NGN Rest of Europe $ 0 - 1 M • •
Sales&Marketing NNAISENSE Rest of Europe undisclosed •
Energy Nnergix Rest of Europe undisclosed • •
Blockchain Nousplatform UK $ 0 - 1 M • •
IoT NumberEight UK undisclosed • •
Environment Nuuka Nordics undisclosed • • •
Database ObjectBox UK undisclosed •
Customer insight Olvin UK undisclosed • •
Customer insight Ometria UK $ 5 - 10 M • •
Energy OneWatt Nordics undisclosed • •
Storage Oodrive France >$ 20 M •
HR Opening.io Rest of Europe $ 0 - 1 M • •
Storage OpenIO France $ 1 - 5 M •
Blockchain Openledger Nordics $ 1 - 5 M • •
Blockchain Oraclize UK $ 0 - 1 M •
sport Orreco UK $ 1 - 5 M • • •
AgTech Outfield UK undisclosed •
FinTech PAIR Finance Germany $ 5 - 10 M • •
Cybersecurity Panaseer UK $ 1 - 5 M • •
esport Pandascore France $ 1 - 5 M • • •
AI Tech - Vision Parquery Rest of Europe undisclosed • • •
25

FinTech Passfort UK $ 0 - 1 M • • •
HR Pathfinder Software Limited UK undisclosed • • •
Analytics Peak UK $ 1 - 5 M • •
Logistics Peakboard GmbH Germany $ 1 - 5 M
Customer insight Pearlai UK $ 0 - 1 M • •
Horizontal Peltarion Nordics $ 1 - 5 M • •
Health Personal MedSystems Germany $ 5 - 10 M • •
AI Tech - Vision Photolemur UK $ 1 - 5 M •
Sport PIQ Rest of Europe undisclosed • •
Analytics Piwik PRO Rest of Europe $ 1 - 5 M • •
ChatBot PocketConfidant AI France undisclosed •
e-Commerce Popsa UK $ 1 - 5 M •
Blockchain Populous UK $ 5 - 10 M • •
Automotive Predina Tech UK undisclosed • •
Fintech Preseries Rest of Europe $ 1 - 5 M • •
Horizontal Prevision.io France $ 1 - 5 M • • •
Real Estate PriceHubble Rest of Europe undisclosed • •
Fintech Proportunity UK $ 1 - 5 M • •
Horizontal PROWLER.IO UK $ 10 - 20 M • • •
Health Pryv Rest of Europe $ 1 - 5 M • • •
AgTech Pycno UK $ 0 - 1 M • • •
HR Qlearsite - Organisational Science UK $ 5 - 10 M • •
Customer insight Qriously UK undisclosed • •
InsurTech Quantemplate UK $ 1 - 5 M • •
Analytics Quantexa UK $ 1 - 5 M
Health Quantib Nordics $ 5 - 10 M • • •
SmartCity Qucit France undisclosed • • •
Health QUIBIM Rest of Europe $ 0 - 1 M • • • •
Customer insight ReachFive France $ 1 - 5 M •
AI Tech - Vision RealSynth Germany $ 0 - 1 M • • •
Cybersecurity redborder Rest of Europe undisclosed • • •
AI Tech - NLP/NLG Reflectly Nordics undisclosed • •
Sales&Marketing Refract UK $ 0 - 1 M •
Customer insight Relative.ai UK undisclosed • •
IoT Relayr Germany undisclosed • •
HR Relink Nordics $ 0 - 1 M •
Database Repositive Ltd UK $ 1 - 5 M •
AI Tech - Vision Restb.ai - Cognitive Computer Vision Rest of Europe $ 1 - 5 M • •
AgTech Revotree Rest of Europe undisclosed • •
Blockchain RIDDLE&CODE Rest of Europe undisclosed • •
Fintech Rimilia UK >$ 20 M • •
Storage Rinocloud UK undisclosed • • •
Cybersecurity Ripjar UK $ 1 - 5 M • • •
Horizontal RiseML Germany $ 0 - 1 M •
Other ROBART GmbH Rest of Europe $ 5 - 10 M • •
AI Tech - Speech Roborzoid Rest of Europe $ 0 - 1 M •
AdTech RocketROI Rest of Europe $ 1 - 5 M • •
Database RoyaltyRange UK $ 0 - 1 M • •
IT Runecast Solutions Ltd. UK $ 1 - 5 M • • •
26

EdTech Sana Labs Nordics $ 1 - 5 M •
IoT SAT4M2M Germany undisclosed • •
Fintech savedroid Germany >$ 20 M • • •
Fintech SBDA Group Rest of Europe undisclosed • •
Analytics Seerene Germany $ 10 - 20 M • •
IoT Semiotic Labs Nordics $ 0 - 1 M • • •
Environment Sen UK $ 0 - 1 M •
Energy Sensewaves France $ 0 - 1 M • • •
Industry Senseye UK $ 1 - 5 M • • •
AI Tech - Vision Sensifai Rest of Europe undisclosed •
Health Sensio Air UK $ 1 - 5 M • •
Customer insight Sentiance Rest of Europe $ 5 - 10 M • • •
Health Sentimoto UK $ 0 - 1 M • • •
Fintech Seratio UK $ 1 - 5 M •
Analytics Shepherd.FM UK $ 0 - 1 M • • •
AI Tech - NLP/NLG SHERPA Rest of Europe $ 1 - 5 M • • •
Security Shift Technology France >$ 20 M • •
IT ShimmerCat Nordics $ 0 - 1 M
Customer insight Shipamax UK undisclosed • •
Transport Shippeo France $ 10 - 20 M • • •
IoT Shot Scope UK $ 1 - 5 M • •
IoT SIGFOX France undisclosed
Analytics Silverback.ai UK $ 0 - 1 M • •
AdTech Simplaex Germany $ 1 - 5 M • •
Blockchain SingularityNET Rest of Europe undisclosed
Analytics Siren Solutions Rest of Europe $ 1 - 5 M • • •
Analytics Skimlinks UK undisclosed • •
Transport SLAMcore UK undisclosed • • •
Health Smart Reporting GmbH Germany $ 1 - 5 M • •
Blockchain Smart Security Systems (Food Blockchain) Rest of Europe undisclosed
Sales&Marketing SMARTASSISTANT Rest of Europe $ 5 - 10 M • • •
AI Tech - Speech Smartly.ai France $ 0 - 1 M • • •
AI Tech - Speech Snips France $ 10 - 20 M • • •
Sales&Marketing SoAmpli Ltd. UK $ 0 - 1 M • • •
AI Tech - Speech Soapbox Labs Rest of Europe $ 1 - 5 M •
Analytics Social Coin Rest of Europe undisclosed • •
Analytics Socialangel Rest of Europe $ 0 - 1 M •
Sales&Marketing Solvemate Germany undisclosed • •
Sales&Marketing Sometrik Nordics $ 0 - 1 M • •
Logistics Sonodot Ltd UK undisclosed • •
Health Sophia Genetics Rest of Europe >$ 20 M • • •
Music Soundcharts France $ 1 - 5 M • •
Health Sparrho UK $ 1 - 5 M • •
AI Tech - Vision Spektral Nordics $ 1 - 5 M
Transport Springworks AB Nordics $ 1 - 5 M •
Horizontal Squirro Rest of Europe undisclosed • •
IoT Starcounter Nordics $ 1 - 5 M • •
IT SteelEye UK $ 1 - 5 M • •
Database StorageOS UK $ 1 - 5 M •
27

Sales&Marketing StoryStream UK $ 1 - 5 M • • •
Blockchain Stratumn France $ 5 - 10 M • • • •
e-Commerce Styla.com Germany undisclosed • •
Other Symphony Ventures UK $ 1 - 5 M
Transport Synaptiv UK undisclosed • • •
Legaltech synergist.io Germany $ 1 - 5 M • •
Customer insight Synerise Rest of Europe $ 1 - 5 M • •
Security Sytorus Rest of Europe undisclosed • •
Sales&Marketing TÃ¶lve Nordics $ 0 - 1 M • •
Fintech TAB UK $ 1 - 5 M • •
AI Tech - NLP/NLG Taiger Rest of Europe $ 5 - 10 M •
e-Commerce TasteHit France $ 0 - 1 M •
AdTech Teemo France $ 10 - 20 M •
Legaltech Teqmine Nordics $ 0 - 1 M • • •
Automotive Teraki Germany $ 0 - 1 M • •
AI Tech - Vision TerraLoupe Germany $ 0 - 1 M •
Security Tessian UK $ 1 - 5 M • • •
AI Tech - Vision The Curious AI Company Nordics undisclosed •
e-Commerce The Prosperous Shop Germany $ 0 - 1 M • •
Transport Thefloow UK $ 10 - 20 M •
Industry ThingTrax UK $ 0 - 1 M • •
Fintech Tink Nordics $ 1 - 5 M •
AI Tech - Vision Tractable UK $ 5 - 10 M •
Customer Support Traitly Nordics undisclosed
Customer Support Travel Appeal Rest of Europe $ 0 - 1 M
Transport TravelAI UK undisclosed
Fintech Trounceflow UK $ 0 - 1 M •
Customer Support True AI UK undisclosed •
Fintech TrueLayer UK $ 1 - 5 M •
AI Tech - NLP/NLG Twyla Germany undisclosed •
AI Tech - Vision Unibap Nordics $ 1 - 5 M •
Processing Upmem France $ 1 - 5 M •
Analytics urban Data Analytics Rest of Europe undisclosed •
Analytics Util UK $ 0 - 1 M •
Sales&Marketing Utopia Analytics Nordics $ 1 - 5 M •
Security Vade Secure France $ 10 - 20 M • •
AI Tech - Vision Valossa Nordics $ 1 - 5 M •
Logistics Vekia France $ 10 - 20 M • •
AI Tech - Speech velmai UK undisclosed •
AI Tech - NLP/NLG Verne-AI Germany $ 0 - 1 M • •
Energy Verv UK $ 1 - 5 M • • • • •
Database VicThorious Rest of Europe $ 0 - 1 M •
Energy vilisto GmbH Germany undisclosed •
Transport Vimcar Germany $ 5 - 10 M • •
AI Tech - Vision Visio Ingenii Ltd UK $ 1 - 5 M •
Security Viva Labs Rest of Europe $ 1 - 5 M •
Analytics Vivacity Labs UK undisclosed • •
Analytics Vize Software France $ 0 - 1 M •
AI Tech - Speech Voysis Rest of Europe $ 5 - 10 M
28

Fintech Walnut Algorithms France $ 0 - 1 M • • •
Customer Support Warwick Analytics UK undisclosed •
Analytics Waytation Rest of Europe $ 1 - 5 M •
AI Tech - NLP/NLG We Love Work UK undisclosed • •
Analytics WebzSuite UK undisclosed •
Health WeFitter Rest of Europe $ 0 - 1 M •
Transport WhereIsMyTransport UK $ 0 - 1 M •
Sales&Marketing Whisbi Rest of Europe $ 1 - 5 M •
AdTech Wi-5 UK undisclosed • • •
Health WILD UK undisclosed • •
Security WISeKey Rest of Europe $ 1 - 5 M •
Health Woom Fertility Rest of Europe $ 0 - 1 M •
Transport Xesol Innovation Rest of Europe $ 0 - 1 M •
Fintech Yedup Limited UK $ 0 - 1 M • •
Fintech yields.io Rest of Europe $ 0 - 1 M • •
Fintech Your.MD UK $ 5 - 10 M •
AdTech Zalster Nordics $ 0 - 1 M •
HR Zapiens Rest of Europe $ 0 - 1 M •
Analytics Zegami UK $ 1 - 5 M •
Fintech Zeitgold Germany $ 1 - 5 M • •
AI Tech - Vision Zeno Vision Ltd UK undisclosed • •
Data Distribution Zwapgrid Nordics $ 0 - 1 M •
29

CREDITS
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2018 EDITION
Jean-Baptiste Dumont
@jbdumont
Partner
Léa Verdillon
@lverdillon
Associate
Eric Gossart
@egossart
Associate
Sébastien Le Roy
@SebastienLe_Roy
Associate

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