Good evening,
Imgur has pulled out of the UK after the ICO warned of a potential fine over children’s data privacy violations. CoreWeave lands a $14.2 billion AI deal with Meta, just days after expanding its OpenAI partnership.
OpenAI launches Sora, its AI video app that’s already clashing with Disney over copyright. And Amazon unveils Alexa+, a smarter, more conversational voice assistant powering a full refresh of Echo, Ring, Fire TV, and the first-ever color Kindle Scribe.
Meanwhile, Boeing begins early work on a 737 MAX successor amid lingering safety concerns. The CMA urges scrapping EU-era tech licensing rules for a UK-specific framework.
Toyota commits $1.5 billion to back startups from invention to maturity. And Nivoda secures $60 million to solve the diamond trade’s liquidity crisis.
All that and more. Let’s dive in…
DRIVING THE CONVERSATION TODAY
Imgur exits UK over children’s data privacy probe
Popular image-sharing platform Imgur has withdrawn from the UK market after the Information Commissioner’s Office (ICO) notified its parent company, MediaLab AI, of a potential fine for mishandling minors’ data. UK users now see a “Content not available in your region” error when visiting the site.
The ICO stressed that Imgur’s exit is a “commercial decision” and does not absolve it of past obligations. The investigation remains ongoing. Founded in 2009 and once Reddit’s default image host, Imgur still draws over 195 million global visits monthly.
CoreWeave strikes $14.2B Meta deal, shares jump 15%
Nvidia-backed cloud provider CoreWeave has signed a $14.2 billion agreement with Meta to supply AI computing power through 2031, with an option to extend to 2032. The deal grants Meta access to CoreWeave’s data centres, including Nvidia’s latest GB300 systems, to power AI features in products like its new Ray-Ban smart glasses.
This follows CoreWeave’s third major OpenAI contract this year, diversifying beyond its Microsoft ties. Valued at $60 billion, CoreWeave is a top beneficiary of the AI boom, though analysts warn of bubble risks due to dense cross-investments among AI firms. Still, broader AI adoption beyond the “Magnificent Seven” may provide stability.
OpenAI launches Sora, sparks Hollywood tensions
OpenAI has unveiled Sora, a new AI video app that lets users generate and share 10-second clips on social feeds, even those based on copyrighted material. Under its policy, rights holders like Disney must actively opt out to block use of their IP.
A “Cameo” feature allows users to insert realistic AI versions of themselves into scenes, with liveness checks to prevent misuse of public figures’ likenesses. The launch aligns with OpenAI’s stance that training AI on copyrighted content qualifies as “fair use”, a position it says is vital for U.S. competitiveness against China. Analysts see Sora as a direct challenge to TikTok, Meta, and YouTube in the battle for attention.
Amazon refreshes devices with Alexa+ and color Kindle
At a New York event, Amazon unveiled a sweeping hardware refresh centered on Alexa+, a new AI-powered voice assistant designed to be more conversational and personalized.
New products include upgraded Echo speakers, Ring cameras with facial recognition, Blink security cams with sharper resolution, and the Kindle Scribe with color screen and stylus, a first for the line.
Alexa+ enables smarter Fire TV search and community features like Ring’s lost-pet finder. Prices range from $40 (Fire TV Stick) to $630 (Kindle Scribe). Amazon is betting years of Alexa investment will finally turn its assistant into a profitable engine.
FUNDING FLASH
Nivoda secures $60M to transform diamond trade finance
London- and New York–based Nivoda, a B2B diamond and gemstone marketplace, has secured a $60 million financing facility from i80 Group to offer jewellers 30–90 day payment terms, solving a chronic liquidity crunch. Founded in 2017, Nivoda connects 10,000+ retailers in 70+ countries with 2.5 million verified stones.
The platform now offers end-to-end services: sourcing, logistics, invoicing, manufacturing, and embedded credit. Backed by $81 million in equity, Nivoda is expanding into gemstones, melee, and finished jewellery, with triple-digit growth and operations in 28 countries. It aims to be the jewellery industry’s full operating system, combining trade, finance, and tech in one platform.
Umony raises $15M for AI compliance platform
London fintech Umony has closed a $15 million Series A led by Notion Capital, with Seedcamp, Crane Venture Partners, and Hugging Face co-founder Dr. Thomas Wolf participating. The company’s AI platform monitors email, chat, voice, and video communications in real time to detect misconduct and ensure regulatory compliance.
It has added a high-profile advisory board, including ex-FCA CEO Tracey McDermott and former SEC prosecutor Dr. Hemma Lomax. Trusted by 100+ global banks, Umony will use the funds to expand engineering and AI research teams and scale worldwide.
GoodFit raises $13M to power AI-driven GTM strategies
Profitable London startup GoodFit has raised $13 million in Series A funding led by Notion Capital, with Salica, Inovia, and others joining. After five years bootstrapped, the company helps B2B firms shorten sales cycles with pre-mapped markets, real-time account insights, and AI-driven scoring.
With the rise of AI agents, GoodFit is championing a programmatic go-to-market approach, automating outreach so human teams focus on high-value deals. The funding will expand accessibility and deepen AI integration, positioning GoodFit as a hub for modern revenue strategy.
Toyota commits $1.5B to startup innovation
Toyota is doubling down on venture building with a $1.5 billion investment push across the startup lifecycle. It launched Toyota Invention Partners, a $670 million early-stage fund for Japan-based ventures, and rolled out a second $800 million fund via Woven Capital for global Series B+ startups in AI, climate, and automation.
The strategy ties into Woven City, Toyota’s experimental smart city near Mount Fuji. Woven Capital has already invested in Machina Labs, an LA-based AI-robotics firm testing metal manufacturing for car panels. Toyota has now committed over $3 billion across its venture arms.
STILL DEVELOPING
Boeing begins work on 737 MAX successor
Boeing has started early development on a new single-aisle jet to eventually replace the 737 MAX, according to the Wall Street Journal. The move comes as the company navigates a production cap of 38 MAX jets per month following an Alaska Airlines panel blowout earlier this year.
The MAX was grounded globally in 2019 after two crashes killed 346 people. Boeing is now discussing engines with Rolls-Royce and designing a new flight deck, though plans remain in early stages. The FAA recently restored Boeing’s ability to issue airworthiness certificates for some MAX models.
CMA calls for post-Brexit tech licensing overhaul
Britain’s Competition and Markets Authority (CMA) has urged the government to scrap the EU-era Technology Transfer Block Exemption Regulation (TTBER), set to expire in April 2026, and replace it with a UK-specific 12-year framework.
The proposed rules would modernize licensing for patents, software, and database rights, drop outdated terms like “utility models,” and allow agreements to qualify if either market share thresholds are met or three rival technologies exist. Input from firms like Nokia, Sisvel, and Avanci helped shape the plan.
EQUALLY IMPORTANT
SWIFT builds blockchain ledger for instant cross-border payments
Financial messaging giant SWIFT is developing a shared blockchain-based digital ledger to enable real-time cross-border payments in both fiat and digital currencies. Major banks including JP Morgan, HSBC, Deutsche Bank, and Bank of America are collaborating, with Consensys building a prototype.
Announced at Sibos 2025, the system will use smart contracts to record and validate transactions. SWIFT plans a proof-of-concept soon and is also rolling out tools to ensure interoperability between distributed ledgers and traditional payment rails, part of a broader push for instant, transparent, full-value settlement.
UK Space Agency funds 23 global projects with £6.5M
The UK Space Agency has awarded £6.5 million to 23 international collaborations under its International Bilateral Fund. Projects span autonomous 3D printing, lunar agriculture, orbital threat detection, biotech in microgravity, and deep space radar.
Key initiatives include a radioisotope power generator with NASA, 5G-from-orbit trials with India, water monitoring satellites with Australia, and deep space radar with MIT. Space Minister Liz Lloyd said the projects will create jobs and cement the UK’s leadership in space innovation ahead of the agency’s 2026 integration into the Department for Science, Innovation and Technology.
Lancashire Council deploys AI agents in public services
Lancashire County Council has signed a £4.3 million deal with Netcall to integrate autonomous AI agents into its services. A new “digital front door” will let residents access support more efficiently, while AI handles contact centre queries, reducing staff burden.
The contract includes an option to extend up to 10.5 years, reflecting a national trend: over two dozen UK councils are already piloting AI tools like the government’s Humphrey AI.
Cambridge spinout NoBACZ raises £4.8M for livestock wound care
University of Cambridge spinout NoBACZ Healthcare has raised £4.8 million to scale its liquid bandage for animals. The gel, dip, or spray forms a waterproof seal to reduce infection and cut antibiotic use in livestock.
Led by The Yield Lab, with backing from Adjuvo, ACF, and Cambridge Enterprise, the company will expand globally, launch equine products, and explore human applications, advancing sustainable animal health.
Concept Ventures closes $88M Europe pre-seed fund
London’s Concept Ventures has closed an oversubscribed $88 million Fund II, now Europe’s largest dedicated pre-seed fund. Founded by Reece Chowdhry, it backs unconventional founders early, with a portfolio including unicorn ElevenLabs.
Over 70 percent of portfolio founders joined as limited partners, alongside U.S. institutions (80 percent of LPs). The fund will back up to 50 companies with ~$1 million checks, emphasizing mentorship, diversity, and social impact—including pledging 1 percent of carry to charity.
WORTH NOTING
Antler makes record UK AI investment
Global VC Antler has committed over £1.5 million to 14 AI startups from its Spring 2025 London residency, its largest UK investment and most funded cohort worldwide. From 19VPN (decentralized privacy) to OCCAM (universal robot AI) and Ralio (AI agent payments), the ventures span fintech, robotics, and climate.
Partner Adam French credited London’s deep talent pool from Cambridge and Imperial, plus founders’ commitment to building locally. The eight-week program aims to slash fundraising time so teams can focus on product.
Spotify’s Daniel Ek to step down as CEO in 2026
Spotify founder Daniel Ek will step down as CEO on 1 January 2026, becoming executive chairman. He’ll be succeeded by co-presidents Gustav Söderström and Alex Norström as co-CEOs.
Under Ek, Spotify grew to 696 million users and a $140 billion market cap. The company recently hiked subscription prices and removed 75 million AI spam tracks in the past year. Shares dipped 6 percent post-announcement but are up 54 percent year-to-date.
Nvidia releases GeForce 581.42 driver with DLSS 4 support
Nvidia has launched its GeForce 581.42 WHQL Game Ready driver, adding DLSS 4 with Multi Frame Generation to Battlefield 6 (launching 10 October), FBC: Firebreak, Alien: Rogue Incursion, and X4: Foundations.
The update also optimizes upcoming titles and fixes bugs in Battlefield 2042, Forza Horizon, and Adobe software, while adding laptop controls for Project G-Assist, enhancing Nvidia’s AI-powered gaming ecosystem.
