Gensyn raises £4.9m to launch deep learning network

Gensyn, a London-based AI start-up, has raised a $6.5m (£4.9m) seed round to launch a decentralised network for training AI models.

Deep learning is essential for the development of sophisticated AI applications, such as self-driving cars, and these applications must be trained via trial and error – just like the human brain. Using a blockchain network, Gensyn has created a way to verify the deep learning tasks have been performed correctly, triggering payments via a token. The investment was led by Eden Block – a web3 infrastructure VC.

Climate X announce £4.1m seed funding round

Climate X, a climate-risk provider which analyses climate-related hazards with up to 95 per cent accuracy, has closed a £4.1m seed round. The funding was led by CommerzVentures, which recently announced a £250m fund and A/O Proptech with participation from Deloitte.

BP Ventures invests £3m in methane-detecting drones

BP Ventures has injected £3m into Flylogix, an unmanned aerial vehicle (UAV) business which uses drones to aid methane detection.

Flylogix monitors and measures methane in some of the most remote locations in the world and has worked with BP since 2018 to monitor its assets in the North Sea. The investment was part of a larger funding round led by Amati Global Investors.

Lune raises £3m to make customer experience climate positive

Climate tech company Lune has closed a $4m (£3m) funding round led by Crane, with participation from 15 angel investors.

Lune’s API enables companies to integrate emissions calculations and carbon removal into their existing products and services. This means a retailer can automatically calculate carbon emissions of a purchase and pay to neutralise it. Payments companies can also allow their customers to contribute to removing CO2 from the atmosphere with every transaction.

Hylo Athletics lands £2.5m Series A funding

Hylo Athletics, an environmentally friendly athletic footwear start-up based in London, has raised a Series A round of £2.5m. The round was led by Eka Ventures, with participation from Redrice Ventures, Mahr Projects and a range of angel investors including Leeds United and England footballer, Patrick Bamford.

Receipt app Slip receives £750,000 pre-seed funding

London-based Slip, which allows customers to receive digital receipts and exclusive discount offers, has raised £750,000 in pre-seed fundraising ahead of its summer launch. Investors include Haatch Ventures, SyndicateRoom’s Super Angel fund, as well as angel investors from Alma Angels.

More Deals of the Week

Deals of the Week 14 March to 18 March – a Growth Business round-up

Deals of the Week Mar 7 to Mar 11 – a Growth Business round-up