Four deals, each has a public backer
Four deals.
Each has a public backer.
Four deals reported on 5 and 6 November. In each, a named backer is a government or a state-backed institution.
- T-Therapeutics Ltd, Cambridge: $133M Series B, co-led, according to the company's release, by Advent Life Sciences and the British Business Bank, which describes itself as a development bank wholly owned by HM Government. T-Therapeutics Ltd, spun out from the University of Cambridge according to its LinkedIn page, develops TCR bispecific therapies on its OpTiMus platform. The money takes its cancer program (TTX-008, preclinical) and its autoimmune program (TTX-018, in discovery) towards the clinic.
- TEKEVER: a $580M Series D at a $6.4B valuation, first announced on 23 September. On 6 November EIFO, Denmark's export credit agency and national promotional bank, announced an investment of just under DKK 100 million, about €13 million by its own figures, as part of the Series D. tech.eu says it has committed to join the closing. TEKEVER, a defence technology company, plans its first Nordic operational base in Odense. The round is for international expansion, industrial capability and acquisitions.
- Granit, Paris: a €5M first round, made up of €3.5M in equity led by Seedcamp and €1.5M in non-dilutive financing in which Bpifrance, the French public investment bank, took part. The instrument and the Bpifrance share were not disclosed. Granit builds AI agents that handle billing for French healthcare providers: invoicing, payment reminders, rejected claims and coverage checks. The money goes into new healthcare verticals, larger teams and expansion beyond France.
- Everfuel, Denmark: a grant agreement with the German government worth about €245M, reported on 5 and 6 November by Reglobal and Dealroom. The money is production support through the European Hydrogen Bank's Auctions-as-a-Service scheme, at €0.98 per kilogram of renewable hydrogen produced, for supply to German industry. It supports the first 200 MW phase of the Frigg green hydrogen project in Vejen, which is designed to scale to 2 GW. Per Dealroom, the project still depends on pipeline access and firm offtake agreements.
By EIFO's own figures, its money is just under DKK 100 million of a raise of just under DKK 3.7 billion at TEKEVER, about 3 percent by our arithmetic. At Granit, €1.5M of the €5M, 30 percent by our arithmetic, is the non-dilutive part. At Everfuel, the German money is paid per kilogram of hydrogen produced.