This week’s UK tech funding deals include quantum computing company Riverlane, digital scent startup OW Smell Made Digital, automated warehouse technology firm PHINXT Robotics and more.
UKTN tracked £72.6m worth of UK tech investment this week (5 August to 9 August), a 72% week-on-week decrease across seven funding rounds.
Here’s your weekly roundup of UK tech startup funding deals.
Riverlane – £59m
Sector: Quantum computing
HQ: Cambridge
Round: Series C
Funding type: Equity
Investors: Planet First Partners, EDBI and ETF Partners
Founded in 2016, Riverlane develops quantum error correction technology to reduce interference in quantum computers.
Cocoon – £4.2m
Sector: Climate tech
HQ: London
Round: Pre-seed
Funding type: Equity
Investors: Wireframe Ventures, Celsius Industries, Gigascale Capital and SOSV
Founded in 2023, Cocoon is building machines to turn industrial waste into sustainable cement for the construction industry.
Userled – £4m
Sector: SaaS
HQ: London
Round: Pre-seed
Funding type: Equity
Investors: LocalGlobe, Dig Ventures and angels
Founded in 2023, Userled is a software platform to create and distribute marketing campaigns.
OW Smell Made Digital – £2.2m
Sector: SaaS
HQ: Cambridge
Round: Pre-Series A
Funding type: Equity/grant
Investors: Parkwalk Advisors and Innovate UK
Founded in 2019, OW Smell Made Digital develops technology to digitise scents. The company is currently looking to deploy its product as a sleep aid.
PHINXT Robotics – £2m
Sector: Robotics
HQ: London
Round: Seed
Funding type: Equity
Investors: Sure Valley Ventures, Ada Ventures, Heartfelt and Atlas Ventures
Founded in 2022, PHINXT develops technology to install automated robotic equipment in warehouses.
New Motion Labs – £890,000
Sector: Manufacturing
HQ: Exeter
Round: –
Funding type: Equity
Investors: The FSE Group
Founded in 2015, New Motion Labs develops specialty engineering components for mobility.
EarthSense – £264,000
Sector: Climate tech
HQ: Leicester
Round: –
Funding type: Loan
Investors: NatWest
Founded in 2016, EarthSense develops technology to monitor the air quality in towns and cities.