Companies to Watch | #3

Graphcore

Founded in 2016 | £161.7m Raised | Series E

UK startup Graphcore develops processors specifically for AI Solutions, which it calls intelligent processing units, (IPUS). Founded in 2016 and headquartered in Bristol, it produced the world’s first graph tool chain, designed for machine intelligence called Poplar Software Stack. In 2017, the startup added the Colossus GC2 chip to its product library and in July 2020, Graphcore offered hardware using a second-generation processor called GC200. GC200 is a 59 -billion transistor, 823-square millimetre integrated circuit with 1,472 computational cores and 900MB of local memory.

Funding: Graphcore raised a massive Series E funding round in December 2020 of £161.7 million ($222 million), led by the Ontario Teachers’ Pension Plan Board with participation from funds managed by Fidelity International and Schroders, along with existing investors Baillie Gifford and Draper Esprit. The firm has now raised in excess of £510 million ($700 million). 

Snyk 

Founded 2015 | $300m | Series E

Combining some favourite buzzwords for investors — security and open source — Snyk has skyrocketed to a £728 million ($1 billion) valuation since it was founded in London in 2015. Created by software engineers Guy Podjarny, Danny Grander, and Assaf Hefetz, Synk effectively helps developers automatically spot vulnerabilities in the open-source code they are running.

Funding:Snyk raised a $300 million Series E funding round in March 2021, bringing total funding to $470 million to date, at a private valuation of $4.7 billion post this round, quadrupling since the beginning of 2020.

Pure Electric

Founded in 2019

Pure Electric is the brainchild of entrepreneur and former Hargreaves Lansdown Pensions Director, Adam Norris, who launched his e-scooter business in 2018 before diversifying the company into e-bikes in 2020. Last summer the company developed its first own-brand e-scooters, and in the past 12 months has expanded in Europe with showrooms and online stores in France and Spain. Pure Electric has stores nationwide, offering a fantastic range of e-scooters, e-bikes and accessories, together with e-bike demo centres in selected stores, plus service and repair centres. They are there the whole time, helping you fix your e-scooters, e-bikes and conventional bikes; repairs or parts at any time.