An incubator of know-how start-ups co-founded by Sir Keir Starmer’s former synthetic intelligence adviser is closing in on a £1bn valuation after securing new investor backing.
EF was collectively based by Matt Clifford, who this yr spent six months serving to form Downing Road’s strategy to AI, authoring its AI Alternatives Motion Plan.
Mr Clifford, who stepped down from that function for private causes, can be chair of the federal government’s superior analysis company, ARIA.
Sources stated that EF had notified traders in current weeks that it had secured a $75m dedication from Transpose Platform, one in all its present traders, as a part of the broader funding spherical.
New backers, in accordance with individuals briefed on the plans, embrace Japan Put up Financial institution and the California Public Staff Retirement System, one of many world’s strongest pension fund traders.
The Sequence D funding spherical will cement EF’s standing as a lynchpin of Britain’s start-up economic system.
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EF has backed tons of of firms, together with the fintech unicorn Cleo and insurance coverage claims processor Tractable.
The agency is run by chief govt Alice Bentinck, who co-founded it with Mr Clifford in 2011.
