It feels like a new kind of sneaky problem is popping up everywhere, and it’s called disinformation. It’s not just about politics anymore; it’s messing with businesses, reputations, and even our wallets. Imagine scrolling through your phone and seeing photos of a politician looking unwell in a hospital, shared by what seems like a million people. My friend saw something like that recently, and while he was smart enough to question it, countless others just clicked and shared. This kind of fake news, or “deepfakes” as they’re often called, spreads like wildfire, so much faster than the truth can ever hope to. We’re talking about stories that reach 100,000 people when the actual facts might only get to a thousand. This isn’t just annoying; it’s costing the global economy a whopping $78 billion every year. Brands can see their reputation plummet by 16% because of a single made-up story, and simply pointing out the facts after the damage is done rarely fixes it.
What’s truly scary is how easy and cheap it is to create this chaos. You don’t need a massive team or a huge budget. For just ten bucks, you can buy 50,000 fake views, 20,000 fake likes, and 500 fake comments. That’s enough to cook up a fake crisis, push a phony story into the mainstream, and send a company’s communications team scrambling to deal with a problem that isn’t even real. These attacks aren’t always obvious. Sometimes they’re subtle, like a fake memo from the Department of Defense that caused Broadcom’s stock to drop, or a made-up tweet claiming Lufthansa failed safety inspections, sparking panic among investors. These aren’t just random acts; they’re often well-orchestrated campaigns, especially now with generative AI making it easier than ever to create believable fake content. These campaigns can even be timed to coincide with a company’s earnings reports, maximizing their impact and spreading false narratives faster than the truth can catch up.
This is where brilliant minds like Tom Garnett and Vlad Galu come in. They looked at this massive problem and decided to do something about it, leading them to create Refute. Their platform is like a super-smart detective for social media, constantly monitoring stories as they spread. It can tell the difference between real accounts and fake ones, and spot when malicious activity is being coordinated. This allows them to catch disinformation campaigns in their infancy, giving organizations the chance to proactively defend themselves before the damage is done, rather than just reacting to a disaster. For example, during Romania’s recent elections, Refute uncovered over 32,500 fake TikTok videos pushing a particular populist candidate. They also found that about 40% of mining companies were under coordinated attack. We were so impressed by their work that we led their £5 million seed funding round because this whole space feels just like cybersecurity did a decade ago – a huge, growing problem that desperately needs innovative solutions.
The disinformation problem is evolving at an alarming rate. My friend was skeptical enough to look at those politician photos twice, and didn’t share them. But with new tools like generative AI, the distinction between what’s real and what’s fake is becoming incredibly blurred. Those early deepfakes might have been a bit clunky, but the organized attacks happening against businesses today are far more sophisticated. This ongoing battle against fake news is just one piece of a larger puzzle that our firm is looking at, a puzzle that includes how intelligence, human ingenuity, and our planet’s well-being are all connected. We’re constantly searching for innovative companies that are tackling these complex challenges head-on.
In the realm of “Intelligence,” for instance, Europe is carving out its own unique path in AI. Instead of trying to outmuscle Silicon Valley with sheer scale, Europe is focusing on building AI based on trust, reliability, and practical, real-world uses. Companies like Unlikely AI are at the forefront of this shift, creating more grounded and dependable AI systems. We’ve also seen our portfolio companies like iPronics and Nu Quantum recognized by Sifted as future leaders in computing infrastructure, pushing the boundaries of what’s possible. Photonic, another one of our investments, recently secured over $200 million in funding, valuing them at $2 billion. They’re building a groundbreaking distributed quantum computing architecture that will help quantum systems connect and scale beyond single machines, paving the way for revolutionary advancements. And in a crucial step for AI security, Secure Agentics launched Adrian, an open-source toolkit that monitors and controls AI agents before they can act, addressing a vital gap in how we ensure AI ethical and safe. Many of our portfolio companies, including PIMLOC, PolyAI, Riverlane, Secondmind, and UnlikelyAI, have also been featured in Barclays’ “Ones to Watch AI: 100” report, showcasing the strength and diversity of the UK’s AI ecosystem. And, reaffirming its critical role, Refute itself was highlighted in The Times for its work in helping organizations combat corporate disinformation, proving that proactive defense is the best offense.
Moving to “Human” innovation, companies are addressing challenges that directly impact people’s lives and their health. Nuclera, for example, has launched an antibody triage service that helps researchers quickly identify the most promising AI-generated drug candidates, saving time and money in the discovery process. Quibim, a leader in medical imaging AI, was selected for New York’s strategic AI program, a significant step that shows how AI-powered diagnostics are becoming a core part of healthcare infrastructure. And in the world of synthetic biology, Constructive Bio’s CEO, Ola Wlodek, shared how her company is transforming cutting-edge genetic research into a viable commercial pharmaceutical platform, moving beyond theoretical possibilities to real-world applications that could reshape medicine. These are just a few examples of how human ingenuity, powered by smart investments, is leading to tangible progress.
Finally, our focus extends to the “Planet,” recognizing that the future of our world depends on sustainable and innovative solutions. Our Principal, James Baker, recently published an insightful piece discussing who truly captures value in the booming space tech industry. He argues that the winners aren’t always those with the fanciest engineering, but rather the companies that effectively own the entire system, cultivate strong customer relationships, and deliver tangible outcomes. This perspective is crucial for early-stage investors looking to make a meaningful impact in the space economy. Beyond that, we’re dedicated to fostering communities of “Trailblazers.” We recently hosted an event where industry veterans shared their wisdom on what it takes to build a company that achieves breakout success from day one – emphasizing innovative technology, strong conviction, and exceptional leadership teams. These types of conversations and collaborations are essential for nurturing the next generation of entrepreneurs who will tackle the biggest challenges facing humanity and our planet. This ongoing commitment to supporting groundbreaking ventures across intelligence, human well-being, and planetary health is what drives us, and we hope you continue to follow our journey.