EUVC

AI is impressive, but not yet world-changing. The real shift comes next with quantum computing.
In this EUVC episode, ⁠Andreas Munk Holm⁠ speaks with ⁠Andy Leaver⁠, CEO of ⁠Arqit⁠ and Operating Partner at ⁠Notion Capital⁠.
They discuss why many European startups struggle to scale beyond €10 million to €30 million, why enterprise AI adoption remains experimental rather than immediate, and how quantum computing is set to redefine security and infrastructure.
The conversation also covers data sovereignty and the growing risk of “harvest now, decrypt later”.
Key highlights
Most startups fail scaling from €10M to €30M
AI is impressive, but not yet world-changing
Enterprises are slow to adopt AI despite the hype
Quantum could break current encryption
The real breakthrough is AI + quantum combined
Timestamps
(00:00) Intro and Andy Leaver’s background
(05:30) Scaling lessons and the €10M to €30M challenge
(08:45) AI and SaaS: are the rules really changing?
(11:30) Enterprise AI adoption and experimental phase
(14:00) Shadow AI and enterprise risk
(17:00) Security, data sovereignty, and quantum threats
(26:30) AI today vs AI + quantum future
(35:30) Investing in quantum and the one-person billion-dollar company idea
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Models are converging. Chinese open source models are catching up. Applications are becoming the moat.
In this episode of This Week in European Tech, Dan Bowyer and Mads Jensen of SuperSeed examine the shifts shaping AI, markets and Europe’s role.
From DeepSeek’s progress to the EU AI Act, the focus is on where the real competitive edge is forming, alongside cyber incidents, the race between frontier labs, and why coding is central to how AI systems improve and are used, before closing on pressure in private credit and what it could mean for SaaS.
Key highlights
Chinese open-source AI is rapidly closing the gap with US leaders
The EU is considering revisions to its AI Act, including scope and timeline changes
Cyber incidents reveal systemic data management failures
Frontier labs are moving up the stack into applications, with coding central to progress
Private credit exposure to SaaS could lead to repricing
Timestamps
(00:00) Intro and overview of key topics
(05:45) DeepSeek V4 and model competition
(11:30) EU AI Act discussions
(16:45) Cyber breaches and data governance issues
(21:30) Digital ID systems and Estonia’s model
(26:30) Sergey Brin, DeepMind and AI coding race
(32:00) SpaceX, Cursor and AI distribution strategy
(39:30) Private credit, space sovereignty, predictions and week ahead
Subscribe to EUVC, the home of European tech, for more insights: ⁠https://www.eu.vc/subscribe

In climate hardware, the capital stack shapes everything. This is according to Jarna Hyvönen, Co-Founder and CEO of Volare.
She joins Andreas Munk Holm and co-host Carmel Rafaeli, Founding Partner at The Table, in this episode of Leaders Shaping a Resilient Planet to break down what it takes to finance and scale industrial climate companies.
Volare is building a circular platform using black soldier flies to turn food industry side streams into protein, oils and fertilisers.
Jarna explains how they structured a mix of equity, debt, mezzanine and grants to fund their first industrial facility, and what it takes to align these instruments in practice.
Key topics
Multi-instrument funding from day one
Interdependent capital and fundraising complexity
The importance of early financial capability
De-risking through proven systems
When unit economics become visible at scale
Timestamps
(00:00) Climate tech funding gap
(03:00) From research to industrial scale
(06:00) Inside the mixed capital stack
(10:00) Interdependent financing
(14:00) Financial strategy and CFO role
(18:00) De-risking and innovation
(22:00) Market shift to viability
(26:00) Scaling and unit economics
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Anthropic is moving beyond models and into building full products.
In this episode of This Week in European Tech, Dan Bowyer and Mads Jensen from SuperSeed cover the key forces shaping European tech right now, from political shifts and capital flows to AI competition, small high-output teams and rising compute demand.
Key Highlights
Hungary’s leadership change and potential EU funding unlocks
Anthropic expanding beyond models into product and applications
Mythos vs GPT Cyber and what different benchmarks actually measure
The rise of very small teams building large businesses with AI
Compute demand continuing to accelerate across the market
Timestamps
(00:00) Intro
(01:00) Hungary and EU implications
(08:30) Anthropic strategy shift
(13:30) AI model comparison
(20:30) Small teams and AI businesses
(26:30) Compute scarcity
(31:30) Musk’s Terafab
(36:30) Predictions, deals, closing
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Deep tech is not about complexity. It is about compounding R&D that builds defensibility and demands a different approach to investing. This is the lens Sasha Vidiborskiy, Partner at Atomico, applies to backing frontier technologies.
In this episode, Andreas Munk Holm speaks with Sasha, a quantum physicist turned VC investing in complex products and deep tech.
They explore what defines deep tech, how to assess founders, and how Atomico underwrites and invests in technically complex companies, from diligence to timelines and risk.
Key highlights
Why deep tech is driven by compounding R&D, not complexity
Why timelines are hard to predict, especially in areas like quantum computing
What sets great deep tech founders apart
How Atomico evaluates and underwrites deep tech opportunities
Why Europe is gaining ground in deep tech
Why deep tech requires a different investment approach
Timestamps
(00:00) Intro & Sasha’s background
(03:00) From quantum physics to venture capital
(07:30) Quantum computing timelines
(12:00) What defines deep tech
(18:30) Founder traits
(26:00) Evaluating deep tech investments
(34:00) Atomico’s investment framework
(42:00) Europe’s deep tech moment
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