The European Union’s new €5 billion “Scale-up Europe” growth fund could unlock financing rounds of more than €100 million for domestic artificial-intelligence start-ups, Novo Holdings chief executive Kasim Kutay told the *Handelsblatt* on Thursday. Speaking from Copenhagen, Kutay said the fund—mobilised under the EU’s flagship initiative to bolster home-grown technology champions—would target sectors where Europe already holds a competitive edge, including biotechnology and quantum technologies. “We must channel capital into areas where we can lead globally,” Kutay said, adding that AI-driven applications in finance, logistics and industrial automation remain under-exploited in the region.

The pledge comes as European regulators intensify warnings over systemic risks posed by frontier AI models. The European Systemic Risk Board (ESRB) has cautioned that advanced AI systems could amplify cyber threats to financial institutions, the Central Bank of Cyprus (CBC) said in a statement on Thursday. The CBC said it would “continue to monitor developments closely” and expects lenders to strengthen cyber-resilience against emerging AI-enabled attacks. The ESRB’s alert follows similar guidance issued last month by the Dutch data-protection authority, which highlighted the growing use of AI in phishing campaigns and automated social-engineering attacks.

In the private markets, AI-native security firm Keeper Security said it had surpassed $225 million in annual recurring revenue (ARR), positioning the company for a potential public listing. The Singapore-based outfit, which specialises in AI-driven identity protection, said its growth trajectory pointed toward a $1 billion ARR target within the next three years. “We are seeing product-market fit in the agentic-AI era,” a company spokesperson said, citing surging demand for autonomous threat-detection tools.

Meanwhile, European deep-tech investors are placing fresh bets on quantum and AI convergence. Munich-based QuantumDiamonds announced on Thursday it had secured €91 million in a Series B round led by World Fund and IQ Capital, with participation from the European Chips Act fund. The start-up uses diamond-based sensors to detect defects in semiconductor wafers, a technique that could reduce chip scrap rates by up to 30%, according to the company. QuantumDiamonds is the first EU-backed beneficiary of the Chips Act’s deep-tech window, the *Handelsblatt* reported.

On the corporate front, Qualcomm’s chief information officer told *Fortune* that the chipmaker is accelerating its AI integration to support a broader diversification strategy. The executive, who asked not to be named, said Qualcomm is embedding generative-AI models into its supply-chain and customer-support systems to cut operational costs and improve chip-design cycles. The move aligns with the company’s push to move beyond smartphone processors into automotive, IoT and edge-computing markets.

In wealth management, New York-based fintech start-up Finny—founded by Greek expatriate Viktoria Toli—has raised $20 million to deploy AI-driven client-acquisition tools for financial advisers. Toli, who previously worked at a major US asset manager, said Finny’s platform uses natural-language processing to match advisers with high-net-worth prospects in real time. “We’re transforming how advisers grow their books,” she told *ProtoThema*. Finny plans to expand into Europe, citing regulatory harmonisation under the EU’s digital-finance framework as an opportunity to repatriate talent and capital.

Regional investors are also eyeing Nordic markets as a growth engine. At a Tallinn summit on Thursday, European limited and general partners described the Nordic region as “an excellent environment” for tech entrepreneurship, with Sweden and Finland leading in AI and quantum computing. The Baltic Times reported that Nordic start-ups raised €1.8 billion in the first half of 2026, up 42% year-on-year.

Against this backdrop, the ESRB’s cyber-risk warning underscores the dual challenge facing Europe: seizing AI’s economic upside while mitigating its systemic vulnerabilities. “The genie is out of the bottle,” said a senior EU official who asked not to be identified. “Our task now is to ensure it serves the real economy—and doesn’t burn it down.”

Bluesky Threads

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Political Spectrum5 mapped

Articles

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