Weak Signals.

Back from the Tech Tour Growth Deeptech 2025 in Edinburgh.

“Buy-and-build” (B&B) has been part and parcels of PE strategies for a very long time.

One of the bugbears of European technology has traditionally been the lack of ambition.

Last week, we’ve had bubble-like news of the funding for SupersafeIntelligence (SSI, Ilya Sutskever) and Thinking Machines Lab (Mira Murat), both ex OpenAI AI, both pre-revenue and both even pre-product.

Looking outside in, many outsiders don’t make so much difference between PE and VC funds.

Europe doesn’t feed its own unicorns.