This weekly roundup highlights the most notable European startup funding rounds that took place between July 1st and 5th. 

**Key Highlights**

* **ENEIDA.IO**, based in Coimbra, Portugal, secured €10.5 million to fuel its growth and innovation. 
* **Orus Energy**, a Paris-based company, raised €2.2 million to revolutionize how buildings interact with electricity markets.
* **alcemy**, headquartered in Berlin, Germany, secured €9.2 million to decarbonize the cement and concrete industry worldwide.

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European Startup Funding Rounds: Weekly Round-Up (July 1-5)

## **The Downfall of Byju’s: India’s Most Valuable Startup**  
Byju's, once celebrated as India's most valuable startup, has faced a dramatic decline in recent times. This **educational technology giant** was once a beacon of innovation and success, but now it finds itself in turbulent waters.  

### **A Storm of Challenges**  
Byju's has been grappling with multiple challenges that have led to its downturn. Key issues include financial mismanagement, **increased competition**, and **regulatory scrutiny**. The company expanded rapidly, which ultimately led to unsustainable growth and operational inefficiencies.  

### **Investor Confidence Wavers**  
As Byju's struggles to maintain its foothold, investor confidence has plummeted. Once a darling of venture capitalists, the startup is now facing a **crisis of trust**. The challenges it faces serve as a stark warning to other startups about the importance of sustainable growth and sound financial practices.  

### **Lessons for Entrepreneurs**  
The story of Byju's highlights crucial lessons for entrepreneurs:  
- **Sustainability Over Speed**: Rapid growth can be enticing, but sustainable practices are essential for long-term success.  
- **Financial Discipline**: Effective financial management is critical to navigating challenges.  
- **Adaptability**: The ability to pivot and adapt to changing market conditions is vital for survival.  

As Byju’s continues to navigate its challenges, the startup community watches closely, eager to learn from its mistakes and triumphs.

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The Rise and Fall of Byju's: A Cautionary Tale for Startups

### Eleven Labs: The AI Startup Captivating Investors

**Eleven Labs**, a startup specializing in **AI tools for audio applications**, is experiencing a surge of interest from both existing and new investors for its upcoming funding round, which could value the company at an impressive **$3 billion**. According to sources from TechCrunch, investors are eager to get involved in this rapidly growing company.

### Rapid Growth in Revenue

The two-year-old company has made significant strides, particularly in generating **synthetic voices** for **audiobook narrations** and **real-time video dubbing** into various languages. A source within a venture capital firm indicated that their firm is prepared to offer up to a **$3 billion valuation** to secure a spot in the next funding round, with a deal expected in the coming weeks.

### Impressive Annual Recurring Revenue (ARR)

Recent reports suggest that Eleven Labs has seen its **annualized recurring revenue (ARR)** skyrocket from **$25 million** at the end of last year to approximately **$80 million** recently. This rapid growth positions Eleven Labs among the fastest-growing startups in the AI sector. If the revenue figures hold true, this could mean a valuation of around **38 times the latest ARR**, a multiple slightly lower than other enterprise-focused companies but indicative of the startup's strong market position.

### Market Position and Competition

The potential funding round would **triple Eleven Labs’ valuation** from its Series B round earlier this year, which was co-led by notable investors like **Andreessen Horowitz**. The company has already raised **$100 million** in previous rounds, and this would mark its third funding round in just over a year.

Despite competition from giants like **Google** and **OpenAI**, which have introduced their own voice models, Eleven Labs stands out as it offers the unique capability to **clone human speech**, a feature that competitors currently lack. Other players in the **synthetic voice generation** market include **Murf**, **Tavus**, **Resemble AI**, **Respeecher**, and **Lovo**.

### Conclusion

As discussions with investors continue, the future looks promising for Eleven Labs, with a significant valuation increase on the horizon. Investors are keenly watching this space, eager to capitalize on the growing demand for AI-driven audio solutions.

ElevenLabs, a startup that makes AI tools for audio applications, is being approached by existing and new investors about a new round, which could value

Investors Rush to Back Eleven Labs as Valuation Soars Toward $3 Billion

### A Transformative Journey

Emily Hikade, the founder and CEO of **Petite Plume**, a luxury sleepwear brand, always aspired to make a difference. Growing up in Central Wisconsin, her curiosity about the world propelled her to learn languages and take bold steps like participating in a summer exchange program in France.

![Emily Hikade](https://assets.entrepreneur.com/images/misc/1727986001_EmilyHikade.png?width=1000)
*Image Credit: Courtesy of Petite Plume. Emily Hikade.*

### Career Path

Hikade's journey led her to the **University of Notre Dame**, and then to the White House, where she passed the foreign service exam and worked at the State Department. However, her career took a thrilling turn when she joined the **CIA**, specializing in counterterrorism while adding Russian and Arabic to her linguistic skills.

### A Life-Changing Event

During her time at the CIA, a **near-death experience** on a flight changed everything for her. As the plane spun out of control, she thought of her children and felt a profound sadness at the thought of leaving them without a mother. This pivotal moment ignited a desire to explore new possibilities.

### The Birth of Petite Plume

Inspired by classic pajama sets she saw in France, Hikade saw an opportunity in the U.S. market, where such styles were scarce. While stationed in East Africa, she decided to take the plunge into entrepreneurship by creating her own line of pajamas. With a calculated risk, she aimed to create a business that would provide for her family.

### Navigating Challenges

Starting **Petite Plume** was not without its challenges. Hikade aimed to produce pajamas from **100% organic cotton**, which led to navigating strict safety regulations. By blending cotton with inherently flame-retardant fibers, she successfully passed all regulations without harmful chemicals.

### Launch and Growth

Launched in **2015**, Petite Plume operated on a tight budget but achieved profitability from the start. Today, the company has become a lifestyle brand with **eight-figure annual revenue**, selling products in nearly 500 stores nationwide, including **Saks Fifth Avenue** and **Nordstrom**. Their e-commerce business has seen a **70% year-over-year growth**.

![Petite Plume Pajamas](https://assets.entrepreneur.com/images/misc/1727986276_PetitePlumeAW241.jpg?width=1000)
*Image Credit: Courtesy of Petite Plume*

### Building a Company with Values

Beyond profits, Hikade is dedicated to creating a workplace that values flexibility and support for parents, offering benefits like **parental leave**, healthcare, and profit sharing. She emphasizes the importance of starting a business without waiting for the perfect moment, stating, "**Carpe diem**."

### Advice for Aspiring Entrepreneurs

Hikade's journey illustrates that **there's never a perfect time to start a company**. Her simple advice for aspiring entrepreneurs is to take the leap and embrace the journey, regardless of the timing.

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Former CIA officer Emily Hikade started her pajama business Petite Plume after a near-death experience. Learn more about her entrepreneurial journey, here.

From Near-Death to Eight Figures: How Emily Hikade Built a Pajama Empire

### Adam Neumann's Latest Startup: Workflow

**Adam Neumann**, the founder of WeWork, is launching a new coworking venture called **Workflow**. This initiative marks a significant shift from his previous business strategies at WeWork, aiming to create a more sustainable model in the flexible office space industry.

#### A Different Business Strategy
According to **Bloomberg**, Workflow will operate under **Flow**, a residential real estate company that Neumann founded in 2022. Unlike WeWork's long-term leasing model, Workflow intends to lease office space in residential buildings already owned by Flow, alleviating some of the financial pressures that plagued WeWork.

Neumann emphasized the importance of **community-building**, stating, "The lack of community and the disconnection that people feel is even more relevant today". Flow's mission focuses on **"oneness"** and **connection**, aiming to foster a sense of belonging among its users.

![Co-working space at Flow's Las Olas residential tower](https://i.insider.com/6570de8558e7c0c29a2a6790)

#### Workflow's Innovative Approach
Workflow plans to cater to both Flow residents and external companies, with a strategy designed to avoid the pitfalls of WeWork's past. This includes managing partnerships with landlords rather than locking into long-term leases. As of now, Flow has a presence in **Miami, Fort Lauderdale, Atlanta**, and is expanding into **Riyadh, Saudi Arabia**.

![The pool at Flow's Fort Lauderdale high-rise](https://i.insider.com/6570d0500ec98e92f74cda83)

#### Lessons Learned
Reflecting on his past experiences, Neumann expressed a commitment to a more disciplined approach in his new venture, stating that he has learned to **"slow down"** and **"listen"** to feedback. He is working with investors Ben Horowitz and Marc Andreessen to ensure this new business remains grounded and focused.

![Adam Neumann at TechCrunch Disrupt NY in 2017](https://i.insider.com/66fed97f3f2165d716de3449)

Neumann concluded that this time around, the emphasis will be on learning and adapting, taking a measured approach to growth and development.

Adam Neumann's residential real estate startup Flow is getting into the shared coworking business, Bloomberg reports.

Adam Neumann's New Venture: Workflow - A Fresh Take on Coworking Spaces

YouTube's **top creator**, **MrBeast**, has made waves by acquiring **Vouch**, a startup designed to assist creators in **hiring** and **job postings**.

### What is Vouch?
Founded by former **Cameo** employee **Marty Pesis**, Vouch helps creators build their own hiring sites and post job openings, similar to **LinkedIn**. Creators can view applicants' profiles and communicate directly within the app.

### Innovative Features
Vouch utilizes **AI** for job matching and offers:
- An **AI-powered recommendation engine** to connect candidates with creators.
- Tools for creators to launch **custom-targeted job posts**.
- Careers pages and job boards for showcasing teams.

### The Creator Economy
Vouch is part of a burgeoning creator economy that Goldman Sachs estimates could reach **$480 billion by 2027**. Other competitor platforms include **YTjobs** and **CreatorEconomyJobs**.

### MrBeast's Vision
With **318 million subscribers**, MrBeast, whose real name is **Jimmy Donaldson**, aims to enhance his internal hiring processes using Vouch. His team includes numerous creators like **Yes Theory**, **Jesser**, and **Danny Duncan**, who have also utilized Vouch for job openings.

### Insights from the Founder
Marty Pesis emphasizes that creators today are akin to traditional businesses. He advocates for creators to have operational staff to streamline their hiring initiatives. Pesis, who has experience scaling marketing efforts at Cameo, recognizes the challenges creators face in finding talent, especially for roles that demand diverse skills, such as video editing.

### Backing and Future Plans
Vouch has secured funding from prominent investors like **Seven Seven Six** and **Liquid 2 Ventures**. The acquisition amount remains undisclosed, but it marks a significant step in **transforming the hiring landscape** for creators.

MrBeast's acquisition of Vouch not only expands his empire, projected to generate **$700 million** annually, but also positions him at the forefront of the evolving creator economy.

YouTube's top creator, MrBeast, has acquired a startup called Vouch, which helps creators with hiring and job postings.

MrBeast's Bold Move: Acquiring Vouch to Revolutionize Creator Hiring!

In today's tech-dependent world, **cybersecurity** has become increasingly vital. With malicious actors continually adapting their methods, **AI presents a groundbreaking opportunity** to enhance cybersecurity defenses. This is the driving force behind the **Google for Startups Growth Academy: AI for Cybersecurity program**, which equips cybersecurity startups with essential resources and mentorship for scaling and responsible innovation.

### Spotlight on 2024 AI Cohort Founders
Here’s a look at five standout members from the **2024 AI cohort** who are redefining global cybersecurity:

![Growth Academy: AI for Cybersecurity cohort](https://storage.googleapis.com/gweb-uniblog-publish-prod/images/AI_cohort.width-1200.format-webp.webp)

1. **LetsData (USA/Ukraine)**: Co-founded by **Ksenia Iliuk** and **Andriy Kusyy**, LetsData combats misinformation using AI, especially relevant during the ongoing conflict in Ukraine. Their platform analyzes vast media sources to detect information operations early, leveraging **AI technology** to enhance their capabilities.

   > “The Google for Startups program has allowed us to ramp up our market engagement strategies, tripling our product usage.” - Ksenia Iliuk
   
   ![LetsData Founders](https://storage.googleapis.com/gweb-uniblog-publish-prod/images/GFS_Munich_141.width-100.format-webp.webp)

2. **ShareID (France)**: Founded by **Sara Sebti** and **Sawsen Rezig**, ShareID offers an AI-powered identity verification service that authenticates government-issued IDs in real-time. Their technology is already in use with France’s Ministry of the Interior for the upcoming **2024 Olympic Games**.

   > “We are at a similar stage to all the participants, which is very helpful when discussing the problems.” - Sara Sebti
   
   ![ShareID Founders](https://storage.googleapis.com/gweb-uniblog-publish-prod/images/GFS_Munich_054.width-100.format-webp.webp)

3. **Bfore.AI (France/Argentina)**: Led by **Sebastian Cesario**, **Luigi Lenguito**, and **Luciano Allegro**, Bfore.AI specializes in predictive cybersecurity, using AI to anticipate and block threats. Their technology helps identify patterns and anomalies to safeguard digital assets.

   > “AI can compensate for the lack of skilled people in the market.” - Sebastian Cesario
   
   ![Bfore.AI Founders](https://storage.googleapis.com/gweb-uniblog-publish-prod/images/Screenshot_2024-10-02_at_4.47.09P.width-100.format-webp.webp)

4. **Ethiack (Portugal)**: Co-founded by **André Baptista** and **Jorge Monteiro**, Ethiack combines automated penetration testing with elite ethical hackers to provide continuous security testing. Their solution helps organizations stay ahead of data leaks and compliance challenges.

   > “Through AI classification, we deliver a scalable solution that identifies risks.” - Christian Torres
   
   ![Ethiack Founders](https://storage.googleapis.com/gweb-uniblog-publish-prod/images/GFS_Munich_036.width-100.format-webp.webp)

5. **Kriptos (USA/Ecuador)**: Founded by **Alfonso Villalba** and **Christian Torres**, Kriptos focuses on document analysis to prevent data leakage and enhance cybersecurity strategies. Their AI technology plays a crucial role in regulatory compliance.

   > “Our vision is to contribute to the evolution of cybersecurity and AI for the benefit of humanity.” - Alfonso Villalba
   
   ![Kriptos Founders](https://storage.googleapis.com/gweb-uniblog-publish-prod/images/GFS_Munich_042.width-100.format-webp.webp)

### Join the Movement
Applications for the **2025 cohort** of the Google for Startups Growth Academy: AI for Cybersecurity are now open until **December 3, 2024**. These startups embody the talent and innovation supported by Google, showcasing how **AI** can build a safer world.

In a world increasingly reliant on technology, the importance of cybersecurity cannot be overstated. Malicious actors are constantly evolving their tactics —but AI has the potential to revolutionize cybersecurity defense. That&#x27;s why we created the Google for Startups Growth Academy: AI for Cybersecurity program. Through this program, Google provides cybersecurity startups with the resources and mentorship they need to scale their solutions and innovate responsibly.Here is a look at five members of the 2024 AI cohort who are shaping the future of cybersecurity globally. Applications for the 2025 cohort of the Google for Startups Growth Academy: AI for Cybersecurity program are open now — apply for the program before December 3, 2024These companies represent a fraction of the incredible talent and innovation within the Google for Startups Growth Academy: AI for Cybersecurity program. We&#x27;re incredibly inspired by founders who are using AI to build a safer world and proud to support them.

Meet the Cybersecurity Innovators Using AI to Combat Modern Threats

OxyLo, Personal.ai, Wild Genomics, and AirSurgical were among the **25 university-powered startups** showcased at **San Diego's Innovation Day 2024** on September 24. This event highlighted groundbreaking technologies and visionary ideas, drawing attention from **venture capitalists, angel investors, and industry executives**.

### Transforming Cancer Treatment with Innovation
These startups are at the forefront of developing **new therapeutics** and treatments for cancer, leveraging artificial intelligence to enhance employee efficiency, and creating tools to reduce pesticide usage in agriculture. 

![AirSurgical's technology](https://today.ucsd.edu/news_uploads/_social/Innovation-Day-teaser-min.jpg)
*Alan Moazzam, an assistant professor at UC San Diego School of Medicine, demonstrates AirSurgical's innovative system designed to improve cancer treatment precision.*

### Personal.ai: AI for Enhanced Efficiency
**Personal.ai** is pioneering personalized AI models that aid businesses by creating **digital twins** for professionals, enhancing workflows without compromising sensitive data. Co-founder Alec Lowi emphasized the company's mission to boost employee efficiency, reporting nearly **$2 million in annual recurring revenue** since its launch.

![Personal.ai booth](https://today.ucsd.edu/news_uploads/personal-ai-banner.jpeg)
*The Personal.ai booth attracted many interested onlookers.*

### OxyLo: Revolutionizing Cancer Treatment
**OxyLo**, founded by UC San Diego postdoc Tom Molley, is focused on treating **liver cancer** with **HypoxyCaps**—an injectable microcapsule that starves tumors of essential nutrients. The startup has benefited significantly from UC San Diego's **Institute for the Global Entrepreneur**.

![Tom Molley](https://today.ucsd.edu/news_uploads/tom-molley-705_1.jpg)
*Tom Molley shares his startup's story at Innovation Day.*

### Wild Genomics: Innovating Pest Management
**Wild Genomics** provides farmers with real-time DNA sequencing tools to identify pests early, helping reduce pesticide use. Co-founders Eirik Torheim and Bilgenur Baloglu aim to save time and money for farmers while protecting crop health.

![Wild Genomics](https://today.ucsd.edu/news_uploads/wild-genomics-banner-min.jpg)
*Bilgenur Baloglu engages with fellow innovators at the Wild Genomics table.*

### AirSurgical: Precision in Cancer Treatment
**AirSurgical** showcases its robot-guided ablation system, enhancing the precision of cancer treatments. Co-founder Dimitri Schreiber credits UC San Diego's accelerator programs for their success and aims to transition from a garage startup to a fully funded enterprise.

![AirSurgical demonstration](https://today.ucsd.edu/news_uploads/dimitri-schreiber-705.jpg)
*Dimitri Schreiber discusses AirSurgical’s technology with attendees.*

The **UC San Diego Innovation Pavilion** served as a vibrant hub for innovation and collaboration, reinforcing the university's position as a leader in **startup creation** and technology advancement.

OxyLo, Personal.ai, Wild Genomics and AirSurgical were among 25 university-powered startups that took center stage at San Diego's annual Innovation Day.

European Startup Funding Rounds: Weekly Round-Up (July 1-5)

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Other Latest News

The Rise and Fall of Byju's: A Cautionary Tale for Startups

Investors Rush to Back Eleven Labs as Valuation Soars Toward $3 Billion

From Near-Death to Eight Figures: How Emily Hikade Built a Pajama Empire

Adam Neumann's New Venture: Workflow - A Fresh Take on Coworking Spaces

MrBeast's Bold Move: Acquiring Vouch to Revolutionize Creator Hiring!

Meet the Cybersecurity Innovators Using AI to Combat Modern Threats

Discover the Most Innovative Startups from UC San Diego's Innovation Day 2024

Other Latest News

The Rise and Fall of Byju's: A Cautionary Tale for Startups

Investors Rush to Back Eleven Labs as Valuation Soars Toward $3 Billion

From Near-Death to Eight Figures: How Emily Hikade Built a Pajama Empire

Adam Neumann's New Venture: Workflow - A Fresh Take on Coworking Spaces

MrBeast's Bold Move: Acquiring Vouch to Revolutionize Creator Hiring!

Meet the Cybersecurity Innovators Using AI to Combat Modern Threats

Discover the Most Innovative Startups from UC San Diego's Innovation Day 2024