Eileen Burbidge is one of the best-known figures in UK venture capital. As a co-founder of Passion Capital, she backed companies including Monzo, GoCardless and Marshmallow, after an earlier career spanning Apple, Yahoo and Skype. Now she’s starting again with NFG, her new VC vehicle targeting £20 million to invest at the earliest stages. She spoke to Pathfounders’ editor Mike Butcher.
14 Sept 2026
Tandem Health’s $100m raise to scale globally
Swedish healthtech startup Tandem Health has raised $100 million in Series B funding, led by EQT’s €5 billion Scaleup Europe Fund, taking its total funding to $160 million. Tandem started with an AI scribe designed to take the administrative burden off doctors. But its ambitions are now much bigger: it wants to build an AI-native operating system for healthcare. @Pathfounders Mike Butcher spoke to Dr Katie Baker, Tandem Health’s Director for the UK and Ireland and a former NHS GP.
14 Sept 2026
Exclusive: Mistral’s first investor on what their €3B raise really means
Mistral just raised €3 billion in a Series D, valuing it at more than €21 billion, the largest equity fundraising ever completed by a European technology company.With this, Mistral still intends to build frontier AI models, but will also invest heavily in compute, infrastructure and sovereign AI, positioning itself as an alternative for governments and companies that want more control over their technology and their data.So is Mistral still trying to become Europe’s OpenAI or Anthropic, taking a leaf out of the Chinese playbook, or is it building something potentially much more defensible in the long term?To unpack the round, the valuation, and what it means for the future, Paul Murphy, Mistral’s earliest investor at Lightspeed, spoke to Pathfounders Editor, Mike Butcher. P.S. Apply now to join the Pathfounders Network of vetted founders, investors and key players in Europe, plus first access to exclusive content. Launching soon!https://pathfounders.com/network (https://www.youtube.com/redirect?event=video_description&redir_token=QUZZTVljRzJYQmpxX2s2Q3FjbmxCV2NPbUtkNXxBTl9pYzRleWJrME5LS1M0bVYwVGtXT3ZWSFFaWGd2clY5QV91dWlQQ2pjRHYzVFlUZWJ3LXBaQUdFSkZaeDlSZENQQWF4aGtwcUdRQUg1YU5pbVdlZnZfWWFyb1JBb1JYajBE&q=https%3A%2F%2Fpathfounders.com%2Fnetwork&v=rTLqJFql2q8)
Inside a recent episode
Can Cosine really build the UK’s first sovereign AI model?
Published 15 Jun 2026 · Transcript excerpt
[…] I think secondly, it's also just hugely expensive, right? I think when I read a report to say Cloudflare released, so they were using Mythos to scan from bugs, it cost them a million US dollars per scan. That's just not at a level that people can afford. Even the large PLCs cannot afford that on a daily basis to continue. And actually more efficient, specialized models that you own, that you can customize and continues to have a good relationship with. In my view, sovereignty is not just on a national level. Sovereignty is on a corporate level. You are in some way, I always define to our customers to say, don't think of it as sovereignty, think of it as control. control over your own destiny, control of what data goes in, control of how data is processed, and ultimately control over cost. […]
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