Pathfounders

Mike Butcher

Pathfounders, with Mike Butcher, covers the tech startup and venture ecosystem.

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49 episodes
Updated Wednesday

Episodes49

Newest first

Wednesday · 16 min
Can we engineer Critical Minerals?
The energy transition depends on scarce critical minerals used in batteries, hydrogen electrolysers, solar panels and electronics. Oxford, UK-based startup Milvus Advanced believes there is another option besides digging more mines: engineering abundant nano-scale materials that can mimic critical minerals such as platinum, iridium and indium. Pathfounders editor Mike Butcher speaks to founder and CEO Dr Assia Kasdi about the science behind Milvus, its move from laboratory experiments to kilogram-scale production, and whether engineered replacements could reduce the West’s dependence on fragile global supply chains.
July 24 · 32 min
That OpenAI / Hugging Face Incident. What now?
What happens when an AI model is told to solve a cybersecurity test and decides the easiest route is to escape its sandbox, reach the open internet and hack another company?In this episode of the Pathfounders podcast, Mike Butcher is joined by Meryem Arik, co-founder and CEO of Doubleword; Rory Blundell, CEO of Gravitee.io; and Ivan Burazin, co-founder and CEO of Daytona, to examine the extraordinary OpenAI–Hugging Face security incident which occurred recently. Did the models genuinely go rogue or simply follow their instructions too effectively? Why did sandboxing and conventional enterprise security fail? Are frontier AI companies increasingly using stories about their powerful models as "danger porn" to hype their capabilities?The podcast explored the growing security risks created by autonomous agents, why agents should never inherit a human user’s identity and permissions, and how businesses can protect themselves through isolated environments, tighter authorisation and stronger governance.Subscribe to Pathfounders for conversations on AI, startups, venture capital and geopolitics.
July 6 · 38 min
Pathfounders Live: The Coming Drone Revolution
When we talk about drones, the conversation often jumps straight to warfare, surveillance or consumer gadgets. But one of the most important uses may be less dramatic but far more economically significant: inspecting the critical infrastructure that keeps modern life running. Energy grids, gas pipelines, pylons and remote assets still often rely on helicopters and manual inspection, which is expensive, slow, and can be dangerous. Beagle Systems, a startup based in Hamburg, is trying to change that Co-founder Oliver Lichtenstein joins Pathfounders Editor for this Pathfounders Live Podcast, recorded in front of an audience in Berlin. This fireside conversation covers: • Oliver's journey to founding Beagle Systems and scaling in a complex regulatory landscape• Why drones are becoming the default tool for critical infrastructure inspection• How autonomy and AI are transforming what's possible in the field• What the next wave of drone technology actually looks likeThank You To Our Event Partners: Infra Onehttps://www.infra.oneFull fund setup for multi-LP structures. Ideal for long-term venture or private-equity vehicles with multiple investors.PT1https://www.pt1.vc PT1 is a European venture capital platform investing in early-stage tech that’s upgrading the physical world in three core clusters: \ Electrification & energy transition\ Built world AI & automation\ Climate & infrastructure resilience. With initial tickets ranging from €300k to €4M, we back the boldest founders across the UK and Europe who are redefining how we build, power and sustain our world. At PT1 we don’t just fund startups - we actively support to add value where it matters most. Combining deep domain expertise with data-driven insights, we leverage our AI-enabled deal flow engine to identify and accelerate future category winners. Championed by our network of 100+ industry experts – from unicorn founders to corporates and industrial veterans – we provide startups with collective wisdom, hands-on guidance, strategic acceleration sprints and the backing needed to scale.
July 3 · 21 min
Emergency Podcast: How will Andy Burnham change the UK's AI strategy?
We’re looking at what could become a major reset coming for Britain’s AI strategy. According to the Financial Times, Andy Burnham, who is tipped to be the next UK Prime Minster, is exploring a shift away from the current policy towards one built around UK AI sovereignty, regional growth and re-skilling, as opposed to the more AI-forward approach we’d become used to under Sir Keir Starmer, who had wooed US tech giants like OpenAI and Anthropic, while promoting of home-grown AI companies. Indeed, it even launched a £500 sovereign AI fund. But are we about to see the rise of a far more tech-sceptical UK administration? Featured on this podcast: Host: Mike Butcher, Founder & Editor, Pathfounders.com and former Editor-at-large of TechCrunch. https://x.com/mikebutcher https://www.linkedin.com/in/mikebutcher Guest: Alys Key, an Editor, Writer and Journalist, who writes the Substack newsletter, UK2.0. https://x.com/@alys_key https://www.linkedin.com/in/alyskey/ Guest: Meryem Arik, Co-founder and CEO at Doubleword, which builds high-performance open source model inference infrastructure for AI at scale. https://x.com/@MeryemArik9 https://www.linkedin.com/in/meryemarik
July 1 · 11 min
Xylo arrives to rescue the UK from its planning nightmares
When Habs Kim’s family moved from South Korea to the UK, one of their first encounters with the British state was one of the most feared entities on the British Isles: The planning department. That experience now sits behind Xylo, the UK govtech startup Kim cofounded with former lawyer and operator Dermot O’Riordan, which has now raised £2.8m in pre-seed funding to help local authority planning officers process applications faster and more accurately. Xylo is building AI agents for planning teams. The pitch is not that AI should make planning decisions. It is that officers are drowning in admin before they even get to the decision. Kim spoke to Pathfounders’ Mike Butcher.
June 22 · 21 min
Seedcamp’s new $320M warchest is for AI, deeptech, and US expansion
Seedcamp, one of Europe’s best-known early-stage venture firms, has raised $320 million for its next phase of investing. The firm, an early investor in Revolut, Wise, UiPath, Fluidstack and Synthesia, is also expanding its US presence and placing a bigger bet on startups operating where AI meets science, robotics and the physical world. Seedcamp partner Tom Wilson joined Mike Butcher to discuss where one of Europe’s ‘original gangster’ investors goes from here.
June 19 · 12 min
Is Impact and Diversity still relevant in tech?
You might have though diversity and impact was out of fashion, but apparently it’s alive and well. And Europe has no shortage of startups claiming to make an “impact”. But what does Impact mean in 2026, which companies are genuinely worth watching? “Next Impact Europe”, is a new platform created by two investors: 4P Capital in Paris, and Impact Shakers, a VC and accelerator. They’ve unveiled an inaugural list of 50 impact startups, selected from 520 nominations across 35 countries. The initiative aims to give greater visibility, and potentially greater access to capital, to diverse founders tackling challenges ranging from climate and waste to healthcare, food and education. To discuss how the companies were selected, what “impact” really means in venture capital in 2026, and whether greater visibility can translate into investment, Mike Butcher spoke to Yonca Braeckman, founder of Impact Shakers and co-founder of Next Impact Europe.
June 15 · 15 min
Can Cosine really build the UK’s first sovereign AI model?
UK startup Cosine has won UK government backing to train Lumen Sovereign, its own frontier AI model, on the Isambard-AI, the UK’s most powerful supercomputer. It will work with partners such as BT, Lloyds Banking, HSBC, BAE Systems, Thales and other major British companies and institutions, to build a frontier AI model designed to operate without dependence on foreign technology or infrastructure. Cosine co-founder Yang Li spoke to Pathfounders’ Editor Mike Butcher about their plans.
June 9 · 15 min
Apoha emerges from stealth with $36M to teach AI how matter behaves
New UK startup Apoha has emerged from stealth with $36 million to build what it calls “Liquid State Intelligence” — a data layer for measuring how molecules, materials and formulations behave in the real world. The round was led by Singular, with participation from Draper Associates, Redalpine, Seedcamp, Wilbe, Nucleus and grant funding from Innovate UK. Founded in 2021 by Shamit Shrivastava and Anshika Srivastava, Apoha is trying to fill a gap in molecular science. Researchers can already analyse a molecule’s sequence and structure. Apoha wants to measure its behaviour: how it responds to stress, liquids and real-world conditions. Pathfounders’ Founder and Editor Mike Butcher interviewed the co-founders at SXSW London to find out their next moves.
June 3 · 15 min
AI is coming for cement, steel and glass production
Energy-intensive industries like cement, glass, and steel-making are facing an energy crisis. But the software that controls their plants is ancient. AI startup Gigaton plans to catapult these laggard industries into the future, by building fully autonomous plants. CEO and co-founder Josh Vernon told Pathfounders' Editor Mike Butcher how they plan to do it.
May 27 · 15 min
Transition Ventures transitions to a new world
Transition Ventures' second fund has closed at over $150M, bringing AUM to $300M. David Helgason, founding CEO of Unity Software (NYSE: U), spent two decades giving developers the tools to build virtual worlds. Now, with Transition, he's backing the founders building the physical one. He spoke to Pathfounders Editor Mike Butcher about its pivot towards rarified areas such as photonics and even small modular reactors.
May 27 · 15 min
Is preventative health the next big startup trend?
Europe’s healthcare systems are still focused on sickness, not prevention, even as its population become more interested in the latter. That’s the bet of Lucis, the Paris-based preventive health startup that has just raised a $20 million Series A round led by Singular Ventures. Its playbook includes biomarker testing, longitudinal data and an AI health companion. In this interview with Pathfounders editor Mike Butcher, Lucis co-founder and CEO Max Berthelot, says they plan to use the funding expand across Europe. And recounts the first time they met…
May 20 · 17 min
CircuitHub aims to accelerate electronics manufacturing to software speed
Electronics manufacturing has failed to keep up with the speed of hardware design. Now, CircuitHub allows engineers to upload circuit board designs, get an instant quote and have finished printed circuit boards delivered in days. It means a huge acceleration for EVs, drones, or even defence systems. CEO and founder Andrew Seddon spoke to Pathfounders’ Mike Butcher about their recent $28 million VC funding round.
May 19 · 13 min
As Mistral acquires Emmi, Europe’s AI race moves into physics and industry
Mistral’s acquisition of Austrian startup Emmi AI marks a shift in Europe’s AI story, away from chatbots and into the industrial systems that underpin advanced manufacturing. Emmi builds AI models that can make engineering simulations run in seconds rather than days. Guillaume Decugis, General Partner of Serena Data Ventures, an early investor, told Pathfounders the deal was driven by commercial traction and strategic fit. For Mistral, best known as Europe’s leading LLM company, Emmi adds a vertical AI asset in the “language of physics,” hinting at where the next battleground in AI may lie.Mistral’s acquisition of Austrian startup Emmi AI marks a shift in Europe’s AI story, away from chatbots and into the industrial systems that underpin advanced manufacturing. Emmi builds AI models that can make engineering simulations run in seconds rather than days. Guillaume Decugis, General Partner of Serena Data Ventures, an early investor, told Pathfounders the deal was driven by commercial traction and strategic fit. For Mistral, best known as Europe’s leading LLM company, Emmi adds a vertical AI asset in the “language of physics,” hinting at where the next battleground in AI may lie.
May 18 · 18 min
Mouro Capital says fintech is about to change
Mouro Capital has hit a $400 million first close for its third fund, backed by Banco Santander, taking total commitments to more than $1 billion. In this episode, Manuel Silva Martínez, General Partner at Mouro Capital, joins Pathfounders to unpack why the firm is moving beyond the old “fintech” label and investing at the broader intersection of financial services, AI, regulation and infrastructure.Mouro Capital has hit a $400 million first close for its third fund, backed by Banco Santander, taking total commitments to more than $1 billion. In this episode, Manuel Silva Martínez, General Partner at Mouro Capital, joins Pathfounders to unpack why the firm is moving beyond the old “fintech” label and investing at the broader intersection of financial services, AI, regulation and infrastructure.
May 11 · 38 min
Pathfounders Live: With Richa Kaul, Founder & CEO of Complyance
Pathfounders Live: With Richa Kaul, Founder & CEO of Complyance, in conversation with Pathfounders Editor Mike Butcher, followed by a live audience Q&A. Subjects covered during the interview and Q&A: * Why compliance is suddenly becoming a boardroom issue * How AI is changing governance, risk and compliance * The hidden danger of employees using “Shadow AI” via their personal accounts * Why third-party vendors are now one of the biggest enterprise risks * How AI agents can monitor company risk in real time * What the Equifax breach taught Richa Kaul about consumer data * Why protecting consumers means protecting the companies that hold their data * How Complyance raised a $20M Series A led by GV * Richa’s unusual fundraising strategy, informed by a Silicon Valley playbook * Why founders may be oversharing with VCs too early * Whether SaaS is dead, or simply being rebuilt around AI agents * The shift from software as a “system of record” to a “system of action” * Why AI-native startups operate differently from traditional SaaS * How AI is reshaping sales, engineering and implementation teams * The future of junior jobs in an AI-powered workforce * Why compliance teams may actually become more strategic, not less relevant * How the EU AI Act could reshape enterprise compliance * Why legal and compliance teams interpret regulation differently * Why fully agentic systems still need guardrails and human judgment * Who audits the AI — and why AI governance standards matter * Why the future of software may be about selling outcomes, not tools * What still does not scale in an AI-native company * Which AI tool Richa Kaul uses personally Thanks to our partners for supporting this event: Halkin Offices: For a prime address, exceptional workplace design, and award-winning customer service - all under one roof. Just contact Oliver Kingshott on oliver@halkin.com Nebius: Nebius is building the ultimate cloud for AI, with a single platform that spans the entire AI journey — from data and model training and tuning to production runtime and deployment. To find out more please contact their team.
May 6 · 16 min
Rezonant and the new AI software bottleneck
AI coding agents are making software faster to build, but it’s creating a headache for product managers, who are now the bottleneck. In this episode, Pathfounders’ Mike Butcher speaks to Emma Burrows, former Stripe UK CTO and founder of Rezonant, about why the next crisis in AI-driven software development may be the messy handoff between product managers, engineers and, now, Agentic engineers. Rezonant is now launching from stealth with a workspace designed to turn product intent into Agent-ready specs.
May 1 · 15 min
Is this the hottest young founder network globally right now?
Sigma Squared has brought together over 1,100 young founders across local chapters spread around the world, and its members have collectively raised more than $2.5 billion in venture capital, but the organisation is not simply a talent network or investor pipeline. President Julia Zhou joined Mike Butcher on the Pathfounders Podcast to peel back the curtain on this fascinating network.
April 29 · 30 min
Brussels decisions will do “little” and be “too late” for startups
Competition Economist, Cristina Caffarra is chair of the EuroStack Industry Foundation, and a fierce critic of the view that the EU is doing enough to help European startups. Mike Butcher, Pathfounders editor, asked her where’s next for the European tech stack.
April 23 · 10 min
YC-backed Ontora is an AI to map the ‘guts’ of a company
Ontora — a startup from Germany which just won YC backing — is building an AI agent designed to interview every employee in a company, surface hidden knowledge, and turn that into process maps, operational insight and context that AI tools can use. Pathfounder’s Mike Butcher spoke to the founders about the tool and their YC / Bay Area experience during today’s AI boom.