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Selected companies

Everything, everywhere, all at once

A fifth of everything formed in Europe, and the least specialised place on the map. Fintech is the only category it genuinely over-indexes on, at 1.4 times the European rate.

  1. Agon logo

    Agon

    Defence Simulation & Synthetic Data

    Building the foundational AI infrastructure for the era of agentic warfare.

    Builds a synthetic battle arena where autonomous defence systems train against adaptive adversaries drawn from live conflict intelligence, compressing years of development into weeks. Aimed at Europe's sovereign defence AI infrastructure; recently secured dedicated access to the UK's national AI Research Resource. Founded by Tristam Constant, formerly Europe director at Anduril and head of European defence at Applied Intuition, and Junaid Hussain, co-founder of an air defence company and founder of the world-building platform Iconic. Cedric Archambeau serves as Chief AI Officer; team draws from Anduril, Applied Intuition, Palantir, Google and Unity. Chaired by Unity founder David Helgason.

    Founded 2026

  2. Benford logo

    Benford

    Tech-Native Statutory Audit

    Statutory audit, off your plate.

    Runs statutory audits end to end, from the client's accounting systems to the signed opinion. A proprietary platform connects to ledgers and bank accounts, collects the data and handles the volume testing, while qualified auditors review the findings and sign every engagement. Registered as an audit firm rather than a software supplier to other auditors, it already carries out client audits in Norway. Its founders are Thibault Mallion and Mads Bogen Øye, both former technology investors who now run the firm as co-chief executives, and Andreas Rystad, chief technology officer and a former Palantir engineer.

  3. Emulate

    World Models & Simulation

    Virtual worlds where robots and AI agents learn.

    Builds world models, AI systems that simulate and predict how physical environments behave. The company remains in stealth but is expected to target use cases in robotics and simulation. Everyone named so far worked on DeepMind's Genie project, which generates interactive 3D worlds from a single text or image prompt. Its founders are Jack Parker-Holder, who led the team behind Genie 2 and Genie 3, and two colleagues from the same world-model team, Matthew McGill and Philip Ball, who both contributed to Genie 3.

    Founded 2026

  4. Ineffable logo

    Ineffable

    Frontier Research & Self-Play Discovery

    Making first contact with superintelligence.

    Building a superlearner that discovers knowledge from its own experience rather than human generated data, using large scale reinforcement learning. Founded by David Silver, architect of AlphaGo, AlphaZero and MuZero, with six co-founders almost entirely out of DeepMind, including Lasse Espeholt, Chris Apps and Junhyuk Oh. Advised by Geordie Rose.

    Founded 2025

  5. Inherent logo

    Inherent

    Autonomous Research & AI-native R&D

    Recursively self-improving to discover new knowledge.

    A lab redesigned from scratch to apply recursive self improvement to an entire research organisation, not just one model. A Public Benefit Corporation. Its first result, Faraday, is a 27B parameter AI Scientist that layers scientific intuition onto coding agents to replicate research papers. Tantum Collins, CEO, was a research and strategy aide to DeepMind's CEO before three years in the US government helping establish the AI Safety Institute. Edward Hughes, Chief Scientist, spent nearly nine years at DeepMind. Louis Kirsch did his PhD under Jürgen Schmidhuber before joining DeepMind. Kaloyan Aleksiev, CTO, came from Reka AI.

    Founded 2025

  6. Recursive logo

    Recursive

    Frontier Model Research

    Automated Frontier Model Research

    Applying recursive self improvement first to AI research itself, with the stated aim of extending the approach to every scientific discipline. Eight co-founders: Richard Socher, formerly Salesforce's Chief Scientist and concurrently CEO of You. com and founder of a venture fund, Tim Rocktäschel of UCL, and six more from OpenAI, DeepMind, Google Brain and Meta. The team built AI labs at Salesforce and Uber, with two prior unicorns among them.

    Founded 2026

  7. Reimagine Robotics logo

    Reimagine Robotics

    Teachable Industrial Robotics

    Robots you can train on the job.

    Builds robots that learn new work from the people doing it. A worker shows the task, corrects mistakes as they happen, and every skill is shared across the whole fleet. New behaviours take as little as ten minutes to set up instead of days, with no specialist programming. Plastics manufacturers and electronics disassembly teams have already taught the robots new stations themselves. Its founders are Jonathan Scholz, who built and led Google DeepMind's Applied Robotics team for seven years, and three colleagues from that team: Oleg Sushkov, Misha Denil and Akhil Raju.

    Founded 2025 · Funded

  8. Riplo logo

    Riplo

    AI-Native PE Advisory

    A deeper view on AI risk and opportunities across the investment lifecycle.

    An AI-native advisory firm for private equity, running buy- and sell-side AI impact diligence and value creation work directly for funds. Ex-MBB consultants are paired with engineers and powered by a proprietary agentic system, rather than sold as software. Works across London, DACH and the US. Founded by Tobias Haefele, who previously built AI products at QuantumBlack, with Zack Zornitta.

    Founded 2025

  9. Zaro logo

    Zaro

    Enterprise Knowledge & Agent Memory

    Perfect knowledge is here.

    A governed context layer giving enterprise AI agents a shared, continuously updated memory of how a business runs, stored as versioned files the work itself writes back to, with every answer citing its source. Michael Bajwa was Convergence's first product hire, joining at the very start and taking it to its first million in annual revenue within ten weeks, ahead of its acquisition by Salesforce; he previously shipped radiology algorithms at Harrison AI. Qian Zheng was Convergence's first engineering hire, later its Head of Engineering.

    Founded 2026

  10. Zeus Faber logo

    Zeus Faber

    Defence & Energy Manufacturing Network

    Intelligence forged on the floor.

    A network of operators who embed in European precision parts factories serving defence, aerospace and grid infrastructure, rotating through the network before taking founder or operator seats in factories built from the inside. Software ties the network together, tracking cycle times and routing what one factory learns to every other overnight. Matija Bagic spent seven and a half years at Palantir in automotive and industrial. Ognjen Ivkovic spent eleven years at Palantir, most recently as Head of Energy, before a brief stint at OpenAI. Founded in London, 2026.

    Founded 2026

As early-stage VCs, most companies we look at are early, some pre-inception. To properly capture the formation layer, we looked back no more than 18 months from a company's founding, and no more than one institutional round raised.

We believe getting to the core truth of a company radiates from the founding team, and that those signs show up long before a company has its breakout success. So we got on the ground, city by city, talking directly to the ecosystem leaders, university professors, angels, operators and micro VCs who see these companies before anyone else does. The names that kept coming up independently, before they showed up anywhere public, were what we went after.

Every one of those names, alongside thousands of other companies we track a year, went through the same internal scoring model: the scale of impact the company could have globally, how genuinely AI-native the product is, the strength of the thesis, and the team, their talent density, where they've built before, how deep that experience really runs. We ended up with ten companies per city that we believe combine all of the above, while capturing the city's own heartbeat and the themes defining it.

Formations counted

1,876

Left out when we work out the average because its volume is unusually large.

Fewer formationsMore formations

Every city in the sample on a log scale, 10 to 1,876 formations. London is marked in pink.

Rank by formation volume
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Category mix

What London is made of

The categories these 1,879 companies fall into. Conventional SaaS is the largest.

  • Conventional SaaS24%
  • AI-first software21%
  • Fintech15%
  • Consumer11%
  • Health9%

Specialisation

What London builds

On raw volume most European cities look alike. Character only appears once each theme is compared with a typical European city. Every company now carries a category and sub-theme. Pink marks the categories where London differs most; provisional comparisons rest on fewer than 10 companies and are never the lead claim.

Above the line means this city forms more of something than a typical European city does. Below means less.

  • Centre line: a typical European city (1.0)
  • Forms more than average
  • Forms less than average
  • Provisional: fewer than 10 companies
  • Values read as 1.93x the average, then the theme's share of the city's companies

Typical European city (1.0)

  • Fintech1.38x the average  · 15.2% of the city+ 3 sub-themes
    • Payments61.4%
    • Crypto & digital assets10.9%
    • Wealth, investing & trading6.7%
  • Health1.04x the average  · 9.3% of the city+ 3 sub-themes
    • Clinics, practices & patient care77.7%
    • Biotech tools & lab automation10.3%
    • Drug discovery & therapeutics6.9%
  • Consumer1.00x the average  · 11.1% of the city+ 3 sub-themes
    • Consumer AI assistant/companion37.0%
    • Media, gaming & entertainment19.7%
    • Consumer social & networking8.6%

City 1 of 7

Next city: Paris