🌟 Heartcore Insights
Hi there,
Welcome to the 118th edition of Heartcore Insights, curated with 🖤 by the Heartcore Team.
If you missed the past newsletters, you can catch up here. Now, let’s dive in!
Digital twins are fast becoming part of everyday life - The Economist
A few weeks back, The Economist published an article about how digital twins are set to transform healthcare. The idea is that in the near future, patients might consult with doctors alongside a virtual, real-time replica of their body — your personal digital twin. When these models are continuously updated with the latest health data, they could enhance diagnostic accuracy and enable more personalised treatments in the future.
While the concept of a “human replica” is still in its early stages, the groundwork is being laid. In fact, there is a lot of ongoing research using computer simulations for organ modelling to evaluate different and more personalised treatments. A type of testing that would be far too risky to ever experiment with in reality.
The rise of digital twins is not limited to healthcare. These models are becoming increasingly prevalent, with applications ranging from monitoring jet engines and vehicle networks to managing supply chains and forecasting sales. Especially the advancements in AI are enhancing the model capabilities:
Originally, digital twins were simple computer models of physical objects. With advancements in computing, these models have grown more sophisticated. For instance, a Formula 1 racing car today may feature over 250 sensors that continuously update its digital twin during a race.
Today's digital twins offer advanced problem-solving capabilities, including everything from predicting future scenarios, to testing ideas without real-world consequences. They are essentially providing a virtual sandbox for experimenting with complex problems.
While digital twins hold significant promise, they also raise some concern including questions around data privacy, potential for system errors, and the possibility of over-reliance on virtual models. As more applications for digital twins continue to emerge, it will undoubtedly pose new questions. However, the opportunities they present already appear to hold overshadowing potential.
A deep dive into China’s role as “critical mineral monolith” - Kris Cooper
A recent deep dive into rare earth minerals highlights China’s escalating dominance in critical mineral supply chains. The reasoning for this issue gaining urgency can be found in the rising demand for advanced technologies and renewable energy, which rely heavily on these minerals. As the need for these resources grows, China’s expanding control — both domestically and through international ventures — is raising alarms in Western nations.
According to the International Energy Agency (IEA), China accounts for 80% of natural graphite and 60% of mined rare earth minerals. For battery-grade graphite alone, China holds a staggering 99% market share.
While the growing dominance is raising concerns among Western countries, the latest strategic investments and regulatory measures do not seem to indicate a brighter future:
Chinese investments in mining surged by 160% in 2023, with $19.4B directed into projects, particularly in Africa, where Chinese companies hold significant stakes, especially in upcoming lithium supply chains. In addition, China has steadily tightened its control over critical minerals through regulatory measures and foreign access limitations.
To understand China’s growing dominance, it’s essential to consider its future plan for economic growth. Both renewable energy and battery technologies are here deemed central, with China committing $6T in its latest Five-Year Plan — a most likely deliberate move to maintain global reliance on its resources.
As China continues to capitalise on its critical mineral supply chains, the rest of the world faces mounting pressure to diversify its sources. Meanwhile, Western mining companies are exploring sustainable alternatives to stay competitive against China’s cost advantages and expanding influence. One thing is clear: bridging this gap could be worth billions.
How to Think About Risk with Howard Marks, Howard Marks
The future of GRC: How small businesses are fighting the rise of cyber-crime, The Independent
Digital twins are making companies more efficient, The Economist
Mastering Portfolio Construction, Mario Gabriele
The breakthrough AI needs, The Economist
🇪🇺 Notable European early-stage rounds
Qura, a Sweden-based startup building an AI search engine for legal data, raises €2.1M with Cherry Ventures - link
Hepta Medical, a France-based startup building minimally invasive lung cancer treatment, raises €5.7M with BPI France - link
Findable, a Norway-based startup transforming documentation building with AI, raises €9M with Point Nine - link
Tem, a UK-based startup enabling businesses buy renewable energy directly from sources, raises £10.5M with Atomico - link
Retraced, a Germany-based platform digitising fashion and textile brands’ supply chains, raises €15M with Partech - link
Tilt, a UK-based online shopping platform designed like a social media app, raises $18M with Balderton Capital - link
Vsim, a UK-based physics simulation startup, raises $21.5M with EQT - link
🇺🇸 Notable US early-stage rounds
Reflect Orbital, a sunlight harvesting startup, raises $6.5M with Sequoia - link
Tidal Metals, a producer of decarbonised magnesium using seawater and electricity, raises $8.5M with DCVC - link
Supermaven, an AI-powered coding assistant, raises $12M with Bessemer - link
Every, providing all-in-one back-office platforms for startups, raises $22.5M with Redpoint/Y Combinator - link
Thatch, a personalised health benefits platform for businesses, raises $38M with Index/General Catalyst/a16z - link
🔭 Notable later stage rounds
Attio, a UK-based CRM software provider, raises $33M with Redpoint/Balderton/Point Nine - link
Qualifyze, a Germany-based startup improving pharmaceutical supply chains, raises $54M with Insight Partners/HV Capital - link
Marvel Fusion, a Germany-based nuclear fusion startup, raises €62.8M with HV Capital - link
Codeium, a US-based AI-powered coding platform, raises $150M with General Catalyst/Kleiner Perkins - link
Glean, a US-based enterprise AI search platform, raises $260M with Altimeter/DST Global/Coatue - link
Cribl Inc, a US-based data infrastructure startup, raises $319M with Google Ventures - link
🖤 Heartcore News
Congratulations to our portfolio companies 🖤 FINN, Fora Travel, Ukio and qlub for making the LinkedIn Top Startups 2024 lists across Germany, US, UAE, and Spain! ✌🏻
Kudos to our portfolio company Forecast 🖤 for continuing to hold their High Performer badges in the G2 Fall Report 2024. 👏🏼
Our Partner and CEO, Jimmy Fussing Nielsen 🖤, features alongside many inspiring leaders in the Nordic 100 list curated by Neil S W Murray, TechBBQ and The Nordic Web. 🥳
Thank you for being a loyal subscriber of our monthly Insights - please feel free to share this newsletter with anyone you’d think would appreciate it!