An incubator of technology start-ups co-founded by Sir Keir Starmer’s former artificial intelligence adviser is closing in on a \u00a31bn valuation after securing new investor backing.<\/p>\n
Sky News has learnt that Entrepreneurs First (EF) is in the process of raising about $120m from a syndicate of new and existing funders.<\/p>\n
EF was jointly founded by Matt Clifford, who this year spent six months helping shape Downing Street’s approach to AI, authoring its AI Opportunities Action Plan.<\/p>\n
Mr Clifford, who stepped down from that role for personal reasons, is also chair of the government’s advanced research agency, ARIA.<\/p>\n
Sources said that EF had notified investors in recent weeks that it had secured a $75m commitment from Transpose Platform, one of its existing investors, as part of the broader funding round.<\/p>\n
New backers, according to people briefed on the plans, include Japan Post Bank and the California Public Employees Retirement System, one of the world’s most powerful pension fund investors.<\/p>\n
The Series D funding round will cement EF’s status as a lynchpin of Britain’s start-up economy.<\/p>\n
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EF has backed hundreds of companies, including the fintech unicorn Cleo and insurance claims processor Tractable.<\/p>\n
The firm is run by chief executive Alice Bentinck, who co-founded it with Mr Clifford in 2011.<\/p>\n