Security officials have determined that Chinese state-backed hackers orchestrated two “malicious” digital campaigns targeting democratic institutions and politicians in the UK.
The UK holds China accountable for a cyberattack on its electoral commission, where the Chinese government allegedly accessed personal information of approximately 40 million voters.
The National Cyber Security Center, part of GCHQ, revealed that four British MPs critical of the Chinese government were targeted in a separate attack but were able to identify and prevent any compromise before it occurred.
The UK has imposed sanctions on two individuals and a front company associated with the Chinese state-backed cyber group APT31, believed to be behind the hack. “Beijing’s attempts to interfere in Britain’s democracy and politics have not succeeded,” noted Oliver Dowden.
Dowden emphasized that protecting democratic institutions is a top priority for the UK government and vowed to continue calling out and holding the Chinese government accountable for such activities.
The Foreign Office will summon the Chinese ambassador to answer for these actions, with Dowden stating that strong action will be taken if UK interests are threatened.
Since the cyberattacks in 2021 and 2022, the UK has bolstered its cyber defenses, established a Democracy Defense Task Force, and enacted the National Security Act of 2023 to empower security agencies to thwart hostile activities.
Members of Congress targeted by the cyberattacks are expected to be named by the government as victims of a Chinese state-sponsored cyber attack.
Former Conservative Party leader Iain Duncan Smith called for a new approach to the UK’s relationship with China, recognizing the modern Chinese Communist Party for what it is.
China denied the accusations, stating that the cyberattack claims are fabricated and defamatory, and that they do not condone cyberattacks.
Prime Minister David Cameron addressed the cyberattacks directly with Chinese Foreign Minister Wang Yi, condemning the targeting of UK democratic institutions.
The UK remains vigilant in protecting its values and democracy from threats, and emphasizes the importance of awareness of such threats for all countries.
British entrepreneur Mike Lynch faced arrest on the first day of his criminal trial, where prosecutors portrayed him as a controlling boss who orchestrated a massive fraud. Lynch is set to appear in court in San Francisco on Tuesday.
Co-founder of Autonomy, Lynch is accused of inflating the software company’s sales, misleading auditors, analysts, and regulators, and threatening those who raised concerns before its acquisition by Hewlett-Packard (HP) in 2011.
Lynch’s lawyers plan to have him testify once prosecutors complete their case against him. He has denied all allegations of wrongdoing and faces up to 25 years in prison if convicted.
A deal by HP to acquire Autonomy for $11.1 billion soured when HP reduced the purchase price by $8.8 billion due to alleged accounting irregularities, omissions, and misstatements in the business.
As the trial commenced, prosecutors called on Ganesh Vaidyanathan, Autonomy’s former head of accounting, as the first witness to testify about accounting issues raised in 2010.
Assistant U.S. Attorney Adam Reeves argued that Lynch presented Autonomy as a successful company to HP but that its financial statements were false and misleading due to accounting tricks and concealing hardware sales.
Chamberlain, Autonomy’s financial director, also pleaded not guilty to charges related to falsifying documents and misleading auditors, with his attorney suggesting he was a pawn caught in a battle between giants.
Lynch alleges Autonomy’s poor performance post-acquisition was due to mismanagement by HP, not wrongdoing before the acquisition, as he spent time preparing for trial under house arrest.
Extradited from Britain to the U.S. last year, Lynch posted bail and wears a GPS tag on his ankle under 24-hour guard surveillance.
The criminal fraud trial of the British technology mogul once referred to as “Britain’s Bill Gates” is set to commence today in San Francisco.
Mike Lynch, the co-founder of British software company Autonomy, stands accused of artificially boosting the software company’s sales, deceiving auditors, analysts, and regulators. In 2011, before Hewlett-Packard’s significant takeover of the company, he even threatened those who raised concerns.
He has consistently denied any wrongdoing and maintains his innocence. If found guilty, he could face up to 25 years in prison.
HP purchased Autonomy in an $11.1bn (£8.72bn) deal to enhance its software business. However, just a year later, they reduced the purchase price by $8.8 billion, citing accounting irregularities and misstatements in the business.
In 2019, Lynch was indicted by a federal grand jury on 17 charges, including wire fraud, securities fraud, and conspiracy.
Despite past accolades, including an OBE in 2006 for his contributions to enterprise and an appointment to Prime Minister David Cameron’s Science and Technology Council in 2011, Lynch’s current situation is dire. He has spent the past year under house arrest preparing for trial.
Lynch was extradited from Britain to the US last May. After posting $100 million bail, he was required to wear a GPS ankle tag and be under constant surveillance by armed guards.
In a first-time allowance back in November, he could leave the luxurious San Francisco compound where he is based daily between 9 am and 9 pm, albeit with strict conditions.
MTech mogul Ike Lynch, once known as Britain’s Bill Gates, has been in San Francisco for the past 10 months with a GPS bracelet on his ankle and two armed guards watching him 24/7. This week, he faces a tough battle for his freedom in court.
Thirteen years after a major acquisition involving one of Silicon Valley’s most prominent companies and Lynch’s business, his reputation as one of Britain’s top engineers has come into question. The acquisition is now the focus of a criminal fraud trial where Lynch could potentially be sentenced to up to 25 years in prison if found guilty.
Lynch’s spectacular downfall started with his role as co-founder of Autonomy, a software company that once made him a star in the British tech industry. His accomplishments in business earned him an OBE in 2006 for his contributions. However, his reputation is now at stake as he faces accusations related to the Autonomy acquisition.
Lynch is on a mission to prove his innocence and clear his name from the allegations surrounding the Autonomy deal. The odds are stacked against him as federal prosecutors in the US have a high conviction rate, making it challenging for defendants to win in court.
The trial will focus on the events leading up to HP’s acquisition of Autonomy in a multi-billion dollar deal that Lynch believed would propel the company to new heights in the software industry. However, the aftermath of the acquisition was far from what was expected, leading to a series of legal and financial troubles for Lynch and Autonomy.
As the trial approaches, Lynch is preparing his defense with the help of his legal team, who are working tirelessly to navigate the complex legal landscape surrounding the case. Both sides will present their arguments, and a jury will ultimately determine Lynch’s fate.
British Wildlife Photographer of the Year Award has been won by a remarkable image of a football covered in invasive goose barnacles. Photographer Ryan Stoker’s images highlight the dangers of waste polluting our oceans and the impact on native wildlife.
“The soccer ball traveled across the Atlantic and ended up on the shores of Dorset,” Stoker explained. “Increased debris in the ocean could result in more organisms reaching our coasts, raising the risk of invasive species.”
The RSPB Young British Wildlife Photographer of the Year 2024 Award was given to Max Wood for his evocative image of a coot crossing a misty lake at sunrise. This award aims to inspire young individuals to engage in wildlife conservation.
The British Wildlife Photographer of the Year showcases the diverse and stunning wildlife of Britain. The 2025 competition is now open for entries, welcoming photographers of all levels to submit their images.
Animal Behavior Category Runner-Up – Dancing in the Dark
A pair of Crested Grebes (Podiceps cristatus) Touch the beak of Killingworth, North Tyneside, England, United Kingdom.Photo credit: Matthew Glover/British Wildlife Photography Award
Coastal/Ocean Division Runner-up – Fire in the night
Fireworks anemone (Pachycerianthus mulplicatus) shows fluorescence in Loch Fyne, Scotland, UK. These sea anemones live in very still water and are sensitive to the slightest movement. When disturbed, they quickly withdraw.Photo by Dan Bolt/British Wildlife Photography Award
Black and White Category Winner – Raven on Alan
A crow flies high over the top of Goatfell, the highest mountain on the Isle of Arran in Scotland, UK.Photo by Robin Dodd/British Wildlife Photography Award
Winner of Botanical Britain – Little Forest Balloons
A group of slime molds (comatrica nigra) Photographed in Essex, England, United Kingdom. The width of each head of these fruiting bodies is approximately 1 mm.Photo by Jason McCombe/British Wildlife Photography Award
Habitat Category Winner – Tightrope Walker
Red fox (Vulpes Vulpes Vulpes) walks across tree branches in Sherwood Pines Forest Park, Nottinghamshire, England, United Kingdom.Photo by Daniel Valverde Fernandes/British Wildlife Photography Award
Runner-up in the urban wildlife category – what’s all the fuss about?
In this photo, the Arctic walrus (Odobenus rosmarus) is resting on a dock in the port of Scarborough, England, after landing.Photo by Will Palmer/British Wildlife Photography Award
Hidden UK Winner – Three’s a crowd
Three common blue butterflies (Polyommatus icarus) Photographed at Beeland Farm, Devon, England, United Kingdom.Photo by: Ross Hoddinott/British Wildlife Photography Award
Winner of the 12-14 year old category – Mother and Fawn
Mother and young roe deer (capreolus capreolus) Forest, Sherfield-on-London, England, United Kingdom.Photo credit: Felix Walker-Nix/British Wildlife Photography Award
Wild Forest Category Winner – Empty Beech
Beech crown (Beech) in East Lothian, Scotland, UK.Photo credit: Graham Niven/British Wildlife Photography Awards
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Urban Wildlife Category Winner – Day Walker
This bitch (Vulpes Vulpes Vulpes) began living in an electrical substation after being evicted from their parent’s territory of Bristol, England.Photo by Simon Withyman/British Wildlife Photography Awards
11 years old and under division winner Spring Treasure
pheasant(Fasianus colchicus) I’m sitting on a fence on a cold, foggy morning in Mid Wales, England.Photo by Jamie Smart/British Wildlife Photography Award
Habitat Category Runner-up – Crop Thief
brown rabbit (lepus europe) munching on crops in the evening in Nantwich, Cheshire, UK.Photo by Steven Allcock/British Wildlife Photography Awards
Botanical Bulletin Category Runner-up – Rainbow at Dawn
A type of bushy seaweed known as rainbow rack (Cystoseira Tamarisfolia) is below the water’s surface and photographed as the sun rises. Photographed in Falmouth, Cornwall, England.Photo by Martin Stevens/British Wildlife Photography Award
Hidden Britain runner-up – Daisy Danger
Flower crab spider (Mismena Vatia) and bees (Western honey bee) are very close together and both live in oxeye daisy flowers. This photo was taken on his A30 property in Devon, England, which has remained untouched for many years. This makes it a paradise for wildflowers and the wildlife that lives there.Photo credit: Lucien Harris/British Wildlife Photography Award
Winner of Animal Behavior Category – Three Frogs in amplexus
A trio of ordinary frogs (Lana Temporaria) floats on the surface of the water with its abdomen open. In this mating position, the male frog uses his legs to grab the female from behind. Photographed in Perthshire, Scotland, England.Photo by Ian Mason/British Wildlife Photography Award
Youth Division Overall Winner – Water Running
coot(Furika Atlas)Skip-fly over Frensham Little Pond in Surrey, England, United Kingdom.Photo by Max Wood/British Wildlife Photography Award
brown rabbit (lepus europe) looking straight into the camera in Nottinghamshire, England, United Kingdom.Photo by Spencer Burrows/British Wildlife Photography Award
Black and white category runner-up – squirrel silhouette
red squirrel (vulgaris ciirus) Taken during a jump in Cumbria, England, United Kingdom.Photo by Rosamund MacFarlane/British Wildlife Photography Award
Animal Portrait Winner – Starling at Night
Starling (vulgaris vulgaris) Garden, Solihull, West Midlands, England, UK.Photo credit: Mark Williams/British Wildlife Photography Award
Overall Winner – Ocean Drifter
Soccer ball covered with goose barnacles (chest) below the waterline. A soccer ball washed up on the coast of Dorset, England, after a voyage across the Atlantic Ocean. Barnacles are not native to the UK, but can be washed up on beaches during strong Atlantic storms.Photo credit: Ryan Stalker/British Wildlife Photography Award
More than 4,000 parents have joined a group pledging to ban their young children from smartphones, amid growing concerns about online safety and the impact of social media on mental health.
The WhatsApp group ‘Smartphone Free Childhood’ responds to concerns about children’s smartphone use and the ‘norm’ of giving children smart devices when they attend secondary school, created by former school friends Clare Furnyhoff and Daisy Green. Founded by Well.
“I have children aged 7 and 9. Daisy has children of a similar age and we both feel really scared and anxious and now it’s 11 years old and it’s normal. I didn’t want him to have a smartphone at his age.”
Fernyhoff and Greenwell hope the campaign will encourage parents to delay giving their children smartphones until at least the age of 14 and ban them from accessing social media until the age of 16.
But what they had hoped would be a small group of friends “empowering each other” turned into a nationwide group after the group reached its 1,000-person capacity within 24 hours of Greenwell uploading the message. It turned into a campaign. Instagram post To promote it.
“We were completely surprised by this,” Fernyhough said. “I’ve gone completely crazy.”
The pair encouraged people to form local groups to deal with the demand. “Before our eyes, within 30 minutes, 30 local groups were born across the country, and it continues to grow,” Fernyhoff said.
The group has been transformed into a community to allow more people to participate and currently has approximately 4,500 members.
Smartphones are exposing children to a “world they’re not ready for”, with access to pornography and content about self-harm and suicide, which can have a negative impact on children’s mental health, Furneyhough said. said. “I thought maybe they don’t need it. You don’t need a smartphone at that age. A brick phone can do everything you need.”
Ofcom research shows that 91% of children in the UK own a smartphone by the age of 11, and 44% by the age of 9.
“We thought we had extreme ideas, and that’s why we wanted to be in solidarity with each other, but what we realized was that we were actually pulling the lid on something. I mean, it’s like an open question. I came here by mistake, and people really need to talk about this, and a lot of people feel the same way we do. I feel like I can’t talk,” Fernyhoff said.
Brianna Gee’s mother, Esther Gee, earlier this week called for a complete ban on social media for under-16s, calling for a complete ban on social media access for under-16s, unless tech companies take steps to restrict access to harmful content. , said there would be more people with mental health problems.
Brianna was murdered on February 11, 2023, and her mother believes she was vulnerable after spending so much time online.
The goal is to change this norm, Fernyhow said, so that by the time children graduate from elementary school, the whole class will come together and say, “Let’s all delay this until at least 14 years old.” This means that all children in primary school go on to secondary school where they have a certain number of peers doing the same thing, reducing peer pressure.
“We don’t just want kids to go to middle school,” Fernyhoff said. “It’s a nightmare. No one would do that to their child.” But if 20%, 30%, even 50% of his children enroll because their parents made that decision. , they will be in a much better position.
“They can have the childhood they were meant to have, focus on learning, and enjoy the real world without having to spend their lives scrolling. We all know that’s not good for them. I know.”
The UK’s new Artificial Intelligence Safety Authority has discovered that the technology can mislead human users, produce biased results, and lacks safeguards against the dissemination of harmful information.
Announced by the AI Safety Research Institute, initial findings of research into advanced AI systems, also known as large language models (LLMs), revealed various concerns. These AI systems power tools like chatbots and image generators.
The institute found that basic prompts can bypass LLM safeguards and be used to power chatbots such as ChatGPT for “dual-use” tasks, which refers to using a model for both military and civilian purposes.
According to AISI, “Using basic prompting techniques, users were able to instantly defeat the LLM’s safeguards and gain assistance with dual-use tasks.” The institute also mentioned that more advanced “jailbreak” techniques could be used by relatively unskilled attackers within a few hours.
The research showed that LLM models can be useful for beginners planning cyberattacks and are capable of creating social media personas for spreading disinformation.
When comparing AI models to web searches, the institute stated that they provide roughly the same level of information, but AI models tend to produce “hallucinations” or inaccurate advice.
The image generator was found to produce racially biased results. Additionally, the institute discovered that AI agents can deceive human users in certain scenarios.
AISI is currently testing advanced AI systems and evaluating their safety, while also sharing information with third parties. The institute focuses on the misuse of AI models, their impact on humans, and their ability to perform harmful tasks.
AISI clarified that it does not have the capacity to test all released models and is not responsible for declaring these systems “secure.”
The institute emphasized that it is not a regulator but conducts secondary checks on AI systems.
aA big name in the plumbing industry. Patrick Lutz They were used to withstanding floods. But the circumstances led to a completely different kind of soaking, sitting in the rain in a local park and pondering the demise of the business in the dot-com crash. “I lost everything. I had a young child. I was embarrassed and angry that I had let my family down. I couldn't look them in the face,” he said. look back.
His lowest point came just before the patent battle with Apple erupted that would define his life. Nearly two decades later, he's still at odds with his company and the U.S. courts.
He presents an interesting profile. The reputable and established British inventor, who first found wealth and success in the 1980s, now dominates his online reputation, leaving onlookers wondering whether Raz or Apple is in the right. After years of David vs. Goliath dogfights, he was clearly feeling hurt and angry. It's on the right.
Racz is the creator of Triflow, the world's first three-way mixer faucet. This system added additional channels and valves to a typical sink mixer to deliver filtered water along with hot and cold water. A “multi-million pound” sale in 1998 sealed his profits after expanding the business to sell in 45 countries.
But he says the second chapter turned rocky when his dot-com-era venture, a file-sharing and payments technology company, was taken over by Apple's iTunes store. He claims that a US company stole his system.
“I went through a period of severe depression,” Raz said, opening up for the first time about the mental strain. “I'm embarrassed to say that I hit the bottle. I got completely lost in time and didn't remember much.”
It was a patent for the technology, first filed in 1999 and granted almost a decade later, that gave him a “new lease on life” and is still in the process of seeking $18 billion in damages. A large-scale legal battle has begun.
Apple is no stranger to patent disputes like this. U.S. sales of Apple's Series 9 and Ultra 2 smartwatches were suspended before Christmas due to a conflict with medical technology company Masimo. Mr. Lutz has won several rounds of court action against the company, but there is no guarantee that either side will ultimately prevail. The only certainty is that the road ahead will be long, winding and expensive.
Racz grew up on a strawberry farm in Jersey and spent his early career as a salesman. When he sold his tap business, Avillion, he pursued the digital download market in the same way that Napster transformed the music industry with illegal file sharing.
Racz quickly filed a patent for Smartflash, an anti-piracy alternative, and an accompanying system for enabling payments and secure downloads. He has finalized deals with retailers and manufacturers, including French SIM card company Gemplus. Pop star Britney Spears has been appointed as a brand ambassador.
But in the aftermath of 9/11 and the dot-com crash, Spears and GemPlus withdrew, and Luck's said in court that GemPlus, also an Apple partner, subsequently claimed the product as its own. .
The late Apple president Steve Jobs is “soaking in praise” for a series of products, starting with iTunes in 2003, that blended hardware and software in a way Raz claims he first invented. His blood boiled when he saw it. After receiving patent approval in 2008, he achieved an unlikely victory. He sued Apple in Texas in 2015 and won $533 million in damages. According to Lutz, this was one of the largest jury awards for a private inventor.
However, the court's decision was later reversed. He was first hurt by a U.S. Patent Trial and Appeals Board ruling that his patent was invalid, and then lost when Apple appealed in commercial court. He later lost his case on appeal, but he vowed to keep fighting. He has faced considerable backlash among Apple supporters online in recent years, including receiving death threats via email from unknown individuals.
“When you're told your kids should be burned at the stake and beheaded for what they do, those things start to get hard. My kids were being bullied. The kids said, “Your dad says he invented this, but he didn't steal it. Apple invented it.'' Your dad is a liar.'' The Rats were having coffee in London. I say this while drinking. He's tall and stocky, with close-cropped dark hair, and he's still visibly furious as he tells his story.
Lutz's latest battle is with the U.S. Patent Office, which he is suing for refusing to release uncensored emails and documents related to his intellectual property. He seeks to prove that the group of judges was intentionally populated with former lawyers and close Apple supporters. Lutz argues that the company has used its “wealth and power” to influence the U.S. patent system.
Asked for comment, Apple pointed to a previous statement issued in 2015, saying: “SmartFlash makes no products, has no employees, does not create jobs, has no presence in the United States, and uses our patent system to seek royalties for technology invented by Apple. They are abusing it.”
“We refused to reimburse the company for the ideas our employees spent years innovating. Unfortunately, we are left with no other option but to take this fight to court.”
Gem Plus did not respond to a request for comment.
Away from legal pursuits, he is a supporter of Regent Sounds, a music store on Denmark Street in central London. The music store, once used as a studio by the Rolling Stones, has been locked in its own battle with its landlord behind a major development by media venture Outernet. .
His main mission remains to tell his story.he wrote smart flashHe has written an autobiography titled “, and there is interest from a publisher. His friend Simon Morris, Amazon's former global chief creative officer and the man behind Amazon Prime Video, struck a deal to sell the rights to a documentary about Ratt's life and persuaded the studio to pursue the project. I'm selling it.
Meanwhile, Latz continues to focus on his legal work and is supported by private investors who will share in his winnings. “They say that what doesn't kill you makes you stronger. That made me even more determined.”
After enduring a severe cyber attack, the British Library is now in the process of restoring its main catalog online. This is a significant milestone as the catalog contains 36 million records of printed and rare books, maps, magazines, and sheet music.
Despite this progress, access is currently limited to a “read-only” format, and it may take until the end of the year for the National Library’s services to be fully restored.
Sir Rory Keating, the library’s chief executive, confirmed that the full restoration of all services will be a gradual process. This has been particularly challenging for researchers who rely on the library’s collections for their work and livelihood.
The devastating cyber attack, which occurred on October 31st and was claimed by the ransomware group Rhysida, caused the main catalog to be inaccessible online and led to the theft of some employee data.
Upon restoring the online catalog, users will have the ability to search for materials. However, the process for checking inventory and ordering materials for use in the library reading room will differ from before. Users will also need to visit the library in person to view offline versions of the specialized catalog.
The library has also acknowledged the financial impact of the attack, stating that significant spending will be required to rebuild its digital services and complete the technological recovery. Additionally, concerns have been raised about the impact of the attack on payments to authors through the UK’s public lending rights system.
Despite the challenges ahead, the library is committed to restoring its services to their full capacity and continues to work with cybersecurity experts to address the aftermath of the attack.
The teenager behind the infamous hacking incident in which footage of the unreleased Grand Theft Auto VI game was leaked online has been detained indefinitely under the Mental Health Act.
Arion Kurtaj, 18, a “principal figure” in the Lapsus$ group, has hacked into major technology companies, including Rockstar Games, the developer of the highly successful video game series.
He stole code and footage from the unreleased Grand Theft Auto VI. The long-awaited sequel It will be in stores next year, more than 10 years after it was last released.
Kurtaj Some of the stolen footage has been released In an online forum, he blackmailed developer Rockstar, threatening to release its source code if it did not contact him last September.
Judge Patricia Rees said the hack “cost Rockstar a significant loss of incalculable marketing opportunities,” adding that in addition to thousands of hours of employee labor, the company lost more than $1.5 million in outside help alone. It said it cost about $1.2 million (approximately £1.2 million).
Kurtaj also said that over a 14-month period from July 2021 to September last year, when he was 16 and 17 years old, he had access to broadband provider BT, mobile phone operator EE, software companies NVIDIA and Uber. targeted and demanded millions of dollars.
Psychiatrists had ruled that Kurtaj, who is autistic, was unfit to face charges or stand trial.
However, the jury found he had committed 12 criminal acts. The charges included six counts of committing a fraudulent act to interfere with the operation of a computer, three counts of extortion, two counts of fraud, and failure to comply. After a two-month incident, he served a Section 49 notice to disclose the keys after failing to hand over his mobile phone password when asked by police.
image: The pair were sentenced at Guildford Crown Court.file photo
read more: GTA VI trailer: What we learned from the first look at the next Grand Theft Auto game
The judge ordered him to remain in hospital indefinitely, with restrictions under Section 41 of the Mental Health Act, meaning he could only be discharged if the Attorney-General gives permission.
Courtaj, who cannot be named because of his age, pleaded guilty to one count of computer fraud and one count of fraud and was sentenced along with a 17-year-old boy who was also convicted of one count of fraud. received. He committed extortion and fraudulent activities that interfered with the operation of computers.
“You two were at the center of a series of cyber crimes carried out by a group of hackers calling themselves Lapsus$,” the judge said.
“The group targeted major technology companies, subjecting them to hacking, blackmail, and fraud.”
The court heard that the young man was a member of the group from July 2021, when he was 15, to February last year, and was involved in crimes against EE/BT and Nvidia, with the hack costing the company $5 million (approx. The court found that the remediation costs amounted to $1. .
The judge said the boy, who has been diagnosed with autism, also carried out a “brazen hack” into the City of London Police system to access CCTV footage.
This teenager used an international government official’s email address to send emergency disclosure requests to companies including Discord, Google and Uber, obtaining personal information about the people he targeted before scamming youth courts. He was also found guilty of stalking, the court heard.
He was given a Youth Rehabilitation Order including an 18-month supervision requirement and a six-month prohibited behavior requirement to stop using VPNs.
Black founders in the UK are also seeing the effects of winter on their ventures.
According to one study, black founders in the UK have raised just 0.95% of all venture funding allocated in the country so far this year (or just $165 million out of about $17.3 billion). new report Written by Extend Ventures. 2023 would then be a year in the making, compared to 2022, when such founders raised 1.02% of all domestic venture investments ($316 million out of $30.88 billion), and 2022, when such founders raised 1.13% ($40 billion) of all domestic venture investments. This will be later than in 2021, when $454 million of the $30 million was allocated.
There has been a clear and consistent decline since 2020, when George Floyd was murdered, and global support and pressure to support Black communities has increased. The downward trend in the proportion of investments allocated to black founders is likely due to the venture recession of the past two years.
George Windsor, a data and research strategist who worked on the report, said black people make up 2.5% of the UK population and being properly represented in the venture ecosystem means they receive at least 2.5% of funding. will go to black-led businesses, he said.
Still, the achievement rate is 0.95% compared to 10 years ago, showing that progress is being made.
For example, just 0.28% of black UK founders raised venture funding in 2019, 0.23% in 2018 and 0.38% in 2017. According to Extend Ventures, between 2009 and 2019, only 38 Black founders were able to raise venture funding. In Japan. That number is now 80.
Even black women are doing better. Between 2009 and 2019, Extend discovered only the following: One Black women have raised more than $1 million in venture funding. Between 2019 and 2023, eight women did so.
Windsor said this progress is due to a myriad of factors, including “the growing awareness of racism, discrimination and inequality sparked by the Black Lives Matter movement and the killing of George Floyd.”
Extend co-founder Tom Adeyoola told TechCrunch that it also helps that there is less backlash against diversity, equity and inclusion efforts in the UK compared to the US.
“The UK values slow and steady reform, rather than consequential, hollow, haphazard action. The desire for change here is deep-rooted and focused on systemic action. ” he said. “That said, if you look for anti-DEI rhetoric, you can find it in discussions and newspaper headlines about removing these roles from the civil service. I don’t know if it’s getting the public’s attention as we continue to highlight how much loss of growth is hurting the economy due to bias.”
The Extend report also found that although women of color still face challenges entering the industry, there has been a 100% increase in the rate of people from minority backgrounds becoming investors. It was also revealed that
Earlier this year, the UK Treasury Select Committee acknowledged the lack of investment in minorities and women in technology and looked at ways to increase investment.
Maintaining this momentum will require new initiatives and strengthening of existing ones, Adeyola said. “The data shows that it is very important to track cohorts and understand which companies receive funding beyond the early stages,” he said. “We need to make sure that appropriate measures are in place at the level of following companies.”
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