Stealth UK Startup Building Iron Dome-Like Tech Eyes $400 Million Valuation
The company has been operating in secret and its existence has not been previously reported. While it has yet to launch publicly, it's already recruited a former UK minister and received multiple rounds of investment from backers including Accel, Lakestar and Lux Capital, said the people. Corporate filings in the UK show partners from the three venture capital funds as directors in the company.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
20 minutes ago
- Yahoo
Average tracker mortgage borrower set to see £29 fall in monthly payments
The average homeowner on a tracker mortgage will see nearly £29 shaved off their monthly payments, following the quarter point cut in the Bank of England base rate, according to industry figures. Banking and finance industry body UK Finance calculated that the reduction in the base rate on Thursday, from 4.25% to 4%, will mean the typical mortgage holder on a deal that directly tracks the base rate will pay £28.97 per month less, based on the average balance outstanding. Over a year, this adds up to a reduction of nearly £350 (£347.64). Those on a standard variable rate (SVR) deal could see their monthly mortgage payments reduce by £13.87 on average, adding up to an annual saving of £166.44 – provided the lender passes on the base rate cut in full. Borrowers often end up on an SVR when their initial deal ends and the rate is set by individual lenders but often follows movements in the base rate. Homeowners on fixed-rate mortgages will see no immediate change, although thousands are due to remortgage in the months ahead. Around 900,000 fixed-rate mortgage deals are due to expire in the second half of 2025, according to UK Finance's figures, with 1.6 million fixed deals having ended or being due to end across the whole of the year. Charles Roe, director of mortgages at UK Finance, said: 'Today's rate cut by the Bank of England takes us back to where we were just over two years ago when rates were last at 4%. 'While most mortgage holders are on fixed-rate deals, the cut will be welcomed by those on tracker or variable rate mortgages. This rate reduction should also help new mortgage applicants, as affordability and overall borrowing costs could improve.' Andrew Montlake, chief executive of Coreco mortgage brokers, said: 'It now seems there is maybe just room for one more cut before the end of the year if inflation starts to play ball, and whilst you may see two and five-year fixes reach around 3.5%, it is unlikely to fall much further. 'The last quarter of the year is set to be a busy time in the mortgage market as lenders battle for business in a competitive environment and borrowers take advantage of a buyer's market whilst it is still around.' David Hollingworth, associate director at L&C Mortgages, said: 'The good news for fixed rate borrowers coming to the end of a deal is that rates have been falling. 'That's because today's cut was so widely expected that it's already allowed lenders the chance to improve their rates although it means we are unlikely to see fixes plummet further because of today's cut.' Nicholas Mendes, mortgage technical manager at John Charcol said: 'Mortgage rates have been edging lower in recent weeks, helped by falling swap rates and a fresh price war among lenders. 'Many banks are off their annual targets, particularly on the purchase side, so they're sharpening rates to compete for remortgage business instead. That's why we've started to see a handful of five and two-year fixed rates priced below 3.8%, even as inflation remains above target.' He said that for those borrowers 'rolling off sub-2% pandemic-era deals this year, the gap between old and new repayments is still significant, but it's narrowing. The payment shock is nowhere near what we were seeing 12 to 18 months ago.' Mr Mendes added: 'For anyone approaching the end of their current mortgage deal, it makes sense to start the process around four to six months before it expires, depending on your lender. 'That gives you time to consider both a product transfer with your existing lender and the option of remortgaging to a new one. Most lenders will allow you to secure a rate early, which means that if the market moves against you and rates rise, you are protected. 'If rates fall, there is often the opportunity to switch to a lower deal before completion, either with the same lender or a different one, provided you have kept an eye on fees, timelines and any cancellation clauses.' Matt Smith, a mortgage expert at Rightmove, said: 'Lenders have been competing for business in a market which has the largest supply of homes for sale in a decade. 'A combination of rate cuts and changes to buyer affordability criteria are helping many home movers to responsibly borrow more towards the home that they want. 'The market expects there will be one more (Bank of England base rate) cut before the end of the year, with an outside chance of two. Any further cuts would likely see this cycle repeat again, with lenders using it as an opportunity to reduce rates a little more. 'It bodes well for the second half of this year, with further mortgage rate reductions and stable prices likely to encourage more activity.' Mark Manning, managing director of Northern Estate Agencies Group said: 'Today's rate reduction will help to settle people's nerves and ensure the property market remains buoyant.' Rachel Springall, a finance expert at said: 'The continuation of falling mortgage rates will instil a sense of confidence among borrowers.' She added: 'Lenders have also been relaxing stress tests to further support mortgage customers.' Ms Springall added: 'In positive news, swap rates have been edging downwards once again in recent days, which will give lenders more scope to reduce fixed mortgage rates.' She said: 'There remains a clear financial gain for borrowers to shift from a variable rate mortgage onto a cheaper fixed rate, as a typical mortgage borrower being charged the current average standard variable rate of 7.42% would be paying £372 more per month, compared to a typical two-year fixed rate.' Moneyfacts' calculation was based on a £250,000 mortgage, being repaid over a 25-year term. Ms Springall also said that base rate reductions 'will spell further misery for savers'. She said: 'It is essential that savers do not wait around for too long to snap up the top rates on the market, particularly if they use their pots to supplement their monthly income.' According to the average easy-access savings rate on the market in August is 2.68%, down from 3.15% in the same month a year ago. The average easy-access Isa on the market in August offers 2.90% in interest, down from 3.36% a year earlier, the financial information website said. Thomas Lambert, a financial planner at wealth manager Quilter said: 'Cash savings rates have been among the few beneficiaries of the Bank's earlier rate hikes, but they are now under pressure as expectations shift. 'Banks and building societies are typically quick to respond to rate cuts, particularly on easy-access accounts, meaning the top rates may start to slip. 'Fixed-rate savings products may hold up for a little longer as institutions manage existing funding strategies, but the overall trend is clear. Those looking to make the most of their savings may want to consider locking in rates now, while they remain relatively high. 'The broader challenge is that many savings rates are once again falling below inflation, and the erosion of real returns is becoming an issue for households trying to preserve the value of their money. 'Diversification, including a considered approach to investing, may be needed to maintain purchasing power over time.' The value of investments can go down as well as up. Jenny Ross, editor of Which? Money, said: 'If you're a saver, now is the time to take stock of your accounts. Banks will likely be swift to cut the interest paid on variable rate accounts, so shop around to make sure your money is working as hard for you as it can.'
Yahoo
20 minutes ago
- Yahoo
Investors cool towards private credit and passive equities, Goldman Sachs says
By Nell Mackenzie LONDON (Reuters) -Big investors are turning more cautious on areas such as passive equities and private credit this year and are more interested in hedge funds as a sector than they have been for several years, according to a Goldman Sachs survey. The survey showed 27% of large investors said they wanted to cut their exposure to long-only passive equities in the second half of the year, compared with 19% in the first half of the year, according to the report sent to clients and seen by Reuters on Thursday. Private credit, which has been the most popular asset class among large allocators in the last few years, is losing favour: the survey showed that 31% of investors plan to commit money to this strategy in 2025, compared with 41% a year ago. Goldman Sachs' prime brokerage conducted the survey in July. It surveyed 333 allocators including pension funds, endowments and sovereign wealth funds that oversee more than $1 trillion of assets. Passive equities, products tracking broader stock indices, have lost appeal as markets have been roiled by tariff shocks, the data from Goldman Sachs showed. Meanwhile, uncertainty has grown for lending to private companies that need healthy financial conditions to grow, as recent data releases have cast doubt on the U.S. economic outlook. U.S. duties on imported goods are starting to boost inflation, risking a period of tepid growth and high prices, known as stagflation. Private credit valuations are not always transparent, two investors at companies overseeing a combined $2 trillion of assets, told Reuters on Wednesday. One of the investors said they were considering redeeming from investments where they could not determine the values, or so-called "marks", of the portfolios. Hedge funds had the highest allocator interest, according to the data from Goldman Sachs. The survey showed that 37% of investors intend to allocate cash to this sector over the remainder of this year, unchanged from the first half. However, just 6% say they are going to decrease investments in it, compared with 10% previously. It remained uncertain whether investors would stick to their allocation plans, Goldman said. Even though many might want to invest more money in hedge funds, many were prevented from spending money that was locked into private markets commitments that weren't seeing income, or distributions, Goldman said. Anecdotally, "these pressures may be easing," the bank said. Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
East Lancs set for months of roadworks as part of £250m project
Four months of roadworks are set to start on one of Merseyside's busiest roads this weekend. As part of a £40m upgrade to the region's electricity network, parts of the East Lancs Road will be cut off in just over two weeks. According to SP Energy Network (SPEN), the works will increase capacity on the local network, ensuring it remains fit for purpose as people make greener choices and switch to low-carbon technologies like electric vehicles. SPEN's Manweb licence director, Liam O'Sullivan said: 'Over the next 25 years, electricity demand is set to double as people make the move to low-carbon options for transport and heating. 'Our Merseyside and Wirral districts alone forecast to be home to an incredible one million electric vehicles and heat pumps by 2050. That requires an incredible transformation to our network in the region – much of which was built when the Beatles were at their peak! READ MORE: Live updates as crash shuts busy road near hospital READ MORE: Restaurant chain closes 74 locations across the UK 'So, we need to modernise and move with the times and that's why we're investing more than £250 million in this area between 2023-2028 – including the new Bootle to Kirkby connection.' The first phase of construction is scheduled to start on Saturday August 9 along the eastbound side of the East Lancashire Road, between the substation near South Boundary Road and the M57 Junction 5 exit slip road. Work is due to continue until 8 December 2025. Knowsley Council advised that one lane of the eastbound carriageway will be closed for safety reasons and work will be undertaken between the hours of 7am-5pm, seven days a week. Workers will be digging sections of the road to replace the old cables, connecting new ones to various points along the network. They will also be digging and installing new cable ducts at a rate of around 25 to 40 metres a day, with clear signage in place along the route. The local authority also advised motorists that some disruption will be inevitable, but pledged to keep inconvenience to a minimum during the construction process. It confirmed that people will still have full access to homes and businesses and electricity supply will be unaffected. Addressing the potential transport disruption, SPEN project manager, Chris Cummings said: 'While the works will be completed in short sections along the route, we appreciate there will be some disruption – given this is such a major project. We're doing everything we can to keep that to a minimum and appreciate the support of Knowlsey Council to help us achieve that. 'We will also keep local communities and regional partners informed about what's happening and when and that work is already underway. We apologise for any inconvenience and thank local people in advance for their understanding and support.' The energy firm added it has worked to ensure all road users are updated on the plans that all impacted locations and traffic management plans for the work will be clearly signposted in advance. SCHEDULE OF WORKS August 9 – October 18: Coopers Lane to Alchemy Way August 15 – October 18: Alchemy Way to Junction 5 slip August 19 – September 23: South Boundary onto Coopers Lane September 13-14 and September 20-21 to September 27-28: Moorgate Road Junction For the latest news and breaking news visit Get all the big headlines, pictures, analysis, opinion and video on the stories that matter to you. Follow us on Twitter @LivECHONews - the official Liverpool ECHO Twitter account - real news in real time.
