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UK AI Startup Emulate Launches Fundraising With Target of Up to $700 Million and Valuation of $3.7 Billion
On Wednesday, September 16, UK-based AI startup Emulate announced a new funding round targeting up to $700 million, achieving a post-money valuation of approximately $3.7 billion. The round was led by Index Ventures and Lightspeed Venture Partners. Emulate was established in August 2026 by founders Jack Parker-Holder and Matthew McGill, both former Google DeepMind researchers who contributed to the development of DeepMind’s Genie world model.
Genie generates realistic videos and interactive 3D environments from short text prompts. Since its January release, the model has disrupted the gaming sector, causing billions in combined market value losses for industry giants Take-Two, Roblox, and Unity. Trained to understand and replicate physical spaces, Genie represents a new frontier in AI research, facing less intense competition than the large language models powering ChatGPT, Gemini, and Claude. Operating quietly until now, Emulate is the third UK-based spin-off from DeepMind’s London office to secure hundreds of millions in funding this year.
Startups founded by former researchers from major AI firms are increasingly known as "neo-labs." These entities have attracted hundreds of billions in funding this year, often securing high valuations before product launches by leveraging their founders' reputations. Last month, Google chief scientist Jeff Dean departed to launch Discovery Loop, an AI startup. Meanwhile, David Silver, a former DeepMind researcher, raised approximately $1 billion at a $5 billion valuation for Ineffable Intelligence. Additionally, a team of ex-DeepMind and OpenAI engineers founded Recursive Superintelligence, securing over $600 million at a $4 billion valuation.
The two primary expenses for these companies are computing infrastructure financing and recruiting top-tier researchers.
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On Wednesday, September 16, UK-based AI startup Emulate announced a new funding round targeting up to $700 million, achieving a post-money valuation of approximately $3.7 billion. The round was led by Index Ventures and Lightspeed Venture Partners. Emulate was established in August 2026 by founders Jack Parker-Holder and Matthew McGill, both former Google DeepMind researchers who contributed to the development of DeepMind’s Genie world model.
Genie generates realistic videos and interactive 3D environments from short text prompts. Since its January release, the model has disrupted the gaming sector, causing billions in combined market value losses for industry giants Take-Two, Roblox, and Unity. Trained to understand and replicate physical spaces, Genie represents a new frontier in AI research, facing less intense competition than the large language models powering ChatGPT, Gemini, and Claude. Operating quietly until now, Emulate is the third UK-based spin-off from DeepMind’s London office to secure hundreds of millions in funding this year.
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