The wire — 29 June 2026

A fuller wire this week, and a single thread runs through most of it: the money went to infrastructure Europe would rather own than import. Not the consumer-facing layer, but the plumbing beneath it — and, again and again, the plumbing a continent wants under its own control.

Read the rounds that way and they line up. Tsuga's €30 million Series A (led by Singular) builds observability that keeps a company's telemetry inside its own cloud rather than shipping it to a US vendor. AlpSemi's €17 million funds European-built power chips for AI data centres, with Schneider Electric's venture arm at the table. Wultra's €6.8 million Series A readies bank logins for the quantum era and the EU Digital Identity Wallet — sovereignty written into the authentication layer. And Bristol's Astral Systems raised €26 million to turn fusion reactors into a domestic source of the medical isotopes that cancer therapy depends on, a supply chain currently stretched across a handful of ageing facilities.

The rest fill in the picture. Almetra (formerly Deltia) took €16 million to give factories sight through cameras and AI, with Bosch and Siemens Energy already buying. Cambridge's TRIMTECH brought its Seed to €41 million — a fresh €12 million co-led by Johnson & Johnson's venture arm — to chase brain-penetrant protein degraders for Alzheimer's. Vienna's Ora Computing raised €3.5 million on the contrarian bet that the next AI wave runs on compact, cheap-to-run models rather than ever-larger ones.

After a quiet week, France was busy again — four of the nine rounds. Beyond Tsuga and AlpSemi, Lyon's Flease raised a €13 million Series A from Partech's impact fund for circular vehicle leasing, and Montpellier's Wheere took an €8.5 million bridge — half of it non-dilutive — to prove indoor geolocation that works through 50 metres of concrete. The rounds, largest to smallest.