Digital Economy News January 2024

Germany launches National Digital Strategy

Germany’s Federal Cabinet adopted a new National Data Strategy at the end of August. The policy provides a framework for more effective data generation, seeks to strengthen digital innovation and Improve competitiveness. The strategy, which replaces the previous Data Strategy 2021, is the result of cooperation between the Digital, Economic Affairs and Climate, and Finance ministries. According to the government, up to 80 percent of industrially generated data is not used further. The new strategy seeks to resolve this situation by harnessing the potential of this industry data. 

Sprinque expands to Germany

Dutch "buy now, pay later" company Sprinque is expanding into Germany and will concentrate its new business on cross-border payments. Already active in 10 European markets, Sprinque has identified merchants and marketplaces with turnover between EUR 10 million and EUR 250 million as its target group. The company recently secured seed financing to the tune of EUR 6 million. 

Upvest partners with BlackRock

Berlin-based FinTech Upvest has entered into a partnership with US asset manager BlackRock according to Handelsblatt.  The agreement provides Upvest with access to a broader target group including banks and other asset managers and strengthens the company’s position among European FinTechs according to Upvest CEO Martin Kassing. The Berlin company has already acquired Neobank Vivid and Neobank Revolut as clients and closed a EUR 30 million financing round. 

Ivy secures USD 20 million in Series A funding round

The Berlin-based open banking start-up Ivy has received 20 million US dollars in a Series A financing round. The round was led by Valar Ventures. In addition to a number of angel investors, existing investors Creandum, 10x Founders and Angel Invest also participated. Most recently, Ivy raised 7.7 million euros in a seed financing round led by Creandum. The company intends to use the new funds to expand into new markets and accelerate product development. The team is also to be expanded. 

IQM launches cheapest quantum computer

German-Finnish start-up IQM claims to have developed the most affordable superconducting quantum computer for scientific application in labs and universities to date. According to the company, the “IQM Spark” costs less than EUR 1 million, with the new generation five quantum bit computer already in use at the VTT Technical Research Centre of Finland and the Leibniz Supercomputing Centre in Germany. Universities will benefit from free maintenance for one year and training on a dedicated platform as part of the move to democratize access to quantum computing.

Fraunhofer researchers monitor truck trailer safety using “digital twin”

The Fraunhofer Institute for Structural Durability and System Reliability LBF is using AI and “digital twinning” to assess the roadworthiness of trailers for use with autonomous trucks before they hit the highways. The “IdenT” research project deploys an EDGE device on the trailer to record acceleration, pressure and camera images using an onboard sensor network. A digital online twin is run on the computer to process data in real time in a vehicle dynamics model of the trailer. Driving situations that require more detailed analysis are recognized and automatically transferred to the cloud-based offline twin for further evaluation to ensure optimum trailer safety. 

SAP expands Berlin site

SAP has significantly expanded its presence in Berlin with the recent opening of a new 13-floor office space with room for 1,300 staff. Opened in the presence of Economic Affairs and Climate Action Minister Robert Habeck, the new site in Berlin’s Moabit district represents a EUR 250 million investment by Europe’s biggest software company. Interdisciplinary work into AI, blockchain and business process intelligence will be carried out at the company’s new digital location.