The London-based company—co-founded by Canadian Jacomo Corbo, who remains its CEO—earned the valuation in a new US$135 million fundraising round that included investment from Siemens and Temasek. (Financial Times)

Talking point: PhysicsX uses artificial intelligence to help improve the design and manufacture of engine components, drone parts and the like. While doing a PhD in computer science at Harvard, Corbo took time off to work for a Formula 1 racing team, where he met co-founder Robin Tuluie. They launched PhysicsX in 2019 with a third co-founder, Nicolas Haag. Corbo told the FT the company, which employs about 150 people in London and New York, has seen a sudden surge in interest from customers in the aerospace, defence and automotive sectors. “That this is happening across these industries at the same time reflects, I think, a general European and Western awakening that it’s time to reindustrialize,” he said. PhysicsX isn’t Corbo’s first startup—he also founded QuantumBlack, an AI company that McKinsey acquired in 2015.