The uphill battle to create a British tech titan
The Government is desperate for a British Big Tech contender, but experts have warned them not to scare off foreign investment
Snap, the parent organisation of Snapchat, recently acquired augmented reality (AR) start-up WaveOptics for $500m
Credit: Snap
When Snapchat s parent Snap announced that it would acquire Oxford augmented reality (AR) start-up WaveOptics for $500m (£352m), investors rejoiced.
“It’s an amazing story, especially for UK deep tech,” says investor Simon King from Octopus Ventures, a backer of the company who sits on its board.
Just an hour after the deal was signed, however, the potential perils of selling out to deep-pocketed US tech giants came into sharp focus.
Background
The National Security and Investment Bill (the “
Bill”) received royal assent and was enacted into English law as the National Security and Investment Act (the “
Act”) on 29 April 2021. As discussed in our previous Update
1, the Act creates a statutory regime granting to the Investment Screening Unit (the “
ISU”) of the Secretary of State for Business, Energy and Industrial Strategy robust powers to scrutinise acquisitions which may pose a risk to the national security of the UK. This eBriefing will summarise the key changes made to the Bill during the course of its Parliamentary debate prior to it becoming the Act and the current implementation of the Act.
Russian oligarch s UK broadband deal sparks calls for crackdown
Mikhail Fridman s LetterOne is backing a £1bn plan by Upp to upgrade parts of the telecoms network in East Anglia
3 June 2021 • 6:00am
Campaigners are calling for a crackdown on foreign deals with telecom companies following a major investment in UK broadband infrastructure by the Russian billionaire Mikhail Fridman.
Tory MPs and foreign policy experts said that greater scrutiny is needed after LetterOne, an investment company co-founded by Mr Fridman, announced that it is backing a £1bn plan by the broadband builder Upp to upgrade parts of the network in East Anglia.
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