Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax Ward of Outsized Ventures cut through the noise shaping tech, venture, and geopolitics in Europe and beyond.

This week starts lightly, as all good episodes do, with kids, illness paranoia, and the small joys of enforced medical naps. It escalates quickly.

From OpenAI’s new health-focused ChatGPT and the FDA’s sudden sprint toward deregulation to Trump’s Greenland fixation and what it really signals about European sovereignty, to Meta buying its way into the AI application layer, pension funds destroying value at scale, and Nvidia’s push into physical AI.

This is one of those episodes where everything connects.

The common thread is power. Who has it. Who’s losing it. And who’s still pretending nothing has changed.

This is Upside, where the takes are sharp, the systems are breaking, and the optimism is… cautiously conditional.

What’s covered:

• 03:00 ChatGPT Health launches and why Europe is locked out

• 05:00 The FDA’s pivot to deregulation and what it means for health startups

• 10:00 Using multiple LLMs as a “second medical opinion”

• 13:00 Trump, Greenland, and the slow collapse of Pax Americana

• 18:00 Sovereignty, defence spending, and Europe’s strategic wake-up call

• 23:00 France moves to ban social media for under-15s

• 27:00 Meta buys its way into the AI application layer

• 30:00 Kraken spins out of Octopus at multi-billion scale

• 34:00 Revolut’s Turkey move and the march to 100 million users

• 37:00 UK pension funds, catastrophic underperformance, and broken incentives

• 45:00 Why venture returns matter more than fees

• 49:00 FTSE hits 10,000 and why it doesn’t mean what you think

• 56:00 CES, Nvidia’s autonomous ambitions, and physical AI

• 01:04:00 Grok’s $230B valuation and free speech trade-offs

• 01:07:00 Deals of the Week

Welcome back to the EUVC Podcast where we go behind the craft of building and backing venture-scale companies in Europe.
Today, we’re joined by Sean Mullaney, Founder & CEO of Seapoint, and Will Prendergast, as the Founding Partner at Frontline Ventures.

Seapoint has just come out of stealth with a $3M pre-seed to rebuild the fragile and fragmented financial stack that European startups (and later: mid-market companies) rely on.

With a Stripe-forged team, AI-native development culture, and operators from Revolut, Tines & more on board, Seapoint wants to become the financial home for European startups.

This conversation dives deep into founder pain, broken tooling, AI-native product building, engineering culture, the changing shape of startup teams, syndicate-building, and why Frontline backed Sean with high conviction.

Here’s what’s covered:

• 01:07 The Mission: “The financial home for European startups”

• 03:32 Frontline’s conviction moment

• 06:24 The founder pain: 5 tools, 5 accounts, zero clarity

• 08:07 The invisible tax: fragmentation, reconciliation hell, no real-time view

• 10:14 Why this problem is structurally important

• 12:19 European vs US lens: why Seapoint is ahead

• 13:18 AI-native engineering: “We rebuild the stack from processes, not accounts”

• 15:19 AI agents allow senior engineers to ship full-stack features alone — compressing timelines that previously required 2–3× more engineers.

• 17:19 Rethinking teams: fewer people, more senior, more generalist

• 19:33 Productivity does NOT reduce funding needs — it increases ambition

• 21:27 Culture: curiosity, experimentation, and founder-led technical push

• 36:11 Syndicate design: Angels as a go-to-market weapon.

• 40:23 From startup financial home → to powering Europe’s mid-market backbone: lending, treasury, automation, embedded finance.

Welcome back to another episode of the EUVC Podcast. Today, Jeppe sits down with Emil Eifrem, founder & CEO of Neo4j, the world’s leading graph database and a core infrastructure layer for AI applications used by all 20 of the top US banks, 9 of 10 global pharma giants, and every major automotive OEM.

Emil recently announced a $100M global startup program to back founders building the next generation of AI-native products on top of graph technology — from knowledge graphs to hallucination-free LLMs.

We delve into why graph thinking matters now, how Neo4j came of age during the Panama Papers investigation, and why Europe is better positioned than people think to compete in the AI platform shift.

Here’s what’s covered:

• 02:00 — The Panama Papers “Coming Out Party”
  How journalists used Neo4j to uncover 7-layer-deep financial relationships invisible to traditional databases — and why it triggered a wave of global adoption.

• 06:40 — Why Graphs Are the Missing Link for AI
  Knowledge, meaning, context, and relationships: why LLMs without structured knowledge graphs hallucinate.

• 08:50 — The $100M Startup Program
  Why Neo4j is returning to its roots to support AI-native founders — and why the packaging for startups had to change.

• 12:00 — What Founders Get
  Free Aura credits, dedicated graph engineers, joint GTM, and access to the world’s largest graph developer community.

• 14:30 — Early Traction: 300+ Startups in Weeks
  Why early demand is far ahead of expectations — and the kinds of companies applying.

• 16:10 — Community as a Strategic Moat
  500+ annual global events, deep developer love, and why skill availability is now a CIO-level buying criterion.

• 19:00 — Building Deep Tech in Europe
  Why Neo4j kept engineering in Europe, how the ecosystem matured, and what today’s founders can learn.

• 22:00 — Regulation & Competitiveness
  Will Europe overregulate itself out of the AI race? Emil’s perspective on models vs infrastructure vs applications.

• 23:40 — The Future of AI Infrastructure
  Why every company must rethink its stack — and why the biggest threat is assuming your business will survive without change.