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Cognite to Relocate Headquarters to U.S., Citing Regulatory Challenges in Europe

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Norwegian industrial software company Cognite announced plans to move its headquarters to the United States this year. The shift is aimed at capitalizing on the growing markets in North America, Asia, and the Middle East. Co-founder John Markus Lervik shared the decision at the Reuters Global Markets Forum, noting that Europe’s regulatory environment was impeding the company’s growth.

Key Points:

  • Strategic Move to the U.S.: Lervik emphasized that the U.S. offers more opportunities, especially with the new administration’s focus on investment. The company plans to aggressively expand in the U.S., with over 100 job openings already listed.
  • Concerns Over Europe’s Regulatory Environment: Cognite’s decision comes as Lervik has expressed long-standing concerns about Europe’s slow pace in fostering growth in the tech sector. The company’s founders hope that the U.S. push will encourage European regulators to reconsider their stance on tech regulations.
  • Cognite’s Backing and Market Focus: Cognite, a software firm focused on industrial data aggregation and analysis, has received significant investment from major players like Aker ASA, Accel, TCV, and Saudi Aramco. The firm’s client list includes AkerBP, with which it collaborates to enhance technology and software solutions for industrial applications.
  • AkerBP’s Position: AkerBP’s Chief Digital Officer Paula Doyle, speaking alongside Lervik, echoed the sentiment that Europe needs “smarter regulation” or even deregulation to foster more innovation in the tech and software industries. She highlighted that Europe has lagged behind the U.S. in these areas.
  • Valuation and Future Prospects: Following Saudi Aramco’s 7.4% investment in Cognite, the company’s estimated valuation has reached $1.6 billion, positioning it as a significant player in the industrial software space.

Britain to Make Sexually Explicit Deepfakes a Crime

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The British government announced on Tuesday that creating and sharing sexually explicit “deepfakes” will soon become a criminal offence in an effort to combat the growing problem of digitally manipulated images, often targeting women and girls. Deepfakes are AI-generated images, videos, or audio clips that convincingly alter a person’s likeness, commonly used to create pornographic content without consent.

While the UK has criminalized the publication of intimate images without consent under the “revenge porn” law since 2015, the new legislation specifically addresses the use of fake images, which were previously not covered. Data from the UK-based Revenge Porn Helpline revealed a staggering 400% increase in image-based abuse involving deepfakes since 2017.

The new law will make it a criminal offence to both create and distribute sexually explicit deepfakes. Offenders could face prosecution and penalties, with the justice ministry emphasizing that there is “no excuse” for creating such content without consent. This follows earlier proposals by the previous Conservative government, which also aimed to criminalize deepfake pornography, with offenders potentially facing fines or jail time.

In addition to the deepfake legislation, the government will introduce new offences related to taking intimate images without consent and installing equipment with the intent to create such content. Those found guilty could face up to two years in prison.

Victims Minister Alex Davies-Jones described this type of abuse as “demeaning and disgusting,” adding that it should not be normalized. Technology Minister Margaret Jones highlighted that tech platforms hosting such images will face stricter scrutiny and significant penalties. Campaigner Jess Davies emphasized that this form of abuse is causing “significant, long-lasting harm” to women and girls, resulting in a loss of control over their digital lives.

These new offences will be included in the government’s Crime and Policing Bill, which is expected to be introduced to parliament, though a date for its presentation has not yet been set.

 

Philips Sells Xiver Chipmaking Subsidiary, Report Reveals

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Philips, the global healthcare technology company, has sold its small chipmaking subsidiary, Xiver, according to a report by the Telegraaf newspaper, citing the company’s CEO. The subsidiary was acquired by a consortium led by Orange Mills Ventures, the investment firm of Dutch businessman Cees Meeuwis. The financial details of the transaction were not disclosed.

Xiver, which specializes in manufacturing micro-electromechanical systems (MEMS)—a combination of mechanical and electronic components on a silicon chip—had been struggling financially and was described as a loss-making business. The subsidiary employed around 100 people. CEO John van Soerland, who retired from VDL last year, confirmed that Xiver supplies to major industry players, including ASML and the French defense firm Lynred.

Philips, which sold most of its semiconductor-related businesses, including ASML, several years ago, has since focused its efforts primarily on the healthcare sector. Xiver’s sale marks another step in the company’s strategy to streamline its operations, continuing its shift away from semiconductor manufacturing. Philips’ former semiconductor businesses, which include NXP and Nexperia, have now been spun off into separate entities.