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Do you want to smell the future?

In my previous post we kicked-off a journey into the Internet of Senses and as promised, we’re now immersing ourselves one sense at the time, so let’s start with the sense of smell!

Why smell? One reason being that in the US, the national Sense Of Smell Day is celebrated on the last Saturday in April, which this year falls on April 24th, so let’s start celebrating the sense of smell.

To get the full picture, let’s travel back in time… to 1959, when two projects (AromaRama and Smell-O-Vision) were attempting similar innovations in cinema by bringing aromas to big audiences. Unfortunately those solutions were technologically deficient, very expensive, impractical, and unnecessary. Fast forward to today and we only find similar initiatives in rare cases and very specific locations.

For “private” consumption, things came only in late 90’s when a company produced a device called the iSmell that was connected via USB to a PC, and could emit odors right on your desk. When it was launched Wired wrote that if that technology would take off, it would launch the next Web revolution…but it clearly never ended up taking off. Then in 2006, iSmell was even named one of the “25 Worst Tech Products of All Time” by PC World Magazine. Even if they raised $20M, the project failed…and it failed BIG.

One of the main flaws of trying to integrate “smell” was it was trying to solve a problem that nobody had…and few industries ever really tried it.

Just like VR that’s still struggling to achieve mainstream usage, the potential for smells seemed rich thanks to many other projects – like oPhone or Scentee that could dispense smells directly from a mobile phone – that failed.

But also just like VR, the failed quest to bring smells to the internet and more mainstream adoption is still on…and it may be closer to reality than you think. The fact is that the “Smell-o-Vision” is real and literally knocking at our doors; the Internet of Senses may be the final materialization of the past attempts!

A recent BBC article highlighted the Founder and Director of the Mixed Reality Lab in Singapore as an example of “The people who want to send smells through your TV.” Today there are several great international projects pioneering this work, from Aromajoin in Asia, to Olorama in Europe, to OVR and Hapticsol in America, just to mention a few.

Some people like the award-winning artist Daniel Stricker believe that “olfactory virtual reality is one of the greatest storytelling tools that has ever been invented.” I must say, those who try it, immediately fall in love with it.

Understanding how to find the best use cases, how to design a great UX, and how to ignite mass consumption to avoid more flops are the keys to solving the equation and quest that I just described above.

If you’re still skeptical, bear with me and look at the overall XR equation, that is indeed getting very interesting, and some recent industry news that you should be aware of show it:

And yes, the Metaverse is finally popping up on our “newsfeeds” and suddenly people want to leverage it and want to be ready for it.

If you’re curious and want to learn more, here are some upcoming events that might be of interest:

Stay tuned for the next article in this Internet of Senses series to find out which sense will be covering next

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Fundraising 3 hours ago

Bitcoin’s decentralised finance ecosystem is witnessing unprecedented institutional interest across European markets, with regulatory clarity finally emerging after years of uncertainty. Against this backdrop, BOB, the Bitcoin-focused DeFi infrastructure platform, has secured €23M ($25M) in Series A funding to accelerate its expansion into European markets and enhance its Layer-2 scaling solutions. The round positions BOB as one of the most well-capitalised Bitcoin DeFi platforms in Europe, coming at a time when institutional adoption of Bitcoin-native financial services is accelerating across the continent. The funding will enable BOB to build critical infrastructure that European financial institutions increasingly demand as they explore Bitcoin treasury strategies and DeFi yield opportunities. Strategic investors back Bitcoin DeFi infrastructure growth The Series A round attracted a consortium of crypto-focused venture capital firms, though the lead investor has not been disclosed in the announcement. This investor composition reflects the growing confidence in Bitcoin DeFi as a distinct category from Ethereum-based protocols, particularly as European regulators develop clearer frameworks under MiCA (Markets in Crypto-Assets Regulation). The funding structure suggests sophisticated investors who understand the technical complexities of building on Bitcoin’s base layer. Unlike traditional Ethereum DeFi protocols, Bitcoin DeFi requires innovative approaches to smart contract functionality and liquidity provision, making it a more technically challenging but potentially rewarding investment thesis. “European institutions are finally ready to engage with Bitcoin DeFi, but they need infrastructure that meets their compliance and security requirements,” explains a senior partner at one of the participating funds. “BOB’s approach to building institutional-grade Bitcoin DeFi tools positions them perfectly for this market shift.” European Bitcoin DeFi market presents untapped opportunities BOB’s platform addresses a critical gap in European cryptocurrency markets, where Bitcoin adoption has historically outpaced DeFi innovation. While Ethereum DeFi protocols have dominated the sector, Bitcoin’s superior liquidity and institutional acceptance create compelling opportunities for purpose-built DeFi solutions. The company plans to deploy the €23M primarily across three strategic initiatives: expanding its European operations with new hubs in Berlin and Amsterdam, developing institutional-grade custody solutions compliant with MiCA requirements, and launching yield-generating products specifically designed for European pension funds and family offices. “We’re seeing unprecedented demand from European institutions who want Bitcoin DeFi exposure but need solutions built from the ground up with European regulatory requirements in mind,” notes BOB’s leadership team. “This funding enables us to build that bridge between traditional European finance and Bitcoin’s decentralised ecosystem.” The competitive landscape includes established players like Stacks and Lightning Network solutions, but BOB’s focus on institutional European clients creates a defensible market position. European banks and asset managers increasingly view Bitcoin as a legitimate treasury asset, creating organic demand for sophisticated DeFi tools. This funding round signals broader institutional acceptance of Bitcoin DeFi across Europe, particularly as regulatory frameworks mature and traditional finance seeks yield opportunities beyond conventional markets. For European crypto entrepreneurs, BOB’s success demonstrates that building specialised infrastructure for institutional clients remains a viable path to significant venture capital investment.

Fundraising 4 hours ago

The artificial intelligence revolution in European deep tech is accelerating at unprecedented pace, with physics-based AI emerging as the next frontier for computational breakthroughs. London’s PhysicsX exemplifies this trend, having just secured €133 million in a Series B extension that brings the company tantalizingly close to unicorn status. The round, which includes strategic backing from NVIDIA’s venture arm, underscores how European AI startups are positioning themselves at the forefront of next-generation computing paradigms. Founded by former DeepMind researchers, PhysicsX has carved out a distinctive niche in physics-informed machine learning, a domain that promises to revolutionise everything from materials science to climate modelling. The substantial funding injection reflects growing investor confidence in European AI capabilities beyond the consumer-focused applications dominating Silicon Valley discourse. Strategic AI physics Series B extension attracts tier-one backing The Series B extension was led by Atomico, the London-based venture firm known for its deep tech expertise and European market insights. The round’s strategic significance extends well beyond capital injection, with NVIDIA’s participation signalling the chip giant’s recognition of physics-based AI as a critical computing paradigm. This marks a notable validation of European deep tech capabilities by one of the world’s most influential technology companies. Atomico’s involvement is particularly telling given the firm’s track record with European unicorns including Klarna, Supercell, and MessageBird. Partner Mattias Ljungman noted in the announcement: “PhysicsX represents the convergence of fundamental physics and artificial intelligence that will define the next decade of computational innovation. Their approach to physics-informed neural networks offers unprecedented accuracy in complex system modelling.” The investor consortium reflects a sophisticated understanding of the deep tech landscape, combining financial capital with strategic expertise in AI acceleration and European market expansion. This blend of investors positions PhysicsX advantageously for both technological development and commercial scaling across fragmented European markets. Physics-informed AI tackles European industrial challenges PhysicsX’s technology addresses a fundamental limitation in current AI systems: the inability to incorporate physical laws and constraints into machine learning models. Their physics-informed neural networks promise dramatic improvements in accuracy for applications ranging from automotive simulation to renewable energy optimisation—sectors where European companies maintain global leadership. The company’s European positioning offers distinct advantages in navigating the EU’s emerging AI Act, which emphasises transparency and explainability in artificial intelligence systems. Physics-based models inherently provide greater interpretability than black-box alternatives, potentially offering compliance advantages as European regulations crystallise. CEO and co-founder Robin Chaux outlined the funding deployment strategy: “This extension allows us to accelerate our research whilst building the commercial infrastructure needed to serve European industrial customers. We’re seeing unprecedented demand from automotive, aerospace, and energy sectors for physics-accurate AI solutions.” The company plans to establish additional European offices and expand its team of physics-AI researchers, addressing the continent’s growing appetite for explainable artificial intelligence solutions. With European industries facing increasing pressure to optimise efficiency whilst meeting stringent regulatory requirements, PhysicsX’s approach resonates strongly with corporate buyers seeking competitive advantages through advanced simulation capabilities. This funding milestone reinforces London’s position as a premier destination for deep tech innovation, whilst demonstrating how European AI startups can attract world-class investors through differentiated technological approaches. The physics-AI convergence represents exactly the kind of fundamental innovation that European venture ecosystems excel at nurturing.

Fundraising 8 hours ago

The European workplace wellbeing sector continues its steady march towards mainstream corporate adoption, with employers increasingly recognising mental health support as critical infrastructure rather than nice-to-have perks. Dost, a workplace mental health platform, has closed a €7.1M Series A round led by Octopus Ventures to accelerate its UK market entry and product development. The funding round signals growing confidence in European mental health tech solutions, particularly those addressing the fragmented nature of workplace wellbeing across different regulatory environments. Dost’s approach combines AI-driven personalisation with human coaching, positioning itself distinctly in a market where US-centric solutions often struggle with European data privacy requirements and cultural nuances. Octopus Ventures leads mental health tech Series A with strategic focus Octopus Ventures’ investment thesis centres on scalable healthcare solutions that can navigate Europe’s complex regulatory landscape whilst delivering measurable outcomes. The London-based VC has been systematically building its healthtech portfolio, with particular attention to platforms that combine technology with human intervention – a model that resonates strongly with European corporate buyers who remain cautious about purely algorithmic solutions. “We’re seeing a fundamental shift in how European employers approach mental health,” explains Hannah Joyce, Partner at Octopus Ventures. “Dost’s combination of cultural sensitivity and clinical rigour makes it uniquely positioned to serve the UK market, where GDPR compliance and clinical governance are non-negotiable requirements.” The round’s composition reflects the maturing European healthtech ecosystem, with Octopus Ventures bringing not just capital but access to their extensive network of enterprise clients and regulatory expertise. This strategic value becomes crucial as Dost navigates the complex procurement processes typical of large UK employers. Platform differentiation in fragmented European wellbeing market Dost’s platform addresses specific pain points in the UK corporate wellness market, where employers face increasing regulatory scrutiny around duty of care whilst managing diverse, often remote workforces. The company’s approach combines real-time mental health assessments with culturally-aware coaching programmes, acknowledging that workplace stress manifests differently across European contexts compared to US corporate environments. The funding will primarily support Dost’s UK go-to-market strategy, with significant investment in local partnerships and clinical governance frameworks. Unlike many Silicon Valley wellbeing platforms that struggle with European data localisation requirements, Dost has built GDPR compliance into its core architecture from inception. “European workplaces demand evidence-based interventions with clear ROI metrics,” notes Dost CEO and founder. “Our platform generates granular analytics that satisfy both HR departments seeking engagement data and finance teams requiring demonstrable productivity impacts. This dual focus on outcomes and compliance gives us substantial advantages over imported solutions.” Current traction includes partnerships with mid-market UK employers, with the platform demonstrating 40% improvement in employee wellbeing scores and 25% reduction in absence rates among participating organisations. These metrics align with broader European trends towards preventative healthcare approaches in corporate settings. This Series A positions Dost within a growing cohort of European healthtech companies that prioritise regulatory compliance and cultural adaptation over rapid scaling. As workplace mental health transitions from discretionary spending to essential infrastructure, platforms that understand European corporate dynamics will likely capture disproportionate value in this evolving market.

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