Poolside is building one of the strongest full-stack AI companies in the world: energy, compute, models, and the infrastructure needed to run multi-agent systems for complex enterprise workflows. The Fern team brings a deeply opinionated agentic core - built from first principles and stress-tested on real workloads - into a company with scale, distribution, and compute firepower. Fern’s architecture was built for agent specialization and coordinated long-horizon work - the exact capabilities poolside can scale into a full production environment.

Welcome to the latest issue of the State of AI, an editorialized newsletter formerly known as Guide to AI that covers the key developments in AI policy, research, industry, and start-ups over the last month. First up, a few reminders:

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PARIMA, a global leader in cultivated proteins, has become the first European company to secure regulatory approval for cultivated meat, with the Singapore Food Agency granting clearance for its cultivated chicken. It’s a historic moment for Europe’s food-tech sector, but one that’s unfolding thousands of miles away from home.

Building a next-generation food company.

Integrating across compute, power, and intelligence.

The State of AI Report is the most widely read and trusted analysis of key developments in AI. Published annually since 2018, the open-access report aims to spark informed conversation about the state of AI and what it means for the future. Produced by AI investor Nathan Benaich and Air Street Capital. State of AI Report 2025 is reviewed by leading AI practioners in industry and research.

AI is the ultimate force multiplier on technological progress in our digital, data-driven world. Our mission at Air Street Capital has always been to back the most ambitious teams building breakthrough AI products that would have seemed like magic when I started investing over a decade ago. Key to these inflection points is the infrastructure that enables them: NVIDIA computing systems. I have long argued that NVIDIA is the defining company of the AI era, powering breakthroughs in science, industry, and national strategy. This is why I’m excited to share that we are deepening that story together: Air Street Capital is partnering with NVIDIA as part of its new £2B commitment to the UK AI ecosystem.

Clinical trials are the bottleneck of the pharmaceutical industry. They’re slow, expensive, and often fail, not only because the science frequently doesn’t pan out, but because the ops don’t either. 

That’s why we’re leading the $3.8M Seed round for Delfa. The team is building an AI-native operating system for clinical trials, starting with patient enrolment, the most broken part of the process.

We’re excited to announce Air Street Capital’s lead investment in Studio Atelico’s $5M Seed round, alongside friends including Chris Ré (Stanford), Thomas Wolf (Hugging Face), and Alex Ratner (Snorkel), to back a team on a mission to redefine the role of generative AI in games.

Welcome to the latest issue of your guide to AI, an editorialized newsletter covering the key developments in AI policy, research, industry, and start-ups over the last month.