A UB Robotics conquistou o primeiro lugar na edição de Leiria do EUDIS Defence Hackathon 2026 com uma plataforma de autonomia robótica que permite coordenar diferentes tipos de robôs sem depender de GPS, internet ou redes convencionais, a UBR Brain. A Nautilo e a UBIAT viram também as suas soluções serem reconhecidas na maratona tecnológica de defesa.

A competição decorreu entre 15 e 17 de outubro, em Leiria, no âmbito do programa europeu EU Defence Innovation Scheme (EUDIS), apoiado pelo Fundo Europeu de Defesa. Sob o tema “Autonomia no Campo de Batalha”, o hackathon reuniu 62 participantes de 12 nacionalidades para desenvolver soluções tecnológicas destinadas a operar em ambientes onde os sistemas de navegação por satélite podem estar indisponíveis ou ser perturbados.

Esta foi a terceira maratona tecnológica do EUDIS realizada em Portugal, mas desta vez com a Startup Leiria como organizadora do evento. O desafio incluiu a navegação sem GPS, a coordenação de enxames de drones e o desenvolvimento de plataformas capazes de lançar, coordenar e recolher diferentes sistemas não tripulados.

A maratona de Leiria decorreu em simultâneo com a de Itália, Chipre, Suécia, Irlanda, Áustria, Letónia e Noruega que acolheram a edição de outono do programa EUDIS, integrado no Fundo Europeu de Defesa da Comissão Europeia para impulsionar a inovação no setor da defesa até 2030.

Quais os projetos vencedores?

A equipa UB Robotics venceu com o projeto UBR Brain, desenvolvido para responder ao desafio GNSS-Denied Navigation, centrado na operação de sistemas autónomos em ambientes sem acesso fiável a sinais de posicionamento por satélite.

A solução consiste numa plataforma de software de autonomia robótica que permite a um único operador coordenar diferentes tipos de máquinas, incluindo veículos terrestres não tripulados (UGV), veículos aéreos não tripulados (UAV) e robôs humanoides. O sistema recorre a sensores instalados nos próprios equipamentos e a comunicações rádio ponto a ponto, para permitir a navegação e a partilha de informação sem depender de GPS, ligação à internet ou infraestruturas de rede convencionais.

A equipa vencedora é composta por Filipe Martins, Francisco Leal, Pedro Oliveira, Rodrigo Capeleiro e Ruben Dinis.

A vitória na edição portuguesa permite à equipa avançar para a fase seguinte do programa europeu. Segundo a organização do hackathon, os vencedores nacionais beneficiam de dois meses de mentoria europeia e têm oportunidade de apresentar as soluções a representantes dos Estados-membros. As melhores propostas poderão ainda chegar a um evento tecnológico internacional.

A Nautilo conquistou o segundo lugar com uma plataforma naval autónoma concebida para patrulhar a Zona Económica Exclusiva (ZEE) portuguesa durante várias semanas. “Alimentada por energias renováveis e equipada com sistemas de baixa manutenção, a plataforma funcionaria como uma base móvel para prolongar o alcance operacional de sistemas não tripulados mais pequenos, permitindo uma monitorização marítima contínua e persistente”, refere a Startup Leiria.

Já o terceiro lugar foi para o sistema autónomo de combate a drones da UBIAT. Concebida para responder a ameaças como os drones de ataque Shahed, a solução combina uma “plataforma aérea principal com pequenos drones intercetores, que podem ser lançados para neutralizar ameaças identificadas através de câmaras térmicas e visuais”, refere a Startup Leiria.

“Através de uma rede de comunicação entre os drones e de um sistema de coordenação supervisionado por um operador humano, a plataforma permite distribuir alvos, acompanhar a situação e reajustar as missões em tempo real”, refere ainda.

Trata-se de uma solução de uso dual, já que a “arquitetura proposta poderá também ter aplicações civis, nomeadamente na deteção de incêndios florestais e em operações de busca e salvamento”.

For decades, hardware was a hard sell in Silicon Valley. Now investors are pouring tens of billions into machines that can do things in the real world.

A Goldilocks set of conditions has made robotics one of tech's hottest bets. As investors look beyond chatbots to the next frontier in AI, cheaper hardware, smarter AI models, labor shortages, and competition with China are fueling interest in machines capable of performing physical work.

Robotics and physical AI companies raised $33.4 billion globally in the first half of this year alone, according to PitchBook data. That's already more than the $28.7 billion the sector raised in all of last year — and an astronomical rise from 2020, when funding came in at just under $5 billion.

Investors are writing billion-dollar checks to fund both the machines and the AI brains behind them. Defense company Anduril raised $5 billion in May, co-led by Thrive Capital and Andreessen Horowitz. Autonomous shipbuilder Saronic raised $1.75 billion in March in a round led by Kleiner Perkins. Skild AI, which builds software to control different kinds of robots, raised $1.4 billion in January in a round led by SoftBank. Physical Intelligence, which is also building an AI model to command robots, raised about $1 billion in May, co-led by Leopold Aschenbrenner's Situational Awareness and Lux Capital.

"This is off the charts," Ken Goldberg, a UC Berkeley robotics professor and cofounder of warehouse robotics startup Ambi Robotics, told Business Insider. "In my 45 years in this field, this is the most funding and energy and interest in robotics that I've ever seen."

This is the first installment of Robonomics, Business Insider's new series on the rise of robots and their impact on business, jobs, and everyday life. We'll go inside factories and warehouses where humans work alongside robots, meet the founders, investors, and workers driving the boom, and examine how the technology is reshaping industries from manufacturing to defense. We'll also ask how close robots are to becoming part of everyday life, and what is still standing in their way.

The prize is enormous. Unlike software, which is largely confined to work done on screens, robotics companies are going after physical labor, from factories and construction sites to robot butlers in every home. Nvidia CEO Jensen Huang, who popularized the term "physical AI," has described robotics as the "technology industry's first opportunity to address a $50 trillion industry that has largely been void of technology until now." Many Nvidia veterans have launched their own robotics startups.

But investors are pricing companies as though the robot revolution has already arrived. Startups still in research and development command multibillion-dollar valuations, often with little revenue and few deployments to show for it. Humanoid maker Figure AI, for example, secured a $39 billion valuation last year, even as its deployments remain limited to small factory pilots.

"Robotics is going to happen, and a lot of money will still be lost," said Sarah Guo, founder of the venture firm Conviction, which is an investor in robotics startups Sunday Robotics and Watney. "Both things are true."

From not to hot

From industrial arms assembling electronics to Roombas cleaning floors, robots have long been part of everyday life.

What venture investors struggled to see was how to make money from them. Building robots required expensive hardware, factories, and supply chains, often to produce machines that could perform just one narrow task. Why fund that when you could back a college dropout building the next viral app?

Guo used to tell fellow investors that robotics was a good way to lose a lot of money over many years. "The models didn't work," she said. "Every robot was a brittle, single-purpose system hand-built for one task."

Ajay Agarwal, a partner at Bain Capital Ventures, was among the few investors willing to bet on robotics during the internet era. In 2004, he backed Kiva Systems, which pioneered warehouse automation with fleets of mobile robots that brought products directly to human workers.

Bain led every successive funding round because Kiva was "not able to raise money on Sand Hill Road," Agarwal told Business Insider. By the time Amazon bought it for $775 million in 2012, Bain was its only institutional investor.

More than two decades later, AI has changed the calculation. Advances in machine learning are helping robots perceive their surroundings, make decisions, and adapt to new tasks, raising hopes that companies can build more versatile machines instead of engineering a different robot for every job. Cheaper computing and hardware are also making the economics more attractive.

Some of Silicon Valley's biggest names are now chasing that vision. Former Uber CEO Travis Kalanick's Atoms raised $1.7 billion in July to pursue automation in food, mining, and transportation. Rivian CEO RJ Scaringe's Mind Robotics has raised $900 million this year, while former Cruise CEO Kyle Vogt's home robotics startup, The Bot Company, has raised at least $300 million.

Big Tech and AI labs, too, are joining the rush. OpenAI has advertised robotics jobs with base salaries reaching $500,000 a year. Meta acquired robotics startup Assured Robot Intelligence in May and is testing robots in its data centers. Google has invested in humanoid maker Apptronik, which is also working with DeepMind to develop AI models for robots. Elon Musk, meanwhile, is staking Tesla's future on the Optimus humanoid.

Some venture firms are setting aside dedicated capital for robotics. In August, Andreessen Horowitz raised $1.1 billion for "Machine Age," its first fund focused on the physical infrastructure behind AI, including robotics.

The gold rush

For longtime robotics investors, alarm bells are ringing. Industry veterans whisper about "hardware tourists" piling into robotics deals — investors drawn by AI hype who underestimate how difficult it is to build machines that work reliably in the real world. There is precedent for caution. Venture firms poured billions into autonomous vehicles in the 2010s, only to see startups fold or consolidate as self-driving technology proved harder and more expensive to commercialize than expected. Years later, only a handful of deep-pocketed players have managed to bring robotaxis to the public.

Robotics faces its own formidable obstacles. Unlike large language models trained on vast amounts of internet text and images, robots lack a comparable trove of data showing them how to act in the physical world. Dozens of startups are now scrambling to collect it, but nobody knows how much will be enough. And even smarter AI won't eliminate the challenges of manufacturing, maintaining, and deploying expensive hardware.

"The most difficult part of physical AI is the physical part," said Charly Mwangi, a partner at VC firm Eclipse who has backed The Bot Company and robotics startup Genesis AI. "The next few years are going to be really, really hard for the robotics industry as companies go from the lab to deployments."

Some of the most speculative robotics bets are attracting the biggest checks. Humanoids and general-purpose robot models were the two fastest-growing areas of robotics investment last year, according to venture firm F-Prime. "You cannot raise money on demos forever," said Sanjay Aggarwal, an F-Prime partner and coauthor of the firm's annual robotics report. "I would personally be surprised if all these companies independently exist two or three years from now."

There are signs that some startups are becoming real businesses. Field AI, which is building an AI "brain" that works across robots, has crossed $100 million in revenue and customer contracts from more than 30 customers, including construction firms, data center operators, and defense companies, Business Insider previously reported. Skild AI said last month that it had reached $100 million in annual recurring revenue from more than 60 customers. Its projects include robots assembling Nvidia's Blackwell chips with Foxconn and kitchen pilots with Mitsui, a Japanese conglomerate.

Believers see robotics on the cusp of a breakthrough that could put machines to work in nearly every corner of the economy. Brad Porter, the former head of Amazon Robotics who now runs workplace robotics startup Cobot, says the field could be nine to 18 months away from major advances in dexterous manipulation — the ability of robots to handle objects with the ease of human hands.

"When I think of a 'ChatGPT moment' for robotics, it is cracking dexterous manipulation," Porter said. "Then there will be a Cambrian explosion of robots."

The question is whether these breakthroughs will arrive quickly enough to justify the money pouring in.

At Business Insider's Growth Mode event this month, Menlo Ventures partner Matt Murphy singled out robotics among the fields attracting enormous amounts of financing "before they're really showing traction." Abundant funding, he warned, can make startups "sloppy."

For investors, he said, that means "a lot more opportunity to have a really big crater."

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• Fireworks AI is an AI-infrastructure startup founded by former Google and Meta AI engineers.
• The company is seeking to raise a new round of funding at a valuation between $30 billion and $40 billion.
• Fireworks AI was last valued at nearly $18 billion in July of this year.

Fireworks AI is seeking to raise fresh funding at a valuation between $30 billion and $40 billion, a dramatic jump just months after the AI-infrastructure startup was valued at $17.5 billion, according to people familiar with the matter.

The potential valuation leap reflects investors' appetite for the companies selling the computing power and tools fueling the AI boom, even as Fireworks AI works through the fallout from a recent security incident.

The talks around the financing are still early, and valuation targets could still change. Fireworks declined to comment.

Founded in 2022, Fireworks was built by veterans of Meta and Google's AI efforts. Chief executive Lin Qiao previously led the PyTorch team at Meta, while cofounders include former Meta infrastructure engineers and a former leader of Google's Vertex AI. The company rents out computing infrastructure and software that lets businesses run, fine-tune, and deploy open-weight and custom AI models.

In July, Fireworks announced a $1.5 billion Series D funding round at a $17.5 billion valuation, led by Atreides Management, Index Ventures, and TCV, with participation from Nvidia, Lightspeed Venture Partners, Bessemer Venture Partners, and Menlo Ventures. That round followed a $250 million Series C at a $4 billion valuation in late 2025, co-led by Lightspeed, Index, and Evantic. Last month, The Information reported that Fireworks has been considering a round at a $30 billion.

Rather than trying to build a consumer chatbot to rival ChatGPT, Fireworks sells what it calls specialized intelligence: models customized on a customer's proprietary data, workflows, and use cases. The company said in July that it had surpassed $1 billion in annualized revenue and was serving more than 40 trillion tokens a day; it said 95% of those tokens came from models tailored to customers.

The company operates in a highly competitive layer of the AI stack. Rivals include model-infrastructure startups such as Together AI, Baseten, and Replicate, as well as cloud giants such as Amazon Web Services, Google Cloud, Microsoft Azure, and Oracle.

The fundraising talks come shortly after a security incident at Fireworks AI. The company said it identified unauthorized use of internal credentials earlier this month that allowed an intruder to access data from some customer accounts.

"We take this seriously and will be transparent about what happened and what we find," Qiao posted on X. "I'm personally committed to turn this attack into the most formidable security response in AI Infra."

Please send along your tips. Email Ben or Katie anytime or contact them on Signal at benbergman.11 and kroof.26. Sign up for Business Insider's weekly VC Insider newsletter here.

• Foursquare cofounder Dennis Crowley said the company's acquisition paid $0 to equity holders.
• "I am sorry the Foursquare story ended in such a way," he wrote to employees.
• Crowley said the company decayed after a private equity investment.

Foursquare's acquisition left its cofounder sad and angry.

Dennis Crowley helped launch the location technology company in 2009. Seventeen years later, Foursquare was acquired by Infillion. Crowley wrote on Substack that one point of the acquisition left him "heartbroken."

Foursquare's acquisition earned equity holders exactly $0, Crowley wrote, with no money offered for preferred or common stock.

"To our ~1600 former employees over 17 years, I am sorry the Foursquare story ended in such a way that makes it seem like our collective efforts were worth… nothing?" Crowley wrote.

Crowley left the CEO role in 2016, though he continued to lead Foursquare's research and development lab through 2021. After that, Crowley kept a seat on the board.

Foursquare raised capital from The Raine Group, a private equity firm, in 2019. Less than two years later, Gary Little became CEO. Little was one of The Raine Group's managing directors.

"Leadership was unable to preserve the value it inherited or create new value during those six years," Crowley wrote.

Foursquare employees reached out to Crowley to express their frustrations with leadership, he wrote. He cited the company's Glassdoor reviews, which rate it 2.1 stars out of 5. The Raine Group did not respond to a request for comment from Business Insider.

Crowley also wrote that the $0 equity outcome was buried in a 125-page PDF for Foursquare's legal team. "No single individual stood up to own (or even acknowledge) the outcome," he wrote.

Calynn Krieger, an executive vice president of marketing for Infillion, told Business Insider in an email that Foursquare had "remarkable technology and a talented team."

"We have nothing to say about Foursquare's former leadership, but we're glad the business and its value continue, and we're committed to creating even more of it," Krieger said.

The lesson Crowley learned

Crowley took responsibility for his role in the lead-up to Foursquare's $0 outcome for equity holders. His decisions as CEO led to the need for a private equity investment, Crowley wrote, and he said he wished he were louder on the board.

His takeaway: "Maybe the biggest mistake I've made in my career is falling in love with this company."

Crowley was too loyal to "making it work," he wrote, and stayed longer than he should have. "Watching the company slowly decay has been a grind on my soul," he wrote.

In a footnote, Crowley gave founders a piece of advice.

"It's okay to fall in love with the company you're building, but don't deny yourself the ability to get closure and move on just because the company itself hasn't yet experienced an exit or ending," he wrote.

• Amanda Seyfried is making headlines for again playing Elizabeth Holmes in "You Can See Everything."
• Seyfried first played the Theranos founder in the Hulu series "The Dropout."
• She's part of a growing class of actors who've taken part in the latest trend: playing tech moguls.

We've all heard of musician and actor biopics — now, it's all about the stories of tech CEOs.

These days, startup founders can be just as famous (or infamous) as any other celebrity, and the dramatic lives they've lived in business or at home make great fodder for TV and film.

To play these figures, some of the best-known actors had to ditch their signature looks to take on Steve Jobs' turtleneck and wire-frame glasses, Elizabeth Holmes' red lipstick and frizzy blowout, or SBF's signature curls.

Here are 17 celebrities who transformed to play some of Silicon Valley's most prominent figures.

Also on the 2026 list: An AI engine that flags urgent cases from medical images, and a tool that gets artists royalties when AI uses their work

A discussão sobre o reforço da defesa europeia concentra-se nos grandes contratos, nas empresas estabelecidas e nos montantes anunciados. Segundo o relatório The State of Defence Tech 2026, da Dealroom e da Resilience Media, as startups europeias de defesa tinham captado o equivalente a cerca de 6,5 mil milhões de euros em capital de risco até setembro de 2026. Mas há outra pergunta, determinante para Portugal: quantas das nossas empresas poderão passar de fornecedoras de componentes a criadoras de produtos e tecnologias que respondam a novas necessidades? Temos exemplos em Portugal, de empresas tecnológicas que conquistaram mercados exigentes – o desafio é alargar essa capacidade a uma indústria que investiu, durante décadas, em conhecimento, equipamentos e competitividade internacional.

Podemos desperdiçar esta oportunidade se ficarmos apenas a produzir segundo especificações definidas por outros, longe de quem concebe os sistemas, detém a propriedade intelectual e conhece o cliente final. A subcontratação é essencial às cadeias de fornecimento, mas não deve ser o nosso limite de ambição. Precisamos de participar também nas decisões tecnológicas, no desenvolvimento e na comercialização, se quisermos colher os frutos do que semeamos.

Os têxteis técnicos, os polímeros, os compósitos, os moldes, a metalomecânica, os componentes automóveis e a eletrónica são bons exemplos. Quem domina materiais de elevada resistência pode contribuir para proteção individual ou equipamentos de emergência. Um fabricante habituado a reduzir peso e assegurar repetibilidade na produção pode adaptar processos a estruturas para plataformas especializadas. Isto não significa que qualquer componente civil passe a ser um produto de defesa. O Dual-use implica identificar uma necessidade concreta, adaptar a tecnologia, demonstrar desempenho e responder a exigências muito específicas.

Algumas oportunidades poderão ser exploradas dentro da empresa existente. Outras justificarão uma estrutura autónoma. Uma PME industrial com uma aplicação promissora pode criar uma spin-off, com equipa, capital e estratégia comercial próprios, mantendo uma ligação à empresa de origem através de participação, licenciamento ou produção. Evita subordinar o novo negócio às prioridades dos mercados tradicionais e ganha condições para atrair parceiros e investimento. Acima de tudo, pode capturar valor para além da venda de horas de engenharia ou peças fabricadas.

Uma spin-off, porém, não deve nascer apenas porque existe financiamento disponível. É indispensável definir quem detém a tecnologia, quem suporta a industrialização, como se partilha o risco, que problema o produto resolve e quem o poderá comprar. Transferir uma tecnologia para outra sociedade não significa, por si só, criar um negócio.

Portugal não precisa de apostar em todos os segmentos. Pode diferenciar-se onde já possui competências: proteção humana, materiais multifuncionais, estruturas leves, sensores, monitorização, dispositivos médicos, apoio a emergências e resiliência. A proximidade entre engenharia e ciências da saúde abre possibilidades especialmente interessantes. Soluções úteis em ambientes operacionais exigentes podem também servir bombeiros, proteção civil ou profissionais de saúde.

Há também o caminho inverso: uma startup que nasce da investigação, de uma ideia ou de uma necessidade identificada no terreno. A prova de conceito e o financiamento são passos importantes, mas a distância até ao produto comercial continua a ser enorme. Quem valida a solução com utilizadores? Quem fabrica as primeiras unidades? Quem garante qualidade, manutenção e integração num sistema maior? Muitas startups não precisam apenas de capital – precisam de acesso à indústria e aos primeiros clientes no seu caminho. E muitas empresas industriais precisam da capacidade de experimentação e da agilidade das startups. É nesta complementaridade que podemos ganhar escala, desde que a propriedade intelectual e a partilha de valor, e risco, sejam discutidas desde o início.

Esta ligação exige também financiamento adequado à passagem do protótipo à produção. Equipamentos, primeiras séries e fundo de maneio têm necessidades distintas das da investigação, pelo que o capital para desenvolver tecnologia deve ser acompanhado por instrumentos que permitam fabricar e cumprir as primeiras encomendas.

Há obstáculos que não desaparecem com um bom protótipo. A defesa tem exigências de fiabilidade, rastreabilidade, segurança e certificação. Consoante a tecnologia e a atividade, podem aplicar-se licenças, regras de transferência e exportação ou restrições no acesso a ambientes de ensaio. São requisitos legítimos, mas precisam de ser conhecidos cedo. Descobrir as condições de teste e comercialização quando o produto está quase pronto pode consumir os recursos de uma startup antes da primeira encomenda.

Os instrumentos europeus de financiamento abrem oportunidades, mas uma candidatura aprovada não comprova que existe mercado. Um demonstrador concluído também não garante capacidade de fornecimento. Temos de avaliar em conjunto a maturidade tecnológica, industrial, regulamentar e comercial. E integrar utilizadores, compradores e empresas capazes de industrializar e distribuir as soluções enquanto ainda há margem para as adaptar.

O Estado pode também assumir um papel mais ativo como primeiro comprador. Pode criar oportunidades de ensaio com utilizadores, projetos-piloto pagos e percursos claros entre a validação e a aquisição, com critérios de desempenho definidos desde o início. Uma primeira aquisição pode dar à empresa uma referência operacional, reduzir a incerteza para investidores e abrir portas a outros clientes. Para uma startup, compreender o caminho até à contratação é tão importante como conhecer os instrumentos que financiam o desenvolvimento.

Nem todas as empresas portuguesas terão tecnologia, vocação ou dimensão para desenvolver produtos de proteção e defesa. Nem é desejável que todas o tentem. Mas seria um desperdício que empresas com capacidade não chegassem a explorar esta possibilidade por falta de informação, parceiros ou acesso ao mercado.

Portugal não precisa de apostar em todos os segmentos. Pode diferenciar-se onde já possui competências: proteção humana, materiais multifuncionais, estruturas leves, sensores, monitorização, dispositivos médicos, apoio a emergências e resiliência. A proximidade entre engenharia e ciências da saúde abre possibilidades especialmente interessantes. Soluções úteis em ambientes operacionais exigentes podem também servir bombeiros, proteção civil ou profissionais de saúde. A dupla utilização é uma forma de diversificar mercados, não apenas uma categoria tecnológica.

É com esta perspetiva que estamos a consolidar o Hub de Proteção e Defesa, envolvendo a Fibrenamics, outros Grupos e Centros de Tecnologia e Inovação do ecossistema da Universidade do Minho. Queremos acrescentar capacidade concreta: aproximar necessidades operacionais de competências industriais, apoiar desenvolvimento e ensaios, estruturar novos veículos empresariais e criar ligações a integradores, investimento e clientes. O resultado deve medir-se por produtos vendidos, contratos firmados, fornecedores qualificados e empresas que crescem, e nunca somente pelo número de iniciativas lançadas.

Nem todas as empresas portuguesas terão tecnologia, vocação ou dimensão para desenvolver produtos de proteção e defesa. Nem é desejável que todas o tentem. Mas seria um desperdício que empresas com capacidade não chegassem a explorar esta possibilidade por falta de informação, parceiros ou acesso ao mercado. O objetivo é criar condições para que mais empresas transformem competências existentes em produtos próprios e mais startups ultrapassem a distância entre a ideia e a primeira encomenda. Não apenas para responder à procura nacional, mas para disputar oportunidades e integrar cadeias de valor à escala europeia.

Há uma história que ilustra bem o risco. Um filho chega a casa entusiasmado e diz ao pai: «Pai, pão com queijo é que é bom!» O pai pergunta: «Mas comeste?» E o filho responde: «Não, vi comer.» O entusiasmo com as oportunidades da defesa europeia merece a mesma pergunta. Precisamos de criar condições para que mais empresas portuguesas desenvolvam produtos próprios, conquistem clientes e façam crescer os seus negócios. Quando dissermos que esta oportunidade é boa, devemos poder dizê-lo porque a soubemos aproveitar e criar algo estruturante.

O sucesso não estará em ter todas as empresas na defesa, mas em permitir que mais empresas portuguesas tenham condições reais para competir nesse mercado.

A recente alteração à Lei da Nacionalidade voltou a colocar Portugal no centro do debate sobre a sua atratividade para o investimento internacional. O ponto crítico não é o conteúdo da lei, mas a forma como o mercado interpreta a consistência do enquadramento ao longo do tempo.

Portugal continua a oferecer atributos muito valorizados por quem investe: qualidade de vida, segurança, integração europeia, um regime de residência ainda competitivo e flexível em várias dimensões. Nada disto desapareceu. O que mudou foi a forma como o investidor pesa estes fatores na decisão. Hoje, já não basta o país ser atrativo. Tem de ser previsível.

No investimento internacional, a ordem dos critérios conta. Antes da rentabilidade, vem a perceção de risco. Antes da projeção de ganhos, vem a análise do ambiente regulatório. E antes de qualquer comparação entre setores ou ativos, o investidor quer perceber se o país lhe oferece regras do jogo minimamente estáveis.

É aqui que entra o efeito acumulado das mudanças legislativas. Nos últimos anos, o enquadramento tem sofrido várias alterações, e esse padrão acaba por produzir um impacto que vai além de cada revisão em particular – a incerteza. Num mercado global competitivo, o capital reage a sinais. E o sinal mais importante, muitas vezes, não é a rentabilidade, mas a estabilidade.

Há dois perfis de investidores a olhar para Portugal: os que investem pelo retorno financeiro e os que, além disso, valorizam os benefícios associados à residência. É neste segundo grupo que a perceção de risco tende a ser mais sensível, porque a decisão não depende só do ativo, mas também da confiança no enquadramento legal que o acompanha.

No investimento internacional, a ordem dos critérios conta. Antes da rentabilidade, vem a perceção de risco. Antes da projeção de ganhos, vem a análise do ambiente regulatório. E antes de qualquer comparação entre setores ou ativos, o investidor quer perceber se o país lhe oferece regras do jogo minimamente estáveis.

Portugal continua a ter argumentos sólidos para captar capital. Contudo não basta ter argumentos; é preciso sustentá-los no tempo, o que exige estabilidade legislativa, clareza nos mecanismos de transição e capacidade de execução administrativa. Sem esses elementos, qualquer vantagem legal perde a sua força prática.

Há ainda um ponto que o debate público tende a subestimar. A confiança constrói-se mais depressa do que se recupera. Um investidor internacional não precisa de muitas alterações para começar a hesitar, precisa de sinais suficientes para passar da curiosidade à prudência.

Portugal continua a ter argumentos sólidos para captar capital. Contudo não basta ter argumentos; é preciso sustentá-los no tempo, o que exige estabilidade legislativa, clareza nos mecanismos de transição e capacidade de execução administrativa. Sem esses elementos, qualquer vantagem legal perde a sua força prática.

É nesse plano que Portugal tem hoje o maior desafio. Não se trata de voltar atrás nem de congelar o sistema, mas sim de assumir que a atratividade de um país não vive só pela sua oferta inicial. Vive da forma como protege essa oferta ao longo do tempo. Neste momento, o que o país precisa de demonstrar não é capacidade para mudar outra vez, mas capacidade para estabilizar e cumprir o que promete.

Ainda que Portugal se tenha mantido atrativo, deixou de ser uma escolha óbvia. E, num mercado em que o capital procura segurança antes de procurar retorno, isso basta para que o país continue a ser analisado com atenção, e com mais exigência do que antes.

• I visited an NYC coworking space, where startups spend up to $9,000 a month for a spot.
• There was a private chef, a robot, and a love for in-person work.
• The overall vibe more closely resembled a college campus than a midtown office.

I've been following and interviewing tiny team founders for the last year. As part of my ongoing research, I popped into the Series HQ workspace last month to observe how these founders are running their small teams.

As the elevator doors opened on the top floor of the Chelsea office building, the Series HQ office manager, a 21-year-old NYU student, greeted me. Balancing on a skateboard, the tall, young, and very casually dressed Gen Zer fit right in among the cohort of founders he works for.

Most of the founders at Series HQ are either straight out of college or under 30, with many of their startups being in early funding rounds.

"I do honestly think if you're 35 or 40 thinking about starting a company now, it's probably too late," Nathaneo Johnson, the 22-year-old Series cofounder, said. He recognizes that as a "harsh belief" but believes the average founder age at Series HQ reflects a growing community of young entrepreneurs.

Series itself was launched in 2024 by Johnson and Sean Hargrow as an AI social networking app for iMessage. After they both graduated from Yale and raised $5.1 million in pre-seed funding, the pair signed a lease for over 10,000 square feet of office space. They tacked on "HQ" to distinguish between the coworking space and the business.

When they moved their company into the building last October, they had roughly eight to 10 people on their team. The pair was preparing for growth, but AI has helped to keep their head count lean, and their tenants operate with similarly sized staff.

As I scanned the still mostly empty office, it seemed the tiny teams didn't require much to function. What stood out to me — more than the young, mostly male office demographic — was each company's desire to be around more people, despite operating with as few employees as possible.

The tiny teams here can spend up to $9,000 a month for shared space

I was at the office around 3 p.m. on a Thursday, and about a dozen people from at least five different companies were working, mostly young men and a few young women. The space usually hosts about 15 to 20 startups, and members have 24-hour access when possible, Johnson said.

In August, Series HQ charged between $1,250 and $4,000 for workstation pods that hold up to four people. For more privacy, founders can rent the glass pods for $5,000 to $9,000 a month. The more expensive rental options include meals cooked on-site by the private chef they hired last year to curb their takeout costs.

In the massive main room, across from the scattered row of founder workstations, was a basketball hoop and a roughly $21,000, beat-up robot holding a football.

When they talked about their robot, which was slightly broken during my visit, the room lit up.

It fascinated me that these founders would incur the expense to work in such a large office. They didn't need all of this physical space — which was, in some ways, obvious, as most of it still looked sparse with objects.

Many of the founders I talked to are around my age — 23 — and graduated from high school during the pandemic, when so much social and work interaction moved online. Now building companies, the appeal of Series HQ seemed to be less about the fancy office with a private rooftop and chef, and mainly about having like-minded coworkers to build in-person with.

Long hours mean more time together

Zain Ahmad, who was a summer tenant at Series HQ, works at the AI startup Evos. He said Evos found Series from the promotional drone videos that took over their social media platforms all summer.

"We figured if they're good enough to end up on both of our For You pages and get this much traction, there's a lot to learn from them and be in that space," he said.

Evos rented one of the private glass pods and, during my visit, gave me a tour of their space. Inside the small glass office, we stood in front of their two desks, chatting directly across from a small couch and coffee cart.

In between investor calls, which he said were powered by cups of tea with creatine honey, Ahmad confessed he has taken quite a few naps on that couch. An average workday for them is around 8:30 a.m. to around 10 p.m., sometimes longer. As tenants of Series HQ, they were in the office around six days a week.

He explained the concrete environmental benefits for Evos, which creates specialized agentic AI workflows for traditional industries. Ahmad said they were able to meet a new hire because the new hire was another tenant at Series. They even learned about their most-used AI tool at the moment through the Series team: Aside, an AI-powered browser.

Turnover was high at the beginning of the experiment, Johnson said. Partly because some of the summer tenants were just in town between school semesters. But those tenants probably didn't feel too far from home, since the vibe here more closely resembled a college campus than a midtown office.

The most important piece of growing an AI startup is still the human network

The majority of companies working in the space are AI or technology startups. Logan Milano, the 23-year-old founder of the drink brand Amryth, is one of the few non-tech founders. He recently graduated from college and said he spends well over 40 hours a week here despite living close by.

Milano said all he needs to operate his business is "my laptop, a good place to lock in, and being around other people who are building."

This was an overall sentiment I heard. Many of these young founders lived a hop, skip, and a jump away, based on the commutes they told me about. But simply being around others who are building is, in some ways, one of the biggest benefits.

"Even if we're getting dinner or going out or something, it's like you're still kind of thinking about work and it's all kind of related," he said about the Series community. Adding that "sourcing opportunities" everywhere likely drew them together and is their biggest similarity.

At a time when AI is making it possible to build companies with fewer employees and building solo can be the dream for many, these young founders don't need, or necessarily want to run their business with tons of employees, but they still seem to really want coworkers.

When I asked Milano if he's ever spent the night at the Series office, he smiled, looked over at one of the Series team members, and said, "Am I allowed to say?"

Do you have a story to share about working on a tiny team? If so, please reach out to the reporter at aapplegate@businessinsider.com.

• Hans Hasselby-Andersen quit Texas Instruments during the 2008 financial crisis with four young kids at home.
• He sold his apartment, cashed out his pension, and took on debt to build a semiconductor startup.
• Nine years later, his company, Merus Audio, was acquired by Infineon.

This as-told-to essay is based on a conversation with Hans Hasselby-Andersen, 56, CEO of Danish semiconductor startup Lotus Microsystems and cofounder of Merus Audio, which was acquired by Infineon in 2018. The following has been edited for length and clarity.

When I quit my job at Texas Instruments in September 2008 to start a semiconductor company, I had four children between the ages of 5 and 14.

It was almost the height of the financial crisis. You had Lehman Brothers going down in flames in the US, and the whole credit market was just freezing up.

So to jump out at that point and go into fundraising was a big, big step. My manager was looking at me like I was crazy, basically.

Thinking back, probably I should have waited a year or so and just cooled off a little bit. But the thing is, once you have an idea and you're really motivated, you can't really wait. You have to go do something about it.

I'm an electrical engineer by training. Earlier in my career, I joined a small startup that was acquired by Texas Instruments about five or six months after I arrived.

The whole concept of a company being acquired, an exit and all that, was all new to me.

It planted a seed in my head that, if the circumstances were right, this was also a path I could take, and not just build my career in a large company.

I stayed at Texas Instruments and worked in the audio semiconductor business.

I was picking up things from my interactions in the market where I thought there was actually a need for a much more energy-efficient way to drive speakers in products like portable speakers and soundbars.

I saw a market need, but I didn't have the technical solution, so my first task was to go out and find a cofounder who could come up with a technical solution for that market.

I think that's actually quite unusual for tech startups. Normally, somebody comes up with some technology, and then they go out and try to see where it can be applied. This was the opposite approach.

Four kids, one big decision

Just before I resigned, I called my bank and asked if I could get a basic bank overdraft facility just to give me some extra headroom to live on.

Honestly, I think if I had waited two weeks, I wouldn't have gotten it. It was just when the financial crisis started to really kick in, and I seriously doubt I would've gotten that line of credit.

Getting the first funding took the better part of a year.

I probably spoke to between 50 and 100 different investors.

It's really a dating game. You try to look appealing and interesting from a company point of view, but you mostly get rejections because the investor doesn't invest in your domain, you're too early, you're too late, or you don't fit their profile.

I paid out of my own pocket to travel to Japan, South Korea, and Singapore to meet potential customers. I wanted to pressure-test my idea, understand what they were struggling with, what their requirements were, and help mature my business case.

Eventually, I raised the equivalent of about $150,000 to $200,000. It was a very small amount, and we spent it in about six months. The minute we got the funding, we knew we had to continue fundraising immediately.

My wife, who was a school teacher at the time, has been very, very supportive. She never told me, "This is a stupid idea, go back and find a job."

With four kids, you can't just make that decision on your own. When we finally got the company off the ground, my wife and I made some adjustments to minimize the risk for my family.

We sold our apartment while we could still make a little money from it and rented instead, so we wouldn't risk having to sell at a loss if the company failed. We also sold our car and leased one instead.

I slaughtered my pension and took out the money. I thought, "I need it now. I'm not about to be retired anyway."

Throughout the life of a startup company, you're more or less in fundraising mode all the time. You always have to keep your eye on how long you have cash and where you're going to get your next funding. The worst thing that can happen is that you run out of cash.

If there's one recommendation I would give first-time founders, it's to prepare for things to take longer than they expect because they always do.

If you think you can do something in two years or three years, multiply that by two, at least.

If you plan financially for your cash to fund your plan as you lay it out, then you're going to be in a difficult situation because you're going to run out of cash before you've achieved the milestones you set out to achieve.

Engineers have to sell, too

Starting a company around 40 made me a different kind of founder. There were definitely things I had learned that I wouldn't have been without.

I had learned how to communicate with customers, how to find out what the market needed, and how to explain what I was doing and why it was a good idea.

Many engineers are obviously good at what they do technically, but they can have a big challenge explaining that to others.

When you're standing in front of investors, you have three minutes to explain what you're doing. You have to train to do that elevator pitch.

Nine years later, the company I cofounded, Merus Audio, was acquired by Infineon.

I stayed on to help with the integration, but I was really not looking to go back into the corporate world. I had already had that experience and I had really come to like the startup life.

Today, I'm CEO and an investor at Lotus Microsystems, another semiconductor startup.

I'm not a founder this time, but I feel ownership. I feel invested in the company.

Would I take that same risk again today as I did with Merus?

I think the answer is yes.

If you have that mentality of wanting to try something on your own, to build something, that is a major driver inside you. It gives you an enormous amount of energy and motivation.

When you do that, you can actually achieve a lot.

Elizabeth Holmes’ husband is a major figure in Nathan Fielder’s new documentary. But who is Billy Evans—and is he really working on a second blood-testing company?

RIYADH: Startups across the Middle East and North Africa raised $2.98 billion during the first nine months of the year, according to MAGNiTT, as $100 million mega-rounds generated $1.5 billion, exceeding their full-year 2025 total. The headline figure for the first three quarters of the year saw funding fall 7 percent year on year, and removing those large transactions reveals a sharper slowdown, with capital deployed dropping 32 percent. Deal volume also fell 33 percent to 351 transactions, w

• Tech companies and venture capital firms are hosting private screenings of the Elizabeth Holmes doc.
• I went to one hosted by the AI startup Extend.
• Attendees I talked to said they looked at Holmes more as a joke than a product of their industry.

Elizabeth Holmes is a black mark on Silicon Valley's reputation. And yet its residents are lining up for the documentary about her.

Tech companies across the US are hosting screenings of "You Can See Everything," the documentary from Nathan Fielder and Lance Oppenheim about Holmes and her fiancé, Billy Evans. Venture capital funds are bringing their founders to the movie. There are Luma events upon Luma events.

The irony, of course, is that Holmes makes tech look bad. She sold big dreams with her medical testing company, Theranos, which eventually came crashing down. Holmes was convicted of defrauding investors of hundreds of millions of dollars. (She has long said that she is innocent.)

Holmes is the exemplar of Silicon Valley's hucksterism. She's who much of America points to when they call founders liars or scammers.

So, what's with all the tech love? I went to a Thursday screening of the documentary hosted by Extend, an AI documentation startup, to find out.

Inside the Extend screening

A swarm of techies crowded outside theater nine at New York's AMC Lincoln Square.

The screening was set to start at 7. By 6:40, a crowd had formed to talk shop and admire Extend's custom stickers. Outside the theater door, I met Bo Lau, the event's organizer who works in developer relations for Extend.

Lau recently moved to New York and said she didn't want to watch the documentary alone. So, she posted about it on X — and it helped that she already had a following on so-called "Tech Twitter."

"I was like, 'What if I just turn this into a work event so I can expense it?'" Lau said.

The event got 1,400 RSVPs for about 120 seats, she said, and she's flying to San Francisco soon to host another screening. The tickets were given out free, so Extend got no benefit other than brand awareness, she said.

Why was it so popular? Lau said that Holmes was a source of fascination within Silicon Valley, and that Fielder's "awkward humor" matched the awkwardness of tech.

Filing into the theater, I heard my seatmates chat about AI and which tech companies let you work from home. On a brief social media scroll before my three-hour Do Not Disturb, I spotted Lau's recent project: a simulator of Holmes' desk.

Holmes' X account responded: "Impressive project."

Laugh lines, reflection time

This was my second time watching the documentary; the first was at New York Film Festival. The reactions among the techier crowd were mostly the same. There were lots of laughs, both at Fielder's discomfort and Holmes' oddities.

The crowd didn't react strongly to (mild spoiler alert) the big, AI version of Holmes that her fiancé creates after she goes to jail. That struck me as curious; maybe the tech crowd is already used to AI replicas.

There was also a much stronger gasp at the reveal of who's running Holmes' X account. That wasn't shocking; the attendees found out about this screening through X, after all.

We walked to a local wine bar, sipping cocktails while debriefing the film. Two techies that I talked to were split. One came away feeling bad for Holmes, then feeling bad that he felt bad for her. Another thought the film certified that Holmes was a true and utter psychopath.

I asked: Why is tech so comfortable laughing at Holmes? Her boastful visions don't sound too different from those of the current crop of young AI founders.

Maybe it was because the crowd was mostly in their 20s, not yet working in startups when Holmes' reckoning came.

Or Holmes has been detached from her Silicon Valley roots. The techies seemed to view her as more a product of the media — the books, the tabloid stories, the Hulu show — than of their own industry.

One attendee put it to me bluntly: she's turned into a meme.

Portugal é o quinto melhor destino do mundo para viver entre 63 destinos avaliados pelo novo Nomad Capitalist Lifestyle Index, com 70,09 pontos em 100. O país destaca-se sobretudo pelas condições de residência e acesso, mas a fiscalidade e o clima ficam aquém dos resultados obtidos noutras áreas, segundo a classificação feita pela consultora Nomad Capitalist.

O índice avalia cinco dimensões, com uma ponderação igual de 20% cada: natureza e clima, fiscalidade, residência e acesso, segurança e liberdade, e qualidade de vida e infraestruturas. A classificação pretende medir as condições para viver noutro país tendo em conta, em simultâneo, o enquadramento fiscal, as possibilidades de residência, a segurança e as condições do quotidiano.

“Portugal é o único destino entre os cinco primeiros cuja força é distribuída em vez de concentrada: nenhum pilar acima de 78,9 e nenhum abaixo de 47,8″, pode ler-se no site da empresa.

O Mónaco lidera o índice, com 73,89 pontos, seguido de Andorra, com 73,68, e dos Emirados Árabes Unidos, com 73,15. A diferença entre os três primeiros é inferior a 0,74 pontos.

“Três quartos de ponto separam o Mónaco, Andorra e os Emirados Árabes Unidos. Isto é uma lista restrita, não um pódio”, afirma Khatia Gelbakhiani, responsável de produto da Nomad Capitalist, citada em comunicado. A responsável salienta que cada destino tem vantagens diferentes: o Mónaco destaca-se pela qualidade de vida, Andorra pela segurança e liberdade e os Emirados Árabes Unidos pela fiscalidade.

Na avaliação de residência e acesso, Portugal obteve 78,9 pontos, o quinto melhor resultado neste indicador. O índice contabiliza cinco vias de residência: programas para nómadas digitais ou trabalhadores remotos, regimes para pensionistas, vistos de residência por investimento, criação de empresas e residência com base em rendimentos passivos.

Na dimensão de segurança e liberdade, Portugal alcançou 86,1 pontos. A avaliação combina indicadores de segurança, paz e liberdade individual e económica. A consultora destaca esta dimensão entre os pontos fortes do país.

A fiscalidade vale 78 pontos, enquanto a qualidade de vida e as infraestruturas somam 59,6 pontos. O indicador mais fraco é o de natureza e clima, com 47,8 pontos, que considera fatores como a qualidade do ar, a exposição a riscos climáticos, a disponibilidade de energia solar e a vitalidade dos ecossistemas.

O Exército Português, através do Centro de Experimentação e Modernização Tecnológica do Exército (CEMTEx), passou a integrar a rede de Centros de Testes afiliados da NATO DIANA, acelerador de inovação de defesa e segurança da Aliança Atlântico. Integração na rede “reforça o contributo de Portugal para o desenvolvimento de soluções inovadoras ao serviço da segurança e defesa coletiva da NATO”.

O CEMTEx fechou um acordo com o NATO DIANA passando a integrar a rede de centros de teste e experimentação tecnológica da Aliança Atlântica.

“Esta integração constitui um passo relevante para o posicionamento de Portugal no ecossistema internacional de inovação para a Defesa, permitindo colocar as capacidades de experimentação do Exército ao serviço do desenvolvimento, ensaio e validação de tecnologias emergentes com aplicações civis e militares”, refere o porta-voz do Exército Português ao ECO/eRadar.

Criada em 2021, o NATO DIANA é uma iniciativa da Aliança Atlântica visando acelerar o desenvolvimento de tecnologias emergentes e disruptivas de startups ou PME no setor da defesa, ou outras entidades, aproximando as soluções criadas das necessidades operacionais das Forças Armadas. Para isso, foi criada uma rede de aceleradores e centros de testes. Este ano Portugal passou a acolher um desses aceleradores, instalado no Instituto Pedro Nunes, em Coimbra, em parceria com a idD Portugal Defence, entidade que agrega as participações do Estado português nas empresas de defesa.

Sistemas autónomos e não tripulados, a Inteligência Artificial, as comunicações seguras, a cibersegurança, as tecnologias quânticas, a energia, o espaço e a resiliência das infraestruturas críticas são algumas das áreas foco desta rede.

Portugal reforça capacidade de participar em projetos desenvolvidos no contexto NATO

O CEMTex junta-se agora ao projeto passando a integrar a rede de Centros de Testes afiliados “disponibilizando infraestruturas, conhecimento técnico especializado e ambientes de experimentação operacional”.

“Estas capacidades permitirão que empresas e entidades inovadoras selecionadas no âmbito dos programas da DIANA possam testar, avaliar, verificar e validar as suas soluções tecnológicas em condições próximas das operações militares reais”, aponta porta-voz do Exército Português.

“O objetivo é contribuir para reduzir o intervalo entre o desenvolvimento de uma tecnologia e a sua potencial aplicação operacional, permitindo identificar a sua utilidade, maturidade e adequação às necessidades concretas das forças militares”, destaca.

Ao integrar uma rede internacional de experimentação, Portugal reforça a sua capacidade de participação em projetos tecnológicos desenvolvidos no contexto da Aliança Atlântica, criando condições favoráveis à atração de iniciativas internacionais e à valorização das competências nacionais.

Esta integração representa também uma “oportunidade para reforçar a ligação entre o Exército, a indústria, a academia e os centros de investigação”, refere o porta-voz do ramo da Armada. Com impactos positivos em todo o ecossistema tecnológico nacional.

“Ao integrar uma rede internacional de experimentação, Portugal reforça a sua capacidade de participação em projetos tecnológicos desenvolvidos no contexto da Aliança Atlântica, criando condições favoráveis à atração de iniciativas internacionais e à valorização das competências nacionais”, refere.

“Esta ligação poderá proporcionar maior visibilidade internacional ao ecossistema tecnológico português, facilitar a cooperação entre empresas e utilizadores militares e promover a transferência de conhecimento e a evolução tecnológica”, reforça.

A integração na rede constitui “um reconhecimento das capacidades nacionais de experimentação tecnológica e reforça o contributo de Portugal para o desenvolvimento de soluções inovadoras ao serviço da segurança e defesa coletiva da NATO”.

A participação do Exército na NATO DIANA enquadra-se na “estratégia de modernização tecnológica da Força Terrestre e no reforço da experimentação operacional enquanto instrumento de desenvolvimento de novas capacidades militares”, aponta o porta-voz do ramo da Armada.

“Mais do que proporcionar instalações de teste, pretende-se criar condições para aproximar os inovadores das necessidades operacionais, promovendo a avaliação de soluções em ambientes representativos da realidade militar”, refere ainda.

O ramo tem estado apostado em criar condições para a testagem em ambiente operacional de soluções que possam vir a adicionar capacidades às Forças Armadas, como é o caso do ARTEX, exercício anual que este ano testou mais de 110 soluções, de 70 entidades — entre as quais mais de 40 portuguesas — e mais de 900 participantes no Campo Militar de Santa Margarida, em Constância. O exercício decorreu, pela primeira vez, com o OPEX da Agência de Defesa Europeia.

• Elizabeth Holmes, the Theranos founder convicted of fraud, has two kids with William "Billy" Evans.
• Evans plays a big role in Nathan Fielder's new A24 documentary, "You Can See Everything."
• In the film, Evans says he's trying to launch "Theranos 2.0," another blood-testing startup.

William "Billy" Evans emerges as the unlikely star of "You Can See Everything," the new A24 documentary about Theranos founder Elizabeth Holmes. But while Evans is certainly a scene-stealer, the doc doesn't cast him in the best light.

Evans is Holmes' partner and the father of their two young children. The couple met in 2017, and, as Evans says in the doc, fell in love instantaneously.

The couple welcomed their first child, William, in 2021. Their daughter, Invicta (Latin for "invincible"), was born sometime around February 2023, just a few months after Holmes was sentenced to 11 years in prison for defrauding investors.

Holmes has said she knew it was bad timing — to put it lightly — to fall in love and start a family. But she didn't want her felony convictions or the perception of outsiders to "dictate how we live our lives."

"Finding your person in the middle of all of this and experiencing that love when you're going through hell is the most beautiful thing I've ever experienced," Holmes told The New York Times in 2023.

In the weeks before her looming incarceration, Holmes and Evans invited comedian Nathan Fielder to observe and document their domestic life. The resulting film, "You Can See Everything," depicts Evans as a dominant force in their home — chiding Holmes for how she prepares scrambled eggs, dictating her schedule, and frequently cutting in during her conversations with Fielder.

Holmes reported to prison in May 2023, but the movie doesn't end there. Fielder continued to document Evans as he worked on a new blood-testing startup, building upon the vision that Holmes had for Theranos.

"The idea is to put the band back together and do it all again," Evans tells Fielder.

Here's everything we know about Evans and his plans for "Theranos 2.0."

Evans grew up near San Diego as an heir to his family's successful hospitality business

Evans is one of three children born to his parents, Susan and William L. Evans, per the Daily Mail.

The Evans family has lived in the San Diego area for generations.

Billy Evans' grandparents, Anne and William D. Evans, founded a hotel management group in 1953 called Evans Hotels. The group manages three properties in the San Diego area: The Lodge at Torrey Pines, the Bahia Resort Hotel, and the Catamaran Resort Hotel and Spa.

After his grandfather William D. Evans died in 1984, his grandmother, Anne, added two of her children to the Evans Hotels management team, including Billy Evans' father.

He studied economics at M.I.T. and tried to launch a healthcare startup after graduation

Evans graduated from the Massachusetts Institute of Technology (MIT) in 2015 with a bachelor's degree in economics. During summers between school, Evans worked at various financial and consulting companies in California, according to a version of his LinkedIn profile that has since been modified.

He was also a student brand manager for Red Bull, his LinkedIn said, and he completed a study abroad program at Fudan University in Shanghai.

After graduating from MIT, Evans reportedly tried to launch a healthcare startup for transporting wealthy Chinese people to the US for "concierge medical attention."

Although he studied Chinese language and literature in Shanghai, the idea never took off, according to the New York Post.

After that, Evans worked as a strategy and leadership program analyst at LinkedIn until February 2017. Evans then moved to Luminar Technologies, a startup working on radar and sensor technology for autonomous cars, where, according to his LinkedIn, he was a manager of special projects. Evans was reportedly close with Luminar's CEO, Austin Russell, the Post reported.

Evans left his job at Luminar in January 2019. Employees told the Post they suspected the reason was the publicity surrounding his relationship with Holmes.

When asked by The New York Times what he does for work, Evans replied, "A lot of different stuff — investing, starting companies."

Evans and Holmes met in 2017 before her indictment

Holmes had relocated to San Francisco after Theranos shut down all its clinical labs and Wellness Centers in late 2016. Holmes herself had recently been banned from the lab-testing industry for two years. But it wasn't until March 2018 when Theranos, Holmes, and her former business partner-slash-ex-boyfriend, Ramesh "Sunny" Balwani, were charged with fraud by the SEC.

During that limbo period before Holmes was indicted, she met Evans at a house party in San Francisco, according to their interview with The New York Times. The two were introduced by a mutual friend. She was 32, he was 25.

"To say we immediately fell in love isn't an overstatement," Evans told the Times.

Holmes and Evans were first spotted together at Burning Man, the arts festival in the Nevada desert, days before Theranos fully shut down in 2018. Evans also posted a selfie with Holmes taken at the event, per the Daily Mail.

Evans later told People that he proposed to Holmes in 2018 with a silver snake ring he'd bought at Taylor Swift's Reputation Tour, which the couple attended together.

Vanity Fair reported that Holmes and Evans had a secret wedding ceremony later that year, although the couple told People that they never officially married.

"Maybe we'll get married someday. But our bond is more than a piece of paper," Holmes said, adding, "We bought rings on Amazon before I went to prison."

Evans said he didn't recognize Holmes at first, and was reluctant to start a relationship

In November 2022, Holmes' attorneys filed 130 letters from friends and family seeking leniency in her sentencing.

In his, Evans recounted the couple's love story, including his initial hesitation to pursue a relationship with Holmes, and gave a glimpse into their private lives throughout the trial.

Evans wrote that when he met Holmes, "it was as if the rest of the world ceased to exist."

He said Holmes wore a sunhat and oversized sunglasses to "stay under the radar," so he didn't initially recognize her as the Theranos founder. (Evans told Fielder a similar story, adding that she also wore a Band-Aid on her face.)

"It was strange to feel so comfortable and willing to share with someone who I didn't know. I was captivated by her childish wonder and authenticity," Evans wrote. "We spoke for hours, I lost track of time, and even if I didn't know it ... I fell in love. She pulled out her business card, scribbled her personal cell on the back and then it clicked who she was."

Evans said they kept things platonic for about six months, writing, "I was admittedly hesitant to dive in given all that had been said, Liz had been consistently vilified in every piece of media imaginable."

"The more I got to know her the more I loved who she was," he continued in his letter to the judge. "It was not long before the friendship turned into something more."

Evans said that he and Holmes struggled to maintain privacy throughout the trial and were forced to relocate multiple times after their home address was revealed.

"This will follow us for the rest of our lives," he wrote. "There is no avoiding the scorn that accompanies Elizabeth Holmes."

Evans was a fixture at Holmes' trial and her attempts to postpone prison time

As the clock was running out with a scheduled sentencing date fast approaching, Holmes requested a new trial on the grounds that a key government witness visited her home in August 2022, expressing regret that his testimony had helped convict her.

The witness was Adam Rosendorff, who was Theranos' lab director from April 2013 to November 2014. Holmes' motion relied heavily on a recollection of the encounter documented by Evans, who spoke with Rosendorff when he appeared at their home.

In an email to Holmes' attorneys recalling his encounter with Rosendorff, Evans wrote: "He said he feels guilty, it seemed like he was hurting. He said when he was called as a witness he tried to answer the questions honestly but that the prosecutors tried to make everybody look bad (in the company). He said that the government made things sound worse than they were when he was up on the stand during his testimony. He said he felt like he had done something wrong. And that this was weighing on him, He said he was having trouble sleeping."

The judge agreed to postpone Holmes' sentencing to hear Rosendorff out, giving Holmes a small victory, but it backfired on her when Rosendorff stood by his testimony in the hearing, saying, "She needs to pay her debt to society."

Rosendorff explained that he'd felt bad for Holmes because of the possibility that a child would grow up without a mother, but he stressed that his testimony was accurate.

Evans relocated to Texas when Holmes reported to prison

Holmes is incarcerated at Federal Prison Camp, a minimum-security women's prison in Bryan, Texas. The facility is located about 100 miles from Houston, where she grew up.

"You Can See Everything" documents the family's move from California to Texas in the days before Holmes turned herself in.

Evans and their two children are able to see Holmes on family visitation days. However, according to People, conjugal visits between Holmes and Evans are not allowed.

"It kills me to put my family through pain the way I do," Holmes told People in 2025. "But when I look back on my life, and these angels that have come into it, I can get through anything. It makes me want to fight for all of it."

For his part, Evans told People, "Everyone tried to break us, but instead we forged an unbreakable bond," calling Holmes his "best friend and soulmate."

Holmes has continued to maintain her innocence, though her conviction was upheld last year after a failed appeals process. Her sentence has since been reduced several times, and Holmes is now set to be transferred to a halfway house next year.

Evans said he's planning to launch 'Theranos 2.0' with input from Holmes

In 2025, The New York Times and NPR reported that Evans had raised millions for a new blood-testing startup called Haemanthus.

In marketing materials reviewed by The New York Times, Evans described Haemanthus a "the future of diagnostics" and "a radically new approach to health testing." The materials describe the company's goal as "human health optimization."

Evans will solicit Holmes for advice on the new venture, but there are no plans to give her a formal role at the company, according to NPR. As part of a 2018 settlement with the SEC, Holmes is barred from serving as an officer or director of a public company for a decade.

Evans' LinkedIn lists his current role as CEO of Haemanthus since October 2022.

"You Can See Everything" offers a closer look at Evans' biotech ambitions. He repeatedly insists to Fielder that Holmes did nothing wrong at Theranos, that her vision still deserves to be executed, and bristles at the suggestion that her failed company "used the wrong technology."

In one scene, before Holmes reports to prison, she completes a full-body scan. The scan is used to create an AI-generated three-dimensional avatar in her absence; the avatar looks and sounds like Holmes, but it's controlled by Evans, who says he also has power of attorney.

Evans tells Fielder that means he's able to make decisions on Holmes' behalf regarding her voice and likeness: "I can literally do whatever," he says.

Evans also admits to Fielder that he runs Holmes' X account, which has been active throughout her incarceration. When Fielder expresses doubt that Evans is acting in his fiancée's best interest, Evans claims he uses lines and phrases from Holmes' letters to craft the posts. He adds: "Some things that she doesn't frame as for the internet, I put there."

In other scenes, Evans says on-camera, "I've got vengeance in my heart," and says Holmes would describe her legacy as "building monuments of love for me."

Paige Leskin and Sarah Jackson contributed to previous versions of this story.

A obra de Joaquim Nascimento e Joaquim Costa propõe um método de 30 dias para criar uma empresa, com ações, indicadores e decisões para cada fase.

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