Jack Parker-Holder, a Google DeepMind researcher who led the company’s world models development, is targeting a $500m fundraise for a new London AI lab, Sifted has learned. Six other DeepMind researchers are involved with the startup. The lab, named Borealis, is reportedly in talks with Index Ventures to lead the round.

Parker-Holder founded the lab in 2023, building on his work at DeepMind where he led world models development. The new venture aims to build “foundation models for decision-making” and has already attracted significant interest from investors.

The lab is competing with other AI startups in London, including those backed by DeepMind alumni. The fundraising round, if successful, would value the company at over $500m and position it as a major player in the AI landscape.

Index Ventures, which has backed other DeepMind spinouts, is in advanced talks to lead the round. The new lab is expected to focus on cutting-edge AI research and applications, leveraging Parker-Holder’s expertise in world models.