IT Entrepreneur Who Built an Early Big Data Analytics Company
Helped Grow the UK IT Ecosystem but Faced a Life Full of Ups and Downs
Tech entrepreneur Mike Lynch, who went missing after a luxury yacht sinking accident, is known as the so-called 'Bill Gates of the UK.' However, unlike Bill Gates, the Microsoft (MS) founder who enjoyed a successful career, Lynch's life was full of hardships.
Although a somewhat unfamiliar name in Korea, Lynch is a figure who has had a significant impact on the tech ecosystem in the UK and Europe. Born in the Republic of Ireland, he moved to the UK during his childhood and majored in advanced mathematics and chemistry at the prestigious University of Cambridge. Later, he and his colleagues founded a company called 'Autonomy Corporation' near Cambridge University.
Autonomy was a company specializing in software for enterprise data analysis and adaptive pattern recognition, and it was one of the leading companies in machine learning (ML), a hot topic in the field of artificial intelligence (AI) today.
On the morning of the 19th (local time), a yacht sank due to a storm near Porticello, Sicily, Italy. Mike Lynch and his daughter were on board the boat. [Image source=AP Yonhap News]
In 2011, Lynch sold Autonomy to the American company HP, and at that time, Autonomy's corporate value reached $11 billion (approximately 14.7 trillion KRW), making it one of the world's most notable tech company big deals. After a successful exit, Lynch quickly rose as a 'star' in the UK IT industry.
Having become one of the UK's richest billionaires, Lynch later co-founded a venture capital (VC) fund called 'Invoke Capital' and invested in various UK startups. Darktrace, now considered one of the world's largest network security companies, was also an early investment by Lynch.
However, Lynch's hardships began from this point. During the acquisition of Autonomy by HP in 2011, there were allegations that the company's performance was inflated to overvalue the company. Subsequently, he was indicted in the US on 15 charges including financial fraud and engaged in legal battles for about 13 years until this year. From last year, he was under house arrest for a year while on trial and was finally acquitted and released in June.
During the legal disputes, Lynch was unable to conduct any business activities, and as investors withdrew from his fund, his wealth also decreased. According to the billionaire list compiled by the UK's Sunday Times, Lynch and his wife's net worth last year was $1.1 billion (approximately 1.46 trillion KRW). Although he remains a billionaire, his ranking has significantly dropped compared to several years ago.
However, Lynch expressed relief at the current situation, saying that if he had been found guilty, he might have died in prison.
In his first interview with local media after being released from house arrest in June, he said, "Due to my lung disease, I would not have been able to endure the prison environment," and added, "I am most grateful to my legal team who worked tirelessly for me, and now I will return to the UK to work again for innovation."
However, just two months later, another tragic news struck his family. According to foreign media including ANSA on the 19th (local time), at around 4 a.m. that day, a 56-meter luxury yacht on which Lynch and his daughter were aboard sank off the coast near Sicily Island. So far, one person has died, six are missing, and 15 have been rescued. Among the missing are Lynch and his daughter, Hannah (18).
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