Using multiple data sources, we have shortlisted several newly minted unicorns so far in 2024. It includes Elon Musk’s xAI, which is valued at a staggering $24B. A good number of highly disruptive startups in AI, Cybersecurity, Health Tech and Fin Tech have also become unicorns in 2024. Here are some of the interesting new unicorns of 2024 we are excited about.
xAI (Burlingame, CA / $24B / AI): XAI is an AI company that develops a platform to accelerate human scientific discovery. Founded only last year by Elon Musk, this AI startup is already valued at $24B after closing a $6B Series B backed by investors like Tribe Capital, Andreessen Horowitz, Craft Ventures, Fidelity Investments, and Sequoia. xAI offers the multi modal large language model known as Grok.
Weka (Campbell, CA / $1.6B / Enterprise Data Management.): A SaaS data storage company that specializes in AI use cases, Weka closed a $140M Series E, valuing the company at $1.6B. Launched in 2013, the company has raised around $415M to date, with investors including Valor Equity Partners, Generation Investment Management, and Nvidia.
Celestial AI (Santa Clara / $1.2B / Semiconductors): Celestial AI develops an optical interconnect technology platform for data center and AI computing solutions. The startup has ****raised a $175M Series C in March, valuing it at $1.2B. Funding was led by USIT. The company has raised $339M to date from investors, including Koch Disruptive Technologies, Temasek, AMD, Samsung Catalyst Fund and Porsche.
Perplexity AI (San Francisco, CA / $1B / AI): Perplexity AI is an AI-chat-based conversational search engine that delivers answers to questions using language models. The famed AI search engine raised a $74M Series B in January at a $520M valuation, followed by an additional $63M in April, doubling Perplexity‘s valuation to $1B. The company has raised $165M to date from various investors such as NEA, Databricks, BVP, IVP and NVIDIA .
BillionToOne (Menlo Park, CA / $1B / AI + Healthcare): BillionToOne is a precision diagnostics company that focuses on genetic testing for disease detection. This disease-screening genetic testing startup raised a $130M Series D, valuing the company at $1B. It has raised a total of $426M capital from investors such as Norwest, 500 Global, Fifty Years and Civilization ventures.
Harvey (San Francisco, CA / $1.5B / AI + Legal Vertical): Harvey is a generative AI company building the future of professional services. The legal AI platform raised a $100M round from investors, including Google Ventures, OpenAI, Kleiner Perkins, Sequoia Capital, that brought its valuation to $1.5B. It has now raised a total of $206M.
Figure (Sunnyvale, CA / $2.6B / Robotics): Figure Robotics is an AI robotics company that is building a multi-purpose humanoid form robot. The humanoid robot company raised a $675M Series B in February, giving it a valuation of $2.6B. In total, Figure has raised almost $850M in venture funding, with investors including Bezos Expeditions, Calm Ventures, Intel, Nvidia, OpenAI and Microsoft.
Flo Health (London, UK / $1B / Healthcare IT): Flo Health develops a women’s health app that provides access to cycle tracking, health insights, and a private community. The Fertility-tracking app announced a $200M Series C, valuing the company at more than $1B. Founded in 2015, the company has raised more than $290M in total funding from investors, including General Atlantic.
Altana (New York City / $1B / Supply Chain Tech): Altana empowers governments, logistics providers, and enterprises with an intelligent, dynamic map of the global supply chain. This global supply chain management company, founded in 2018, closed a $200M Series C, valuing it at $1B. Investors included Salesforce Ventures and the US Innovative Technology Fund. As per several public data, the startup has raised around $322M to date.
Chainguard (Kirkland, WA / $1.1B / Cybersecurity): Chainguard provides low-to-zero CVE container images that provide a secure software foundation for building and running applications. It ****is an open source SW that develops software security, supply chain security, and risk mitigation solutions. This cybersecurity startup announced a $140M Series C, valuing the company at $1.12B. Founded in 2021, Chainguard has raised more than $256M to date from investors, including Sequoia Capital, Lightspeed Venture Partners, and Redpoint Ventures.
Saronic (Austin, TX / $1B / Defense Tech): Saronic designs and manufactures unmanned surface vehicles for maritime security and domain awareness. This defense tech maker of autonomous surface vessels, raised a $175M Series B at a $1B valuation, led by Andreessen Horowitz, with other backers including 8VC, Caffeinated Capital. It has now raised $245M to date.
Huntress (Columbia, MD / $1.5B / Cybersecurity): Huntress is the leading cybersecurity partner for small and mid-sized businesses (SMBs) and the managed service providers that support them. The managed cybersecurity startup that offers extended detection and response (EDR) tech closed a $150M Series D, valuing the company at $1.5B. The company has raised ~$309M to date. Launched in 2015, it has top investors on its cap table, including Kleiner Perkins and Sapphire Ventures.
Sigma Computing (San Francisco, CA / $1.5B / Big Data Analytics): Sigma Computing is a business intelligence solution providing live access to cloud data warehouses. This AI-driven big data analytics startup raised a round in May that valued it at $1.5B. The company has raised almost $580M to date.
Cyera (New York City, NY / $1.5B / Cybersecurity): Cyera is an AI-powered data security platform that gives enterprises deep context on their data to assure cyber-resilience and compliance. It raised a $300M Series C in April, valuing the company at $1.5B. Founded in 2021, the company has raised $460M in funding to date from investors, including Sequoia, Spark Capital, Georgian, Redpoint Ventures and Accel.
Cognition (San Francisco, CA / $2B / AI in SW Coding): Cognition is an applied AI lab that focuses on reasoning and code. ****It is working on an AI SW engineer named ‘Devin’, reportedly raised a $175M Series B in April, valuing the company at $2B. To date, the company, founded in 2023, has raised $196M from investors such as Founders Fund, Khosla Ventures and Pear VC.
Xaira Therapeutics (San Francisco, CA / $2.7B / AI + Life Science): Xaira Therapeutics is an integrated biotechnology company driving advances in AI. This AI drug discovery startup, founded in 2023, launched with a huge $1B Series A in April, giving it a valuation of $2.7B. The company has raised $1B in total funding from investors ARCH Venture Partners, Foresite Labs, Menlo Ventures, Lux Capital, and New Enterprise Associates.
io.net (New York City, NY / $1B / Cloud Computing): Io.net provides a decentralized computing network enabling machine learning engineers to access distributed clusters. Its cloud service puts GPUs from data centers and cryptocurrency miners into a decentralized network that can be used by AI models. It closed a $33M Series A in March, valuing the company at $1B. Investors include Delphi Ventures, Solana Ventures, 6th Man Ventures, Foresight Ventures, and ArkStream Capital.
Blink Health (New York City, NY / $1.3B / Healthcare IT): Blink Health is a web-based application that enables users to search for medical prescriptions online and pick them up from any pharmacy. Founded in 2014, this online pharmacy took on $81M in private equity funding, giving it a $1.3B post-money valuation. The company has raised more than $250M from investors such as 8VC and BoxGroup.
NinjaOne (Austin, TX / $1.9B / Cybersecurity): NinjaOne serves as an IT platform for endpoint management that enhances productivity, minimizes risks, and lowers overall IT expenses. ****This mobile device management and security company raised a $231M Series C in February, giving it a $1.9B post-money valuation. The company has raised $283M from investors such as Summit Partners and ICONIQ Growth.
Ascend Elements (Westborough, MA / $1.6B / Industrial Tech): Ascend Elements manufactures sustainable battery materials using elements from discarded lithium-ion batteries. This sustainable battery startup raised a $162M round in February with a post-money valuation of $1.6B. The startup has raised more than $1B in funding from investors, including NSF, Foothill Ventures, At One Ventures, InMotion Ventures, Just Climate, Clearvision Ventures, Fifth Wall, and Mirae Asset Mgmt.
Lambda (San Francisco, CA / $1.5B / AI Infrastructure): Lambda is a cloud-based GPU company catering to developers throughout the entire lifecycle of AI development. It raised a $320M Series C in February at a post-money valuation of $1.5B. In total, the startup has raised almost $900M, with investors including Gradient Ventures, B Capital, 1517 Fund, Bloomberg Beta, and Mercato Partners.
Together AI (San Francisco, CA / $1.25B / AI): Together AI is a cloud-based platform designed for constructing open-source generative AI and infrastructure for developing AI models. This cloud service for running open source AI models raised a $106M round led by Salesforce Ventures, giving the company a post-money valuation of $1.25B. Together AI has raised a little more than $230M in venture funding from investors such as Lux Capital, NEA, Kleiner Perkins, Coatue and Emergence.
Bugcrowd (San Francisco, CA / $1B / Cybersecurity): Bugcrowd is a cybersecurity company that operates as a platform for crowdsourced security testing. It raised a $102M Series E in February, led by General Catalyst, which valued the company at $1B. The company has raised more than $180M to date from various investors including Partech, Blackbird Ventures, Square Peg Capital, Rally Ventures, General Catalyst, Salesforce Ventures, Triangle Peak Partners, Costanoa, and Paladin Capital.
ElevenLabs (New York City, NY / $1B / AI): ElevenLabs is a research company developing AI voice synthesis software for creators and publishers. The AI text-to-speech generator startup, specializing in language dubbing, picked up an $80M Series B in January, giving it a post-money valuation of $1B. ElevenLabs has raised $101M to date, with investors like a16z, Sequoia, BroadLight Capital, Creator Ventures, Credo Ventures and SV Angel.
Quantinuum (Broomfield, CO / $5.3B / Quantum Computing): Quantinuum accelerates quantum computing and the development of applications across chemistry, cybersecurity, finance, and optimization. Founded in 2021, the quantum computing cloud service raised a $300M round in January led by Honeywell, valuing the company at $5.3B. Other backers of the startup include IBM Ventures, Mitsui, Amgen, and JP Morgan Chase.
/Service Ventures Team
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