and each launched multibillion-dollar deployment ventures staffed with forward-deployed engineers, while a long list of startups building AI infrastructure, autonomous software and robotics also reached unicorn status. Together, the new entrants point to where investors increasingly see value creation: turning AI advances into real-world applications and pairing software intelligence with physical automation.

Beyond AI, new unicorns were minted across many sectors including healthcare, quantum, aerospace, financial services, manufacturing, e-commerce and energy.听

China dominated in the robotics sector, while Canada did so in quantum. The single new legaltech unicorn last month was from Brazil. also joined the board this past month, as the adult creator content company raised its first external financing.听

Of the new unicorns, 17 are U.S-based, while four each are based in China and the UK. Two new unicorns joined the board from Canada, as one each from India and Brazil.听

Unicorn IPOs

The board鈥檚 total value is undergoing rapid fluctuations amid lofty new valuations for some of the largest new unicorns, as well as high-profile exits to the public markets.

The Unicorn Board reached $9.9 trillion in value in May, as Anthropic moved ahead of OpenAI to become the second most valued private company after . On the heels of the funding, Anthropic privately filed for an IPO, followed shortly thereafter by OpenAI’s .听

SpaceX is expected to list this Friday, in what would be the largest-ever IPO. Its listing will erase more than one-tenth of value from the board as the the -led company exits the private markets.听

Chip company went public in May in a blockbuster IPO that valued the company at $56.4 billion,听well above its last private valuation of $23 billion just three months earlier in February.听

New unicorns in May

Here are May鈥檚 new unicorn companies, including 10 companies that are less than 3-years old:听

AI deployment

• San Francisco-based raised a $4 billion private equity round led by with co-leads , and . The new company is majority owned by with partnerships with 19 investment firms and consultancies. OpenAI acquired , with its 150 forward-deployed engineers to support enterprises in this effort. The less than 1-year-old-based company was valued at $14 billion in the new funding, which it said will be used to scale operations and acquire companies.听
• raised a $1.5 billion private equity funding to build an AI services company to work with companies to bring Claude into their operations. Each of the co-leads 鈥� , private equity investor and legal firm 鈥斕齣nvested $300 million into the round. and also invested in the joint venture. The less than 1-year-old-based, San Francisco-based company鈥檚 valuation was not disclosed.
• , a company building search for AI agents, raised a $250 million Series C led by . The 5-year-old San Francisco-based company was valued at $2.2 billion and is used by coding agents, go-to-market agents and chat agents.听
• Boston-based autonomous AI software developer raised a $200 million Series A led by . Blitzy鈥檚 platform reverse engineers existing code bases to build a knowledge graph and thereby enable autonomous development of software projects over days or weeks that can re-engineer and test complicated systems and deal with technical debt. The 2-year-old company was valued at $1.4 billion and is said to be used by dozens of global 2,000 companies.听
• , a routing technology for applications to select from 400-plus models, raised a $113 million Series B led by Alphabet鈥檚 . Investors in the round included a host of corporate venture firms including , , , and . The 3-year-old New York-based company was valued at $1.3 billion.

搁辞产辞迟颈肠蝉听

• raised a $700 million Series A led by . The company plans to build personalized robotics developing its own models, training and hardware. The 1-year-old San Jose, California-based company was valued at $6 billion. It was founded by CEO , founder of humanoid robotics unicorn .
• Guangdong, China-based , a dual arm robotics developer, raised a $147 million Series B led by and . It said its new funding will be used for R&D, production and a global sales network. The 10-year-old company was valued at $1.5 billion.听

• Shanghai-based has raised four funding rounds since it was spun out of in January, and reached a valuation of $1 billion. Agilink is focused on dexterous hand technology. The funding will be used for model development, data and hardware with the spinout able to license to the broader robotics market.听
• , a robot leasing and rental platform, raised a Series A funding. The less than 1-year-old Pudong, China-based company was valued at $1 billion. It is looking to expand from event rentals to warehousing, logistics and park operations.听

贬别补濒迟丑肠补谤别听

• , a treatment provider for cardiovascular and orthopedic disease, raised a $1.5 billion corporate round led by . Boston Scientific has an option to acquire its heart valve technology. The 10-year-old Georgia, U.S.-based company was valued at $4.4 billion.听
• , a longevity biotech company, seeking to extend human life by a decade, with therapeutics targeting age related disease raised the initial close of funding round led by . The 5-year-old Redwood City, California-based company was valued at a pre-money valuation of $1.8 billion.听
• , launched a suite of AI agents for healthcare built from its clinical data, raised $146 million in equity and secondary funding led by . The 15-year-old New York-based company was valued at $1.6 billion.

Quantum computing

• Vancouver-based , a quantum computing company that combines silicon-based qubits with native photonic interconnects, raised a $70 million extension funding led by Luxembourg-based . Photonic raised $130 million in January. The 9-year-old company was valued at $2 billion.
• Quebec-based , which says it addresses quantum error correction in each qubit, raised a $30 million funding. The company has raised a mix of government grants and venture capital. The 6-year-old company was valued at $1.4 billion.

础别谤辞蝉辫补肠别听

• , a builder of rockets to deploy data centers in space, raised a $305 million Series B led by . The 2-year-old San Carlos, California-based company, formerly called Aetherflux, was valued at $2 billion. The company plans to launch its first satellite later this year. Its technology entails using the upper stage of the rocket as a low-earth orbit satellite that uses solar energy to create 1-megawatt data centers in space.听
• Hyderabad, India-based , a rocket company that delivers satellites into space, raised a $60 million funding led by Singapore-based and Menlo Park, California-based . Skyroot is planning the maiden voyage of Vikram-1 in June. The 7-year-old company was valued at $1.2 billion.

Financial services听

• , an AI insurance provider for startups, raised a $160 million Series B led by . The 2-year-old San Francisco-based company was valued at $1.3 billion and plans to go after the trucking industry next.听
• Intelligent wealth management platform raised a $150 million Series D led by . With in recruited assets, it is built to create an all in one system for advisors. The 7-year-old San Francisco-based company was valued at $1 billion.

惭补苍耻蹿补肠迟耻谤颈苍驳听

• , a manufacturer of aerospace and defense components, raised a $300 million Series B led by . The 1-year-old El Segundo, California-based company, which aims to strengthen America鈥檚 industrial base, operates six factories across the U.S. and was valued at $1 billion.
• , likewise says it is building out American manufacturing with a rapid custom manufacturing software to production platform. It raised its first institutional funding of $110 million led by , and founders and . The 7-year-old Reno, Nevada-based company supports small-scale inventors to large-scale enterprises and has shipped 30 million parts to 300,000 customers. The company was valued at $1 billion.

E-commerce

• , a real-time inventory management platform, raised a $170 million Series B led by and . Its sensor technology tracks items and its precise location and movement in the store. Retail customers include and . The 13-year-old New York-based company was valued at $1 billion.

• London-based , a booking service for hair salons, beauty experts and wellness salons raised a $80 million Series C led by . The 11-year-old London-based company was valued at $1 billion.

贰苍别谤驳测听

• , a nuclear fusion startup spun out of Tsinghua University, raised a $74 million Series A funding. The 4-year-old China-based company was valued at $1 billion.
• , a provider of fast charging batteries, raised a $60 million Series C led by strategic investor . The batteries are used in data centers, robotics, electric vehicles and grid infrastructure. The 7-year-old Cambridge, UK-based company was valued at $1 billion.

Social media听

• Creator platform raised its first external funding, a $535 million private equity round led by , which now owns around 16% of the company. The 10-year-old London-based adult content platform was valued at $3.2 billion. Its CEO noted the company has paid out since 2016.

Data center听

• Modular data center builder raised a $230 million Series B led by , and. In partnership with the company plans to build capacity for secure data centers useful for military and remote manufacturing environments. The 3-year-old San Francisco-based company was valued at $2.2 billion. Customer booking for fiscal year 2026 was up 540% from 2025.听

尝别驳补濒迟别肠丑听

• S茫o Paulo-based , a Brazilian AI legal platform to manage company litigation, raised a $100 million Series B led by that valued the 2-year-old company at $1.2 billion. Enter counts , and among its customers, who use its technology along with law firms to handle litigation paperwork and settlements. Around have been managed through the platform. led the Series A.

颁谤测辫迟辞肠耻谤谤别苍肠测听

• , a digital asset trader, raised a $150 million funding led by , UK bank Standard Charter鈥檚 fintech arm. The deal brings digital assets into banking and represents GSRs first strategic external investor. The 12-year-old London-based company was valued at $1 billion.听

厂别肠耻谤颈迟测听

• , a security platform built for an open-source automated coding environment, raised a $60 million Series C led by . The platform is adopted by companies including Anthropic, , , , and and supports 27,000 organizations. Its socket firewall product is free to block malicious packages. The 6-year-old Stanford, California-based company was valued at $1 billion.

Related 小蓝视频色情网页版 unicorn lists:听

• (1,785)
• (619)
• (160)
• (189)
• (118)
• (102)
• (921)
• (525)
• (241)
• (39)
• (486)

Related reading:

• Anthropic Files Confidentially For IPO听
• Active Startup Investors Didn鈥檛 Hold Back In May
• Anthropic Funding Pushed Startup Investment To Near-Record Levels In May As Exit Market Reopened听听

Methodology

The 小蓝视频色情网页版 Unicorn Board is a curated list that includes private unicorn companies with post-money valuations of $1 billion or more and is based on 小蓝视频色情网页版 data. New companies are as they reach the $1 billion valuation mark as part of a funding round.听

The unicorn board does not reflect internal company valuations 鈥� such as those set via a 409a process for employee stock options 鈥� as these differ from, and are more likely to be lower than, a priced funding round. We also do not adjust valuations based on investor writedowns, which change quarterly, as different investors will not value the same company consistently within the same quarter.听

Funding to unicorn companies includes all private financings to companies that are tagged as unicorns, as well as those that have since graduated to .听

Exits analyzed here only include the first time a company exits.听

Please note that all funding values are given in U.S. dollars unless otherwise noted. 小蓝视频色情网页版 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 小蓝视频色情网页版 long after the event was announced, foreign currency transactions are converted at the historic spot price.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Startup investors were in a spendy mood this week, backing more than a dozen rounds in the multiple hundreds of millions. Of those, the biggest one went to spend-management platform , which closed on $750 million, followed by three $500 million rounds for companies in the AI and space tech sectors.

1.听, $750M, finance software: Spend-management software provider Ramp secured $750 million in a financing led by , , and . The round set a $44 billion valuation for the seven-year-old, New York-based company.

2 (tied).听, $500M, space tech: Redondo Beach, California-based Impulse Space, a developer of spacecraft and propulsion systems for transport, moving and orbital repositioning in space, raised $500 million in Series D funding. and led the financing which brings total investment to date to more than $1 billion.听

2 (tied).听, $500M, AI developer tools: Supabase, provider of an open source platform for developers and AI app builders, closed on $500 million in fresh funding. led the financing, which set a $10.5 billion valuation for the six-year-old, San Francisco-based company.

2 (tied).听, $500M, foundational AI: New York-based Flourish, a startup working on artificial intelligence models inspired by the human brain, raised $500 million in initial funding. Backers include , , and .

4.听, $465M, fusion energy: Helion, a startup with a mission to build the world鈥檚 first fusion power plant, picked up $465 million in Series G funding led by at a $15.5 billion post-money valuation. The round brings total reported funding for the Everett, Washington-based company to at least $1.5 billion, per 小蓝视频色情网页版 data.听

5.听, $435M, longevity medicines: NewLimit, a developer of medicines designed to restore youthful function in old cells through epigenetic reprogramming, closed on $435 million in Series C funding. led the financing for the South San Francisco, California-based company, which was co-founded by CEO .

6 (tied). , $400M, AI for music: Suno, a provider of AI tools for making music, raised $400 million in Series D funding led by . The round set a $5.4 billion valuation for the company, which is currently facing lawsuits from multiple music labels for training its AI on copyrighted materials.

6 (tied). , $400M, robotics: Generalist AI, a startup focused on using AI to enable robots to do complex tasks, picked up $400 million in new funding led by . The financing reportedly set a $2 billion valuation for the two-year-old, San Mateo, California-based company.

9. , $350M, AI enterprise software: AlphaSense, an AI-enabled market intelligence and workflow orchestration platform, closed on $350 million in a new funding round led by , , and , , and . The round set a $7.5 billion valuation for the New York-based company.

10. , $300M, defense tech: Defense tech startup Mach Industries raised $300 million in Series C funding at a $1.8 billion valuation. and led the financing for the three-year-old, Huntington Beach, California-based company.

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A grab bag of funded startups caught our attention this past month, from a previously bootstrapped custom metal manufacturer that got its first outside funding from big-name Silicon Valley backers, to a startup that aims to provide geothermal energy from underwater volcanoes to small island nations. Let鈥檚 take a look.

$110M for on-demand custom manufacturing

First, let鈥檚 start with a refreshingly non-AI round, and a sizable one at that.

Reno, Nevada-based said last month that it has raised $110 million in funding led by brothers and founders and , along with and , at a $1 billion valuation.

The company operates an on-demand manufacturing platform specializing in custom-cut metal and fabrication. The round is its first venture investment, and apparently came only after Sequoia’s flew to Reno to woo SendCutSend CEO into accepting Silicon Valley backing. Previously, Belosic had bootstrapped the company, founded in 2018, with personal savings, bank loans and credit cards, he told .

He held little interest in taking cash from startup investors until SendCutSend started to be flooded earlier this year with orders from AI-driven industries including robotics and data centers, and Belosic said he realized the business needed outside investment to grow.

Investor of Paradigm told WSJ that underlying SendCutSend鈥檚 booming business is intense demand for rapid, on-demand sheet metal and custom parts. 鈥淚f you think about the entire frontier of robots, defense companies, rocket companies, electric-car companies, they all need very fast turn prototyping,鈥� he said.

The investment is Paradigm鈥檚 first into the manufacturing sector, he noted.

Related 小蓝视频色情网页版 query:

$100M for insurance-covered metabolic health counseling

GLP-1 weight-loss drugs may be booming, but a well-funded startup is betting that medication alone isn鈥檛 enough to solve the chronic disease crisis.

, a New York-based metabolic health startup that combines dietitians, AI tools and GLP-1 medication management, last month said that it raised a $100 million Series C round led by . , , and a long list of other investors also backed the round, which brings the company鈥檚 total funding to date to just over $213 million, .

Founded in 2021, Nourish operates what it describes as the country鈥檚 largest dietitian-led metabolic health clinic, pairing more than 10,000 registered dietitians with AI coaching, lab testing and virtual care. The company has increasingly expanded into GLP-1 prescribing and medication management as demand for drugs such as Ozempic and Wegovy continues to surge.

Nourish said it has partnered with hundreds of health insurers in the U.S. and that its service is covered by most plans.

Its pitch is that the next phase of the GLP-1 boom will require more than prescriptions. While the drugs have transformed obesity treatment, many patients struggle to stay on them long term or maintain results after stopping, according to the company. Nourish is positioning itself as a broader metabolic health platform focused on nutrition, behavior change and ongoing clinical support alongside medication.

鈥淐hronic disease is the central failure of U.S. healthcare 鈥� nearly 200 million Americans affected, trillions spent, and outcomes that still don’t move,鈥� Menlo Ventures partner said in a statement. 鈥淲hat Nourish has built in four years is remarkable: a care model that actually bends the cost curve, with 10,000 dietitians, deep payer relationships, and clinical outcomes patients stick with.鈥�

Related 小蓝视频色情网页版 query:

$58M for Gen Z group travel adventures

Group travel startups are having a moment as younger travelers increasingly look for ways to meet people while exploring new destinations.

, a Milan-based startup that organizes group travel experiences for millennials and Gen Z travelers, raised a 鈧�50 million (roughly $58 million) Series C funding round as it looks to expand further across Europe and enter the U.S. market. The round was led by .

Founded in 2017, WeRoad operates a platform that connects solo travelers and small groups through curated multiday trips led by coordinators. The company says it has served more than 300,000 travelers across over 1,000 itineraries, with offerings ranging from adventure travel and cultural experiences to outdoor excursions. Participants are typically grouped with strangers in similar age ranges, turning the trips into a hybrid of travel booking and social networking.

鈥淲e live in a time when artificial intelligence and social media are reshaping the way we connect with each other. And amid all this digital connection, real human connection has become increasingly rare. Around 30% of young adults say they feel lonely every day. In the United States, this phenomenon is especially significant,鈥� the company said in a statement. 鈥淲e believe we have an answer. Not the only one, not a perfect one, but a real one: putting people in a room together (or on a quad bike in Morocco, in a canoe in Vietnam, or in front of a sunset in Patagonia) and letting whatever is meant to happen, happen.鈥�

Related 小蓝视频色情网页版 query:

$26M to keep AI data centers cooler

AI may be driving the data center boom, but keeping those facilities cool is becoming a business opportunity in its own right.

, a U.K.-based startup developing precision liquid cooling systems for AI infrastructure, said last month that it raised a $26 million Series B as demand surges for technologies that can manage the growing heat and power requirements of next-generation AI data centers. The round was led by and and brings Iceotope鈥檚 total funding to date to just under $100 million, .

Founded in 2005, Iceotope has developed a chassis-based liquid cooling approach designed to replace traditional air cooling and cool entire systems rather than individual chips. The company says it now holds 219 granted and pending patents. It said it will use the new funding to expand product and engineering development, grow its patent portfolio and accelerate partnerships that bring its cooling technology to market.

The raise comes as AI workloads create mounting challenges for conventional cooling systems. Iceotope argues its technology can reduce energy consumption and water use while supporting high-density AI and high-performance computing deployments in both data centers and edge environments.

Related 小蓝视频色情网页版 query:

$25M for geothermal energy from subsea volcanoes

As AI companies scramble for more electricity, investors are increasingly willing to fund some unconventional ideas for generating it. One of those is , a Seattle-based startup developing subsea geothermal power systems designed to tap into heat generated by subsea volcanic activity.

The company recently raised between $25 million and $30 million in a seed round led by , sources familiar with the matter .

Founded just last year, Endurance Energy is targeting island nations 鈥� where it says electricity can cost almost 7x as much as in the U.S. 鈥� industrial sites and eventually hyperscale data centers that need large amounts of reliable power.

Unlike solar and wind, geothermal energy carries the promise of round-the-clock, renewable baseload electricity, a feature that has become increasingly attractive as AI infrastructure drives soaring power demand.

Endurance says its seafloor geothermal generators could deliver gigawatts of power from hydrothermal systems along tectonic plate boundaries and volcanic regions. It is , where about 80% of electricity generation still relies on imported diesel fuel.

Earlier this year, the company signed an agreement with the Tongan government and launched a pilot project aimed at harnessing geothermal heat generated by subsea volcanic activity around the island nation.

鈥淐lean geothermal power will enable us to substitute most of our diesel base load power and further insulate ourselves from future external shocks caused by geopolitical conflicts and global economic impacts,鈥� Tongan Prime Minister Lord Fakaf膩nua said in a statement.

Related 小蓝视频色情网页版 query:

Illustration:

This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Venture funding has always been a world of haves and have nots. And these days, the haves are having more than ever. Case in point this week was . The 5-year-old generative AI giant secured $65 billion in Series H funding this week, pushing its post-money valuation to a mind-blowing $965 billion.

After that, the next-biggest financing was a $1 billion round for AI software development tool maker , lifting its valuation to $26 billion. Companies in a range of other sectors also managed to secure sizable though smaller rounds, in areas including commerce logistics, developer AI, insurtech, fusion and more.

1. , $65B, foundational AI: Generative AI company Anthropic raised $65 billion in a Series H funding round, more than doubling its post-money valuation to a staggering $965 billion. San Francisco-based Anthropic said , , and led the financing, and that , , , , and co-led the investment.

2. , $1B, AI software development: Cognition, developer of AI software engineer Devin, has closed on over $1 billion at a $26 billion valuation. , , and 1听led the financing for the San Francisco-based company.

3. , $250M, logistics: Atlanta-based Stord, developer of a fulfillment network, software and AI tools for independent brands, secured $250 million in Series F funding. The round set a $3 billion valuation for the 11-year-old company.

4. , $113M, AI for developers: OpenRouter, a marketplace for AI models, secured $113 million in Series B funding. led the financing for the New York-based startup.

5. , $106M, insurtech: San Francisco-based Corgi Insurance, developer of an AI-native insurance platform for startups, picked up $106 million in Series B1 funding led by . The financing, which set a $2.6 billion valuation, comes just three weeks after Corgi $160 million in Series B funding at a $1.3 billion valuation.

6. (tied) , $100M, fusion energy: Kearny, New Jersey-based Thea Energy, a developer of technology for fusion energy systems, raised $100 million in Series B funding led by . Thea says the funding will go toward manufacturing infrastructure.

6. (tied) , $100M, healthcare data: Garner Health, a platform for finding healthcare providers, closed on $100 million in Series E funding led by . The financing set a $2.74 billion for the New York-based company.

8. , $90M, space tech: Observable Space, a space tech startup that develops and builds advanced optical systems, says it raised $90 million in Series A funding led by to scale manufacturing and develop its technology. The Santa Monica, California-based company also announced that it secured a $94 million contract with the.

9. , $59M, AI video: Reactor, a San Francisco-based developer platform for real-time generative video, emerged from stealth with $59 million in funding led by .

10. , $52M, cancer detection: San Diego-based ClearNote Health, a developer of early detection and monitoring tests for multiple forms of cancer, picked up $52 million in Series D financing. Founding investor led the round.

Methodology

We tracked the largest announced rounds in the 小蓝视频色情网页版 database that were raised by U.S.-based companies for the period of May 23-29. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration:

The global innovation economy remains largely defined by agglomeration dynamics. Worldwide, 19 ecosystems dominate the innovation landscape, increasingly concentrating innovation demand (corporates) and supply (scaleups) 鈥� attracting further growth capital (investors).

Meanwhile, other ecosystems struggle to achieve a meaningful presence on the global innovation map and are at serious risk of technological disruption and economic downfall.

Yet something is happening below the surface. Over the past decade, the composition of the Global Innovation Ecosystems Life Cycle Curve changed dramatically, as the number of scaleup ecosystems worldwide has more than doubled.

The trend is not stopping just here: we expect these figures to even triple in the coming years.

In this new scenario, emerging innovation economies hold the potential for disrupting the agglomeration paradigm, toward a new scheme of interconnected networks of specialized local innovation hot spots.

Among them, there is also Africa. While the continent still lacks ecosystems at the most advanced stages of maturity, it now counts four ecosystems at the startup stage and 40 at the standup stage, compared with respectively 25 of those 10 years ago, according to by my organization, , in collaboration with and .

Africa: the awakening giant of the coming decade?

As of today, Africa鈥檚 innovation economy includes 883 tech scaleups that have raised a combined $24.7 billion. Despite this progress, the continent still represents only about 1% of global figures.

The African innovation landscape remains highly concentrated around four main hubs: South Africa, Egypt (North-East), Nigeria (West Africa) and Kenya (East Africa). The North-Western corner of the continent still lacks a dominant hub, although Tunisia, Morocco and Algeria remain the leading candidates.

A testbed for clean technologies?

Emerging innovation economies that thrive on the global innovation map typically build on top of highly specialized, unique local strengths.

Our recent analysis has identified clear evidence that Africa holds significant potential over the development of clean energy systems and technologies.

The relative prominence of the cleantech sector in Africa is evident from the data:

• Africa is home to 95 cleantech scaleups, representing roughly 11% of the total scaleup base.
• Collectively, they have attracted approximately one-fifth of all capital deployed to African ventures.
• Cleantech has also generated a disproportionate share of high-growth leaders, accounting for around 20% of both scalers (scaleups that raised more than $100 million) and super scalers ($1 billion-plus).

Within cleantech, a highly specialized vertical is also emerging, what we might call 鈥済ridtech鈥�:

• It comprises 16 scaleups (17% of the cleantech total) and two scalers (25% of total).
• It has attracted around 30% of total cleantech funding.
• Africa鈥檚 sole cleantech tech giant, Kenya-based , operates within this gridtech vertical.

That said, the numbers still point to a gap.

The elephant in the room

The main challenge is the grid infrastructure deficit, which remains the primary bottleneck to scaling energy system technologies. As shown in the map below, Africa鈥檚 grid infrastructure is highly fragmented: High-voltage networks are concentrated in a few densely populated areas, while large parts of the continent remain largely disconnected.

As a result, grid infrastructure development and electrification are key to unlocking Africa鈥檚 growth 鈥� consider that Africa still accounts for only about 5% of global energy supply 鈥� and its innovation potential.

At the same time, the continent holds world-class renewable resources, including approximately 13% of global technical hydropower potential and around 60% of the world鈥檚 best solar resources.

Africa鈥檚 energy system is expanding, but fully unlocking its economic and innovation potential will depend on accelerating electrification and strengthening grid infrastructure.

Blended finance will be critical to enable this growth. Both private and public capital are required: private capital drives innovation, while public finance enables foundational infrastructure such as grid expansion.

In particular, private capital needs to be complemented by structured public finance initiatives to address the inherent limitations of a relatively small domestic VC market, which remains heavily focused on early-stage investments.

Public capital will be essential for infrastructure development. In gridtech especially, public investors are expected to account for up to about 80% of total investments by 2030, reflecting the capital intensity and risk profile of grid infrastructure.

International capital still dominates the market, with approximately 69% of active investors originating outside Africa, underscoring continued reliance on foreign capital despite growing local participation.

Get the full story in our report:

is chairman of and a professor at . He is a serial entrepreneur who has started three startups in his career, the last of which is , among the five Italian scaleups that have raised the largest amount of capital. He is recognized among the leading international experts in open innovation and has wide experience in setting up and managing open innovation projects 鈥� venture clients, venture builders, intrapreneurship, CVCs 鈥� with large multinational companies, as well as advising and training on this subject. Onetti has a column on () and several other tech blogs.

Photo by on .

Defense, energy, robotics and government have historically been classic no-go areas for VC investment. These 鈥渉ard鈥� industries have slow procurement cycles, tight regulatory oversight and high-friction customer migration in common. Legacy software vendors serving them have benefited from a barrier of complexity to innovate slowly without facing the risk of customer churn.

This made the victims of this year鈥檚 AI anxiety-driven sell-off all the more dramatic. Software juggernauts serving heavy industries 鈥� , , , 鈥� have gone from safe bets to being the subject of investor scrutiny.

While headlines have attributed that sell-off to quick-fire launches of tools for vertical industries, there鈥檚 more at play. The macro trend is a newfound founder enthusiasm to build AI-native entrants in legacy industries, and the backing they鈥檙e enjoying from VCs that can see the once-in-a-generation opportunity to disrupt entire industries.

Why investor perceptions are changing

Context is important. Geopolitical instability, supply chain pressure and energy security concerns have placed industrial resilience at the center of national policy.

Be it the U.S. or across Europe, policymakers are prioritizing investment in grid upgrades, transportation networks and public sector infrastructure, while also re-examining procurement and compliance systems that have slowed the adoption of emerging technologies that could bring said industrial resilience about quicker.

At the same time, quick advances in AI and agentic systems make it possible to build a new class of AI-native software tailored to 鈥渉ard鈥� industries through deep integration with verticalized tooling and specialist automation of critical workflows.

Age-old incumbent moats, like cumbersome migration cycles that put businesses off moving to new software providers, are also being challenged as embedded automation cuts migration processes down from weeks to days.

The creation of software in and of itself has become commoditised in the AI era, and more investors are spotting that operational depth, intuitive UI/UX, speed to market and seamless integration into complex real-world systems are traits of high-quality vertical software that startups are well-placed to build.

Investors are also realizing that most of the available value from horizontal SaaS has been extracted. In those early post-ChatGPT years, VCs widely backed AI companies building for non-regulated SMB adoption 鈥� exactly the audience that foundational model players like and Anthropic are now making inroads with as they push into enterprises. Foundational models are general in nature, and their verticalization can therefore only stretch so far. Given this, AI-native products built for heavy industries are compelling and competitive propositions for VCs.

Growing faith that incumbents are vulnerable

There鈥檚 always been lots of skepticism among investors and tech executives that AI startups can meaningfully challenge incumbents that have been on top for decades. But those companies are operating over sprawling product architecture and processes that were built in the pre-AI era.

Pivoting from that state of affairs to AI-native systems is a massive undertaking, whereas new companies are being launched with those systems in place from day one. Incumbents also have a low incentive to innovate at pace when customer churn is limited. But in the current context of breakneck speed improvements to AI models and agentic systems, waiting for churn to show up will be too late.

Scepticism also risks overlooking the profile of outstanding founders building AI-native challengers. Some of the fastest-growing startups in defense, energy, government and the public sector are led by people who came directly from the same industries they are transforming. Their understanding of sector constraints and operational realities gives them an advantage over general software providers that lack the same specialism and experience.

Picking up pace

Savvy entrepreneurship and VC investors are colliding to make a play for hard sectors. Once seen as off-limits due to procurement complexity or regulatory burden, these sectors represent huge, untapped potential in the new AI-native era.

The emerging companies offering solutions designed for these industries with deep, vertical-specific tooling integration and critical workflow automation are well placed to command a growing share of overall AI funding as they serve customer pain points that have gone unanswered for years.

We are talking about disruption within markets worth trillions. The scale of the opportunity for growing VC interest in sectors they鈥檝e historically avoided is no mystery or miscalculation. The vision is an ambitious one. Rather than simply building better software, the foundational sectors of the world economy are about to be reimagined.

is a partner for the U.S. and Europe at early-stage venture capital firm . He currently oversees the deployment of the firm鈥檚 latest $1 billion fund, backing a range of AI-native startups building to disrupt legacy industries and business processes. In a personal capacity, Cuvelier wrote an angel check for at pre-seed.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Defense tech unicorn led the fundraising lineup in a week heavy with rounds for companies focused on applications in the physical world. Anduril鈥檚 $5 billion financing was by far the biggest. Other large rounds went to companies focused on supplying data power, robotics, space tech, biotech, and even strawberries.

1.听, $5B, defense tech: Defense tech unicorn Anduril Industries raised another $5 billion in funding at a $61 billion valuation 鈥� double the valuation of $30.5 billion it received less than a year ago. The Series H round, led by and , brings the Costa Mesa, California-based company鈥檚 total raised to date to $11.4 billion, .听听

2.听, $775M, energy: Houston-based VoltaGrid, a provider of mobile natural gas generators for data centers, microgrids and industrial applications, secured $1 billion in strategic investment from and . The investment includes $775 million in capital funding and a $225 million secondary purchase from existing investors.

3.听, $400M, robotics: Palo Alto, California-based Mind Robotics, developer of an AI-enabled industrial robotics platform, picked up $400 million in new financing led by . The round brings total funding to date to more than $1 billion for the startup, which launched in 2025 as a spinout of .

4.听, $275M, space tech: Cowboy Space, a developer of rockets and satellite infrastructure to power and run AI compute in space, closed on $275 million in Series B funding at a $2 billion valuation. led the financing for the San Carlos, California-based startup, which was founded by co-founder .听

5.听, $150M, indoor farming: Oishii, operator of highly automated indoor farms for growing strawberries, raised $150 million in Series C funding led by . Founded in 2016, the Jersey City, New Jersey-headquartered startup has raised $370 million in total funding to date.

6.听, $125M, cybersecurity: San Jose-based Exaforce, developer of an AI-native security operations platform, secured $125 million in Series B funding from backers including , , , 听and听 .

7.听, $122M, biotech: Create Medicines, a Cambridge, Massachusetts-based startup focused on in vivo immunotherapies for autoimmune diseases and cancer, closed on $122 million in Series B funding. , , and led the financing.

8.听, $100M, autonomy: Providence, Rhode Island-based HavocAI, a provider of tools for developing military and commercial-grade autonomous systems across sea, air and land, secured $100 million in Series A funding. The round brings total funding to date for the 2-year-old company to $200 million.

9.听, $65M, space tech: Star Catcher, a startup that says it is building the first power grid in space by beaming concentrated solar energy on demand to satellites, picked up $65 million in Series A funding. , and led the financing for the Jacksonville, Florida-based company, which was founded less than two years ago.

10.听, $64M, data center power: GridCare, developer of technology to more efficiently provide power to AI data centers, raised $64 million in Series A funding. led the financing for the Redwood City, California-based startup.听

Related reading:

• Anduril Raises Another $5B As Defense Tech Startups Shatter Funding Records听

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AI and software continue to draw the biggest share of startup investment, but most of the interesting companies that caught our eye in the past month were working on problems in the physical world, often far from the glow of a laptop screen.听

They include a defense-tech startup that aims to bring manufacturing closer to the frontlines, a company working to recycle valuable raw materials from defunct solar panels at industrial scale, and a startup that wants to produce cell-based milk for the dairy supply chain. Let鈥檚 take a look.

$82M to build near the battlefield

A decade ago, defense tech was considered a niche and sometimes controversial corner of venture capital, with few startup investors daring to place bets on companies working with the military.听

How times have changed. Already this year, $13.6 billion in venture investment has gone into companies in 小蓝视频色情网页版鈥檚 military, national security and law enforcement categories 鈥� more than 1.5x last year鈥檚 annual total.听

is one of the latest defense startups to get some of that funding, with an approach that aims to bring manufacturing closer to the battlefield. The San Diego-based startup last month announced an $82 million Series B led by .听

Firestorm builds expeditionary manufacturing systems and modular drones for military use. Its containerized 鈥渪Cell鈥� manufacturing platforms are designed to produce drones, replacement parts and other systems closer to the battlefield, a concept gaining traction as militaries rethink supply chains and logistics in contested regions such as the Indo-Pacific.

Existing and new investors including, , , , and others also joined its latest funding round, which brings Firestorm鈥檚 total funding to nearly $150 million, .

“The ability to produce, adapt, and sustain systems at speed and scale will define outcomes in future conflict,鈥� , founder and chief investment officer at Washington Harbour Partners, said in a statement. 鈥淲e’re excited to lead Firestorm’s Series B and back a company building a new model for manufacturing that replaces centralized supply chains with deployable, containerized units that can operate at the edge.”

The raise lands amid a broader surge in investor appetite for military tech, not just from defense-industry investors but also some of Silicon Valley鈥檚 biggest venture names. Sector heavyweight recently raised another $5 billion at a staggering $61 billion valuation in an – and -led round, underscoring just how mainstream venture-backed defense startups have become.

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$60M for a legal tech operating system

Legal tech has been one of the fastest-growing startup sectors in recent years, at least when measured by funding to the area, with venture investors pouring a record $4 billion-plus into the industry last year. That growth, of course, has been driven by AI鈥檚 rapid automation of many aspects of the notoriously paperwork-heavy industry.

Adding to this year’s tally is , a startup that says it鈥檚 building the operating system and brand for AI-native law firms. The startup said last month that it raised $60 million in Series A funding at a $750 million valuation from big-name investors. led the round and , and participated.

Manifest OS says it takes a different tack than most legal tech startups. Rather than sell software to traditional law firms that operate under a billable hour model, the company only caters to AI-native firms that charge clients based on outcomes.

鈥淐ompanies want fee transparency, predictability, and speed,鈥� , a Manifest investor and former general counsel for 听1, and , said in a statement. 鈥淟awyers want to focus on delivering results, not justifying billable hours. Manifest OS鈥檚 model and use of advanced technology align those interests in a way the traditional system simply doesn鈥檛.鈥�

Along with AI software that helps attorneys with tasks like client communications, legal research, document drafting and billing, Manifest OS also offers a centralized back office to handle client intake, business development, paralegal work and other administrative tasks. That, according to the firm, frees attorneys up to focus on more complex legal work.

One important caveat: All firms that use its platform operate under the Manifest Law name. According to the startup, that results in a consistent brand presence, pricing, response time and service quality to clients. Its is a business immigration law firm.

The startup says it has already served 150-plus corporate clients, including large tech companies, since launching 18 months earlier. It has hired more than 100 attorneys to date, it said, less than 1% of those that applied.

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$23M for industrial solar panel recycling

French cleantech startup said last month that it has secured 鈧�20 million (about $23 million) in Series B and grant funding to tackle a growing problem: industrial-scale solar panel recycling.听

By 2050, tens of millions of tons of solar panels are expected to become defunct, according to ROSI. The company鈥檚 technology recovers high-purity raw materials including silver, silicon, copper, aluminum and glass from those panels so that they can be recycled into new products.听

ROSI said the new funding will be used to build its first large-scale recycling plant in Spain. The site will be able to process 10,000 tonnes per year.听

The funding was led by , , and Spanish family office . Zurich-based corporate advisory firm , which specializes in deep tech, acted as strategic financial adviser and investor. Other investors included unnamed Swiss and Polish family offices.

鈥淥ur ambition is to build a European-scale industrial platform for circular management and the production of strategic raw materials, transforming end-of-life solar panels into a reliable source of high-purity materials for the European industries of tomorrow,鈥� ROSI President and co-founder said in a statement.

The investment comes as cleantech funding has seen tepid investor enthusiasm in recent years. Overall funding to startups in 小蓝视频色情网页版鈥檚 cleantech-, electric vehicle- and sustainability-related categories fell to a five-year low in 2025. Still, some areas 鈥� including solar and recycling 鈥� have continued to see larger rounds.

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$2.3M for a cell-based milk supplier听

Venture investment in food and beverage startups has fallen precipitously in recent years, from more than $22 billion in the peak year of 2021 to . Companies working on cell-based alternatives to traditional sources of protein such as meat and dairy products, in particular, have largely fallen out of favor with startup investors, 小蓝视频色情网页版 data shows.

That makes Montreal-based 鈥檚 recent $3.2 million CAD (roughly $2.3 million) seed round all the more interesting. The company, previously named BetterMilk, says it produces 鈥渃omplete milk鈥� 鈥� with proteins, fats and sugars 鈥� from mammary cells in a bioreactor, without employing any cows.

Its recent round was led by , with participation from , , and existing investors including , and .

Rather than make a direct-to-consumer play, as many food and beverage startups have done, Opalia is positioning itself as a supplier in the food industry. The company recently inked a two-year deal with dairy supplier and a paid pilot with an unnamed 鈥淐anadian division of a leading global dairy group.鈥�

鈥淲e see Opalia as a foundational player in the next era of dairy,鈥� , managing partner at Nadarra Venture, said in a statement. 鈥淲hat sets them apart is a combination of highly credible, differentiated science and a clear, executable path to scale within existing dairy infrastructure, addressing the economics required to compete globally. Today, global demand for dairy is outpacing supply, and the traditional system is under increasing pressure from climate and resource constraints, making innovation no longer optional.鈥�

Opalia plans to make its commercial debut in 2028 and said it鈥檚 currently working through the regulatory process in North America.

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$16M to automate the factory playbook

Mountain View, California-based last month announced a $16 million seed funding round听to speed up what it calls one of manufacturing鈥檚 most stubborn bottlenecks: turning digital product designs into actual production plans.

The startup鈥檚 platform, dubbed AutoAssembler, plugs into existing CAD and PLM systems and uses AI to automate process planning, the painstaking engineering work required to determine how parts fit together, in what order they should be assembled, and how products can realistically be built at scale. C-Infinity says workflows that once took weeks can now be completed in minutes.

Its seed round was led by with participation from and

C-Infinity’s pitch taps into a broader trend gaining traction across industrial tech: software that doesn鈥檛 just analyze operations, but actively participates in physical production decisions. That kind of investment in physical AI 鈥� real-world applications of artificial intelligence, including in factories and on construction sites 鈥� has taken off this year.听All told, startups working on physical AI have already hauled in more than $37 billion in venture funding globally in 2026, , shattering the full-year records of $21 billion set in both 2025 and 2021.

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This is a weekly feature that runs down the week鈥檚 top 10 announced funding rounds in the U.S. Check out last week鈥檚 biggest funding deal roundup here.

Another week, another infusion of big AI rounds. For this past week, the largest fundraiser by a long shot was , a developer of AI customer experience tools that picked up $950 million. Other big rounds went to companies in sectors including satellite development, biotech, and, yes, more vertical AI and AI infrastructure.

1. , $950M, customer experience AI: Sierra, a provider of AI-driven tools for customer experience management, raised $950 million in fresh funding at a $15 billion valuation. and led the financing for the three-year-old, San Francisco-based company.

2.听, $455M, space tech: Astranis, a developer of advanced satellites for high orbits, secured $450 million in equity and debt investment. The financing included a $300 million Series E equity round led by and and up to $155 million in credit through .听

3.听, $250M, biotech: Natick, Massachusetts-based Anagram Therapeutics, a developer of a pill for people living with exocrine pancreatic insufficiency due to cystic fibrosis, pancreatic cancer and related disorders, closed on $250 million in new funding from .听

4.听, $200M, AI software development: Blitzy, developer of an autonomous software development platform, picked up $200 million in fresh funding at a $1.4 billion valuation. Northzone led the financing for the Cambridge, Massachusetts-based company.听听

5. , $160M, insurance: Corgi Insurance, provider of an AI-native insurance platform for startups, secured $160 million in Series B funding. led the financing, which set a $1.3 billion valuation for the San Francisco-based company.听

6. , $140M, renewable energy: Portland, Oregon-based Panthalassa, which aims to perform AI inference computing at sea using power generated from ocean waves, raised $140 million in a Series B financing led by .

7. , $125M, insurance: Reserv, a provider of third-party administrator services to the insurance industry, closed on $125 million in a Series C funding round led by . Launched in 2022, New York-based Reserv has raised over $200 million in known funding to date, per 小蓝视频色情网页版 data.

8.听, $107M, AI infrastructure: DeepInfra, a cloud platform for high-throughput AI inference, landed $107 million in Series B funding. and led the financing for the four-year-old, Palo Alto, California-based company.

9. , $60M, vertical AI: San Jose, California-based Tessera Labs, developer of an AI platform for enterprise ERP systems and data, secured $60 million in a funding round led by .听

10. , $56M, gaming: Astrocade, developer of an AI platform for creating, building and playing games, announced $56 million in new funding. The funding for the Los Altos, California-based company includes a Series B led by and a Series A led by , Astrocade said.听

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Two newly founded AI labs, both based in London and both with researchers from , raised large rounds out of the gate and made their Unicorn Board debuts. The two companies, and , both raised large initial fundings out of the gate, though take very different approaches to training AI.听 They were joined by another new unicorn in the foundation AI sector: , an open-source model company from China with on-device smaller models.听

Six companies working on humanoid robotics 鈥斕齠ive from China and one from Japan 鈥� also received billion-dollar-plus valuations last month. Quite a few of these companies are building models for robotic intelligence using simulated data.听

The financial services, defense, developer tools, energy and healthcare sectors each added two or three new unicorns in April.听

Of the 28 companies, 12 are U.S.-based and eight are from China. The UK counted two new unicorns last month, while Germany, Spain, Switzerland, India and Japan each added one.听

April鈥檚 new unicorns

Here are April鈥檚 new unicorn companies. Of the 28 companies, 26 are AI-related.听

Foundational AI听

• , a London-based AI lab using reinforcement learning rather than human-generated data, raised a $1.1 billion seed round led by and . The less than 1-year-old company was founded by of AlphaGo and . It was valued at $5.1 billion in its first funding.听
• London-based , a new AI intelligence lab with the goal of continuous learning improvement, raised a $500 million Series A led by and . Founded by DeepMind researchers and 鈥檚 1 previous AI lead, the less than 1-year-old company was valued at $4.5 billion.听
• Beijing-based , an on-device foundation model developer, raised funding led by and . Its open source MiniCPM is deployed in automotives, smartphones, PCs and home devices. The 3-year-old company was valued at $1 billion.听

搁辞产辞迟颈肠蝉听

• Shanghai-based is a robotics AI company building a foundational model as well as hardware. It uses simulated training to create a model for grasping and spatial awareness. The 1-year-old company raised a Series A round and was valued at $2 billion.
• Shanghai-based humanoid robotics company raised a $513 million seed round led by and HSG. The 1-year-old company was valued at $1.9 billion.听
• Beijing-based , a hardware and software developer of models for robotics using simulated data, raised a $220 million Series B. The 3-year-old company was valued at $1.5 billion.听
• Shenzhen-based , a builder of humanoid and quadruped robots, raised a $200 million Series B led by and . The 2-year-old company robots will be deployed for traffic, security and retail. It was valued at $1.5 billion.听
• Shenzhen-based , a commercial robotics company for delivery and commercial cleaning, raised a $146 million funding led by and . The 10-year-old company was valued at $1.5 billion.听
• Tokyo-based , a humanoid robotics company to address public safety and urban maintenance, raised a Series A led round. The 1-year-old company co-founded by was valued at $1 billion.

Financial services听

• , which automates research for investment banks, raised a $160 million Series D led by . The 4-year-old New York-based company was valued at $2 billion.
• Bangalore-based , a consumer and small business lending service, raised a $220 million Series E led by , , and . The 8-year-old company was valued at $1.5 billion.听
• , a banking and expense management service targeting small businesses and solopreneurs, raised a $100 million Series C led by , and . The 5-year-old San Francisco-based company, founded by college dropouts at the time, was valued at $1.4 billion.听

Defense听

• Space defense company raised a $600 million Series D led by and . The company has built software for space operations and an autonomous orbital vehicle called Jackal. The 4-year-old, Colorado-based company was valued at $2.2 billion.听
• Defense aviation company raised a $200 million Series C led by Khosla Ventures. The 7-year-old El Segundo, California-based builder of autonomous aircraft was valued at $1 billion.听

Developer tools听

• , a web search provider for AI agents used by and , raised a $100 million Series B led by Sequoia Capital. The 2-year-old Palo Alto, California-based company was valued at $2 billion.听
• , an agentic software coding tool for enterprises, raised a $150 million Series C led by . The 3-year-old San Francisco-based company was valued at $1.5 billion.听

贰苍别谤驳测听

• , developer of small nuclear reactors to provide direct power for AI data centers, raised a $340 million Series B funding. The 2-year-old El Segundo, California-based company was valued at $2 billion.听
• , a long duration energy storage battery provider, raised a $58 million Series C led by . The 12-year-old Bayern, Germany-based company that supports energy needs for grids, data centers and industry, was valued at $1.2 billion.听

Health care听

• Shanghai-based , a developer of a model for healthcare that includes computer vision and large language models, raised a $73 million Series A round. The 12-year-old company has built an assistant for doctors for screening, diagnosis and patient care, and was valued at $1 billion.听
• Switzerland-based , a developer of a peptide product to address enamel repair without needing surgery, raised a private equity funding led by . The 6-year-old company was valued at $1 billion.听

Data platform

• has built a semantic layer between data and agents necessary to interpret data and provide guardrails for AI. The 4-year-old San Francisco-based company raised a $120 million Series C led by and was valued at $1.5 billion.听

Manufacturing

• Shanghai-based , a collaboration tool to make factories more efficient, raised a $146 million Series D funding. The 10-year-old Shanghai-based company was valued at $1.3 billion.

Agentic AI

• , which builds agents trained on company data, raised a $80 million funding led by . The 1-year-old San Francisco-based company was valued at $1.3 billion.听

础别谤辞蝉辫补肠别听

• Madrid-based , which is building data from satellites tracking changes in the earth for various commercial needs, raised a $130 million Series B led by . The 6-year-old company was valued at $1 billion.听

Marketing & sales听

• , a provider of booking and customer service for the services industry using AI, has raised a Series B funding led by and . The 4-year-old New York-based company was valued at $1 billion. The company has raised $125 million in funding from seed through its Series B.听

Biotechnology听

• , an AI biotechnology infrastructure platform speeding up drug discovery, raised a $40 million Series E. The 8-year-old Waltham, Massachusetts-based company was valued at $1 billion.听

Waste management听

• converts unused food products into energy. It raised a Series C funding led by strategic partner . The 19-year-old Concord, Massachusetts-based company was valued at $1 billion.听

Related 小蓝视频色情网页版 unicorn lists:听

• (1,756)
• (611)
• (128)
• (187)
• (118)
• (102)
• (896)
• (516)
• (239)
• (38)
• (477)

Related reading:

• March Mints 11 New Unicorns, As $200B Is Added Through Up Rounds And Board Posts Strong Exits听
• Billion-Dollar AI Rounds Push April To Third-Highest Startup Funding Month In A Year
• This Is A Momentous Year For Early-Stage Unicorns听
• The Rising Investors Behind The New Unicorn Class听
• While OpenAI Shattered Records, Robotics and Semiconductor Startups Quietly Added The Most New Unicorns In February听

Methodology

The 小蓝视频色情网页版 Unicorn Board is a curated list that includes private unicorn companies with post-money valuations of $1 billion or more and is based on 小蓝视频色情网页版 data. New companies are as they reach the $1 billion valuation mark as part of a funding round.听

The unicorn board does not reflect internal company valuations 鈥� such as those set via a 409a process for employee stock options 鈥� as these differ from, and are more likely to be lower than, a priced funding round. We also do not adjust valuations based on investor writedowns, which change quarterly, as different investors will not value the same company consistently within the same quarter.听

Funding to unicorn companies includes all private financings to companies that are tagged as unicorns, as well as those that have since graduated to .听

Exits analyzed here only include the first time a company exits.听

Please note that all funding values are given in U.S. dollars unless otherwise noted. 小蓝视频色情网页版 converts foreign currencies to U.S. dollars at the prevailing spot rate from the date funding rounds, acquisitions, IPOs and other financial events are reported. Even if those events were added to 小蓝视频色情网页版 long after the event was announced, foreign currency transactions are converted at the historic spot price.

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