It’s driving value in both customer-facing experiences and back-end operations. This includes tackling challenges specific to digital retail, like personalizing product merchandising and forecasting inventory needs. 

While customer service has been the dominant focus so far, more advanced use cases are on the horizon. These include multi-application orchestration through solutions like composable AI, which helps synchronize genAI tools across an organization’s e-commerce tech stack. 

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However, semiconductor manufacturing is immensely complex, extending across a vast value chain from the production of ultra-high-purity raw materials to chip design, assembly, and testing.

This complexity, coupled with geopolitical tensions, has made semiconductor manufacturing a focal point for national security and economic policy. Governments and industry leaders are racing to build more resilient supply chains to support critical technologies like high-performance computing and defense systems.

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Nvidia has used its experience developing graphics processing units (GPUs) — which were originally developed for applications like gaming but turned out to be rather good at AI tasks — to become a dominant force in AI infrastructure and applications. 

But a host of established companies and startups are investing heavily to capture a share of the growing AI computing market. This includes building new types of chips specifically for training and running AI models, evolving traditional processors like CPUs and GPUs to better support AI workloads, and exploring novel information processing technologies such as quantum and neuromorphic computing. 

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Tech adoption and integration increasingly allow the industry to address financial needs across an investor’s entire balance sheet. This aligns with investors’ desire for personalized, holistic advice — and presents growth opportunities for wealth managers, who can sell additional products to increase their share of clients’ wallets.

In the past, financial planning software focused mainly on investment management, such as accumulation planning — i.e., calculating how much clients needed to save for retirement.

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Highlights from the 2024 cohort include:

• The 50 winners include 23 tech vendors and 27 insurers and intermediaries.
• $5.6B in equity funding raised over time, including $1B in 2024 so far (as of 8/19/24).
• Forty percent of winners are early-stage insurtechs addressing everything from wildfire risk to genAI-powered workflow automation.
• More than a dozen countries represented, spanning Asia, Australia, Europe, and North America.
• 500+ business relationships since 2020, including with industry leaders like Swiss Re and Tokio Marine.

Our research team picked winning companies based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, patent activity, employee headcount, and proprietary Commercial Maturity and Mosaic scores. We also dug into Analyst Briefings submitted directly to us by startups.

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CB Insights customers can interact with the entire Insurtech 50 list here and view a detailed category breakdown using the Expert Collection.

2024 INSURTECH 50 COHORT HIGHLIGHTS

Funding and valuations

The cohort has raised $5.6B across 210+ disclosed equity deals to date (as of 8/19/24). Next Insurance and Coalition lead in disclosed equity funding among the cohort ($1.1B and $770M, respectively).

In 2024 so far, this year’s winners have raised $1B across 38 disclosed equity deals. Just 5 deals account for more than half of this funding total:

• Altana AI — $200M Series C
• ICEYE — $93M Series D
• Vitesse — $93M Series C
• Cover Genius — $80M Series E
• Hyperexponential — $73M Series B

Altana AI reached a $1B valuation following its Series C round in July 2024. This earned it a spot in the unicorn club alongside the other unicorns in this year’s Insurtech 50 cohort: Accelerant, Coalition, and Next Insurance.

Stage breakdown

Forty percent of this year’s Insurtech 50 winners are early-stage companies (i.e., primarily seed or Series A). These companies are the fastest-growing among those analyzed, with a median 12-month headcount growth rate of 45% — 23 points higher than the median for the rest of the cohort.

Comparatively, 46% of winners are mid-stage (i.e., Series B or C), and 14% are late-stage (i.e., primarily Series D+).

Top investors

MS&AD Ventures has invested in 5 of this year’s winners, leading among venture capital (VC) firms, including corporate venture capital firms. The investor has backed 4 insurance providers — Accelerant, Anzen, Next Insurance, and Wagmo — and 1 tech vendor, Artificial Labs. 

Following MS&AD Ventures are Felicis, General Catalyst, Nationwide Ventures, and Portage — each of these investors has backed 4 winners.

When it comes to investment activity in 2024, Portage leads in the number of winners backed. So far this year, it has backed 3 insurance providers: CoverTree, Faye, and Hellas Direct.

Geographic distribution

This year’s Insurtech 50 winners are collectively headquartered across more than a dozen different countries. 

The majority of these companies (30) are based in the United States. Among US metro areas, New York and Silicon Valley lead the pack, as they are both home to 10 of the winners. These metro areas are followed by Boston (4 winners) and Atlanta (2 winners).

The UK follows the US with 8 winners — 6 based in London and 2 near Birmingham.

Headcount growth

Over 7,700 people are employed by the 2024 Insurtech 50 winners, with 4 companies employing about a third of the cohort’s workers: Next Insurance, Coalition, ICEYE, and Cover Genius.

From July 2023 to July 2024, this year’s winners created more than 1,400 jobs. One winner more than tripled its headcount over the period: Sixfold (+267% YoY).

The median 2024 Insurtech 50 winner has raised $0.6M in equity funding per employee. Altana AI and Next Insurance lead among the winners, each having raised $1.6M in equity funding per employee.

Company health

Forty-one of the 50 winners have a CB Insights Mosaic score — a proprietary measure of private company health and growth potential — of at least 700 out of 1,000 (as of 8/26/24). Compared to all private companies — insurtechs or otherwise — with Mosaic scores, these 41 winners rank in the top 3% by Mosaic score.

Next Insurance and Coalition — with Mosaic scores of 898 and 881, respectively — hold the highest scores among this year’s winners.

AI threads the tech vendor landscape

Most of the winning tech vendors offer AI products, which aligns with the broader momentum toward AI (and generative AI) adoption across the insurance industry. Applications often center on prioritization use cases, like risk ranking for underwriters and claims triage for adjusters.

The winners’ business relationships often incorporate the use of AI. Recent examples with industry figures include:

• Reask and AXA Climate — March 2024
• Akur8 and Tokio Marine HCC — April 2024
• Indico Data and Convex — June 2024

Insurtech managing general agents (MGAs) gain ground

MGAs — intermediaries with delegated underwriting authority from one or more insurance carriers as well as related entities like managing general underwriters — represent a sizable portion of the 2024 Insurtech 50 list. Their presence reflects broader industry momentum toward the business model.

Notably, most insurtechs within the commercial category are MGAs that offer property & casualty insurance to businesses. Established insurers have made strategic investments in several of these companies, including:

• American Family Insurance, which led Ledgebrook’s $24M Series A round in April 2024 via its CVC (American Family Ventures)
• Arch Capital Group, which participated in Rainbow’s $12M seed round in January 2024
• Hiscox, which led Coterie Insurance’s Series B round in March 2024

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In the US, checks and cash have already declined from representing half of all B2B payments in 2019 to a projection of less than a third (32%) in 2024, according to eMarketer. In emerging markets, paper’s share of B2B transactions is likely higher, but coming down thanks to the rise of digital commerce and digital operating systems for merchants.

Companies offering B2B payments solutions are digitizing and automating formerly manual processes like creating invoices, processing payments, and analyzing payments data. Many are building platforms that consolidate the steps in the B2B payments value chain in one place, enabling faster and more transparent payments and financing between businesses. 

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As a result, a range of technologies have emerged to address issues across the entire trial lifecycle. These use AI, data analytics, and digital platforms to streamline processes, improve data quality, and boost patient engagement — all with the aim of driving down trial times and costs while increasing success rates.

This market map identifies 96 vendors in 14 categories reshaping clinical trials. This tech ecosystem offers sponsors and research organizations opportunities to conduct more efficient, patient-centric trials that also meet regulatory requirements.

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It’s estimated that robots and other smart machinery will make up as much as one-third of US military presence in the next 15 years, according to Mark Milley, a retired US Army General and former chairman of the Joint Chiefs of Staff.

Unmanned systems already dominate in some areas — like aerial drones — while significant development is underway in bringing autonomous tech to the ground, ocean surface, and underwater domains.

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Longevity is a rather nascent but growing area of research for the biopharma industry — especially as tech advances in areas like AI and omics make it easier than ever to identify ways to manipulate the aging process. Existing consumer applications primarily focus on individuals wanting to stay healthy for longer, but the tide is shifting to products and services that slow or even reverse aging.

The rise of longevity tech will not just affect healthcare. Humans living longer, healthier lives would upend all sorts of societal and economic assumptions — impacting everything from retirement planning to insurance premiums to the size of the workforce to housing availability to trends in consumer demand. Few industries would be able to ignore the disruption from a longevity boom.

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Investors have poured nearly $4B into the space in the last 2 years as the rapid development of generative AI (genAI) enables more complex forms of natural language processing.

GenAI has fueled the emergence of not only chatbots like ChatGPT, which leverage large language models (LLMs) to answer user questions, summarize documents, and more, but also copilots (or assistants) that work alongside humans to speed up their workflows. AI agents mark another evolution beyond copilots: they can tackle complex tasks on a user’s behalf with minimal intervention, from sales prospecting to scheduling meetings.

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Hundreds of startups — and billions in funding — have flooded the market since then, with equity deals to generative AI startups increasing by over 60% in 2023 compared to the previous year.

Startups are using the tech to create new proteins and drugs, power the next generation of search engines, ship code faster, build next-gen gaming experiences, and much more.

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Broadly, these solutions integrate financial tools into non-financial services. Building them into digital experiences ensures consumers and partners remain there for every part of the customer journey.  

The benefits are drawing businesses across industries to integrate financial tools into their platforms. For instance, banking-as-a-service (BaaS) platforms, which help companies offer features including account opening and deposits, will draw $36B in global revenue in 2024 from account and card fees. That figure is set to grow 2.5x by 2028 to reach $94B, per Juniper Research.

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The industry is built around encoding information in quantum entities called “qubits” — which have a probability of being either 1 or 0, as opposed to traditional bits that can only be one or the other — to open up new computational approaches and ways of handling data that are not possible on conventional devices.

For example, quantum computing could allow entirely new algorithms that are much more efficient at some key tasks — like complex optimization problems, sorting through large datasets, and running simulations. Though the tech is not yet mature, companies are already working to apply quantum computing to commercial applications like drug discovery, finance, materials discovery, and logistics. Investors are excited — startups in the space saw equity funding surge to $1.3B in 2023, a rare bright spot for venture last year. As quantum computers become more capable in the coming years, expect commercial interest to rise quickly.

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AI and automation offer promising avenues to optimize each step from packaging to distribution to post-delivery medication adherence. Along the way, these technologies offer benefits to the pharmacy industry, like reducing operational costs and streamlining workflow efficiency.

These shifts come at a turning point for the space, as leaders like Rite Aid, CVS, and Walgreens have made recent announcements to close more than 1,500 stores. This contributes to the rise of pharmacy deserts — any area located 10+ miles away from a pharmacy. More than 40% of US counties are now considered pharmacy deserts. 

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Highlights from the 2024 cohort include:

• 16 countries represented, from the US to France to South Africa
• 30+ categories of solutions, from foundation models to humanoids
• 68% early-stage startups building virtual worlds, autonomous factories, language models for under-represented languages, and more
• 600+ business relationships since 2016 with industry leaders like Toyota, Netflix, and the World Bank

Our research team picked winning companies based on CB Insights datasets including deal activity, industry partnerships, team strength, investor strength, patent activity, and proprietary Mosaic Scores. We also analyzed CB Insights’ exclusive interviews with software buyers and dug into Analyst Briefings submitted directly to us by startups.

Please click to enlarge.

CB Insights customers can interact with the entire AI 100 list here and view a detailed category breakdown using the Expert Collection.

2024 AI 100 COHORT HIGHLIGHTS

Funding distribution

The cohort has raised over $28B across 240+ equity deals since 2020 (as of 3/22/24). OpenAI has raised over 40% of that total, with $12B. Meanwhile, 25% of the winning companies have raised less than $10M, with some not having raised any venture funding.   

Just over two-thirds (68%) of winning companies are in the early stages of fundraising (seed/angel and Series A) or have yet to raise outside equity.

Valuation trends

This year’s list includes 19 unicorns with a $1B+ valuation.

Meanwhile, Sakana AI — founded by one of the authors of the seminal Google research paper on Transformers — has the highest valuation per employee, at $67M. (It had just 3 employees when it earned its $200M valuation in early 2024.) Sakana is working on new “nature-inspired” AI architectures and recently released 3 Japanese-language models.

Revenue generation

The AI 100 includes a mix of companies at different stages of maturity, product development, and revenue. 

Hugging Face, an AI infrastructure platform focused on open-source development, has one of the highest revenue multiples at 150x ($30M in 2023 revenue at a $4.5B valuation). It’s followed by Perplexity, which is developing an alternative to traditional search engines, at 65x (based on a 2023 valuation of $520M and $8M in 2024 ARR).

Midjourney, an image generation platform that has not raised any outside equity, is one of the leading AI 100 winners by revenue with $200M in ARR.

Global reach 

A total of 31 winning companies in this year’s cohort are headquartered outside the United States, across 15 other countries. This includes South Africa-based Lelapa AI — which is developing language processing tools for sub-Saharan African languages like Afrikaans, isiZulu, and Sesotho — and Canada-based Ideogram, which is tackling the problem of generating images with legible text. 

Europe-based startups account for 19% of the list, including companies headquartered in the United Kingdom, France, and Germany.

Categories & applications 

Over one-third of this year’s winners are focused on building core AI infrastructure, from foundation models to AI chips to AI development platforms. 

A total of 30 vendors are focused on horizontal (i.e., cross-industry) solutions like coding automation, creator tools, and search, while 34 companies are specializing in verticals like gaming, healthcare, education, and manufacturing.

A handful of winners are building niche applications where the use of AI is not yet commonplace. These include:

• Atomic Industries, which is developing AI for tool and die making in manufacturing and is backed by the venture arms of Porsche, Yamaha, and Toyota
• Rosebud AI, a text-to-game generation startup backed by OpenAI co-founders Ilya Sutskever and Andrej Karpathy, as well as Khosla Ventures
• Flawless AI, a startup developing lip-synced video dubbing for the film industry

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Threats to grid stability are escalating due to more extreme weather events and sophisticated cyber attacks. Increasing electricity demand due to data centers and electric vehicles exacerbates these challenges, while the global push toward sustainable — yet intermittent — power sources like solar and wind adds further complexities.

There is an urgent need for more power generation diversity and delivery system reliability, as exemplified by incidents like the 2021 Texas freeze and the 2022 California heatwave.

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For instance, diseases that predominantly affect women, such as autoimmune diseases, have been slower to receive funding and research attention.

In recent years, a growing number of femtech startups have emerged to address the issues facing women’s health, and these startups are gaining substantial investment as a result.

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The days of fairy-tale valuations are long gone. Last year saw just 71 new unicorns minted — one-eighth as many as in 2021. 

But investors and startups have some reason for optimism. New unicorn births rebounded in Q4’23, jumping quarter-over-quarter from 14 to 23. And generative AI companies are showing they can attain unicorn status at a breakneck pace, as we explore below.

Read on to see every unicorn globally, as well as our breakdown of key industry and geography trends.

CB Insights customers can dive deeper into unicorn data using the Unicorns Expert Collection, as well as hear directly from unicorns’ customers here. 

Market map

Collectively, the world’s unicorns are worth $3.8T — roughly comparable to the GDP of Germany.

The market map below shows all 1,229 unicorns, grouped by industry. 

Categories are not mutually exclusive and companies are sorted by primary use case.

Unicorns by industry

Enterprise tech is the most highly represented industry, with 31% of all unicorns. The enterprise tech category includes tech companies that target general B2B use cases or sell into a wide range of industries.

Given the breadth of this group, we’ve broken it down further into segments like HR tech and cybersecurity, which each account for 5% of all unicorns.

The financial services industry takes the second spot with an 18% share, followed by consumer & retail with 17%.

The enterprise tech group has seen especially strong growth recently. Roughly half of the unicorns born in the last 6 months are in this category, propelled by generative AI newcomers like China’s 01.AI ($1B valuation), India’s Krutrim ($1B), and ElevenLabs ($1.1B) out of the US. All 3 were founded in the last 2 years.

Meanwhile, the unicorn count in most other industries has been stagnant or even declined. Healthcare & life sciences, for instance, has seen its total unicorn count shrink from 122 to 117 since our last update in October 2023, driven by a mix of startup exits, down rounds, and shutdowns in digital health.

Meanwhile, recent newcomers to the unicorn club include:

• Liquid Death ($1.4B valuation). The non-alcoholic beverage company, known for its heavy-metal branding, has nearly 8M followers on social platforms and doubled its retail sales YoY in 2023.  
• Mews ($1.2B). Mews, which develops SaaS tools for the hospitality industry, is seeing demand grow as the tourism industry makes a post-Covid comeback.
• Figure ($2.7B). The venture arms of Amazon, Intel, Nvidia, Microsoft, OpenAI, and Samsung all backed Figure’s Series B round last month, as the tech incumbents have been racing to get involved in the humanoid robotics space.

Global distribution of unicorns

Globally, a total of 53 countries and regions are represented in the unicorn club.

The US is home to more than half (53%) of all unicorns. Within the US, two industries have a higher share relative to global averages: enterprise tech (39% of US unicorns) and healthcare & life sciences (13% of US unicorns).

The US is followed by China (14% of global unicorns). China’s unicorns are especially concentrated in the industrials and consumer & retail spaces, which represent 31% and 30% of the country’s unicorns, respectively.

Time to reach unicorn status

On average, it took just over 7 years for today’s unicorns to reach the billion-dollar mark from when they were founded. This is relatively stable across industries — ranging from 6.6 years for financial services to 7.7 years for healthcare — until you zoom in on generative AI startups.

There are 34 generative AI unicorns, and they’ve collectively averaged just 3.9 years to hit unicorn status — 45% less than all other unicorns. 

In some cases, genAI startups are reaching that mark in under a year. For instance, Mistral AI, a Paris-based LLM developer, was founded in April 2023. Just 8 months later, in December 2023, it grabbed a $2B valuation as part of its Series A round.

CB Insights customers can explore all 34 generative AI unicorns with this CB Insights platform advanced search.

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At the same time, rising fuel prices and a thinning labor force are pushing other industries like retail and pharma to favor privatized fleets that can better ensure timely delivery of goods to customers. For example, for Walmart, owning its fleet has been key to keeping prices down and ensuring products are in stock.

To successfully run a fleet, operators need to maintain high visibility into freight movement, optimize routes and schedules, and ensure compliance with driver regulations. They’re turning to tech solutions like transportation management and yard management systems to achieve this — as well as tech like AR/VR to train employees on skills like truck loading. 

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Combating fraud to protect customers and complying with regulatory mandates are critical goals for retail banks.

Market descriptions

Bot management

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New possibilities have emerged thanks to the proliferation of satellite launches — with SpaceX alone conducting a record 98 launches during 2023 — combined with the affordability of drones and advancements in imaging technologies.

This progress opens opportunities for startups and incumbents, helping expand geospatial use cases and capabilities across industries like agriculture, automotive, construction, defense & national security, insurance, manufacturing, mining, oil & gas, and more.

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While this has created a new level of accessibility for consumers, it has also led to spikes in drug shortages and counterfeit medicines. 

To combat these public health risks, regulations have been put in place to promote pharma supply chain traceability and safety. For example, the FDA announced that players along the supply chain must meet new Drug Supply Chain Security Act (DSCSA) standards by the end of 2024. This will require companies throughout the value chain to maintain and share electronic documentation regarding the chain of ownership for their products.

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B2C insurtechs use tech to distinguish their offerings from established B2C insurance companies in various ways, from gamifying wellness for policyholders to embedding insurance points of sale on third-party platforms.

Even so, the lines between B2C insurtechs and established insurance companies are increasingly blurred. Many B2C insurtechs partner with incumbents to sell insurance products, while others compete to sell insurance products to the same potential policyholders.

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For instance, in training GPT-3, OpenAI relied primarily on a Common Crawl dataset containing 45TB of compressed plain text — several times the amount of text found in the Library of Congress. While OpenAI has not disclosed much information around how it trained GPT-4, it’s estimated GPT-4 uses 10x as many parameters as GPT-3.

Even as these models reach sizes of epic proportions, they’re running out of free internet text to train on. As free text becomes less of a competitive differentiator in the coming years, owning proprietary content sources will become all the more valuable.

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Threats to company hardware — e.g., servers, chips, and hard drives — abound.

For example, some attackers are creating counterfeit hardware that companies are incorporating into their IT infrastructures. These devices often contain backdoors that can be exploited to access company systems. Attackers are also finding ways to modify existing devices to gain unauthorized access. Meanwhile, elements like outdated password practices and firmware-level exploits are introducing additional vulnerabilities.

These hardware attacks can be incredibly damaging.

Compromised hardware can undermine all other cybersecurity defenses in place, granting cybercriminals direct access to sensitive information. Hardware attacks can also allow attackers to gain direct control of a device and even those connected to it in some cases, putting entire systems at risk of infiltration and disruption.

Meanwhile, the risks facing company hardware are intensifying with the development of new technologies. For example, quantum computers could eventually become capable of cracking some types of encryption in a fraction of the time it would take a conventional computer — complicating everyday challenges like user verification, access control, handling data, and more.

As a result, companies are turning to hardware security solutions to protect their physical devices and prevent unauthorized access to enterprise systems.

In the market map below, we identify 144 hardware security vendors operating across 15 categories.

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Note: This map includes public companies, private startups, and exited companies that continue to operate independently. It is not intended to be exhaustive of the space and categories are not mutually exclusive.

Key takeaways

1. Hardware security markets are in varying stages of development. For example, post-quantum cryptography saw an influx of early-stage investment activity last year, while the hardware security modules market is dominated by more legacy firms.
2. More industries — from manufacturing to automotive — are embracing connected products, bringing internet of things (IoT) security front and center. Among highlighted markets, IoT security has seen the most equity deals over the past year (15 deals).
3. Access control is becoming more central to hardware security. Companies are increasingly moving IP assets and computing operations to the cloud, which is creating a new set of security challenges. Consequently, several different markets are now focused on managing user credentials and permissions for cloud applications to uphold hardware security — e.g., enterprise key management, passwordless authentication tools, and biometric identity.

Market descriptions

Enterprise key management

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