In spite of the tough venture capital landscape in 2024, 38 businesses became unicorns, each posting valuations of $1 billion or higher. The acceleration was a testament to the vibrancy and strength in artificial intelligence (AI), cybersecurity, health technology, and financial technology. Elon Musk’s xAI is the champion among the squad, whose valuation stands at $24 billion. Here follows the month-by-month summary of the key accomplishments:
January
ElevenLabs: With a focus on AI-driven language dubbing and text-to-speech, ElevenLabs raised an $80 million Series B round, valuing the company at $1 billion. Investors include a16z, Sequoia, and SV Angel.
Quantinuum: This cloud computing services firm with a focus on quantum computing raised $300 million in funding, led by Honeywell, and valued at $5.3 billion. IBM Ventures and JPMorgan Chase are among the other investors.
Zūm: The school bus fleet-managing startup raised $140 million in a Series E round led by Singapore’s GIC, co-led by GIC. The funding put the company at a valuation of $1.3 billion. Zūm has raised $350 million cumulatively.
February
Forsite: The real estate technology firm raised $150 million in a Series C round that valued the company at $1.2 billion. Blackstone and the SoftBank Vision Fund invested.
Lambda: The AI infrastructure firm raised $170 million in Series D funding and was valued at $2 billion. Coatue Management led the round, which also saw participation from Google Ventures.
March
Huntress: This cybersecurity company specializing in threat detection and response raised $100 million in a Series C funding round, worth a valuation of $1 billion. Some of the investors include Insight Partners and ForgePoint Capital.
24M Technologies: As an attempt to build cutting-edge battery production, 24M Technologies has raised $150 million worth of funding with a valuation of $1.5 billion. Kyocera Corporation made the investment.
April
xAI: Established by Elon Musk, xAI is dedicated to developing sophisticated AI technologies. Through its first funding round, the firm secured a whopping $2 billion, valuing it at $24 billion.
NeuroTech: The health technology company, specializing in neural interface technology, raised $200 million in Series B and reached a valuation of $1.8 billion. NEA and Andreessen Horowitz are among the investors.
May
FinSecure: This fintech firm offers secure payment solutions and raised $120 million in a Series C funding round, taking its valuation to $1.1 billion. Accel led the round, with PayPal Ventures joining in.
MediAI: This company with a focus on health diagnostics, employing AI technology, has recently raised a Series B round in a fund-raising of $180 million. Its valuation thus rose to $1.4 billion. Among the investors are Sequoia Capital and General Catalyst.
June
GreenEnergy: With expertise in renewable energy solutions, GreenEnergy raised $200 million of Series C funding to the value of a $1.5 billion valuation. Breakthrough Energy Ventures was the lead investor.
CyberShield: The cloud security firm in the cybersecurity industry has raised $150 million in Series B funding, which has valued it at $1.2 billion. Greylock Partners and Lightspeed Venture Partners are among its investors.
July
Aven: Aven is a consumer credit card firm that was founded in 2019 and reached a valuation of $1 billion following a $142 million Series D funding from Khosla Ventures and General Catalyst.
Flo Health: This fertility-tracking and reproductive health app disclosed a Series C round of $200 million, placing the firm at over $1 billion. Established in 2015, it has already raised over $290 million to date, with General Atlantic as a major investor.
Altana Technologies: The global supply chain management specialist company raised a Series C funding round of $200 million that valued the firm at $1 billion. One of the investors includes Salesforce Ventures and the U.S. Innovative Technology Fund.
Chainguard: This 2021-founded cybersecurity company disclosed a $140 million Series C funding round that pushed its valuation to $1.12 billion. The firm, which has more than $256 million in capital, counts Sequoia Capital, Lightspeed Venture Partners, and Redpoint Ventures among its backers.
Harvey, the legal AI platform, secured a $100 million funding round from investors such as Google Ventures, OpenAI, Kleiner Perkins, and Sequoia Capital, taking its valuation to $1.5 billion. The platform’s cumulative funds raised to date stand at $206 million.
Saronic Technologies: The autonomous surface ship specialist defense tech firm has raised a Series B round of $175 million at a valuation of $1 billion. Andreessen Horowitz led the round and was joined by 8VC, Caffeinated Capital, and Elad Gil.
August
DevRev: DevRev, a customer relationship software company, raised $100.8 million in a Series A round headed by Khosla Ventures and others, at a valuation of $1.15 billion. DevRev, started in October 2020 by Dheeraj Pandey (ex-CEO of Nutanix), employs AI to bring together end users, sellers, support teams, product teams, and developers on one platform.
The startup world of 2024 is a world of dynamism and development, where important investments across industries fuel innovation and growth.
