According to the latest quarterly rebalance for the Morningstar PitchBook Global Unicorn Indexes, 18 newly minted unicorns entered the index, bringing the total number of constituents to 1,367, with an aggregate post-money valuation of over $4.5T.
Artificial intelligence and machine learning companies confirmed new funding rounds in the last quarter. Of the 18 new unicorns, defined as venture capital-backed companies valued at $1 billion USD or more, the three largest came from this rapidly growing sector.
- China-based Zhidao Network, which develops an intelligent vehicle control platform for smart driving assistance, completed an estimated $2.4 billion Series C funding round extension.
- US-based CoreWeave, a specialized cloud provider for global processing units, completed a $2.5 billion Series B funding round.
- Canada-based Cohere, a language AI developer, completed a $2 billion Series C funding round.
PitchBook estimates the AI & ML market reached $197.5 billion in end user spending in 2022, with that number likely to double by 2025.
Sandy Beharry, Morningstar Indexes Senior Product Manager:
“The excitement around artificial intelligence has bolstered investment in the space, despite a wider slowdown in funding caused by the challenging economic conditions and increasing pressure on the late-stage venture capital market. With the countless potential applications for the technology, we should continue to see it grow in popularity and adoption.”
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