The 2025 Unicorn Class: Tracking the Tech Startups Reaching Billion-Dollar Valuations So Far This Year

The world of venture capital is a dynamic ecosystem, constantly shifting with technological advancements, market demands, and investor sentiment. Achieving a valuation of $1 billion or more – the threshold for 'unicorn' status – is a significant milestone for any startup, signaling strong growth potential, market traction, and investor confidence. In 2025, despite broader economic uncertainties, the pace of innovation, particularly in areas like artificial intelligence, has continued to fuel investor frenzy, leading to a steady stream of companies joining this exclusive club.

Using data compiled from industry-leading sources like Crunchbase and PitchBook, we can track the venture-backed startups that have successfully navigated the complex funding landscape to reach or surpass the $1 billion valuation mark so far this year. While the hype surrounding AI is undeniable and reflected in many of the new unicorns, the data also highlights the resilience and growth potential of companies tackling challenges in diverse sectors, from healthcare and enterprise software to specialized areas like satellite technology and prediction markets.

This report delves into the companies that have achieved unicorn status in the first half of 2025, month by month, providing details on their latest funding rounds, valuations, and the investors backing their ambitious journeys. It offers a snapshot of the current trends shaping the startup ecosystem and where significant capital is being deployed.

Understanding the Unicorn Phenomenon

The term 'unicorn' was first coined in 2013 by Aileen Lee of Cowboy Ventures to describe software companies valued at over $1 billion. The term was chosen to emphasize the statistical rarity of such successful ventures. In the years since, while the number of unicorns has grown significantly, reaching this valuation remains a monumental achievement, representing not just financial success but also often a substantial impact on their respective industries.

Unicorn status is typically achieved through significant funding rounds, often Series C, D, or later, where investors inject large sums of capital in exchange for equity, driving the company's post-money valuation past the $1 billion mark. These rounds are crucial for scaling operations, expanding market reach, accelerating product development, and sometimes, preparing for a potential public offering or acquisition.

The valuation itself is a complex interplay of factors, including revenue growth, market size, competitive landscape, technological innovation, management team strength, and investor demand. While a high valuation can provide a company with significant resources and prestige, it also comes with increased pressure to deliver on ambitious growth targets and justify the lofty expectations set by investors.

The AI Wave and Beyond: Trends in the 2025 Unicorns

As anticipated, artificial intelligence continues to be a dominant theme among the startups reaching unicorn status in 2025. Companies leveraging AI for everything from drug discovery and customer service to sales platforms and data analysis are attracting substantial investment, reflecting the widespread belief in AI's transformative potential across industries.

However, the list of new unicorns is far from monolithic. It showcases a healthy diversity of innovation occurring outside the immediate AI spotlight. Health tech, in particular, features prominently, with companies focused on drug development, tele-health, and healthcare models demonstrating the ongoing digital transformation of the healthcare sector. Cybersecurity remains a critical area, with data protection and detection companies securing significant funding as threats evolve. Enterprise software, supporting everything from fleet management to product development and employee engagement, also continues to be a fertile ground for billion-dollar companies.

This diversity suggests that while AI is a powerful catalyst, investors are also keenly focused on fundamental needs and inefficiencies across various established and emerging markets, backing companies that offer compelling solutions and demonstrate strong market fit.

The 2025 Unicorns: A Month-by-Month Breakdown

Here is a look at the VC-backed startups that achieved unicorn status in the first half of 2025, based on available data:

June 2025

June saw a strong cohort of companies join the unicorn ranks, spanning software development, robotics, infrastructure, sports technology, AI research, prediction markets, and customer service AI.

• Linear — Valued at $1.25 billion: This company provides a software development product management tool designed to streamline workflows for engineering teams. Founded in 2019, Linear's ascent to unicorn status was marked by an $82 million Series C funding round, bringing its total funding to over $130 million. The round and valuation, reported by PitchBook, underscore the continued demand for efficient and intuitive developer tools in the modern software landscape. Notable investors include Accel and Sequoia Capital, prominent names in the venture capital world known for backing successful software companies.
• Gecko — Valued at $1.62 billion: Specializing in industrial automation, Gecko develops data-gathering robots capable of navigating challenging environments — climbing, crawling, swimming, and flying — to inspect critical infrastructure like power plants and pipelines. Founded in 2013, the company's innovative approach to industrial inspection robotics led to a $121 million Series D round, valuing it at $1.6 billion according to PitchBook. With over $340 million raised to date from investors like Cox Enterprises and Drive Capital, Gecko exemplifies the growing investment in robotics and automation solutions for heavy industries.
• Meter — Valued at $1.38 billion: Meter offers managed internet infrastructure services specifically tailored for enterprises, simplifying the complexities of network deployment and management. Founded in 2015, the company reached unicorn status after securing a $170 million Series C round, valuing it at $1.38 billion as per PitchBook. Meter has raised over $250 million in total funding, attracting investment from notable figures and firms including General Catalyst, Sequoia Capital, Sam Altman, and Lachy Groom, highlighting the strategic importance of robust and easily managed enterprise networking.
• Teamworks — Valued at $1.25 billion: A leader in sports software, Teamworks provides a comprehensive platform used by professional and collegiate sports organizations for athlete management, communication, and operations. Founded in 2006, the company's long-standing presence and deep integration within the sports ecosystem culminated in a $247 million Series F round, valuing it at $1.25 billion according to PitchBook. With over $400 million in total funding from investors like Seaport Capital and General Catalyst, Teamworks demonstrates the significant value being placed on technology solutions optimizing performance and logistics in the sports industry.
• Thinking Machines — Valued at $10 billion: Founded in 2024 by OpenAI alumna Mira Murati, Thinking Machines is an AI research company that made headlines with an extraordinary $2 billion seed round. This massive early-stage investment, reported by PitchBook, instantly propelled the company to a $10 billion valuation, showcasing the intense investor appetite for foundational AI research led by top talent. The backing from prominent investors like a16z and Nvidia underscores the strategic importance placed on developing next-generation AI capabilities.
• Kalshi — Valued at $2 billion: Kalshi operates a regulated prediction markets platform where users can trade on the outcome of events. Founded in 2018, the company's growth in the prediction market space led to a $185 million Series C round, valuing it at $2 billion according to PitchBook. Having raised over $290 million in total funding from investors including Sequoia and Global Founders Capital, Kalshi represents the increasing mainstream acceptance and investment in alternative trading platforms and event-based markets.
• Decagon — Valued at $1.5 billion: Decagon develops AI agents specifically designed for customer service applications, aiming to automate and enhance customer interactions. Founded in 2023, the company quickly reached unicorn status with a $131 million Series C round, valuing it at $1.5 billion as reported by PitchBook. With over $231 million raised to date from investors like a16z and Accel, Decagon's rapid rise highlights the significant demand and investment flowing into AI solutions aimed at improving customer experience and operational efficiency.

May 2025

May's list of new unicorns included companies focused on drug development, product analytics, shopping technology, health tech, restaurant marketing software, and employee engagement platforms, showcasing a diverse set of industries attracting significant capital.

• Pathos — Valued at $1.6 billion: Pathos is a drug development company founded in 2020. Its focus on accelerating the discovery and development of new therapies attracted a substantial $365 million Series D round, valuing the company at $1.6 billion according to PitchBook. With over $460 million raised to date from investors including General Catalyst and Altimeter Capital Management, Pathos exemplifies the robust investment climate for biotech and health tech companies leveraging innovative approaches to drug discovery.
• Statsig — Valued at $1.1 billion: Statsig provides a product development platform that helps companies measure the impact of new features and experiments through A/B testing and analytics. Founded in 2021, the company's platform has become essential for data-driven product teams, leading to a $100 million Series C round that valued it at $1.1 billion, per PitchBook. Having raised around $153 million from investors like Sequoia, Mardona, and ICONIQ Growth, Statsig's journey reflects the growing importance of sophisticated product analytics in achieving user growth and retention.
• SpreeAI — Valued at $1.5 billion: Operating in the shopping technology space, SpreeAI focuses on leveraging AI to enhance the online shopping experience. Founded in 2020, the company achieved a $1.5 billion valuation through an undisclosed funding round, according to PitchBook. With over $20 million raised to date from investors including The Davidson Group, SpreeAI's unicorn status points to the increasing investment in AI-powered solutions aimed at revolutionizing e-commerce and consumer retail.
• Function — Valued at $2.5 billion: Function is a health tech company founded in 2020, focused on personalized health and wellness. The company's approach to health management attracted a significant $200 million funding round, valuing it at $2.5 billion according to PitchBook. With over $250 million in total funding, including investment from a16z, Function highlights the strong investor confidence in the burgeoning personalized health and preventative care market.
• Owner — Valued at $1 billion: Owner provides marketing software specifically designed for restaurants, helping them manage online presence, orders, and customer engagement. Founded in 2018, the company's specialized solution for the restaurant industry led to a $120 million Series C round, valuing it at $1 billion as per PitchBook. Having raised over $180 million from investors like Headline, Redpoint Ventures, SaaStr Fund, and Meritech Capital, Owner's success demonstrates the significant opportunity in providing tailored technology solutions to specific vertical markets.
• Awardco — Valued at $1 billion: Awardco offers an employee engagement and recognition platform, helping companies foster a positive workplace culture and motivate their teams. Founded in 2012, the company's focus on employee experience resulted in a $165 million Series B round, valuing it at $1 billion according to PitchBook. With over $230 million raised to date, including investment from General Catalyst, Awardco's unicorn status reflects the increasing corporate focus on employee well-being and retention strategies.

April 2025

April's new unicorns included companies in dietitian tele-health, Medicare guidance, and data protection/cybersecurity, emphasizing the continued digital transformation in healthcare and the critical need for robust security solutions.

• Nourish — Valued at $1 billion: Nourish is a tele-health company connecting patients with registered dietitians for personalized nutrition care. Founded in 2020, the company's platform addresses a growing need for accessible dietary support, leading to a $70 million Series B round that valued it at $1 billion, according to PitchBook. With over $100 million in total funding from investors including Index Ventures and Thrive Capital, Nourish's achievement highlights the expansion of tele-health services into specialized areas like nutrition.
• Chapter — Valued at $1.38 billion: Chapter is a health tech company providing guidance and support for individuals navigating the complexities of Medicare options. Founded in 2013, the company's service simplifies a critical and often confusing process for seniors, resulting in a $75 million Series D round that valued it at $1.38 billion, per PitchBook. Having raised $186 million to date from investors including XYZ Venture Capital and Narya, Chapter's success underscores the market demand for technology solutions that demystify healthcare and insurance choices.
• Threatlocker — Valued at $1.2 billion: Based in Orlando, Threatlocker is a data protection company offering endpoint security solutions, including application whitelisting, ringfencing, and data control. Founded in 2017, the company's robust security platform attracted a $60 million Series E round, valuing it at $1.2 billion according to PitchBook. With over $200 million raised to date from investors like General Atlantic and StepStone Group, Threatlocker's unicorn status reflects the escalating importance of proactive cybersecurity measures in protecting sensitive data.
• Cyberhaven — Valued at $1 billion: Cyberhaven specializes in data detection and response, helping organizations understand how their data is being used and prevent breaches. Launched in 2015, the company's focus on data security intelligence led to a $100 million Series D round in April, valuing it at $1 billion according to PitchBook. Having raised over $200 million from investors including Khosla Ventures and Redpoint Ventures, Cyberhaven's achievement highlights the critical need for advanced data security solutions in an era of increasing cyber threats.

March 2025

March saw a diverse group of companies reach the $1 billion valuation mark, including startups in fleet management software, robotics platforms, AI infrastructure, sports gaming, construction software, drug research, consumer beverages, data analysis, and AI for claims processing.

• Fleetio — Valued at $1.5 billion: An Alabama-based startup, Fleetio provides software designed to simplify fleet operations and management for businesses. Launched in 2012, the company's comprehensive platform for vehicle and equipment management led to a significant $454 million Series D round, valuing it at $1.5 billion according to PitchBook. With $624 million in total funding to date from investors including Elephant and Growth Equity at Goldman Sachs Alternatives, Fleetio's success demonstrates the strong market need for efficient operational software in logistics and transportation.
• The Bot Company — Valued at $2 billion: Founded in 2024, The Bot Company is a robotics platform that quickly achieved a $2 billion valuation through a $150 million early-stage funding round, as reported by PitchBook. Having raised $300 million in total funding in a short period, this company's rapid ascent underscores the intense investor interest and high valuations being placed on foundational robotics technology and platforms, particularly those with broad potential applications.
• Celestial AI — Valued at $2.5 billion: Celestial AI is an AI company focused on developing innovative computing solutions, likely related to AI infrastructure or specialized processors. Launched in 2020 and based in California, the company raised a $250 million Series C round led by Fidelity, valuing it at $2.5 billion according to Crunchbase. With over $580 million in capital raised to date from investors including BlackRock and Engine Ventures (per PitchBook), Celestial AI's high valuation reflects the critical and valuable role of hardware and infrastructure innovation in powering the AI revolution.
• Underdog Fantasy — Valued at $1.3 billion: Operating in the burgeoning sports gaming market, Underdog Fantasy offers fantasy sports contests and sports betting products. Founded in 2020, the company's rapid growth in the competitive sports entertainment space led to a $70 million Series C round, valuing it at $1.3 billion according to Crunchbase. With over $100 million in capital raised to date (per PitchBook), including investment from Spark Capital, Underdog Fantasy's achievement highlights the significant investment and market potential in the online sports gaming sector.
• Build Ops — Valued at $1 billion: Build Ops provides software solutions for the construction industry, likely focusing on operational efficiency, project management, or field service. Launched in 2018, the company reached unicorn status with a $122.6 million Series C round, valuing it at $1 billion. With $273 million in total funding according to PitchBook, from investors including Founders Fund and Fika Ventures, Build Ops' success demonstrates the ongoing digital transformation within traditional industries like construction and the value of specialized software tools.
• Insilico Medicine — Valued at $1 billion: Insilico Medicine is a drug research company leveraging AI for drug discovery and development. Launched in 2014, the company's AI-driven approach to pharmaceuticals attracted a $110 million Series E round, valuing it at $1 billion per Crunchbase. With over $500 million raised to date, including capital from Lilly Ventures and Value Partners Group, Insilico Medicine is a prime example of how AI is accelerating innovation in the complex and capital-intensive pharmaceutical sector.
• Olipop — Valued at $2 billion: Olipop is a popular consumer beverage company known for its probiotic sodas. Founded in 2018, the company's success in the functional beverage market led to a $137.9 million Series C round, valuing it at $1.96 billion (effectively $2 billion). With $243 million raised to date from investors including Scoop Ventures and J.P. Morgan Growth Equity Partners, Olipop's unicorn status highlights that significant venture capital is also flowing into high-growth consumer brands that tap into health and wellness trends, even outside of traditional tech sectors.
• Peregrine — Valued at $2.5 billion: Peregrine is a data analysis and integration platform, launched in 2017. Its capabilities in handling and integrating complex data streams led to a $190 million Series C round with a valuation of $2.5 billion. With more than $250 million in funding to date according to PitchBook, from investors including Sequoia and Fifth Down Capital, Peregrine's high valuation reflects the increasing strategic importance of data infrastructure and analytics platforms for businesses across all sectors.
• Assured — Valued at $1 billion: Assured is an AI company that helps process claims, likely in the insurance or related industries. Launched in 2019, the company's application of AI to streamline claims processing resulted in a $23 million Series B round, valuing the company at $1 billion. Having raised a little over $26 million to date from investors including ICONIQ Capital and Kleiner Perkins, Assured's relatively modest total funding for a unicorn highlights the potential for rapid valuation growth in companies applying AI to solve specific, high-value industry problems.

February 2025

February added several health tech and data platform companies to the unicorn list, reinforcing the strong investment trends in these areas.

• Abridge — Valued at $2.8 billion: Abridge is a medtech company founded in 2018, likely focused on using AI or other technologies to improve healthcare processes or patient outcomes. The company's significant valuation was achieved through a $250 million Series D round at a $2.75 billion valuation, per PitchBook. With more than $460 million raised to date from investors including Elad Gil and IVP, Abridge stands out as one of the most highly valued new health tech unicorns of the year, indicating strong market validation for its solutions.
• OpenEvidence — Valued at $1 billion: OpenEvidence is another medtech company, founded in 2017. It reached unicorn status with a $75 million Series A round at a $1 billion valuation, according to PitchBook. Having raised $135 million to date, with Sequoia Capital as an investor, OpenEvidence's ability to command a $1 billion valuation at the Series A stage is particularly noteworthy, suggesting exceptional early traction or groundbreaking technology in the medical field.
• Hightouch — Valued at $1.2 billion: Hightouch is a data platform founded in 2018, specializing in the 'reverse ETL' space, which involves syncing data from data warehouses to operational tools. The company's critical role in modern data stacks led to an $80 million Series C round at a $1.2 billion valuation, per PitchBook. With $171 million raised to date from investors including Sapphire Ventures and Bain Capital Ventures, Hightouch's unicorn status reflects the increasing importance of data activation and making centralized data accessible across an organization.

January 2025

The year kicked off with a diverse set of new unicorns in January, including companies in personal finance, computer vision for fleets, healthcare AI models, genetic research, AI sales platforms, contract recruiting, and satellite technology.

• Kikoff — Valued at $1 billion: Kikoff is a personal finance platform founded in 2019, focused on helping individuals build credit and improve financial literacy. The company reached unicorn status through an undisclosed funding amount that valued it at $1 billion, according to PitchBook. Kikoff has raised $42.5 million to date, with investors including Female Founders Fund, Lightspeed Venture Partners, and even basketball star Steph Curry, highlighting the broad appeal and investor confidence in fintech solutions addressing financial health.
• Netradyne — Valued at $1.35 billion: Founded in 2015, Netradyne is a computer vision startup specializing in AI-powered dashcams and fleet safety solutions for commercial vehicles. The company raised a $90 million Series D round, valuing it at $1.35 billion according to Crunchbase. The round was led by Point72 Ventures, underscoring the growing investment in AI and computer vision technologies for improving safety and efficiency in the logistics and transportation sectors.
• Hippocratic AI — Valued at $1.6 billion: Founded in 2023, Hippocratic AI is a startup focused on creating healthcare-specific AI models, likely for applications ranging from clinical support to patient interaction. The company raised a $141 million Series B round, valuing it at $1.64 billion according to Crunchbase. The round was led by Kleiner Perkins, a prominent venture firm, signaling strong confidence in the potential of specialized AI models to transform the healthcare industry, particularly through patient-facing agents.
• Truveta — Valued at $1 billion: Truveta is a genetic research company founded in 2020, focused on aggregating and analyzing large-scale health data for medical discovery. The company raised a $320 million round that valued it at $1 billion according to Crunchbase. Its investors include the corporate venture arms of major players like Microsoft and Regeneron Pharmaceuticals, highlighting the strategic importance of data-driven approaches in advancing genetic research and personalized medicine.
• Clay — Valued at $1.25 billion: Founded in 2017, Clay is an AI sales platform designed to help sales teams automate research and personalize outreach. The company raised a $40 million Series B round, valuing it at $1.25 billion according to PitchBook. With more than $100 million raised to date from investors including Sequoia, First Round, Boldstar, and Box Group, Clay's unicorn status reflects the increasing adoption of AI tools to enhance productivity and effectiveness in sales and business development functions.
• Mercor — Valued at $2 billion: Mercor is a contract recruiting startup founded in 2022, leveraging technology to streamline the hiring process for contract workers. The company raised a $100 million Series B round, valuing it at $2 billion. With investors including Felicis, Menlo Ventures, Jack Dorsey, Peter Thiel, and Anthology Fund, Mercor's rapid rise and high valuation underscore the significant disruption and investment happening in the HR and recruiting technology space, particularly for flexible workforces.
• Loft Orbital — Valued at $1 billion: Founded in 2017, Loft Orbital is a satellite company that simplifies access to space by providing shared satellite infrastructure and services. The company raised a $170 million Series C round, valuing the company at $1 billion according to Crunchbase. Investors in the round included Temasek and Tikehau Capital, demonstrating the growing investor confidence and capital flowing into the space technology sector, particularly companies lowering the barriers to satellite deployment and utilization.

Looking Ahead

As 2025 progresses, this list of new unicorns is expected to grow. The continued advancements in AI, coupled with ongoing needs for innovation in healthcare, cybersecurity, enterprise efficiency, and other sectors, suggest that venture capital will continue to flow into promising startups. While market conditions can fluctuate, the ability of these companies to attract significant funding rounds at billion-dollar valuations points to strong underlying business models, compelling technologies, and investor belief in their potential for substantial future growth and impact.

Tracking these new unicorns provides valuable insights into the areas of technology and business that are currently attracting the most attention and capital, offering a glimpse into the future leaders of the global economy.