In February, nine innovative companies reached unicorn status by attaining valuations of at least $1 billion, with a focus on the healthcare and cybersecurity sectors. This significant growth illustrates the ongoing investment trends in these critical areas, supported by advancements in technology.

Sector Overview

While artificial intelligence (AI) did not dominate the unicorn creation landscape this month, it played a pivotal role in enhancing healthcare and cybersecurity innovations, along with companies involved in sales and marketing.

Geographic Distribution of New Unicorns

Among the newly minted unicorns, four are based in the United States. Meanwhile, Saudi Arabia, China, Israel, Ireland, and Canada each contributed one unicorn to the evolving market last month.

Funding Dynamics

Private equity continues to exert significant influence on this growth, with growth equity firms leading funding rounds for six of the new unicorns. Venture capital firms spearheaded three rounds. Collectively, these new unicorns garnered a total of $1.9 billion in funding and accounted for an impressive $15.6 billion in added valuation.

Newly Minted Unicorns by Sector

Healthcare

• Abridge: This AI tool aimed at recording patient-clinician conversations raised $250 million in a Series D round led by Elad Gil and IVP. The Pittsburgh-based company, now valued at $2.8 billion, serves 100 health systems.
• OpenEvidence: Focused on assisting doctors through AI, this Cambridge-based firm achieved a valuation of $1 billion after securing $75 million in a Series A funding round led by Sequoia Capital.

Privacy and Security

• Tines: This no-code automation tool for data and security received $125 million in a Series C round, with Goldman Sachs Growth leading the funding. The Dublin-based company is now valued at $1.1 billion.
• Dream Security: Based in Tel Aviv and co-founded by former Austrian Prime Minister Sebastian Kurz, this cybersecurity company secured $100 million in a Series B and reached a valuation of $1.1 billion.

Advertising and Marketing

• Hightouch: Specializing in customer personalized messaging using AI, this San Francisco-based startup raised $80 million in Series C funding and was valued at $1.2 billion.

Food and Beverage

• Olipop: This prebiotic soda company reached a valuation of $1.9 billion with $50 million raised in Series C funding, led by J.P. Morgan Growth Equity Partners.

Chemical Manufacturing

• Keyuan Petrochemicals: This Ningbo, China-based company, a significant player in chemical manufacturing, secured a Series D round led by Fosun and was valued at $1.1 billion.

Methodology and Additional Insights

The Crunchbase Unicorn Board is a comprehensive list of private companies achieving a post-money valuation of $1 billion or more. New entries are recorded as they meet this threshold during funding rounds. The list does not account for internal company valuations, such as those determined by a 409A process for stock options, which are often lower than valuation figures from priced funding rounds.

Note: All funding figures are expressed in U.S. dollars, and conversions from foreign currencies to USD are based on the prevailing exchange rates at the time of funding announcements.