Unicorn Watch: 10 Startups Set to Become the Next Unicorns

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For the tenth consecutive year, Forbes, in collaboration with TrueBridge Capital Partners, has meticulously curated a list of the 25 U.S. venture-backed companies most likely to attain a $1 billion valuation in the near future. This list has a storied history of accurately predicting the next wave of unicorns, with 131 of the 225 alumni—an impressive 58%—having already reached that coveted status. These alumni include industry giants such as DoorDash, Figma, Anduril, Benchling, and Rippling, showcasing the profound impact of this list on the startup ecosystem. However, the journey to unicorn status is not without its risks; 21 of these alumni have since fallen below the billion-dollar mark, while a few, like the microbiome testing startup uBiome, have dramatically imploded. Yet, the track record remains robust, with only five notable failures and a mere three companies going public for less than $1 billion.

This year’s list was chosen from a competitive pool of over 150 nominations, and unsurprisingly, it features a significant number of startups harnessing the power of artificial intelligence. AI’s pervasive influence is evident across various sectors, as companies strive to innovate and automate processes that traditionally required human intervention. From revolutionizing manufacturing and law enforcement to transforming customer service and marketing, AI is at the heart of these ventures’ growth strategies.

Before we dive into out favorites, check out today’s sponsor Raremints:

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Here's a look at our top 10 favorites:

1. Hadrian

• Founders: Chris Power (CEO)

• Equity Raised: $180 million

• Estimated 2023 Revenue: $3 million

• Lead Investors: Andreessen Horowitz, Construct Capital, Founders Fund, Lux Capital

Hadrian is revolutionizing U.S. manufacturing with its high-tech plant in Torrance, California, producing precision metal parts for aerospace and defense. The company boasts a 10x faster production rate and 40% more efficiency than traditional manufacturers.

2. Imprint

• Founders: Gaurav Ahuja, Daragh Murphy (CEO)

• Equity Raised: $161 million

• Estimated 2023 Revenue: $25 million

• Lead Investors: Affirm, Kleiner Perkins, Ribbit Capital, Stripe, Thrive Capital

Imprint helps consumer brands launch custom credit cards, offering tailored rewards and discounts. The company's technology has enabled brands like Holiday Inn Club Vacations and HEB to provide more personalized experiences to their customers.

3. EvenUp

• Founders: Rami Karabibar (CEO), Saam Mashhad, Ray Mieszaniec

• Equity Raised: $100 million

• Estimated 2023 Revenue: $12 million

• Lead Investors: Bessemer Venture Partners, Lightspeed Venture Partners, NFX, SignalFire

EvenUp leverages AI to assist personal-injury law firms in processing medical records for demand letters, improving efficiency and potentially increasing settlement amounts.

4. HeyGen

• Founders: Wayne Liang, Joshua Xu (CEO)

• Equity Raised: $74 million

• Estimated 2023 Revenue: $8 million

• Lead Investors: Benchmark, Conviction

HeyGen specializes in creating marketing videos using AI-generated avatars, eliminating the need for human actors. The company serves big-name clients like Salesforce, Amazon, and Volvo, providing them with fast and cost-effective video content.

5. Clay

• Founders: Kareem Amin (CEO), Varun Anand, Nicolae Rusan

• Equity Raised: $62 million

• Estimated 2023 Revenue: $3 million

• Lead Investors: BoxGroup, First Round Capital, Meritech Capital, Sequoia Capital

Clay offers an AI-based assistant that automates customer relationship management tasks for companies like Notion, Reddit, and Opendoor, streamlining communication and tracking interactions.

6. Peregrine

• Founders: Nick Noone (CEO), Ben Rudolph

• Equity Raised: $60 million

• Estimated 2023 Revenue: $10 million

• Lead Investors: Fifth Down Capital, Friends & Family Capital, Godfrey Capital, Goldcrest Capital

Peregrine provides law enforcement agencies with technology that searches across multiple datasets and surveillance footage, offering comprehensive data insights for police operations. The company works with 53 agencies, including the Atlanta Police Department.

7. Owner

• Founders: Dean Bloembergen, Adam Guild (CEO)

• Equity Raised: $59 million

• Estimated 2023 Revenue: $10 million

• Lead Investors: Activant Capital, Alt Capital, Redpoint Ventures, SaaStr Fund

Owner offers small restaurants an AI-driven platform to manage online orders and marketing, helping them compete with larger delivery services like DoorDash and Uber Eats.

8. Scribe

• Founders: Aaron Podolny, Jennifer Smith (CEO)

• Equity Raised: $55 million

• Estimated 2023 Revenue: $15 million

• Lead Investors: Amplify Capital, Redpoint Ventures, Tiger Global Management

Scribe's app simplifies remote work by capturing screen actions and turning them into step-by-step guides, making it easier for teams to share knowledge without constant meetings.

9. Linear

• Founders: Tuomas Artman, Jori Lallo, Karri Saarinen (CEO)

• Equity Raised: $52 million

• Estimated 2023 Revenue: $11 million

• Lead Investors: Accel, Sequoia Capital

Linear helps teams streamline project management and improve workflow visibility, with its software being adopted by 66% of companies on the Forbes AI 50 list.

10. Promise

• Founders: Phaedra Ellis-Lamkins (CEO), Diana Frappier

• Equity Raised: $51 million

• Estimated 2023 Revenue: $20 million

• Lead Investors: 8VC, First Round Capital, Kapor Capital, the General Partnership, XYZ Venture Capital

Promise works with municipalities and utilities to offer zero-interest payment plans for unpaid bills, helping these entities collect revenue while easing the financial burden on customers.

These startups demonstrate the incredible potential of AI across various industries, from manufacturing and law enforcement to finance and marketing. As they continue to grow, these companies are well on their way to achieving unicorn status.

You can check out the entire list here.