Startup Trends: 5 companies highlight list of newly minted Unicorns for Q3 2024

The third quarter of 2024 saw at least five private companies achieve “unicorn status” by passing a billion dollars in value. Through mid-July of this year, 40 companies have become unicorns, compared to 67 in all of 2023, according to CB Insights. A large portion of companies listed included AI-enabled startups.

Here’s the latest list of companies listed on Forge Global that have achieved the rank of Unicorn.

Aven, a fintech focused on credit cards

Aven, which provides a consumer credit card backed by a user’s home equity, announced in July $142 million in Series D funding led by Khosla Ventures and General Catalyst.

According to San Francisco-based Aven, its Visa Credit Card works like a regular card but with lower interest rates charged to consumers. Unlike securing a home equity line of credit, or HELOC, obtaining an Aven card can be faster and have lower fees. Aven cardholders have saved over $116 million in interest payments since the card was introduced in 2022.

The company’s advisory board includes former executives from Freddie Mac and Fannie Mae and a former member of the Board of Governors of the Federal Reserve System.

Aven’s Forge Price™ is $25.31 as of September 24, 2024, implying a valuation of $1.02 billion.

Flo Health, a female health app creator

Flo Health announced in July that it raised more than $200 million in a Series C investment from General Atlantic, pushing its implied valuation above $1 billion.

The London-based Flo Health platform allows users to track their menstrual cycle and ovulation, using features to understand and manage their health better. Flo users can access tailored health insights, expert tips, and a private digital discussion community. Flo’s “Anonymous Mode” can help users protect sensitive health information.

As of June 2024, the company has nearly 70 million monthly active users and almost 5 million paid subscribers.

Flo Health’s Forge Price™ is $59.62 as of September 24, 2024, which implies a valuation of $1.2 billion.

Harvey, an AI firm for the legal and professional services industry

AI firm Harvey announced in July that it raised $100 million from investors OpenAI, Kleiner Perkins, Sequoia Capital, Elad Gil, and SV Angel. The Series C round values the company at $1.5 billion.

Harvey’s workflow products can help draft, analyze, and answer questions about legal documents; find answers to complex research questions across multiple domains in legal, regulatory, and tax; and complete full workflows similar to how lawyers work together on complex matters. The San Francisco-based company’s team includes tech experts from Microsoft, Meta, and Google Brain and subject matter experts from law firms, including Skadden and Latham & Watkins. Harvey has more than 100 firms as customers.

Harvey’s Forge Price™ is $69.22 as of September 24, 2024, which implies a valuation of $1.5 billion.

Gradiant, a cleantech water firm

Gradiant, which provides wastewater treatment, raised $225 million from investors, giving it an implied valuation of more than $1 billion.

The company’s solutions renew wastewater into freshwater, reducing water used and wastewater discharged. Industry uses up to half of the world’s water: Gradiant’s technology is used in semiconductors, pharmaceuticals, mining, and food and beverage industries. The company’s new ForeverGone is an all-in-one solution to destroy PFAS, the “forever chemical,” by eliminating it in municipal and industrial water supply.

Founded at MIT and based in Woburn, Massachusetts, the company announced in August that it booked more than $500 million in orders in the first half of 2024 from clients including Micron, STMicroelectronics, AB InBev, Coca-Cola, Nestle, Rio Tinto, Petronas, ADNOC, and Nama Water.

Gradiant’s Forge Price™ is $20.07 as of September 24, 2024, implying a valuation of $1.05 billion.

EliseAI, developer of a conversational AI platform

EliseAI, which creates conversational AI platforms, announced in August that it raised $75 million in a Series D funding round from existing investors, including Navitas Capital, Point72 Private Investments, DivcoWest Ventures, and Koch Real Estate Investments. The investments give EliseAI a valuation of over $1 billion.

New York-based EliseAI is currently the largest conversational AI platform for the housing industry, with products including LeasingAI and ResidentAI. EliseAI helps companies serve more people and elevates the quality of their service. EliseAI works with 70% of the top 50 multifamily owners and operators in real estate, including Equity Residential, AvalonBay, and Invitation Homes.

EliseAI expanded into healthcare in 2023 with HealthAI, which can automate non-clinical tasks including patient conversations, scheduling appointments, and billing and payments.

EliseAI’s Forge Price™ is $78 as of September 24, 2024, implying a valuation of $1.04 billion.