1、2024 Tech Trends2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive growth,improve operations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trial3Your al

2、ways on AI-DrivenResearch AnalystDo less searching,get more answersIIIIJoin the waitlist for early access4Tech trendsAIGPU shortage forces companies to be smarter05Multimodal AI will rise on corporates wish lists12Synthetic data bonanza17EnterpriseDIY software development upends engineering orgs22Gl

3、obal employment&payroll market shakes out28Quantum computing advances hint at faster commercialization33CybersecurityCyber chaos drives security consolidation38AI vs.AI dogfights redefine data security46Financial services&insuranceBanks get AI FOMO52Blockchains uphill finserv battle59Extreme weather

4、 is an opportunity for insurtech66Healthcare&life sciencesThe great AI drug race heats up71Digital therapeutics(DTx)&wellness consolidates78The brain becomes a fierce tech battleground84Retail&consumerAI sales agents flood the e-commerce landscape89Retailers tackle shrink with AI loss prevention96AI

5、 sends a shockwave through gaming 102IndustrialsHumanoid robots come for manufacturing109VentureCorporate venture refocuses on strategic fit115Unicorns need a new playbook to survive1205GPU shortage forces companies to be smarterAI6$3,320$30,000$45,000$97,835Cost of making h100Average sale price ofH

6、100H100 cost on ebayH100 cost on CDW,Jan24Companies are desperate for GPUs Source:Estimates from Raymond James on cost of making an H100.GPUs=graphics processing units,which are used to run intensive AI applications.AIH100s sell at a massive mark-upEstimated cost of making an H100Average sale priceL

7、isted on eBay,as of Jan 24Listed on CDW,as of Jan 24“The GPUs at this point are considerably harder to get than drugs.”Elon Musk at the WSJ CEO Council Summit7Startups link up with big tech to access their AI chips and compute powerSource:CB Insights financing data.Includes investments from M12,GV(G

8、oogle Ventures),and NVentures.*AWS.Big tech investors*CompanyIndicates where big tech investedGenerative AI companies with two or more big tech investors(as of 1/30/2024)AI8While also looking outside of big tech for cheaper cloud computeSource:Cloud provider websites.AINvidia is giving priority acce

9、ss to its GPUs to smaller specialty cloud providers CoreWeave and Lambda Labs,which are offering cloud GPU access at lower costs to enterprisesCloud providerGPU modelPrice per hour A100 40 GB p4d.24xlargeA100(80 GB)NC24ads A100 v4A100 40GB A100 40GB NVLINKNVIDIA A100 PCIe 40GBA100 40GB NVLINK$1.29$1

10、.29$2.06$3.48$3.67$4.10$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.509But as demand continues to outstrip supply,companies aim to optimize their AI models to reduce compute timeSource:CB Insights buyer transcript MosaicML.AI“For the deployment side of things,we found that the performance of our

11、training process was quite slow,especially when it gets into these large language models and when you train from scratch.MosaicML offers whats called programmatic optimization,which is not so much on the hardware side of things,but rather on the algorithmic side.Can you find ways of optimizing the t

12、ime it takes to get to a certain performance bar?.We did experiments where we used MosaicML programmatic optimization versus not,and we did see a 12%compute hour reduction for some of the models.”MosaicML customerSenior Manager,Data Science at$1B+valuation technology company10Startups building softw

13、are to help AI models run efficiently on available hardware gain tractionSource:CB Insights company profiles CentML,ThirdAI,Run:AI,OmniML,Deci.AICompanyHeadquartersTotal fundingLatest funding roundApplicationCanada$31MSeed VC(10/25/2023)Identifies bottlenecks&underutilized hardware to optimize model

14、 deploymentUS$6MSeed VC(8/13/2021)Enables AI models to run on cheaper CPU hardwareIsrael$118MSeries C(3/15/2022)Optimizes GPU resources between the cloud and on-premUS$10MAcquired by Nvidia(2/1/23)Shrinks models so they can run on edge devicesIsrael$55MSeries B(7/13/2022)Offers hardware-aware AI opt

15、imization11GPU shortage also opens the door for experimenting with novel processor approachesSource:CB Insights Company profiles.AIApproachCompanyHeadquartersLatest funding roundPhotonicUses light instead of electrons to transfer data,with the aim of increasing speed and bandwidth while using less e

16、nergyUnited StatesSeries C(12/19/2023)United StatesSeries B(4/13/2023)United StatesSeries A(3/3/2022)NeuromorphicProcesses information using analog signals passed between artificial“neurons”and“synapses”to reduce energy consumptionFranceAcquired by Snap(10/1/2023)IsraelUnattributed(12/22/2022)Nether

17、landsAccelerator(1/1/2021)In-memory computingBrings processors and memory together onto a single chip to increase efficiency of data transfers and reduce energy consumptionUnited StatesSeries A(8/1/2023)CanadaSeries B(7/20/2021)ChinaSeed(4/18/2022)3D chipsHighly integrated chips are stacked vertical

18、ly to increase processing power and save energyUnited KingdomSeries E(12/29/2020)12Multimodal AI will rise on corporates wish listsAI13Multimodal AI is in its infancy,but models are quickly evolvingSource:Published research;press releases.*E.g.,image generation based on text,image description genera

19、tion.Note:Multimodal AI refers to models that can understand and respond in multiple data modalities(text,video,image,etc.).AIImage-text models*proliferate 2021&202220232021 OpenAI CLIP Google ALIGN Salesforce ALBEF 2022 Google LiT Google COCA DeepMind FLAMINGO Salesforce BLIPLLMs understand images

20、Salesforce BLIP 2 Microsoft KOSMOS OpenAI GPT-4 LLaVA Adept FUYU-8B Google PALM-E Meta ImageBindModels tackle more sensory dataNatively multimodal models emerge12 Google GeminiGoogle introduces first commercial model taking diverse inputs in December 202314More LLM developers will follow in Googles

21、footsteps to remain competitiveSource:CB Insights Market Report Large language model(LLM)developers.AICompanyTotal fundingModeMultimodal features$14BGPT-4VText,image text$3.4BClaude-2Text only$1.5BInflection-2Text text,image$642MMagmaImage text$469MText only$317MText only$135MGrokText onlyLimited mo

22、dalities commercially availableIn the roadmap or not announced15Models that can accept diverse inputs open up new opportunities for AI in industries that are highly multimodalSource:Google.AI“Medicine is an inherently multimodal discipline.When providing care,clinicians routinely interpret data from

23、 a wide range of modalities including medical images,clinical notes,lab tests,electronic health records,genomics,and more.Over the last decade or so,AI systems have achieved expert-level performance on specific tasks within specific modalitiesBut how do we bring these capabilities together to build

24、medical AI systems that can leverage information from all these sources?”Greg Corrado,Head of Health AI,Google Research Yossi Matias,VP,Engineering and Research,Google ResearchGoogle will bring Gemini-based models into its MedLM family of foundation models fine-tuned for healthcare use cases in comi

25、ng months16Watch for commercial applications across healthcare,automotive,retail,and manufacturingSource:CB Insights company profiles Artera,Ghost Autonomy;Google,Meta reports.AISectorCompanyMultimodal AI applicationHealthcare diagnosticsArteraAIs prostate test analyzes both biopsy images and patien

26、ts clinical data to predict patient outcomesRaised$90M in Q123 from investors including Coatue and J&J;raised$20M in Q124Autonomous vehiclesGhost Autonomy explores using multimodal LLMs in autonomous drivingRaised$5M from the OpenAI Startup Fund in Q423RetailMeta is bringing multimodal AI to consume

27、rs with its Ray-Ban smart glassesRoboticsGoogles multimodal model PaLM-E targets robotics,combining language with robotic sensory data17Synthetic data bonanzaAI18We are running out of high-quality data to train AI modelsSource:Villalobos et al.,“Will we run out of data?An analysis of the limits of s

28、caling datasets in Machine Learning.”*Data from sources such as news articles,Wikipedia,filtered web content.AIResearchers estimate that,by 2026,we will exhaust high-quality text data*for training LLMs a trend that can slow down AI progress.19Scraping proprietary sources is getting harderSource:CB I

29、nsights Earnings Transcripts Analytics(date reflects quarter call occurred);media reports.AI1Getty Images sues Stability AIJanuary2X imposes a$42K bulk access fee for 50M tweetsMarch4NY Times sues OpenAI and Microsoft for copyright infringementDecember3Reddit starts charging$0.24/1K API calls July20

30、23“Scraping proprietary data to train generative AI models for commercial application is now universally recognized as an unsustainable business tactic.Its fraught with legal,financial,and reputational challenges.“Shutterstock CEO Paul Hennessy,Q423 earnings call20Cost and scarcity drive model devel

31、opers to experiment with synthetic dataSource:CB Insights company profiles Glaive,Nous,OpenAI,Stability AI,DeepMind;company reports.AICompanySynthetic data initiativesRaised$3.5M in seed funding in Q323 from Spark Capital,Village Global,and Replit CEO Amjad Masad to train custom LLMs based on a synt

32、hetic data platformReleased glaive-coder-7b,a coding model trained with 140K+synthetic programming problems and solutionsTrained LLMs(OpenHermes-2,Nous Hermes)on 900K to 1M data entries generated by GPT-4Raised$5.2M in seed funding in Q421 from DistributedG,OSS Capital,and othersTrained small langua

33、ge models phi-1 and 2 on GPT-generated synthetic textbooksReleased Stable Beluga 1 and 2 language models fine-tuned on synthetic dataReleased AlphaGeometry model in Q124 capable of solving Olympiad-level geometry problems the model was trained on a synthetic data pool of 100M unique examplesCEO Sam

34、Altman was quoted as saying all data will soon be synthetic21Synthetic data providers will next target niche applicationsSource:CB Insights company profiles Gretel,Scale,Aindo;Financial Times.AI“For banks,where fraud typically constitutes less than 100th of a percent of total data,Gretels software c

35、an generate thousands of edge case scenarios on fraud and train AI models with it.”FT Launched Scale Synthetic in February 2022 with early customers including the US Department of Defense and autonomous trucking company Kodiak Robotics.“Synthetic data applied to healthcare is not common,so it was im

36、portant to fit our needs and protect sensitive data.Aindos technology for privacy enhancement was crucial.”Customer transcriptStage:Series BStage:Series EStage:Series A22DIY software development upends engineering orgsEnterprise23Skilled software developers are in high demandSource:US Bureau of Labo

37、r Statistics.Enterprise3%26%0%5%10%15%20%25%30%Total,alloccupationsSoftwaredevelopersSoftware developersTotal,all occupationsPercent change in employment,projected A massive number of software development tools have emerged to assist developersSource:CB Insights Market Reports.EnterpriseC

38、B Insights tracks over 70 tech markets related to enterprise software development25Skills gap has given rise to“no-code”and“low-code”platforms,but more flexible AI coding tools could surpass this market in the long termSource:CB Insights company profiles OutSystems,Retool,Appsmith.EnterpriseLow-code

39、 player OutSystemsfaces valuation compressionOther low-code platforms conduct layoffs Series EFeb 2021Private Equity-IIOct 2022$9.5B$4.3B26AI copilots supercharge developer productivity Company/productStatusReleased by Microsoft(10/29/2021)Released by OpenAI(11/30/2022)Released by Meta(8/24/2023)Sta

40、bleCode by Released(8/8/2023)Released by Hugging Face&ServiceNow(5/4/2023)Released(4/13/2023)AIReleased widely(10/9/2023)Private(founded 2017)Private(founded 2020)EnterpriseSource:CB Insights company profiles;company reports.A flurry of code generation tools has emerged27Enterprises will be on guard

41、 against confidential code leakage,security vulnerabilities in AI-written codeSource:Perry et al.,“Do Users Write More Insecure Code with AI Assistants?”Enterprise21%3%12%36%21%43%21%29%50%14%Company ACompany BCompany CCompany DCompany EEncryption&decryptionSigning a messageSandboxed directorySQLStr

42、ingsUsing AINot using AIPercentage of coders submitting secure answers to coding questions28Global employment&payroll market shakes outEnterprise29Funding for global employment startups went to zero in 2023Source:CB Insights financing data.*Atlas,Deel,Globalization Partners,Multiplier,Omnipresent,Oy

43、ster,Papaya Global,Remofirst,Remote,and Velocity Global.Enterprise10 leading startups*raised over$2B in equity funding from 2021 to 2022$45M$306M$1,285M$1,494M$0M$0M$200M$400M$600M$800M$1,000M$1,200M$1,400M$1,600M20022202330Demand for remote talent jumpstarted the market,but slowdown in t

44、ech hiring will cramp playersSource:CB Insights buyer transcript Remote.Enterprise“Given the current context,though,I dont know what their traction looks like,but in the startup world,hiring is slowing down in the US and Europe.And my guess is that its probably impacting them at some point.On our si

45、de,we have frozen hiring in most of our countries.So we have not been opening new R contracts since probably April 2022.So it will be important for them to remain competitive on pricing.”Remote customerChief of Staff,$1B+valuation online marketplace31Meanwhile competition continues to heat up as HR

46、startups&incumbents expand their international offeringsSource:CB Insights company profiles Rippling,Gusto,ADP,Ceridian,UKG;media reports.EnterpriseCompanyValuationDescriptionDevelopment$11.3B(March 2023)Employee management platformExpanded into global employment&payroll(October 2022);business expec

47、ted to generate$40M in ARR in 2023$97B(market cap as of January 2024)HR management softwareADP GlobalView payroll solution expanded into 5 new markets(July 2023)$10B(August 2021)Payroll&HR solutions platformLaunched Gusto Global powered by Remote(June 2023)$10.6B(market cap as of January 2024)HR man

48、agement softwareCeridian Dayforce available across most of the Middle East and Africa(August 2023)N/AHR&workforce management solutionsAcquired global payroll provider Immedis(June 2023)32With capital tight and larger players looming,players will have to look for scale and efficienciesSource:CB Insig

49、hts Market Reports Workforce globalization,Global payroll.EnterpriseWe predict that consolidation is approaching the workforce globalization space33Quantum computing advances hint at faster commercializationEnterprise34Quantum computing funding surged to a record high in 2023,bucking the broader ven

50、ture downturn for 2 years in a rowSource:CB Insights Expert Collection Quantum Tech.Disclosed equity funding to quantum computing companies$0.4B$0.4B$0.9B$1.0BFunding$1.3B31474354Deals64007080$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B200222023Enterprise35Neutral atom quantum comp

51、uters are having a breakout moment,hinting at accelerated timelines for commercializationSource:CB Insights research 102 companies racing to commercialize quantum computing.Atom Computing passed 1,000 qubits and QuEra announced an error correction milestoneEnterprise36More enterprises are running pi

52、lots with quantum startupsSource:CB Insights buyer transcripts Qilimanjaro,Entropica Labs,Multiverse Computing.“We received a solution for benchmarking a specific optimization problem class,which is relevant to the problems we have in our company for benchmarking quantum algorithms.This gave us a wo

53、rking code base that we could use.”Entropica Labs customerAnalyst,Fortune Global 500 company“We worked together on developing and deploying tests for the algorithm they coded for us.We are currently waiting for testing and scaling up the proof of concept to bring the algorithm from the test environm

54、ent to the exercise environment.”Qilimanjaro customer Manager,Global transport company“It had experts in finance and was interested in quantum-inspired techniques,which we see great potential in for the short term We are still analyzing the impact of the result of this work,but we expect that it wil

55、l decrease the time and cost associated with solving certain problems.”Multiverse Computing customerSenior Analyst,Fortune Global 500 companyEnterprise37Interest in the intersection between quantum computing and AI is heating up as quantum advances tease more powerful AI models down the roadNumber o

56、f media articles mentioning both quantum computing and AISource:CB Insights News Mentions Analytics.Enterprise38Cyber chaos drives security consolidation Cybersecurity39Cyber crimes have massive financial consequencesSource:Media reports.Cost of average data breach comes from a 2023 IBM study.23andM

57、e reported that the 2023 data breach would likely cost between$1M and$2M.Cybersecurity$1.5M$4.5M$15.0M$100.0M$0.0M$20.0M$40.0M$60.0M$80.0M$100.0M23andMe data breach(2023)Average data breachCaesars Entertainment social engineering attack(2023)MGM Resorts ransomware attack(2023)The largest threats dri

58、ve losses of$100M+,while the average cost of a data breach has grown 15%in the last 3 years40And bad actors are getting smarter and busier by the daySource:CB Insights Earnings Transcripts Analytics(date reflects quarter call occurred);Armis.CybersecurityFrom an adversarial perspective,we expect tha

59、t the adoption of LLMs will lower the barrier of entry for malicious actors to create sophisticated cyber attacks.Generative AI is expected to make it even easier for less advanced attackers to crack nation-state-caliber campaigns.”CEO George Kurtz,Q223 earnings call104%Attack attempts more than dou

60、bled in 202341To keep up with an evolving attack surface,cybersecurity leaders snap up competitorsCybersecurityCybersecurity sector sees steady consolidation,with a surge in M&A deals in 2023Source:CB Insights Expert Collection Cybersecurity.Note:Excludes financial M&A such as private equity transac

61、tions.269154248205M&A deals260050030035020022202342Cybersecurity leaders have been on an M&A tearCybersecurityTop strategic acquirers by#of cybersecurity acquisitions since 2022Source:CB Insights Expert Collection Cybersecurity.Note:Includes pending acquisitions,such as Ciscos

62、acquisition of Splunk.Data as of 1/30/2024.AcquirerCybersecurity acquisitionsSelect acquisition targets3333343Whos next to get acquired?CybersecurityStrong early-stage cyber startups with incumbent backing could get scooped upSource:CB Insights company profiles Oleria,Gem Security,Silk Se

63、curity,Aembit.*Mosaic refers to CB Insights proprietary model that scores tech company health and potential.Data as of 2/6/2024.CompanyMosaic score*(out of 1,000)Latest funding roundApplicationSelect cybersecurity investors780$33M Series A(December 2023)Identity&access management760$23M Series A(Sep

64、tember 2023)Cloud detection&response710$13M seed(August 2023)Cyber risk visibility710Undisclosed seed(October 2023)Identity&access management44But do customers like the all-in-one approach?Source:CB Insights buyer transcripts Splunk,Palo Alto Networks,Abnormal.Cybersecurity“even though Palo has been

65、 on the acquisition spree,the integration piece natively in the back-end has not fully completed yet.It has gotten better in the last few years,but I wouldnt say it is seamless as of yet.The synergy pieceis still not there.”Palo Alto Networks customerCISO,Global engineering firm“we are a little bit

66、concerned about the acquisition of Splunk by Cisco and what that will mean for the future of the product.Were uncertain if Cisco will invest in research and development to ensure that it continues to be the best solution in the market.”Splunk customer VP,Publicly traded automobile manufacturer“We co

67、nsidered Mimecasts CyberGraph,but the integration with the core Mimecast platformwas weak due to it being an acquisition.It wasnt a cohesive product We ultimately chose to look elsewhere and found Abnormal.”Abnormal customerDirector,Personal injury law firm45In some cases,verticalization wins outSou

68、rce:CB Insights buyer transcript CrowdStrike.Cybersecurity“As a financial services organization,our company had specific requirements for a product or solution that can integrate with multiple tech stacks,including SAP,Salesforce,Microsoft,and other vendorsThe reason why CrowdStrike stood out was th

69、at it has more strength in the banking and financial services industry than Palo Alto,Cisco,or Juniper.”CrowdStrike customerVP,Financial services company46AI vs.AI dogfights redefine data securityCybersecurity47Cyber attacks continue to rise,with AI a driving forceSource:CheckPoint.Cybersecurity0200

70、4006008001,0001,2001,400Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2202120222023Global average weekly cyber attacks per organization hit an all-time peak in Q2231,2581,25848ChatGPT drives an explosion of email phishing attacksSource:SlashNext.CybersecurityOne email security vendor recorded a 1,256%increase in phishing emai

71、ls from Q422 to Q323 Malicious phishing emails49Strategic and financial(PE)acquirers go after email security startupsSource:CB Insights Market Report Email security.CybersecurityRecent M&A exits and take-private transactions in the email security market 50While investors pile into the breach&attack

72、simulation marketCybersecurityThe largely early-stage space has seen rising investor interest,as more startups use generative AI to emulate threatsSource:CB Insights company profiles Jericho Security,Brightside AI,ASants;Breach&attack simulation Market Report.81011Equity deals14161820$0M$

73、0M$0M$0M$0M$1M$1M$1M$1M$1M$1M2020202120222023CompanyCompanyAmountAmountRound$5MPre-seed$1MSeedUndisclosedSeedSelect earlySelect early-stage deals in 2023stage deals in 202351GenAI could be a major boon for cyber attack preventionSource:CB Insights buyer transcript SlashNext.Cybersecurity“SlashNext i

74、s working on a generative AI-based solution,which means it will generate its own kind of phishing and malware and it will train the software to automatically be aware of any new kind of threats arriving in the marketThat is a differentiator from the technology perspective.”SlashNext customerSenior D

75、esign Engineer,Fortune 500 company52Banks get AI FOMOFinancial services&insurance53BankBankMentions of AI Mentions of AI since 2019since 205AI is the talk of the town in bankingSource:CB Insights Earnings Transcripts Analytics(date reflects quarter call occurred).10 largest US banks by co

76、nsolidated assets(per the Federal Reserve)are JPM Chase,Bank of America,Wells Fargo,Citibank,U.S.Bank,PNC,Goldman Sachs,Truist,Capital One,and TD Bank.Financial services&insuranceJust 1 month into Q124,mentions of AI and related terms on earnings calls hit record high among 10 largest US banks Who t

77、alks about AI the most?Who talks about AI the most?2154With many viewing genAI as an operational silver bulletFinancial services&insuranceConsumers interacted over 20 million times last year with Fargo,our AI-powered virtual assistant.”CEO Charles Scharf,Q124 earnings callHow valuable would implemen

78、ting this use case be for your organization?Financial document search and synthesis with genAIEnhanced virtual assistants with genAICapital markets research with genAIRegulatory code change consultant with genAIPersonalized financial recommendations with genAI.to the extent that we can deploy AI wis

79、ely,we can always hire a little less if we see the efficiencies coming through and redeploy the people we have.”CEO Brian Moynihan,Q124 earnings callExtremely valuable.Fairly valuable.Somewhat valuable.Not very valuable.Not valuable at all.N/A or“I dont know”.Source:Google Cloud Gen AI Benchmarking

80、Study,July 2023,Financial services respondents n=200;CB Insights Earnings Transcripts Analytics(date reflects quarter call occurred).36%42%45%35%34%38%25%41%36%40%Extremely valuableFairly valuable55But some banks are more prepared for the AI boom than othersFinancial services&insuranceThe top 3 play

81、ers in the CBI Retail Bank AI Readiness Index are building moats via internal R&D,IP,and key AI hiresSource:CB Insights.The Retail Bank AI Readiness Index assesses how prepared top banks are to adopt and respond to rapidly evolving AI technologies.Our analysis looked at the 50 largest retail banks i

82、n the Americas and Europe by market cap.Hired Abhijit Bose,a head of engineering at Facebook AI Research,to lead its enterprise machine learning department.Has applied for 9 patents since 2021 pertaining to federated learning a privacy-preserving and decentralized AI training method.Launched Turing

83、text-to-SQL,a tool that converts natural language queries into SQL code,via its Borealis AI institute.56Banks will have to overcome significant challenges to realize AIs potentialSource:Nvidia survey on the State of AI in Financial Services:2024 Trends.Financial services&insuranceThe four greatest o

84、bstacles to reaching financial services orgs AI goals27%28%32%38%0%5%10%15%20%25%30%35%40%45%50%Sufficient data sizes for model training and accuracyLack of budgetRecruiting and retaining AI experts and data scientistsData issues:privacy,sovereignty,and disparate locations57To get a foot in the door

85、,some are linking up with AI chatbot developersSource:CB Insights Market Report AI-powered chatbots.Financial services&insuranceAI chatbot developerBanking investorsBanking clientsSelect AI chatbot developers with investors and clients from the banking sector58While others double down on internal R&

86、D and shop around for outside talent&capabilitiesSource:CB Insights patent analytics and M&A data.Financial services&insuranceAmong the 10 largest US banks,the top 3 AI patent filers by#of applications since 20205006007008009001000BankBankAcquisition targetAcquisition targetApp

87、licationAI investment insights&document extractionAI personal assistantKey AI acquisitions in 2023Key AI acquisitions in 202359Blockchains uphill finserv battleFinancial services&insurance60Funding to blockchain startups is in the gutterSource:CB Insights Expert Collection Blockchain.Financial servi

88、ces&insuranceThe sector has yet to rebound following crypto blow-ups$3.5B$27.3B$29.4BFunding$8.2B7971,6022,357Deals1,45105001,0001,5002,0002,500$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0B$35.0B2020202Despite bitcoins recent ascent,the underlying tech has yet to see significant commercial tra

89、ctionSource:Google Finance.Data as of February 1,2024.Note:Spot bitcoin exchange-traded funds(ETFs)are open-end funds that allow investors to gain exposure to bitcoin without holding it,making it more accessible to everyday investors.Financial services&insuranceThe price of BTC trending up,driven in

90、 part by recent spot bitcoin ETF approval62as blockchain has slipped off executives radar,paling in comparison to genAI hypeSource:CB Insights Earnings Transcripts Analytics.Financial services&insuranceEarnings call mentions of blockchain vs.generative AI5229229168Blockchain47

91、mentions274441,6292,546Generative AI1,841 mentions05001,0001,5002,0002,5003,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4202Early blockchain experiments in banking have hit roadblocksSource:Media reports.Financial services&insuranceMajor blockchain trade finance networks shut downAnnounced shutdown 10/27/2

92、0239 shareholder banks includingEntered insolvency 2/24/202330+member banks includingEntered insolvency 6/6/2022Joint venture with 10+banks including 64Financial services leaders havent written blockchain off,but they arent racing to deploy it eitherSource:CB Insights Earnings Transcripts Analytics;

93、CB Insights buyer transcript ADDX.Financial services&insuranceCrypto complications continue to weigh on the sector“In terms ofblockchain and crypto,its,as far as we see,its still early days,still emerging technologies.But as weve said in other venues,we see the potential for blockchain.We see the po

94、tential for stablecoinsAnd well see how they play out in the market.And if theres things to scale,we want to be part of that.”CEO Ryan McInerney,Q223 earnings call“The first weakness of this solution is not really a weakness of ADDX,but rather a lack of understanding in the market and among clients

95、about the difference between blockchain and crypto.Crypto is volatile and risky,whereas blockchain is simply a technology to facilitate contracts and tokenize assets.When I tell customers that ADDX uses blockchain technology,they are sometimes confused and I have to explain further.Some are convince

96、d,but still worried that it may be related to crypto.”ADDX customer Senior Vice President,Publicly traded financial services company65The future of finserv incumbents limited blockchain experiments will hinge on adoption&revenueSource:Company&media reports.Financial services&insuranceSelect blockcha

97、in projects&recent announcements Digital token JPM Coin processes$1B worth of transactions a day,though still a fraction of the$10T processed daily by JPM(10/26/2023)Onyx launches JPM Coin-based programmable payments,scales back NFT,metaverse work(11/10/2023)Launches Citi Token Services,which conver

98、ts client deposits into digital tokens to enable instant cross-border payments&automated trade finance solutions around the clock(9/18/2023)Successfully pilots transferring tokenized assets across public and private blockchains with Chainlink(8/31/2023)Launches platform that tokenizes gold bars to s

99、implify tracking&trading(11/1/2023)66Extreme weather is an opportunity for insurtechFinancial services&insurance67The US saw a record number of billion-dollar weather disasters in 2023Financial services&insuranceSource:National Oceanic and Atmospheric Administration via Bloomberg(data as of Septembe

100、r 2023).68Extreme weather and climate change have gripped public attentionFinancial services&insuranceNumber of related media articles published per monthSource:CB Insights News Mentions Analytics.69$40B$37B$58B$174B$96B$63B$96B$133B$124B$95B$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$

101、180.0B$200.0B200020202120222023Unpredictable and costly weather disasters see insurers exit markets,reduce coverageFinancial services&insuranceNatural disaster losses amounted to$250B in 2023 less than half insured($95B)Source:Munich Re(adjusted to 2023 values based on local CP

102、I)via Bloomberg;media reports.InsurerSelect exitStopped applications for new business and personal lines of P&C insurance in California(2023)Paused new homeowners,commercial insurance,and condo policies in California(2022)Discontinued new auto,home,and umbrella policies in Florida(2023)70Insurers tu

103、rn to solutions for predicting and managing extreme weather riskFinancial services&insuranceFunding to these solutions remains steady while dealmaking ticks upSource:CB Insights Market Reports Catastrophe modeling,Climate and weather financial risk modeling,Weather risk intelligence,Wildfire risk in

104、telligence,and Flood intelligence.$243M$147M$442M$237MFunding$210M19132317Deals5$0M$50M$100M$150M$200M$250M$300M$350M$400M$450M$500M200222023CompanyCompanyAmountAmountRound$17MSeries A$14MSeries A$5MSeedKey earlyKey early-stage deals stage deals in 2023in 202371The great AI dru

105、g race heats upHealthcare&life sciences72Small-molecule drugs are central to the pharmaceutical industryHealthcare&life sciencesFrom 2013 to 2022,nearly 2 in 3 drugs approved by the FDA were small-moleculeSource:US Food and Drug Administration via Chemical&Engineering News.Note:Small-molecule drugs

106、are organic compounds with low molecular weights.They engage biological targets for therapeutic purposes,and most can be administered orally.27 approvals2013 89%of total41 approvals201466%of total45 approvals2015 71%of total22 approvals2016 50%of total201763%of total46 approvals2018 64%of total59 ap

107、provals2019 67%of total48 approvals2020 66%of total53 approvals2021 62%of total50 approvals2022 46%of total37 approvalsSmall-molecule drug approvalsNon-small-molecule drug approvals73AI is disrupting the small-molecule drug development landscapeSource:CB Insights research Pharma AI Market Map.Note:T

108、his market map shows technology companies that use AI organized by market.It is not intended to be exhaustive of companies in the space,and categories are not mutually exclusive.Healthcare&life sciences74AI is boosting the speed and precision of small-molecule drug discoverySource:CB Insights Market

109、 Scorecard AI small molecule drug discovery platforms.Healthcare&life sciencesSelect win reasons for leading players in the spaceIntegrates machine learning with complex biology to enhance drug discovery efficiency and accuracy.Utilizes a leading biopharma AI platform to accelerate drug target selec

110、tion and development in complex diseases like cancer.Integrates AI for both target identification and chemistry,enhancing drug discovery precision.75The race for the first AI-discovered drug is picking up rapidly,with candidates approaching late-stage trialsHealthcare&life sciencesAll eyes were on I

111、nsilico Medicine as it entered the first fully AI-generated small-molecule drug into Phase II clinical trials in June 2023Source:CB Insights company profile Insilico Medicine.76Venture activity in AI small molecule drug discovery holds strong heading into 2024Healthcare&life sciencesEquity funding t

112、icked up while deal count held steady in 2023,bucking the broader venture slowdownSource:CB Insights Market Report AI small molecule drug discovery platforms.$991M$1.9B$374MFunding$456M10167Deals70246810121416$0M$500M$1000M$1500M$2000M2020202Pharma incumbents will continue to work with th

113、ese companies to get aheadHealthcare&life sciencesThe top 3 players in the CBI Pharma AI Readiness Index have all linked up with AI-focused drug discovery startupsSource:CB Insights business relationships data and research.The Pharma AI Readiness Index assesses how prepared top pharma companies are

114、to adopt and respond to rapidly evolving AI technologies.Select AI partnerships shown for top 3 players.Partnerships and licensing agreements with AI companies factor into Execution scores.Partnered with AI precision medicine startup Exscientia to design pre-clinical drug candidates.Led a Series D r

115、ound for Recursion,which develops AI models for drug discovery.Recursion later went public and partnered with Bayer to develop new treatments for fibrotic diseases.Entered into a multi-target discovery agreement with genAI-focused biotech InsilicoMedicine.78Digital therapeutics(DTx)&wellness consoli

116、datesHealthcare&life sciences79Investors turn away from DTx&wellness amid lack of payer support and reimbursement challengesSource:CB Insights Expert Collection Digital Health.Note:Digital therapeutics(DTx)&wellness refers to the use of digital technologies,such as mobile apps,software programs,and

117、other digital platforms,to deliver therapeutic interventions and promote overall well-being.Healthcare&life sciencesDisclosed equity funding to DTx&wellness companies$1.2B$1.6B$6.0B$1.8BFunding$0.7B292261481308Deals00400500600$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B20022202380T

118、he industry was rocked by bankruptcy of DTx trailblazer Pear Therapeutics in 2023Healthcare&life sciencesReimbursement challenges weighed heavily on Pear,which was sold for parts in May 23Source:CB Insights valuation data Pear Therapeutics.Note:chart shows valuation by round.81Amid funding downturn,

119、DTx&wellness M&A is gaining momentumHealthcare&life sciences84324538M&A deals0123456789Q1Q2Q3Q4Q1Q2Q3Q420222023Source:CB Insights Expert Collection Digital Health.82Well-funded DTx&wellness companies are being snapped up by peers amid consolidationSource:CB Insights M&A transaction data Pear Therape

120、utics,Dreem,Limbix.Healthcare&life sciencesSelect M&A deals in 2023Assets sold to Click Therapeutics,Harvest Bio,Nox Health,and WeltTotal equity funding:$284MTotal equity funding:$55MAcquired by Beacon BiosignalsTotal equity funding:$27MAcquired by Big Health83Insurance coverage will remain a critic

121、al challenge for DTx&wellness in 2024Source:CB Insights buyer transcripts Luminopia,Oshi Health.Healthcare&life sciencesLooking ahead this year,therapeutics&wellness buyers identify coverage as key area for growth“Luminopia may have room for growth by getting approval with insurance companies.Howeve

122、r,the insurance companies are hesitant to cover the cost of dichoptic therapy,which is at least$150 a month.Luminopia may need to work with the insurance companies and find success that even doctors have failed to achieveThe price point of$45 per patient with the Medicaid population may not be susta

123、inable.”Luminopia customerPresident,Pediatric opthalmology company(December 2023)“Oshi Health has room for growth in expanding their coverage to all 50 states and increasing their reach into health plans.Currently,Oshi Health is integrated with Marpai,Quantum Health,UHC,and Aetna and serves 75%to 80

124、%of their clients needs.As demand for their product offering increases,my client expects to see continued growth within the health plans and across the United States.”Oshi Health customerDirector,Publicly traded insurance company(December 2023)84The brain becomes a fierce tech battlegroundHealthcare

125、&life sciences85Elon Musks Neuralink just announced its first human brain implant and its workforce is rising quickly as it revs upSource:CB Insights company profile Neuralink.Healthcare&life sciences86Investors are betting on brain-computer interfaces to initially help motor-impaired patients,and h

126、uman trials are kicking offSource:CB Insights deals data for select brain-computer interface companies.CompanyHeadquartersTotal equity fundingLatest funding roundRecent milestoneUS$680MSeries D(08/07/2023)Human trial in progressUS$125MSeries C(12/15/2022)Human trial in progressUS$96MSeries A(11/01/2

127、023)Received FDA Breakthrough Device designationUS$53MSeries B(12/19/2022)Received FDA Breakthrough Device designationHealthcare&life sciences87Meanwhile,brain activity data can now be coupled with AI to read minds with eerie accuracySource:Yu Takagi,Shinji Nishimoto,“High-resolution image reconstru

128、ction with latent diffusion models from human brain activity.”Original images a participant was viewing compared to those reconstructed from their fMRI data and Stable Diffusion Healthcare&life sciencesOriginal imagesReconstructed images88As the brain-computer interface landscape matures,privacy deb

129、ates will reach a new fever pitchSource:CB Insights News Mentions Analytics.Data privacy media mentions were at an all-time high in 2023 but tech that can capture even superficial information on inner thoughts will intensify scrutinyHealthcare&life sciences89AI sales agents flood the e-commerce land

130、scapeRetail&consumer90$5.0T$5.3T$5.8T$6.3T$6.9T$7.5TE-commerceretail sales$8.0T18.9%18.9%19.5%20.3%21.2%22.2%Share of total retail sales23.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%$0.0T$2.0T$4.0T$6.0T$8.0T$10.0T$12.0T20224202520262027As e-commerce grows,retailers dont want to be caught on

131、the back footSource:Insider Intelligence|eMarketer.Years 2023 to 2027 are projections.Retail&consumerE-commerce sales are poised to increase,making up a greater share of total retail sales91But finding new customers is cutting deeper into profits over timeSource:SimplicityDX.Retail&consumerE-commerc

132、e brands&retailers lose$29 for each new customer acquired over 200%more than in 2013$9$29$0$5$10$15$20$25$30$35$4020132022+222%+222%Since 201392Retailers turn to startups to find new ways to engage and convert online shoppersSource:CB Insights research Retail Tech 100.Retail&consumer93As advances in

133、 NLP allow for AI bots that can haggle and upsellSource:CB Insights company profiles Nibble Technology,Zowie,BATNA,ergo.Retail&consumerEarly-stage companies in the space include Retail Tech 100 winners Nibble and ZowieCompanyLatest roundSelect investors$3.3M seed(March 2022)Venrex$14M Series A(May 2

134、022)Tiger Global Management,Gradient Ventures,Jack Altman$0.04M accelerator(March 2023)Fashion Technology Accelerator$1.5M pre-seed(October 2023)Anthemis,Wischoff Ventures94AI price negotiation boosts customer engagementSource:CB Insights buyer transcript Nibble Technology.Retail&consumer“India is a

135、 very price-sensitive market,and haggling is in our DNA.Customers are used to shopping and bargaining in an offline setting,so when it was presented to them in an online setting,it was something very new,something worth trying,and a lot of them just did it for the fun of it.”Nibble Technology custom

136、erFounder,Retail company95Expect to see more AI sales agents built into e-commerce&social channelsSource:CB Insights business relationships data;company websites.Retail&consumerAI sales chatbot developers flock to platforms like Shopify,InstagramCommerce platformSelect partners offering AI sales cha

137、tbot integrations96Retailers tackle shrink with AI loss preventionRetail&consumer97Inventory loss costs retailers$100B/year&its not getting betterSource:National Retail Federation.Note:Shrink refers to inventory loss due to theft or error.Retail&consumer%of US retail sales lost to shrink has remaine

138、d stubbornly high1.4%1.4%1.3%1.4%1.6%1.6%1.4%1.6%0.0%0.5%1.0%1.5%2.0%200021202298Executives express growing concern around shrinkSource:CB Insights Earnings Transcripts Analytics.Retail&consumerMentions of retail shrink on earnings calls50504943102mentions02040608019

139、2020202“we are making investments in technology to improve store productivity,lower digital fulfillment costs,and reduce waste and shrink.These improvements will drive an incremental$1B of cost savings in 2023.”CFO Gary Millerchip,Q123 earnings callIncumbents look to tech to prevent inven

140、tory lossSource:CB Insights Earnings Transcripts Analytics(date reflects quarter call occurred).Retail&consumer“.shrink was in line with last years results,despite industry-wide challenges,driven by our proactive customer service,tech-driven solutions,industry-leading asset protection program,and ou

141、r penetration of rural stores.Were developing.RFID technology embedded in power tools to prevent theft.”EVP of Stores Joe McFarland,Q323 earnings call100Investors funnel money toward AI-powered loss preventionSource:CB Insights company profiles Verkada,Everseen,Solink.Note:Examples of AI application

142、s for in-store loss prevention include real-time camera feed analysis and self-checkout behavior scanning.Retail&consumerCompanyHQLatest funding roundSelect customersRound investorsUS$100M Series D(October 2023)Alkeon Capital Management(Lead),First Round Capital,Lightspeed Venture Partners,next47 Ir

143、eland$71M Series A(May 2023)Crosspoint Capital Partners(Lead)Canada$60M Series C(July 2023)Goldman Sachs Asset Management(Lead),BDC Venture Capital,OMERS VenturesLoss prevention tech companies raise massive funding rounds in 2023101AI loss prevention can also enable other in-store tech,like self-che

144、ckout,to drive efficiencySource:CB Insights buyer transcript Everseen.Retail&consumer“The Everseen product identifies and pauses transactions when merchandise is present at the self-checkout but not scannedto prevent loss.Additionally,it uses AI to identify merchandise and ensure that customers are

145、scanning the correct item.Throughout our organization,from store level to senior management,there is a lot of support for Everseen and the value that it adds.It has become a necessary part of our business and the protection of our assets.”Everseen customerDirector,Fortune 500 company102AI sends a sh

146、ockwave through gamingRetail&consumer103$113.8B$128.2B$142.5B$182.0B$201.6B$195.6B$195.1B$211.7B$227.6B$0.0B$50.0B$100.0B$150.0B$200.0B$250.0B20020202242025Video games represent a massive and growing opportunitySource:IDC.Years 2023 2025 are projections.Retail&consumerWith$190B

147、+in annual revenues,gaming is 5x bigger than the movie industry104But making games isnt cheapSource:Media reports.Retail&consumer$81M$200M$316M$600M+$0M$100M$200M$300M$400M$500M$600MThe Witcher 3:Wild Hunt(2015)Starfield(2023)Cyberpunk 2077(2020)Star Citizen(in development)AAA games can require hund

148、reds of developers and 9-figure budgets105Developers rush to adopt genAI even as they worry about its misuseSource:Game Developers Conference.*Developers express concern about the possibility of copyright infringement,worsening labor conditions for human artists,and more.Retail&consumerof developers

149、 use(or want to use)genAIor have colleagues who use itof developers are concerned about the ethics*of using genAIfor development64%84%Compan y ACompan y A106AI could cut dev costs while making gameplay more immersiveSource:Crypko via Bloomberg;Inworld.Retail&consumerThe cost of outsourcing developme

150、nt for a single in-game character vs.using AI to do it$675$40$0$100$200$300$400$500$600$700$800Outsourced laborAI“The average game time increased by 5%due to the interaction with AI non-player characters.”Ryan Yang,founder&CEO of MageCosmos,in a case study on Inworlds AI NPCs-94%94%with AIwith AI107

151、And the market for AI-generated content is heating upSource:CB Insights headcount data Synthetic gaming content Market Report.Retail&consumerMost synthetic gaming companies which use AI for lifelike non-player characters,object animations,&more ended 2023 with strong YoY headcount growth108Incumbent

152、s will lead the shift with developer-and creator-focused toolsSource:CB Insights business relationships data;company and media reports.Retail&consumerGaming incumbentPartners(if applicable)Release descriptionUnity releases two creator-focused AI engine platforms Sentis and Muse and launches a market

153、place for 3rd-party AI tools with integrations to Inworld,modl.ai,and others(June 2023)N/ARoblox launches Assistant,an AI copilot that helps creators to code,build worlds using natural language commands,and more(September 2023)Microsofts Xbox announces multi-year partnership with Inworld to build AI

154、-powered game design and narrative tools(November 2023)Epics Unreal Engine links up with 3D model creator Cybever to give developers access to Cybevers 3D assets(January 2024)Recent genAI releases from major gaming companies and their partners109Humanoid robots come for manufacturingIndustrials110Hu

155、manoid robots have been in development for decadesSource:Media reports,press releases,journal articles,and company websites.Note:This timeline is not exhaustive of all notable events or capabilities for featured models.IndustrialsSelect advances since 1960 showcase progression of humanoid capabiliti

156、es11960s70s2 Zero-Moment Point(ZMP)stability theory is introduced WABOT-1(by WasedaUniversity):one of the earliest full-scale humanoid robots1980s90s3 P-Series robots(by Honda):improved walking,stair climbing Robonaut 1(by NASA):space exploration capabilities.R2 goes to space in 2011.4 QRIO(by Sony)

157、:advanced motion,face and voice recognition ASIMO(by Honda):walking,running,human interaction REEM-A(by Pal Robotics):first fully autonomous European biped humanoid robot Wakamaru(Mitsubishi Heavy Industries):in-home assistance,companionship2000s Atlas(Boston Dynamics):search and rescue capabilities

158、 Pepper(Softbank):emotion recognition and formation Sophia(Hanson Robotics):AI-powered humanoid capable of conversation and facial expressions2010s Optimus(Tesla):leverages self-driving AI for navigation Ameca(Engineered Arts):genAI-powered robot capable of holding conversations in dozens of languag

159、es,mimicking human facial expressions/body language52020s111Leading public players in humanoid robotics face a growing network of innovative startupsIndustrialsBoston Dynamics and Tesla currently lead in market and execution strengthSource:CB Insights ESP Ranking Industrial humanoid robots.Note:This

160、 company ranking is not exhaustive of players in the market.112Humanoid robotics startups gain momentum despite broader venture slowdownIndustrialsDealmaking in the space ramped up in 2023Source:CB Insights Market Report Industrial humanoid robots.$308M$582M$388MFunding$262M889Deals$0M$10

161、0M$200M$300M$400M$500M$600M$700M20202023As the market develops,competition for market share gets heatedIndustrialsTesla CEO Elon Musk discusses competitor Boston Dynamics on Q323 earnings callSource:CB Insights Earnings Transcripts Analytics(date reflects quarter call occurred).“If you no

162、 longer have a constraint on people,effectively,youve got a humanoid robot that can do as much as youd like,your economy is wisely infinite or infinite for all intents and purposes.So,I dont think anyone is going to do it better than Tesla,not by a long shot.Boston Dynamics is impressive,but their r

163、obot lacks a brain or like the Wizard of Oz,whatever.Yes,lacks a brain.”Elon Musk,Tesla Co-founder and CEO 114Humanoid robotics companies want to disrupt manufacturingIndustrialsManufacturing mentioned as a focus area 4x as much as constructionSource:CB Insights Analyst Briefings,company websites,pr

164、ess releases,and media reports.Manufacturing28%Logistics22%Retail18%Healthcare18%Construction,7%Defense and disaster response,7%115Corporate venture refocuses on strategic fitVenture116Corporate VC dealmaking is in retreat in the face of macroeconomic challengesSource:CB Insights financing data.Vent

165、ureCVC-backed equity deals hit a 4-year low in 2023 amid corporate belt-tightening and subdued returns from startup exits$58.2B$71.1B$174.4B$102.4BFunding$55.1B3,5263,6415,1425,197Deals3,54501,0002,0003,0004,0005,0006,0007,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$180.0B$200.0B201

166、920202027One exception:The most active CVCs are now based in JapanSource:CB Insights financing data.Chart shows equity deals backed by Japan-based corporate VCs.VentureJapanese CVC activity has held steady with strong government backing and cash stockpiles353569608572553697Deals5480100200

167、30040050060070080020020202120222023InvestorCompany countCountry1Mitsubishi UFJ Capital222SMBC Venture Capital183Mizuho Capital154Google Ventures145KB Investment115Samsung NEXT117SBI Investment108Mitsui Sumitomo Insurance Venture Capital88SDIC Venture Capital8Top CVCs by company count in Q

168、423118Amid the subdued venture investing environment,we expect CVC formation broadly will continue to slowSource:CB Insights.Note:CVC formation date based on when investor made first disclosed investment.Venture63850295274162new CVCs05003003502000212022202

169、3Number of new corporate venture arms by year119Existing CVCs are refocusing on strategic fit in sectors they know wellSource:Media reports.VentureCVCParentDevelopmentMicrosoftM12 refocuses investment strategy to align with Microsofts priorities(January 2023)VerizonVerizon brings venture arm under i

170、ts corporate strategy group(January 2023)TotalEnergiesTotal Energies winds down its climate-focused venture arm,pivots to TotalEnergies On accelerator focused on early-stage energy companies(May 2022)SalesforceSalesforce Ventures portfolio is a key part of Salesforces M&A pipeline,with two recent ac

171、quisitions(Airkit,September 2023;Spiff,December 2023)preceded by investment120Unicorns need a new playbook to surviveVenture121Startups compete for shrinking funding poolVentureGlobal equity dollars and deals hit lowest levels in 6+years in Q423Source:CB Insights research State of Venture 2023 Repor

172、t.$142.5B$157.7B$168.1B$180.3B$152.9B$118.6B$84.4B$70.3B$72.0B$58.7B$66.8BFunding$51.0B9,8819,69111,13411,03012,63110,6399,9438,8568,6887,4197,027Deals6,16902,0004,0006,0008,00010,00012,00014,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B$160.0B$180.0B$200.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42021202220

173、23-24%24%QoQ122Startup mortality on the rise as macroeconomic headwinds persistVentureNumber of publicly disclosed startup deathsSource:CB Insights financing data.Note:Excludes exited companies and bankruptcies that did not result in dissolution.40225392182309Deaths05003003504004502019202

174、02023Failed startups flush billions of dollars down the toiletVentureStartups that shut down in 2023 raised$4.1B in equity from 2019 to 2022Source:CB Insights financing data.Note:Excludes exited companies and bankruptcies that did not result in dissolution.$0.8B$1.1B$1.6B$0.7B$0.0B$0.2B$0

175、.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8B20022124With tech boom in the rearview mirror,some unicorns cant sustain valuations and are forced to close shopSource:CB Insights company profiles Olive,Convoy,Zume.VentureTop unicorn deaths in 2023 by latest disclosed valuation prior to shut-downVal

176、uation:$4BTotal equity funding:$850MValuation:$3.8BTotal equity funding:$836MValuation:$2.3BTotal equity funding:$446M125Remaining unicorns could be short on cash and face valuation loss,M&A,or closure in 2024Source:CB Insights Expert Collection Unicorns.Note:Graphic shows select unicorns in the US

177、and Europe that havent disclosed a funding round since 2021.VentureTop-valued unicorns that havent raised in 2+years126Our most popularresearchResearchGenerative AI predictions for 2024The 2024 Tech IPO PipelineGenerative AI BibleState of AI 2023 ReportThe future of big tech in 10 chartsMarket repor

178、tsLarge language model developersESG reporting,monitoring,&data analysisAI development platformsReal-world data127Expert CollectionsCB Insights customers can find and track companies using our analyst-curated Expert Collections.Filter by technology,funding,valuation,business model,and more.Track com

179、panies and monitor targets with real-time data.CB Insights helps the worlds leading companies understand everything they need to know about disruptive technologies find out more about why our customers love us here.128Buyer TranscriptsCB Insights helps the worlds leading companies understand everyth

180、ing they need to know about disruptive technologies find out more about why our customers love us here.Buyer profileUnderstand the buyer their title,their organization,and their experiencePurchase intelligenceHow much did they spend and whenConsistent structureModerated&structured conversations make transcripts easy to scanDeep insightsDetails on everything from evaluation criteria to competitors to satisfaction129IIIITry our platform for free