Overview
Last week was Reconstitution week for the Prime Unicorn Index, meaning we removed companies that no longer met the eligibility criteria and added new companies that were eligible for inclusion. This quarter, we removed three companies while adding five, bringing the total component count to 200.
Outgoing
Tealium, Alto Pharmacy, and Pacaso were all removed from the Index for Q4. Each company slipped below a valuation of $1 billion during Q2 2023, causing them to lose their unicorn status and eligibility in the Index.
Incoming
o9 Solutions is a leading enterprise software company that offers an Integrated Business Planning (IBP) platform. This platform helps organizations make smarter, faster decisions by providing insights into demand forecasting, supply chain optimization, and integrated business planning. Their cloud-native platform leverages artificial intelligence to facilitate better decision-making processes. o9 most recently raised a $116 million Series I round at $6.92 per preferred share, which valued the company at $3.3 billion. Investors include General Atlantic, KKR, and Generation Investment Management.
Shield AI is a technology company focused on developing autonomous systems for defense and national security applications. Their mission is to protect service members and civilians through the use of artificially intelligent systems. With a primary focus on drones and robotic systems, Shield AI aims to provide solutions that can operate in complex and contested environments without human intervention. The company most recently raised a $114.42 million Series F round at $43.79 per preferred share, valuing the company at $2.3 billion. Investors include Level Ventures, JVH Ventures, Point72, Bloomberg Beta, Andreessen Horowitz, and others.
Ascend Elements is known for its innovative approach to recovering and repurposing critical materials from spent lithium-ion batteries, thereby promoting a more sustainable lifecycle for these batteries. Their processes not only reduce the environmental impact of battery waste but also contribute to the creation of a circular economy in the battery industry. Ascend Elements most recently raised a $460.09 million Series D round at $10.65 per preferred share, which valued the company at $1.3 billion. Investors include Temasek, Qatar Investment Authority, Hitachi, Alumni Ventures, BHP Billiton Ventures, Fifth Wall Ventures, and others.
Coalition is a cybersecurity and insurance company that offers comprehensive solutions to help businesses manage and mitigate cyber risks. Their platform provides both technological tools to enhance cybersecurity and insurance coverage to protect against potential cyber threats and breaches. By combining risk management, threat intelligence, and insurance coverage, Coalition aims to empower businesses of all sizes to navigate the complex landscape of cyber threats. The company most recently raised $221.4 million in a Series F round at $21.53 PPPS, valuing the company at $5.3 billion. Investors include Valor Equity Partners, Kinetic Capital, General Atlantic, Index Ventures, Ribbit Capital, and others.
Since its last round, Coalition has been marked down 12.6% in the Prime Unicorn Index due to a decrease in the price of common shares issued to company executives, evident through Employee Plan Exemption Notices (EPENs) filed on 7/26/22 and 8/11/23. Its updated valuation is $4.6 billion.
Electric Hydrogen is a company dedicated to advancing the transition to clean and sustainable energy. Their primary focus is on developing technologies related to green hydrogen production and storage. By seeking innovations in electrolysis and hydrogen storage, Electric Hydrogen aims to make renewable energy more accessible and efficient, positioning hydrogen as a key player in the future energy mix. The company most recently raised $380 million through a Series C round priced at $5.74 per preferred share, valuing the company at $1.05 billion. Investors include BP Ventures, Energy Impact Partners, Equinor Ventures, Fifth Wall Ventures, Microsoft Climate Innovation Fund, Temasek, and United Airlines, among others.
Keep an eye out for a full Q4 2023 Reconstitution Report later this week.