Over the past 12 months, several names in tech pulled in hulking funding rounds to scale their offerings, and in some cases growing their valuations past the billion-dollar mark. Companies passing this threshold span verticals, including healthtech, blockchain and e-commerce software. As the Bay Area welcomes these new unicorns onto its tech scene, learn more about how these companies are growing.
Bay Area Tech Unicorns Minted in 2022
- Envoy
- CommerceIQ
- UPSIDE Foods
- NexHealth
- Vanta
- Magic Eden
- Visby Medical
- SingleStore
- ClassDojo
- Incredible Health
Following a fruitful year for revenue growth, Envoy, a front desk management software developer, pulled in a Series C round. January’s $111 million raise led by Brookfield Growth brought the company’s valuation to $1.4 billion. At the beginning of 2022, the company was hiring across a range of departments including as engineering and marketing.
Palo Alto-based CommerceIQ secured a $115 million investment for its e-commerce optimization tech. Softbank led the Series D round that brought CommerceIQ’s valutation to more than $1 billion back in March. The money went toward global expansion, including through the recently announced acquisition of the international-markets-focused e.fundamentals, as well as a partnership with Walmart Connect.
After a $400 million Series C from Temasek and the Abu Dhabi Growth Fund, UPSIDE Foods achieved unicorn status and has banked $608 million in funding to date. Since the announcement in April, the foodtech company has been working to commercialize its cell-cultivated meat. It also made plans to grow its headcount across a variety of teams like R&D and manufacturing.
As investments in healthcare persisted over the course of the pandemic, NexHealth was among the innovators to rake in ample funding. The company received $125 million to further its healthcare system API integrations back in spring. Buckley Ventures led the Series C round that brought NexHealth to unicorn status.
Cybersecurity company Vanta pulled in $110 million at a $1.6 billion valuation in June this year. The platform works to protect internet businesses against cyber risks and helps them stay compliant. Vanta grew to serve more than 3,000 customers over the last year and surpassed 250 employees. The company wants to further expand its team and tech.
After a $130 million Series B, NFT marketplace platform Magic Eden is valued at $1.6 billion. Electric Capital and Greylock led the round for the company that lets users create NFTs and sell them using the Solana blockchain. The summer funding round is helping Magic Eden expand its creator-focused platform.
Based in San Jose, Visby Medical pulled in a $100 million Series E raise for its medical diagnostics solution. The Series E, led by Ping An Voyager Partners, as well as the $35 million extension led by Lightrock, will help expand Visby Medical’s product lineup. Now with a valuation exceeding $1 billion, the company is furthering its work amid a global rise in need for its solution.
Goldman Sachs led the $116 million Series F round for SingleStore, a database solution for cloud and on-premise applications. The July raise brought the company to unicorn status with $382 million in funding. The company recently announced new features for its platform, including real-time analytics and improvements to its programmability and developer experience.
Outfitted with $125 million following its Tencent-led Series D funding round, edtech company ClassDojo is expanding its platform that connects teachers and students. At the end of July, its goal was to grow its virtual metaverse space to accommodate about half of the 51 million kids in active ClassDojo classrooms. The company’s valuation is now $1.25 billion.
Announced back in August, Incredible Health pulled in an $80 million Series B round that brought its valuation to $1.65 billion. The company operates a job-matching platform for nurses and wants to support initiatives to help healthcare systems better manage surges in patient care demand. The round, led by Base10 Partners, comes after Incredible health saw a 500 percent increase in revenue in 2021.
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