HURUN FUTURE UNICORNS - GLOBAL CHEETAH INDEX 2023

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HURUN FUTURE UNICORNS - GLOBAL CHEETAH INDEX 2023

IN SEARCH OF START-UPS FROM THE 2000S, NOT YET LISTED ON A PUBLIC EXCHANGE AND MOST LIKELY TO ‘GO UNICORN’ WITHIN 5YRS.

HURUN RESEARCH FINDS 747 CHEETAHS IN WORLD

CHINA AND USA LED WITH 291 AND 246, MAKING UP 72% OF WORLD’S CHEETAHS

UK AND INDIA THIRD AND FOURTH WITH 38 AND 36

WITH 64 CHEETAHS sHANGHAI TOPS CHEETAHS LIST FOLLOWED BY BEIJING (59) AND SAN FRANCISCO (46)

GUANGZHOU WITH 20 CHEETAHS MAKES TOP 10 CITIES, OF WHICH NANSHA DISTRICT HAS 4: CHALI, JIEMENG INTELLIGENCE, SEQUOIADB AND MOGULINKER. GREATER BAY AREA HAS 56 CHEETAHS, 19% OF CHINA’S CHEETAHS

HEALTHCARE most disrupted by CHEETAHS, followed by Financial services, BUSINESS MANAGEMENT SOLUTIONS and RETAIL

BIOTECH AND HEALTHTECH LED WITH 99 AND 89 CHEETAHS, FOLLOWED BY ENTERPRISE SERVICES WITH 70, FINTECH WITH 62, E-COMMERCE WITH 46, AI AND SAAS WITH 40 EACH

HONGSHAN, WHICH WAS SPUN OFF FROM SEQUOIA GLOBAL IN JUNE, IS THE MOST SUCCESSFUL GLOBAL CHEETAH INVESTOR WITH 60 KNOWN CHEETAH COMPANIES, FOLLOWED BY CICC, MATRIX PARTNERS, SOFTBANK AND TIGER GLOBAL

AVERAGE AGE 7YRS. 32 OR 4% OF CHEETAHS FOUNDED WITHIN LAST 3 YEARS

66% sell SOFTWARE AND SERVICES, 34% physical products

33% are consumer-facing, 67% B2B

(19 December 2023, Guangzhou, China, Mumbai, India and Oxford, UK) The Hurun Research Institute today released the Hurun Future Unicorns – Global Cheetah Index 2023, a list of the world’s start-ups founded in the 2000s, not yet listed on a public exchange and most likely to ‘go unicorn’, ie hit a valuation of US$1bn, within five years. The cut-off date used was 31 December 2022. Hurun Research has been tracking unicorns since 2017 and Gazelles in China and India since 2018. This is the first time Hurun Research has launched the Hurun Cheetah Index on a global level.

This report includes the Most Successful Cheetah Investors in the World 2023, a ranking of the 50 most successful Cheetah investors, and the Most Successful Cheetah Investors in China 2023, based on the number of Cheetahs they have invested in.

Hurun Research found 747 Cheetahs in the world, based in 34 countries and 198 cities. On average, they were set up in 2016 and today have a valuation of US$400 million. 66% sell software and services, led by Enterprise Services, FinTech and followed by HealthTech, Biotech and SaaS. 34% have a physical product as a core business offering, led by Biotech, HealthTech, Smart Chips and Robotics. 67% are selling to businesses, whilst 33% are consumer-facing. Cheetahs are disrupting healthcare mainly, and financial services.

Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said:

“I am delighted to release the Hurun Global Cheetah Index 2023 in association with Nansha District. Nansha District has a good environment for the development of high-growth industries and is known for dynamic and strong innovation. Nansha has policies to support innovative enterprises, and gives support to emerging industries in terms of technology research and development, industrial agglomeration, application scenarios, and financial support. This makes Nansha a unique investment destination full of potential and opportunities.”

“Cheetahs represent the economy of the future. What they are doing and where they are doing it shows which industries are attracting the top young talent and investment, and which countries and cities have the best startup ecosystems. They might be young, only seven years old on average, but are already worth US$400 million on average. For the Cheetahs, the top two industries are BioTech and HealthTech, suggesting that these sectors are going to provide the unicorns of the future. Quite different to the Unicorn industries we see today, which are FinTech, SaaS and E-commerce.”

“No matter whether it's a Cheetah, Gazelle, or Unicorn, you can basically divide the world into three: the United States, China, and the ‘Rest of the World’. 70% of the world's most powerful startups are in China and the United States, suggesting that the Apples and Microsofts of the future are most likely to come from these two countries. The rest of the world’s startups are from India, the UK, Germany, Israel, Canada and France.”

“The malaise across venture capital is apparent, with many investors pulling out their money, mainly due to interest rate hikes and a downturn in the global economy. In the first three months of this year, VC funding was less than half that raised in the same period last year. Despite this, Hurun managed to identify 750 Cheetah companies that we believe are most likely to become unicorns within five years.”

“Now is a good opportunity to start up, especially when considering that ChatGPT is still only in its first year. When the iPhone hit the world in January 2007, it took a few years for the impact to filter through to everyone’s lives. This generated a golden period for innovation and startups. I expect to see ChatGPT spawn a similar period of innovation, but at a faster scale than before.”

“Investment is the lifeblood for many of these future unicorns. I hope the Hurun Global Cheetahs Index can encourage more people to focus on these young high-growth companies, and potentially provide capital to them. I believe this has great social value. Identifying these future unicorns is hard, but there are professional venture capital houses out there, like HongShan, CICC and Matrix Partners, which have a great track record of identifying and investing into them.”

“Investors tend to focus on exiting within five to seven years at the higher end, which is why we designed the Hurun Global Cheetah Index to focus on startups most likely to go unicorn within five years. It’s about value creation more than just sales.”

“Our list of Cheetahs is noteworthy because many go on to become Gazelles, Unicorns or go public. 20% of the world’s new unicorns this year came from previous Hurun Gazelle and Cheetah lists. In China and India, our record was even better with 40% and 80% of new unicorns coming from our Gazelle and Cheetah lists.”

“BioTech and HealthTech are the two preferred industries of Cheetahs, showing that healthcare as a whole is going through strong disruption.”

“These Cheetahs, now worth US$400 million on average, were founded seven years ago on average. At this rate, if you start a business today, seven years from now, ie in 2030, you should be aiming to make our Cheetah list!”

“This year, we have identified 2,800 Unicorn, Gazelle and Cheetah companies, making Hurun the world’s largest list maker in the world for startups. This year we took the Cheetahs Index to a global level. I am proud that our startup series is finally complete.”

“Hurun is committed to promoting entrepreneurship through its lists and research. Hurun’s ‘startup series’ has three main components. On the corporate level, it begins with the Hurun Cheetah Index, startups most likely to go unicorn within five years, moving onto the Hurun Gazelle Index, startups most likely to go unicorn within three years, and finishing with the Hurun Unicorn Index, startups already worth US$1 billion. On the individual level, we have the Hurun Under30s, Under35s and Under40s, for founders of businesses that are worth US$10 million, US$50 million and US$100 million.”

Where are the World’s Cheetahs based?

The world’s Cheetahs are based in only 34 countries around the world, spread around 198 cities.

China and USA led with 291 and 246, together accounting for 72% of the world’s known Cheetahs.

The UK was third with 38 Cheetahs, followed by India with 36.

By city, Shanghai is the world’s Cheetah capital with 64. Beijing is second ahead of San Francisco and Hangzhou.

London is the Cheetah capital of Europe with 28 Cheetahs, more than Paris, Berlin, Oxford, Basel and Munich combined.

Asia led North America as the continent creating the most Cheetahs in the world.

Table 1: Top 20 countries and cities where the world’s Cheetahs are based

Rank	Country	No. of Cheetahs	Rank	City	No. of Cheetahs
1	China	291	1	Shanghai	64
2	USA	246	2	Beijing	59
3	UK	38	3	San Francisco	46
4	India	36	4	Hangzhou	35
5	Israel	15	5	New York	32
6	Germany	12	6	Shenzhen	30
6	Singapore	12	7	London	28
6	Canada	12	8	Suzhou	24
9	France	11	9	Bengaluru	21
10	Australia	9	10	Guangzhou	20
11	Brazil	8	11	Cambridge	14
11	Switzerland	8	12	Singapore	12
13	Indonesia	7	13	Nanjing	10
14	South Korea	6	14	Tel Aviv	9
15	Netherlands	5	14	Palo Alto	9
16	Japan	4	14	Mountain View	9
17	Belgium	2	14	Boston	9
17	Poland	2	18	Los Angeles	8
17	New Zealand	2	19	Paris	7
17	Spain	2	20	Berlin	6
17	Nigeria	2	20	San Jose	6
17	UAE	2	20	Sydney	6
17	Norway	2	20	Jakarta	6
17	Chile	2	20	Sao Paulo	6

Source: Hurun Research Institute

Table 2: Top Cities for Cheetahs in China, USA & Rest of World

	China Cities	No. of Cheetahs		US Cities	No. of Cheetahs		RoW Cities	No. of Cheetahs
1	Shanghai	64	1	San Francisco	46	1	London	28
2	Beijing	59	2	New York	32	2	Bengaluru	21
3	Hangzhou	35	3	Cambridge	14	3	Singapore	12
4	Shenzhen	30	4	Mountain View	9	4	Tel Aviv	9
5	Suzhou	24	4	Palo Alto	9	5	Paris	7
6	Guangzhou	20	4	Boston	9	6	Sydney	6
7	Nanjing	10	7	Los Angeles	8	6	Sao Paulo	6
8	Xiamen	4	8	San Jose	6	6	Jakarta	6
9	Ningbo	3	9	Redwood City	5	6	Berlin	6
9	Chongqing	3	9	San Diego	5	10	Toronto	4
9	Hong Kong	3	9	Chicago	5	10	Tokyo	4
9	Jiaxing	3		Others	98 (40%)	10	Seoul	4
9	Changsha	3		Total	246	10	New Delhi	4
	Others	30 (10%)				10	Mumbai	4
	Total	291				10	Gurugram	4
							Others	85 (40%)
							Total	210

Source: Hurun Research Institute

Table 3: Continents where the world’s Cheetahs are based

Rank	Continent	No. of Cheetahs	% of Cheetahs
1	Asia	375	50%
2	North America	259	35%
3	Europe	88	12%
4	Oceania	11	1%
4	South America	11	1%
6	Africa	3	0.4%
	Total	747	100%

Source: Hurun Research Institute

What industries do they come from?

Biotech and HealthTech are the core business for Cheetahs, followed by Enterprise Services, FinTech, and E-commerce.

More than half of the China Cheetahs were in Biotech, HealthTech, Enterprise Services and Smart Chips, whilst for USA it was Biotech, HealthTech, SaaS, Enterprise Services and FinTech. For the Rest of the World, it was FinTech, E-commerce, HealthTech, SaaS and Biotech.

Table 4: Industries of the Cheetahs

Rank	Industry	No. of Cheetahs	% of Cheetahs
1	Biotech	99	13%
2	HealthTech	89	12%
3	Enterprise Services	70	9%
4	FinTech	62	8%
5	E-commerce	46	6%
6	SaaS	40	5%
6	Artificial Intelligence	40	5%
8	Smart Chips	26	3%
9	Blockchain	20	3%
10	Robotics	19	3%

Source: Hurun Research Institute

Table 5: Key sectors of Cheetahs in China, USA & Rest of World

	China key sectors	%		US key sectors	%		RoW key sectors	%
1	Biotech	18%	1	Biotech	13%	1	FinTech	19%
2	HealthTech	15%	2	HealthTech	11%	2	E-commerce	9%
3	Enterprise Services	14%	3	SaaS	10%	3	HealthTech	8%
4	Smart Chips	7%	4	Enterprise Services	8%	4	SaaS	7%
5	Artificial Intelligence	6%	5	FinTech	7%	4	Biotech	7%

Source: Hurun Research Institute

Table 6: High-profile Cheetahs by Region

	Country	High-profile Cheetahs
1	China	CiXtech, Lepure, Minospace
2	USA	Underdog Fantasy, HOVER, Landing
3	UK	Cera, Cognism, Modulr, Beauty Pie
4	India	Stanza Living, WayCool, Rupeek
5	Rest of World	Yanadoo, CADDi, YFood Labs, BandLab

Source: Hurun Research Institute

Table 7: Top 10 Industries most disrupted by Cheetahs

Rank	Industry	No. of Cheetahs	% of Cheetahs
1	Healthcare	183	24%
2	Financial Services	88	12%
3	Business Management Solutions	73	10%
4	Retail	30	4%
5	Media & Entertainment	23	3%
6	Automobile	21	3%
6	Food & Beverages	21	3%
8	Cyber Security	19	3%
9	Logistics	18	2%
10	Life Sciences	13	2%
10	Real Estate	13	2%

Source: Hurun Research Institute

Which investors are the best at finding Cheetahs?

HongShan, which was spun off from Sequoia Global in June, is the world’s most successful investment platform at finding and investing into Cheetahs, investing into 60 of the world’s known Cheetahs, followed by CICC, Matrix Partners, SoftBank and Tiger Global Management.

For the full Top 50 list of the Most Successful Cheetahs Investors in the World 2023 and the full Top 30 list of the Most Successful Cheetah Investors in China 2023, see Appendix.

Table 8: Most successful investors into Cheetahs – Global and China Top 10

	Investors into Global Cheetahs	No. of Cheetahs		Investors into China Cheetahs	No. of Cheetahs
1	HongShan	60	1	HongShan	60 (+11)
2	CICC	50	2	CICC	50 (+16)
3	Matrix Partners	44	3	Matrix Partners	37 (+9)
4	SoftBank	37	4	Qiming Venture Partners	32 (+10)
5	Tiger Global Management	34	5	Hillhouse	31 (+8)
6	Qiming Venture Partners	32	6	Legend Capital	23 (+6)
7	Hillhouse	31	6	Shenzhen Capital	23 (+3)
7	Tencent	31	8	Lenovo	22 (+7)
9	GGV Capital	27	8	Oriza	22 (+11)
9	Sequoia Capital	27	10	Tencent	21 (+4)
			10	CITIC	21 (+2)

Source: Hurun Research Institute

Sequoia Capital includes Sequoia USA/Europe, Sequoia India/Southeast Asia, excluding HongShan

Comparison between Hurun Cheetahs, Gazelles and Unicorns

A Unicorn is a start-up from the 2000s, worth at least a billion dollars and not yet listed on a public exchange. A Gazelle is a start-up from the 2000s, not yet listed and most likely to become a unicorn within three years. A Cheetah is a start-up from the 2000s, not yet listed and most likely to become a unicorn within five years.

By country, the USA, China, India and the UK are the countries with the highest number of Unicorns, Gazelles and Cheetahs.

By city, San Francisco, Shanghai, Beijing, New York and London lead the way with the most Cheetahs, Gazelles, and Unicorns.

By industry, Biotech and HealthTech generated more Cheetahs, whilst for Gazelles and Unicorns it was FinTech, SaaS and E-commerce.

Cheetahs produce more physical products than Gazelles and Unicorns, and have a tendency to sell more to businesses rather to consumers.

Table 9A: By Country comparison of Cheetahs, Gazelles and Unicorns

	Country for Cheetahs	%		Country for Gazelles	%		Country for Unicorns	%
1	China	39%	1	USA	36%	1	USA	49%
2	USA	33%	2	China	32%	2	China	23%
3	UK	5.2%	3	India	7.0%	3	India	5.0%
4	India	4.8%	4	UK	6.1%	4	UK	3.6%
5	Israel	2.0%	5	Germany	2.8%	5	Germany	2.6%
6	Germany	1.6%	6	Israel	1.7%	6	Israel	1.8%
6	Singapore	1.6%	7	Canada	1.6%	7	Canada	1.7%
6	Canada	1.6%	7	France	1.6%	7	France	1.7%
9	France	1.5%	9	Singapore	1.5%	9	South Korea	1.3%
10	Australia	1.2%	9	South Korea	1.5%	10	Brazil	1.2%

Source: Hurun Research Institute

Table 9B: By City comparison of Cheetahs, Gazelles and Unicorns

	City for Cheetahs	%		City for Gazelles	%		City for Unicorns	%
1	Shanghai	8.6%	1	San Francisco	10%	1	San Francisco	13%
2	Beijing	7.9%	2	Shanghai	9.2%	2	New York	9.3%
3	San Francisco	6.2%	3	Beijing	7.1%	3	Beijing	5.8%
4	Hangzhou	4.7%	4	New York	6.1%	4	Shanghai	4.8%
5	New York	4.3%	5	London	5.5%	5	London	3.1%
6	Shenzhen	4.0%	6	Shenzhen	4.9%	6	Bengaluru	2.4%
7	London	3.7%	7	Bengaluru	3.2%	6	Shenzhen	2.4%
8	Suzhou	3.2%	8	Hangzhou	2.3%	8	Berlin	1.6%
9	Bengaluru	2.8%	9	Berlin	1.9%	8	Paris	1.6%
10	Guangzhou	2.7%	10	Los Angeles	1.7%	8	Guangzhou	1.6%
						8	Hangzhou	1.6%

Source: Hurun Research Institute

Table 9C: By Industry comparison of Cheetahs, Gazelles and Unicorns

	Industry of Cheetahs	%		Industry of Gazelles	%		Industry of Unicorns	%
1	Biotech	13%	1	FinTech	15%	1	FinTech	13%
2	HealthTech	12%	2	Biotech	13%	2	SaaS	10%
3	Enterprise Services	9%	3	SaaS	12%	3	E-commerce	9%
4	FinTech	8%	4	HealthTech	8%	4	Artificial Intelligence	8%
5	E-commerce	6%	5	E-commerce	7%	5	HealthTech	7%

Source: Hurun Research Institute

Table 9D: Comparison between Cheetahs, Gazelles and Unicorns

	Global Cheetahs	Global Gazelles	Global Unicorns
Software & Services	66%	74%	79%
Physical Products	34%	26%	21%
B2B	67%	57%	56%
B2C	33%	43%	44%

Source: Hurun Research Institute

Methodology

The Hurun Future Unicorns – Global Cheetahs Index 2023 was compiled by the Hurun Research Institute. The cut-off used was 31 December 2022. Hurun Research defines a Cheetah as a start-up founded in the 2000s, not yet listed on a public exchange and most likely in our opinion to reach a valuation of US$1bn – ie ‘go unicorn’ – in the next five years. Cheetahs mostly have a valuation today of between US$300mn to US$500mn.

Many of the world’s top investment houses provided details of their portfolio, which Hurun Research cross-checked against specialized investment databases, industry experts, media sources, as well as Cheetahs co-founders.

Valuing Cheetahs can be tricky. The very nature of these super-fast growing companies makes valuations hard to pin down, but to ensure consistency of the valuations, the Hurun research team used the most recent valuation based on a sizeable round. Where it becomes harder is when a Cheetah is underperforming or on its way down, since it is unlikely to have a new round of investment at a valuation lower than the previous round. In this case, Hurun uses industry comparatives to ascertain a new lower valuation.

Countries and cities are ranked according to the Cheetah head office.

Cheetahs leave the Hurun Global Cheetah Index either by being ‘promoted’ or ‘demoted’. Promotions are by becoming a Gazelle or Unicorn, listing on a public exchange (IPO) or being acquired. Demotions are when Hurun Research believes they will no longer become a unicorn within five years.

Hurun Research has been tracking Unicorns since 2017, Gazelles since 2018 and Cheetahs since 2020.

Disclaimer. All the data collection and the research has been carried out by Hurun Research. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources that are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun. Hurun does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it, assumes any liability towards the user with respect to its information. Hurun shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

About Nansha

Located at the geographical center of the Guangdong-Hong Kong-Macao Greater Bay Area, Nansha New Area of Guangzhou is 38 nautical miles away from Hong Kong and 41 nautical miles away from Macao. A half-hour transportation circle with Nansha as its core is taking shape. Covering an area of 803 square kilometers, Nansha has a population of over 1.2 million.

Nansha enjoys multiple strategic designations: it is the only state-level new area in Guangdong province, the largest area of Guangdong Pilot Free Trade Zone, the Demonstration Zone for Comprehensive Cooperation among Guangdong, Hong Kong and Macao. In June 2022, the State Council issued the Overall Plan for Promoting Comprehensive Cooperation among Guangdong, Hong Kong and Macao by Further Deepening Opening-up in Nansha District of Guangzhou, which envisioned Nansha as a major strategic platform with global perspective that is based on the Greater Bay Area and in collaboration with Hong Kong and Macao. Nansha has scored notable achievements in cooperation with Hong Kong and Macao. In recent years, major projects have been implemented here, including the Consultative Committee on Guangdong-Hong Kong Cooperation (Guangzhou Nansha), the Hong Kong University of Science and Technology (Guangzhou), the Hong Kong-style International Community and the Nansha Incubation Base of Hong Kong Science Park. Nansha boasts the largest container hub port in South China, and the largest international cruise home port in China. Railways from Nansha port are accessible to Europe, Central Asia, and Southeast Asia. With the new position of National Demonstration Zone for Creative Promotion of Import Trade, Nansha has outstood in pursuing a more robust development by fully leveraging domestic and international markets. As a main support area for comprehensive national science center of the Greater Bay Area, Nansha is building a batch of scientific and technological innovation platforms such as Nansha Science City, cold-seep scientific facilities, International Special Zone for Talents, and the permanent site of the Greater Bay Area Science Forum. It is also home to an over 200-billion-yuan automotive cluster. The development of the strategic emerging industries in Nansha including artificial intelligence, life science, marine science, aerospace, and aviation is in full swing. Financial platforms such as the Guangzhou Futures Exchange and Guangzhou Data Exchange are being constructed in Nansha. More than 240 projects invested by Global Fortune 500 companies have been introduced here.

Nansha’s charm of Lingnan culture, water town culture, and ocean culture are unique and lingering. Nansha boasts distinctive attractions: the “Nansha Man” Relics, dated back to 4,000 years ago and known as the earliest one found in Guangzhou; Humen Fort Former Site; Former Residence of the People’s Musician Xian Xinghai. Besides, Nansha’s kylin dance, salt-water songs, and gambiered canton gauze have been included as intangible cultural heritages. Nansha enjoys an outstanding ecological environment, featuring a perfect integration of mountains, farmlands, rivers, sea, towns. With hundreds of hectares of wetlands, it is also crowned as a most livable community by the United Nations, a national law-based government demonstration district, and one of the happiest cities (district-level) in China.

About Hurun Inc.

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Established in the UK in 1999, Hurun is a research, media and investments group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 6 billion views on the Hurun brand last year, mainly in China and India.

Best-known today for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s two other key series include the Hurun Start-up series and the Hurun 500 series, a ranking of the world’s most valuable companies.

The Hurun Start-up series begins with the Hurun U30s, an awards recognizing the most successful entrepreneurs under the age of thirty, and is today in seven countries. Next up are Hurun Cheetahs, Chinese and Indian start-ups with a valuation of between US$200mn to US$500mn, most likely to go unicorn with five years. Hurun Global Gazelles recognize start-ups with a valuation of US$500mn to US$1bn, most likely to go unicorn within three years. The culmination of the start-up series is the Hurun Global Unicorn Index.

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Hurun Future Unicorns – Global Cheetah Index 2023

Company	Country	Headquarters	Founders	Main Sector
Athena	Australia	Sydney	Michael Starkey, Nathan Walsh, Rex V. Jobe	FinTech
Catheon Gaming	Australia	Sydney	William Wu	Gaming
Finder	Australia	Sydney	Frank Restuccia, Fred Schebesta	FinTech
Harrison.ai	Australia	Barongarook	Dimitry Tran, Dr Aengus Tran	HealthTech
Lyre's Spirit Co	Australia	Leichhardt	Carl Hartmann, Mark Livings	Food & Beverages
Morse Micro	Australia	Surry Hills	Andrew Terry, Michael De Nil	Smart Chips
Omniscient Neurotechnology	Australia	Sydney	Michael Sughrue, Stephane Doyen	SaaS
Till Payments	Australia	Sydney	Chris Hicks, Shadi Haddad	FinTech
v2food	Australia	Sydney	Nick Hazell	Food Processing
Gropyus	Austria	Vienna	Bernd Oswald, Harald Mahrer, Markus Fuhrmann, Philipp Erler	Real Estate Tech
Cohabs	Belgium	Brussels	François Samyn, Youri Dauber	Shared Economy
Precirix	Belgium	Brussels	Geert Raes, Jens De Vos, Ludwig Camusot, Matthias D'Huyvetter, Nick Devoogdt	BioTech
Buser	Brazil	Sao Paulo	Marcelo Abritta, Marcelo Coelho Vasconcellos	Travel
Cora	Brazil	Sao Paulo	Igor Senra Magalhaes, Leonardo Soares Barbosa Mendes	FinTech
Descomplica	Brazil	Rio De Janeiro	Marco Fisbhen	EdTech
Fazenda Futuro	Brazil	Rio De Janeiro	Marcos Leta	Food Processing
Gupy	Brazil	Sao Paulo	Bruna Guimarães, Guilherme Henrique Dias, Mariana Dias, Robson Ventura	SaaS
Kovi	Brazil	Sao Paulo	Adhemar Milani Neto, Joao Costa	Shared Economy
Nomad	Brazil	Sao Paulo	Eduardo Haber, Marcos Nader, Patrick Sigrist	FinTech
Solfácil	Brazil	Sao Paulo	Fabio Carrara, Vitor Leal	FinTech
Canada Drives	Canada	Vancouver	Cody Green	E-commerce
Coinsquare	Canada	Toronto	Virgile Rostand	Blockchain
Dooly	Canada	Vancouver	Justin Vaillancourt, Kris Hartvigsen	Artificial Intelligence
Introhive	Canada	Fredericton	Jody Glidden	SaaS
Jobber	Canada	Edmonton	Forrest Zeisler, Sam Pillar	SaaS
Kepler Communications	Canada	Toronto	Jeffrey R Osborne, Mark Michael, Mina Mitry, Samer Bishay, Shelly Rao, Wen Cheng Chong	Telecommunications
Nesto	Canada	Montreal	Chase Belair, Damien Charbonneau, Karim Benabdallah, Malik Yacoubi	FinTech
Nobul Technologies	Canada	Toronto	Regan McGee	E-commerce
OSF Digital	Canada	Quebec	Alin Dorobantu, Gerard Szatvanyi	Enterprise Services
Prodigy Education	Canada	Oakville	Alex Peters, Rohan Mahimker	EdTech
Vendasta	Canada	Saskatoon	Allan Wolinski, Brendan King, Ches Hagen, Guy Kelsey, Jeff Tomlin	E-commerce
Waabi	Canada	Toronto	Raquel Urtasun	Artificial Intelligence
Buk	Chile	Santiago	Felipe Sateler, Jaime Arrieta Boetsch, Ricardo Sateler, Santiago Lira, Teresita Moran Ovalle	SaaS
Xepelin	Chile	Las Condes	Carlos Veloso, Diego Contreras, Felipe Puntarelli, Guillermo Molina Carvallo, Nicolas De Camino, Sebastian Kreis	FinTech
3vjia	China	Guangzhou	Cai Zhisen	Enterprise Services
ACE Battery	China	Shenzhen	Zhao Zhenchao	New Energy
Adaps Photonics	China	Shenzhen	Jia Jieyang, Zhang Chao, Li Shuang, James Harris	Smart Chips
AgotoZ	China	Beijing	Li Zheng	Enterprise Services
Aidite	China	Qinhuangdao	Li Hongwen	HealthTech
Angitia	China	Guangzhou	Ke Huazhu	Biotech
Aqrose Technology	China	Beijing	Huang Yao	Artificial Intelligence
ArchForce	China	Shenzhen	Zou Sheng, Miao Yong	FinTech
Atom Bioscience	China	Suzhou	Shi Dongfang	Biotech
Atzuche	China	Shanghai	Chen Weiyu, Zhang Wenjian, Fan Wei	Shared Economy
Bamboocloud	China	Shenzhen	Dong Ning	Cyber Security
Bangsun Technology	China	Hangzhou	Wang Xinyu, Chen Chun	FinTech
Baturu	China	Guangzhou	Zeng Wangui	E-commerce
Beagledata	China	Beijing	Lei Tao	Big Data
Beaucare	China	Beijing	Li Bin	HealthTech
BeBeBus	China	Shanghai	Wang Wei	Consumer Goods
Bestsign	China	Hangzhou	Wan Min, Lin Xianfeng	Enterprise Services
Bioheng	China	Nanjing	He Xiaohong	HealthTech
BioMap	China	Beijing	Li Yanhong, Liu Wei	Biotech
Blacklake	China	Shanghai	Zhou Yuxiang	Enterprise Services
BMF Precision	China	Chongqing	He Xiaoning	Smart Manufacturing
BooHee	China	Shanghai	Ma Haihua	HealthTech
Boraydata	China	Beijing	Liu Ruimin	Big Data
Bota Biosciences	China	Hangzhou	Cui Hao	Biotech
Calibra	China	Hangzhou	Liu Huafen	HealthTech
CardInfoLink	China	Shanghai	Zhao Jian	FinTech
CellPro	China	Suzhou	Zhang Shengyou	HealthTech
Chali	China	Guangzhou	Tan Qiong	Food & Beverages
Chengyuan	China	Hangzhou	Chen Xi	Biotech
CHICV	China	Beijing	Yang Xingjian	E-commerce
ChipON	China	Shanghai	Ding Xiaobin	Smart Chips
CiXtech	China	Shanghai	Sun Wenjian	Smart Chips
Clobotics	China	Shanghai	George Christopher Yan, Ke Yan	Artificial Intelligence
Clounix	China	Hangzhou	Cao Tuqiang	Smart Chips
CMLabs	China	Shanghai	Chen Yani	HealthTech
Cocos	China	Xiamen	Lin Shun	Enterprise Services
Codoon	China	Chengdu	Shen Bo	Fitness
Color Key	China	Guangzhou	Li Qinya	E-commerce
Commsat	China	Beijing	Xie Tao, Peng Yuanyuan, Huang Zhong	Aerospace
Corelink	China	Qingdao	Hu Kangqiao	Chips
Coyote	China	Beijing	Li Xiang	HealthTech
Cygnus	China	Beijing	Chen Zitian, Xie Xiaoliang, Huang Yanyi	HealthTech
D3 Bio	China	Wuxi	Chen Zhijian	Biotech
DaoCloud	China	Shanghai	Chen Qiyan	Cloud
DataCanvas	China	Beijing	Fang Lei, Shang Mingdong	Artificial Intelligence
Datacloak	China	Shenzhen	Liu Chao, Wu Ye	Cyber Security
DataStory	China	Guangzhou	Xu Yabo	Big Data
DataVisor	China	Beijing	Xie Yinglian, Yu Fang	Artificial Intelligence
DCG	China	Wuhan	Liu Yongjian, Bai Lihua, Shi Qiming	Media & Entertainment
Deepway	China	Beijing	Wan Jun	Smart Manufacturing
Dekun Logistics	China	Shenzhen	Xu Mingliang	Logistics
Deltaphone	China	Beijing	Wang Qingjie	IoT
Denovo	China	Hangzhou	Luo Wen	Biotech
DFS168	China	Shenzhen	Yan Zitong, Tan Zexin, Zhou Dan, Li Jiali	E-commerce
DoGain Laser	China	Suzhou	Zhao Weidong	Smart Chips
DP Tech	China	Beijing	Sun Weijie, Zhang Linfeng	Artificial Intelligence
DPM	China	Beijing	Tian Jie	HealthTech
Dr. Cheese	China	Shanghai	Chen Yuhua	Food & Beverages
Drug Farm	China	Shanghai	Xu Tian	Biotech
DualityBio	China	Suzhou	Zhu Zhongyuan	Biotech
EasyLinkin	China	Wuhan	Zhang Quan, Hu Yu, Tu Fan	Enterprise Services
EasyStack	China	Beijing	Chen Xilun	Cloud
Eccang	China	Shenzhen	Chen Lei	Enterprise Services
E-Charging	China	Chengdu	Pan Siming	Consumer Goods
Edigene	China	Beijing	Wei Wensheng	HealthTech
EHolly	China	Guangzhou	Wang Gang	Smart Manufacturing
Elite Robot	China	Suzhou	Cao Yunan	Robotics
Ellipspace	China	Shenzhen	Zhang Tao, Di Fengping	Aerospace & Aviation
Eluminex Biosciences	China	Suzhou	Zhang Jingzhong, Hu Zhenze	Biotech
Emergen	China	Ningbo	Gan Zhongxue	IoT
Enjoy Dental Clinic	China	Beijing	Ma ChunMin	HealthTech
Enpower	China	Shanghai	Dai Xiang	New Energy
EOC Pharma	China	Taizhou	Zou Xiaoming	Biotech
EOI Tech	China	Shanghai	Yang Chen	Enterprise Services
epet	China	Chongqing	Xiao Yu	E-commerce
ET Healthcare	China	Shanghai	Tan Hong	HealthTech
Evirth	China	Shanghai	Xu Linfeng	Food & Beverages
Evolver	China	Qingdao	Wei Ran, Chen Jin, Lin He, Zong Guanghua, Li Jianhui	Robotics
FJ Dynamics	China	Xiangyang	Wu Di	Artificial Intelligence
Fordeal	China	Guangzhou	Lyu Hao	E-commerce
Fortsense	China	Shenzhen	Mo Lianghua	Smart Chips
Fortune Medicare	China	Shanghai	Zhang Jun	HealthTech
ForwardX	China	Beijing	Qi Ou	Robotics
Fourier Intelligence	China	Shanghai	Gu Jie, Zen KOH	HealthTech
FreshMarket	China	Suzhou	Zhang Hongliang	RetailTech
Galaxis	China	Jiaxing	Gu Chunguang	Robotics
Gantu AI	China	Shanghai	Zhu Lei	Artificial Intelligence
GeneMind Biosciences	China	Shenzhen	Yan Qin	Biotech
Gensciences	China	Nantong	Wang Yali	Biotech
Ginet New Material	China	Suzhou	Chen Jinkui	Smart Manufacturing
GluBio	China	Hangzhou	Lu Gang	Biotech
GmaxBio	China	Hangzhou	Jing Shuqian	Biotech
GravityXR	China	Ningbo	Wang Chaohao, Zhang Rui	Smart Chips
GreenCloud	China	Hangzhou	Yang Mingkui, Gao Liang	Enterprise Services
Guandata	China	Hangzhou	Su Chunyuan	Enterprise Services
Hanshow	China	Jiaxing	Hou Shiguo	Enterprise Services
Haplox	China	Shenzhen	Xu Mingyan, Chen Shifu, Fang Wen, Wen Yuan	Biotech
Health Bio	China	Beijing	Li Lin	HealthTech
Hecom	China	Beijing	Niu Qijian, Hu Kui	Enterprise Services
Hestia Power	China	Shanghai	Xu Fei	Smart Chips
Hexaflake	China	Zhuhai	Qiu Xiaogang	Smart Chips
HHO	China	Hangzhou	Wu Zhao	E-commerce
HiFiBio	China	Hangzhou	Liang Schweizer	Biotech
Hilefit	China	Hangzhou	Han Wei, Xia Dong	Fitness
HiScene	China	Shanghai	Liao Chunyuan, Tang Rongxing	AR/VR
Hitronic	China	Fuzhou	Ling Jiwu	Industrial Products
Homeking	China	Xiamen	Li Bin, Wu Xiaojun	E-commerce
Hoosun	China	Shanghai	Li Yuanlin	Enterprise Services
Hope Medicine	China	Hong Kong	Xiao Ruiping, Lou Shi	Biotech
Hrain Biotechnology	China	Shanghai	Wang Pin	Biotech
Htrip	China	Guangzhou	Tang Bo	E-commerce
Huahui Health	China	Beijing	Li Wenhui	Biotech
Hyperchain	China	Hangzhou	Li Wei, Li Qilei	Blockchain
Ichunt	China	Shenzhen	Chang Jiang	E-commerce
iDriverPlus	China	Beijing	Zhang Dezhao, Wang Xiao, Li Xiaofei, Huo Shuhao	Artificial Intelligence
Ignis Therapeutics	China	Shanghai	Long Aijing	Biotech
I-Kingtec	China	Beijing	Chen Fangping, Zhu Shengli	Robotics
Immorna	China	Hangzhou	Wang Zihao, Guo Zhijun	Biotech
ImmVira	China	Shenzhen	Zhou Guoying	Biotech
Impact	China	Nanjing	Xu Cong	Biotech
InGeek	China	Shanghai	Zhang Hui, Shan Hongyin	Cyber Security
Inmagene	China	Shanghai	Wang Jian	Biotech
InnerMedical	China	Shenzhen	Bai Xiaosong	HealthTech
Innorna	China	Shenzhen	Li Linxian	Biotech
Innovusion	China	Suzhou	Bao Junwei, Li Yimin	Consumer Goods
Insta360	China	Shenzhen	Liu Jingkang	Consumer Goods
JeKun Auto	China	Guangzhou	Gao Jiqun	Enterprise Services
Jiangxing Intelligence	China	Nanjing	Liu Jiangchuan, Pang Haitian	IoT
Jiemeng Intelligence	China	Guangzhou	Jiao Junfeng	Smart Manufacturing
Jiepei	China	Hangzhou	Zhou Bangbing	Enterprise Services
Jinfuzi	China	Shenzhen	Zhang Kaixing, He Kunpeng, Jiang Mingyu, Lin Guoguo, Lai Renjun	FinTech
Jingling	China	Hangzhou	Wu Qiangqiang	E-commerce
Joinhealth	China	Hangzhou	Wang Jian	HealthTech
Joy	China	Shanghai	Zheng Ziyue, Liu Xian	Cosmetics
Joyo Pharma	China	Guangzhou	Li Yongguo	Biotech
Juventas	China	Tianjin	Lyu Lulu	Biotech
JYBD	China	Beijing	Ruan Chengyu	E-commerce
Kechow Pharma	China	Shanghai	Tian Hongqi	Biotech
Kematek	China	Suzhou	Liu Xianbing	Smart Manufacturing
Keya Robot	China	Hangzhou	Xu Jing	HealthTech
Keyking Recycling	China	Hengyang	Yan Qunxuan	Recycling
KHAT	China	Huzhou	Guo Chuan	Smart Manufacturing
KingstronBio	China	Suzhou	Zhong Shengping	HealthTech
Kingsware	China	Zhuhai	Liao Wanli	Enterprise Services
Kira Pharma	China	Suzhou	Song Wenchao	Biotech
Knx	China	Shanghai	Shen Jian	Enterprise Services
KOKA Lifesciences	China	Nantong	Chen Dakai	HealthTech
Kuaidianyuedu	China	Beijing	Zhang Rui	Media & Entertainment
Kuaizhu Intelligent Technology	China	Suzhou	Chen Haibin	Enterprise Services
Kuro	China	Guangzhou	Liu Sheng	Gaming
Kyligence	China	Shanghai	Ma Hongbin, Shi Shaofeng, Li Dong, Han Qing, Li Yang	Big Data
Kzmall	China	Hangzhou	Wang Zheng, Jiang Renhai, Zhou Jun	E-commerce
LaNova Medicines	China	Shanghai	Qin Ying	Biotech
Leadrive	China	Shanghai	Shen Jie	Smart Manufacturing
Leads Biolabs	China	Nanjing	Kang Xiaoqiang	Biotech
Leju Robot	China	Shenzhen	Leng Xiaokun, Chang Lin, An Ziwei	Robotics
Lepure	China	Shanghai	Qin Sunxing, Wang Feng	HealthTech
Leyaoyao	China	Guangzhou	Chen Genghao	Enterprise Services
Liangyihui	China	Suzhou	Wang Jue	HealthTech
Lima Tech	China	Beijing	Ma Lin	Enterprise Services
Linctex	China	Hangzhou	Liu Chen	Enterprise Services
Linkedcare	China	Shanghai	Wu Zhijia	HealthTech
LP Pharma	China	Xiamen	Ye Ying	Biotech
LuxCreo	China	Beijing	Yao Zhifeng, Lu Yisi, Li Fang	Smart Manufacturing
lyvgen	China	Shanghai	Wang Jieyi	Biotech
MabPlex	China	Yantai	Fang Jianmin	Biotech
MagAssist	China	Suzhou	Xu Boling	HealthTech
Make Essense	China	Shenzhen	Huang Weiqiang	Cosmetics
ManCanDo	China	Guangzhou	Song Jibin	E-commerce
MediLink Therapeutics	China	Suzhou	Xue Tongtong, Cai Jiaqiang, Xiao Liang	Biotech
MetaApp	China	Beijing	Hu Sen	Gaming
Miao Health	China	Beijing	Bu Jiangyong	HealthTech
Micro Connect	China	Hong Kong	Li Xiaojia, Zhang Gaobo	FinTech
Minospace	China	Beijing	Gao Enyu, Wu Shufan	Aerospace
MMC	China	Jiaxing	Lu Zhihui, Liu Wei	Robotics
Mogulinker	China	Guangzhou	Shen Guohui	Enterprise Services
Moqi	China	Beijing	Tai Cheng, Tang Linpeng, E Weinan	Artificial Intelligence
Moresec	China	Hangzhou	Nie Wanquan, Wei Xingguo, Wang Lihui	Cyber Security
Nanocorechip	China	Hangzhou	Ye Le	Smart Chips
Nanos Medical	China	Shanghai	Cui Teng, Qian Yongwei, Li Ning	HealthTech
NASN	China	Shanghai	Tao Zhe	Consumer Goods
Neolix	China	Beijing	Yu Enyuan	Artificial Intelligence
neoX	China	Beijing	Chen Hang	Biotech
NETINT	China	Jinan	Nie Renke	Smart Chips
North Ocean Photonics	China	Shanghai	Lin Tao	Smart Manufacturing
NovoCodex	China	Shaoxing	Liang Xuejun	Biotech
Nowcoder	China	Beijing	Ye Xiangyu	Enterprise Services
Nucarf	China	Beijing	Chen Ziwu	Enterprise Services
Nuclei	China	Shanghai	Hu Zhenbo	Smart Chips
NYSCPS	China	Shenzhen	Yin Kuo	Consumer Goods
One Space	China	Chongqing	Shu Chang	Aerospace
Ones	China	Shenzhen	Wang Yingqi, Feng Bin	Enterprise Services
OptoMedic	China	Foshan	An Xin	HealthTech
OriCell Therapeutics	China	Shanghai	Yang Huanfeng, He Xiaowen	Biotech
Oriental Space	China	Yantai	Yao Song, Bu Xiangwei	Aerospace
OST Therapy	China	Shenzhen	Yao Qiuwu	HealthTech
Passion	China	Suzhou	Li You	Enterprise Services
Persagy	China	Beijing	Jiang Jiang	Enterprise Services
Pimax	China	Shanghai	Weng Zhibin	AR/VR
Pinpianyi	China	Hangzhou	Xu Yi	Enterprise Services
Post Moore Intelligence	China	Nanjing	Wu Qiang	Smart Chips
ProfoundBio	China	Suzhou	Zhao Baiteng	Biotech
Qichacha	China	Suzhou	Chen Deqiang, Shi Yang, Yang Jing	Big Data
Qihan Biotech	China	Hangzhou	Yang Luhan	Biotech
Qinbaobao	China	Hangzhou	Feng Peihua	SaaS
QuantGroup	China	Beijing	Zhou Hao	Artificial Intelligence
Qupital	China	Hong Kong	Winston Wong, Andy Chan	FinTech
Qyuns	China	Taizhou	Yu Guoliang	Biotech
Real.ai	China	Beijing	Tian Tian	Artificial Intelligence
Regor	China	Shanghai	Qiu Xiayang, Zhong Wenge	Biotech
Reliable Med	China	Hangzhou	Zheng Yi	HealthTech
Remebot	China	Beijing	Liu Da	HealthTech
Rhegen	China	Shenzhen	Hu Yong	Biotech
Risen	China	Shanghai	Lv Jiasheng	Biotech
Sciwind	China	Hangzhou	Pan Hai	Biotech
Seesaw Coffee	China	Shanghai	Zong Xinkuang, Wu Xiaomei	Food & Beverages
SEMI-TECH	China	Shanghai	Zhang Ying	Enterprise Services
Senasic	China	Nanjing	Li Mengxiong	Smart Chips
SequoiaDB	China	Guangzhou	Xu Jianhui	Big Data
ShadowBot	China	Hangzhou	Jin Lijian	Enterprise Services
Shanzhen	China	Shanghai	Wu Hongxing	HealthTech
Shiheng	China	Shanghai	Wang Taizhou, Zhang Wei	Enterprise Services
SHIP Bio	China	Suzhou	Shi Li	Biotech
Sifary	China	Changzhou	Tao Huan	HealthTech
SiFive Technology	China	Shanghai	Xu Tao	Smart Chips
Sikulifang	China	Beijing	Li Jing	Enterprise Services
Silicon Intelligence	China	Nanjing	Sima Huapeng	Robotics
Simchip	China	Shanghai	Dong Yemin	Smart Chips
Singleron Biotechnologies	China	Nanjing	Fang Nan, Fan Rong, Zhou Jing	Biotech
SinoTau	China	Beijing	Xu Xinsheng	Biotech
Sky Limit	China	Beijing	Qi Xiao, Zhang Yimou, Ma Zihan	AR/VR
Smartee Denti	China	Shanghai	Yao Junfeng	HealthTech
SmartX	China	Beijing	Xu Wenhao, Zhang Kai, Wang Hongyi	Enterprise Services
Snack is busy	China	Changsha	Yan Zhou	Food & Beverages
Space Pioneer	China	Suzhou	Kang Yonglai	Aerospace
Spacety	China	Changsha	Yang Feng	Aerospace
SpeedBot	China	Changsha	Deng Wenping	Robotics
Standard Robots	China	Shenzhen	Wang Yongkun	Robotics
Startdt	China	Hangzhou	Zhang Jinyin, Liu Ying	Big Data
StoneWise	China	Beijing	Zhou Jielong	HealthTech
Sunyur	China	Beijing	Miao Feng	Enterprise Services
Supremind	China	Shanghai	Peng Yao	Artificial Intelligence
SyMap Medical	China	Suzhou	Wang Jie	HealthTech
Synlight Crystal	China	Baoding	Zheng Qingchao	Smart Chips
Tage Idriver	China	Beijing	Yu Guizhen	Artificial Intelligence
Taichi Graphics	China	Beijing	Hu Yuanming, Kuang Ye	Cloud
TAOS Data	China	Beijing	Tao Jianhui	Big Data
Tasogare	China	Hangzhou	Lin Hao	Food & Beverages
Tauren Tech	China	Shanghai	Guan Yi	Smart Chips
Thinking Data	China	Shanghai	Lyu Chengtong, Gao Peng, Han Pan	Big Data
TJL	China	Ma'anshan	Xu Keqiang, Ren Jie	Smart Manufacturing
Triastek	China	Nanjing	Cheng Senping	HealthTech
TRS Micro	China	Ningbo	Zhu Lihai	Smart Chips
Trusfort	China	Beijing	Guo Xiaopeng, Sun Yue	Cyber Security
Tsingke Biotechnology	China	Beijing	Ma Shijin	Biotech
Turing Robot	China	Beijing	Yu Zhichen, Guo Jia	Robotics
Ubrigene	China	Suzhou	Sun Xiulian, Li Qichen	Biotech
Udesk	China	Beijing	Yu Haoran, Xiao Lipeng, Chen Junlai	Enterprise Services
UML-Tech	China	Beijing	Tao Wei	Enterprise Services
UMU	China	Xiamen	Li Dongshuo	Enterprise Services
Unionstrongtech	China	Beijing	Qin Lan, Yang Guangming, Lu Wangsheng, Xue Feng, Leo Yin	HealthTech
Universal Medical Imaging	China	Shanghai	Yang Huanqiu, Ju Peiming	HealthTech
UniVista	China	Shanghai	Pan Jianyue	Enterprise Services
Vedeng	China	Nanjing	Ding Haibo	HealthTech
VirtAI Tech	China	Beijing	Wang Kun	Cloud
Virtue	China	Suzhou	Zhang Sheng	HealthTech
Vision Medicals	China	Guangzhou	Li Yongjun, Wang Xiaorui, Xu Teng	HealthTech
Vivavision	China	Shanghai	Shen Wang	Biotech
Vivolight	China	Shenzhen	Zhu Rui	HealthTech
WakeData	China	Shenzhen	Li Kechen	Enterprise Services
Wangbaobao	China	Hangzhou	Yao Jing	Food & Beverages
Wanwudezhi	China	Hangzhou	Tang Jinshang	E-commerce
Watrix	China	Beijing	Huang Yongzhen, Du Du	Artificial Intelligence
WeView	China	Shanghai	Ge Qun	New Energy
Xmov	China	Shanghai	Chai Jinxiang, Tan Hongbing	Artificial Intelligence
X-Times	China	Shanghai	Shi Haiyong	Smart Chips
Xuelangyun	China	Wuxi	Wang Feng	IoT
Xunce Tech	China	Shenzhen	Geng Dawei	Enterprise Services
Yaoyanshe	China	Shanghai	Sun Meilin	HealthTech
Yazuishou	China	Shanghai	Tang Hongbin	Logistics
Yellowswan	China	Mianyang	Feng Bin	Food & Beverages
YesMRO	China	Shanghai	Zhu Hongtao	E-commerce
Yihang.ai	China	Beijing	Chen Yuxing	Artificial Intelligence
Yikon Genomics	China	Shanghai	Lu Sijia, Xie Xiaoliang	Biotech
Yingsheng Biotechnology	China	Jinan	Feng Zhen, Mi Zhaoyuan	HealthTech
Youcheyihou	China	Guangzhou	Xu Chenhua	Media & Entertainment
YS Future	China	Shanghai	Li Xianwei	Enterprise Services
Zego	China	Shenzhen	Lin Youyao, Jiang Ningbo, Cai Gengping, Jin Jianzhong, Chen Qiang	Enterprise Services
Zhiyi Tech	China	Hangzhou	Zheng Zeyu, Wen Miaomiao	Enterprise Services
Zhuiyi	China	Shenzhen	Wu Yue, Liu Yunfeng, Wen Linding, Hu Xiao	Artificial Intelligence
Zuzuche	China	Guangzhou	Li Jiancheng, Li Bin	Shared Economy
Lulo Bank	Colombia	Bogota	-	FinTech
ZoidPay	Cyprus	Nicosia	Eduard Oneci, Vasile Burcin	FinTech
Dixa	Denmark	Copenhagen	Jacob Vous Petersen, Jakob Nederby Nielsen, Krisztian Tabori, Mads Fosselius	SaaS
Akeneo	France	Nantes	Benoit Jacquemont, Frederic de Gombert, Nicolas Dupont, Yoav Kutner	Enterprise Services
Aledia	France	Grenoble	Giorgio Anania, Philippe Gilet, Xavier Hugon	Consumer Electronics
Deepki	France	Paris	Emmanuel Blanchet, Vincent Bryant	SaaS
Dott	France	Paris	Henri Moissinac, Maxim Romain	Shared Economy
Homa Games	France	Paris	Daniel Nathan, Juan José Mostazo, Juanjo Mostazo, Olivier Le Bas	Gaming
ImCheck Therapeutics	France	Marseille	Alem Truneh, Benjamin Charles, Daniel Olive	Biotech
InterCloud	France	Paris	Antoine Valat, Benjamin Ryzman, Jerome Dilouya	Cloud
Mnemo Therapeutics	France	Paris	Alain Maiore	Biotech
PASQAL	France	Paris	Alain Aspect, Christophe Jurczak, Georges-Olivier Reymond	Quantum Computing
SparingVision	France	Paris	Jose Alain Sahel, Thierry Léveillar	Biotech
Vade Secure	France	Hem	Georges Lotigier	Cloud
Aleph Alpha	Germany	Heidelberg	Jonas Andrulis, Samuel Weinbach	Artificial Intelligence
BRYTER	Germany	Berlin	Michael Grupp	SaaS
Camunda	Germany	Berlin	Bernd Ruecker, Jakob Freund	SaaS
Holidu	Germany	Munich	Johannes Siebers, Michael Siebers, Rasmus Porsgaard	Shared Economy
McMakler	Germany	Berlin	Felix Jahn, Hanno Heintzenberg, Lukas Pieczonka	Real Estate Tech
ottonova	Germany	Munich	Frank Birzle, Roman Rittweger, Sebastian Scheerer	Insurance
Patient 21	Germany	Berlin	Nicolas Hantzsch	HealthTech
Taxdoo	Germany	Hamburg	Christian Königsheim, Matthias Allmendinger, Roger Gothmann	FinTech
Vay	Germany	Berlin	Bogdan Djukic, Fabrizio Ugo Scelsi, Thomas von der Ohe	Artificial Intelligence
Wandelbots	Germany	Dresden	Christian Piechnick, Christoph Biering, Frank Fitzek, Georg Puschel, Giang Nguyen, Jan Falkenberg, Maria Piechnick, Sebastian Werner	Robotics
yfood Labs	Germany	Munich	Benjamin Kremer, Noel Bollmann	Food Processing
zolar	Germany	Berlin	Alex Melzer, Gregor Loukidis	CleanTech
FlexCar	Greece	Athens	George Desyllas, Konstantinos Davaris	E-commerce
Arzooo	India	Bengaluru	Khushnud Khan, Rishi Raj Rathore	E-commerce
Bluestone	India	Bengaluru	Gaurav Kushwaha, Vidya Nataraj	E-commerce
Chalo	India	Mumbai	Dhruv Chopra, Mohit Dubey, Nikhil Aggarwal, Priya Singh, Vinayak Bhavnani	Transportation
ClearTax	India	Bengaluru	Ankit Solanki, Archit Gupta, Srivatsan Chari	FinTech
Cloudnine	India	Bengaluru	Kishore Kumar, Rohit M.A., Vidya Kumar	HealthTech
Cuemath	India	Bengaluru	Manan Khurma	EdTech
Curefoods	India	Bengaluru	Ankit Nagori	Shared Economy
Dunzo	India	Bengaluru	Kabeer Biswas, Ankur Agarwal, Dalvir Suri, Mukund Jha	Quick Commerce
Fashinza	India	Gurugram	Abhishek Sharma, Jamil Ahmad, Pawan Gupta	Manufacturing as a service
Freshtohome	India	Bengaluru	Shan Kadavil, Mathew Joseph	E-commerce
GoKwik	India	New Delhi	Ankush Talwar, Chirag Taneja, Vivek Bajpai	Enterprise Services
Healthifyme	India	Bengaluru	Mathew Cherian, Sachin Shenoy, Tushar Vashisht	Fitness
HealthKart	India	Gurugram	Sameer Maheshwari	E-commerce
ixigo	India	Gurugram	Aloke Bajpai, Dharmendra Yashovardhan, Rajnish Kumar	E-commerce
JusPay	India	Bengaluru	Ramanathan RV, Vimal Kumar	FinTech
Kissht	India	Mumbai	Karan Mehta, Krishnan Vishwanathan	FinTech
Lentra	India	Pune	Ankur Handa, D Venkatesh	SaaS
Locus	India	Bengaluru	Nishith Rastogi, Geet Garg	Artificial Intelligence
mFine	India	Bengaluru	Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, Prasad Kompalli	HealthTech
Money View	India	Bengaluru	Puneet Agarwal, Sanjay Aggarwal	FinTech
Park+	India	Gurugram	Amit Lakhotia, Hitesh Gupta	Consumer Services
Pepperfry	India	Mumbai	Ambareesh Murty, Ashish Shah	E-commerce
Pocket FM	India	Bengaluru	Nishanth S, Prateek Dixit, Rohan Nayak	Media & Entertainment
Porter	India	Bengaluru	Pranav Goel, Uttam Digga, Vikas Choudhary	Logistics
Practo	India	Bengaluru	Abhinav Lal, Shashank ND	HealthTech
Progcap	India	New Delhi	Himanshu Chandra, Pallavi Shrivastava	FinTech
Quizizz	India	Bengaluru	Ankit Gupta, Deepak Joy Cheenath	EdTech
Rupeek	India	Bengaluru	Amar Prabhu, Ashwin Soni, Sumit Maniyar	FinTech
Stanza Living	India	New Delhi	Anindiya Dutta, Sandeep Dalmia	Shared Economy
SUGAR Cosmetics	India	Mumbai	Kaushik Mukherjee, Vineeta Singh	Consumer Goods
Uni Cards	India	Bengaluru	Laximikant Vyas, Nitin Gupta, Prateek Jindal	FinTech
Wakefit	India	Bengaluru	Ankit Garg, Chaitanya Ramalingegowda	Consumer Goods
WayCool	India	Chennai	Karthik Jayaraman, Sanjay Dasari	AgriTech
WinZo	India	New Delhi	Chanchal Kurele, Paavan Nanda, Saumya Singh Rathore	Gaming
Wow! Momo	India	Kolkata	Binod Kumar Homagai, Sagar Daryani, Shah Miftaur Rahman	Restaurant
Yulu	India	Bengaluru	Amit Gupta, Hemant Gupta, Naveen Dachuri, RK Misra	Shared Economy
GudangAda	Indonesia	Banten	Steven Sang	E-commerce
Halodoc	Indonesia	Jakarta	Doddy Lukito, Jonathan Sudharta	HealthTech
Lemonilo	Indonesia	Jakarta	Johannes Ardiant, Ronald Wijaya, Shinta Nurfauzia	E-commerce
LinkAja	Indonesia	Jakarta	Haryati Lawidjaja	FinTech
Qoala	Indonesia	Jakarta	Harshet Lunani, Tommy Martin	Insurance
Sociolla	Indonesia	Jakarta	Chrisanti Indiana, Christopher Madiam, John Rasjid	E-commerce
waresix	Indonesia	Jakarta	Andree Susanto, Edwin Wibowo	Logistics
Tines	Ireland	Dublin	Eoin Hinchy, Thomas Kinsella	Cloud
Aidoc	Israel	Tel Aviv	Elad Walach, Gal Yaniv, Guy Reiner, Michael Braginsky	Artificial Intelligence
Aleph Farms	Israel	Rehovot	Didier Toubia, Shulamit Levenberg	Food Processing
Balance	Israel	Tel Aviv	Bar Geron, Yoni Shuster	FinTech
Explorium	Israel	Tel Aviv	Maor Shlomo, Omer Har, Or Tamir	Analytics
Gauzy	Israel	Tel Aviv	Adrian Lofer, Eyal Peso	Smart Manufacturing
NeuroBlade	Israel	Hod Hasharon	Elad Sity, Eliad Hillel	Analytics
Nexite	Israel	Tel Aviv	Anat Shakedd, Lior Shakedd	Enterprise Services
ONE ZERO	Israel	Herzliya	Gil Rashman	Neo Bank
Pliops	Israel	Abba Hillel	Aryeh Mergi, Uri Beitler	Big Data
Prilenia	Israel	Herzliya	Michael Hayden	BioTech
Remilk	Israel	Tel Aviv	Aviv Wolff, Ori Cohavi	Food Processing
StreamElements	Israel	Tel Aviv	Doron Nir, Gil Hirsch, Or Perry, Reem Sherman	Media & Entertainment
Talon Cyber Security	Israel	Tel Aviv	Ofer Ben Noon, Ohad Bobrov	Cloud
V-Wave	Israel	Caesarea	Yaacov Nitzan	HealthTech
WSC Sports	Israel	Tel Aviv	Aviv Arnon, Daniel Shichman, Hy Gal, Shmulik Yoffe, Yaniv Ehrlich	Gaming
CADDi	Japan	Tokyo	Daiki Yukimatsu, Kobashi Akifumi, Yushiro Kato	E-commerce
LegalForce	Japan	Tokyo	Nozomu Tsunoda, Ogasawara Masataka	Artificial Intelligence
Telexistence	Japan	Tokyo	Charith Fernando, Ferunando Charisu, Genki Sano, Jin Tomioka, Susumu Tachi	Robotics
Terra Drone	Japan	Tokyo	Toru Tokushig	Aerospace
Boost	Malaysia	Kuala Lumpur	Inga Nakhmanson, Mustafa Abdul-Hamid	FinTech
99 Minutos	Mexico	Mexico City	Alexis Patjane, David Berdichevsky, Pablo Casorzo	On Demand Delivery
Accel Club	Netherlands	Amsterdam	Max Firsau, Nick Tuzenko	Investments
BUX	Netherlands	Amsterdam	Egbert Pronk, Joost van de Wijgerd, Kai Kaïn Bennink, Nick Bortot, Robbert Bos, Zowie Langdon	FinTech
Deribit	Netherlands	Ermelo	John Jansen, Marius Jansen, Sebastian Smyczýnski	Blockchain
Lightyear	Netherlands	Helmond	Arjo van der Ham, Koen van Ham, Lex Hoefsloot, Martijn Lammers, Qurein Biewenga	Electric Vehicle
NorthSea Therapeutics	Netherlands	Naarden	David A. Fraser, Hilde H. Steineger, Patrick Round, Rob de Ree, Tore Skjære	Biotech
Crimson Education	New Zealand	Parnell	Jamie Beaton	EdTech
Sharesies	New Zealand	Wellington	Ben Crotty, Brooke Roberts, Leighton Roberts, Martyn Smith, Richard Clark, Sonya Williams	FinTech
PalmPay	Nigeria	Lagos	-	FinTech
Sabi Am	Nigeria	Lagos	Ademola Adesina, Anu Adasolum	E-commerce
Ardoq	Norway	Oslo	Erik Bakstad, Magnulf Pilskog	SaaS
Tibber	Norway	Forde	Edgeir Aksnes	Energy
Greenway	Poland	Gdynia	Aaron Fishbone, Juraj Ulehla, Peter Badik	CleanTech
Ramp	Poland	Warsaw	Przemek Kowalczyk, Szymon Sypniewicz	FinTech
TruKKer	Saudi Arabia	Riyadh	Gaurav Biswas, Pradeep Mallavarapu	Logistics
Alchemy Pay	Singapore	Singapore	John Tan, Molly Zheng, Shawn Shi	FinTech
Aspire	Singapore	Singapore	Andrea Baronchelli, Giacomo Ficari, Giovanni Casinelli, Joel Leong, Stefano Pellegrino	Neo Bank
Atlan	Singapore	Singapore	Prukalpa Sankar, Varun Banka	SaaS
BandLab	Singapore	Singapore	Meng Ru Kuok, Steve Skillings	Social Media
BigPay	Singapore	Singapore	Salim hanani, Tony Fernandes	FinTech
Fazz	Singapore	Singapore	Hendra Kwik, Ricky Winata, Tianwei Liu, Victor Liew Jia Hao	FinTech
M-DAQ	Singapore	Singapore	Richard Koh, Wong Joo Seng	FinTech
Next Gen Foods	Singapore	Singapore	Andre Menezes, Timo Recker	Food Processing
Paradigm	Singapore	Singapore	Anand Gomes, Michal Koonin, Sharaf Nassar	Blockchain
Stader Labs	Singapore	Singapore	Amitej Gajjala, Sidhartha D.	Blockchain
SuperAtom	Singapore	Singapore	Johnny Li, Scarlett Xiao	FinTech
XanPool	Singapore	Singapore	Jeffery Liu, Tema Ibragimov	FinTech
Yoco	South Africa	Cape Town	Bradley Wattrus, Carl Wazen, Katlego Maphai, Lungisa Matshoba	FinTech
D&D Pharmatech	South Korea	Seongnam	Kang Choon Lee, Seulki Lee, Viktor Roschke	HealthTech
flex	South Korea	Seoul	Haenam(justin) Chang	Enterprise Services
IGAWorks	South Korea	Seoul	Kuk-seong "Eric" Ma	AdTech
Lambda256	South Korea	Seoul	Jay JH Park	Blockchain
SEMIFIVE	South Korea	Seoul	-	Smart Chips
Yanadoo	South Korea	Yeoksamdong	Kim Jeong-soo	EdTech
Clikalia	Spain	Madrid	Francisco Alister Moreno, Pablo Fernandez	Real Estate Tech
Zunder	Spain	Palencia	Lorenzo Antolin Asenjo	AdTech
Alentis Therapeutics	Switzerland	Basel	Neil Goldsmith, Thomas Baumert	Biotech
Anaveon	Switzerland	Bottmingen	Andreas Katopodis, Onur Boyman	Biotech
Bitcoin Suisse AG	Switzerland	Zug	Arthur Vayloyan, Niklas Nikolajsen	Blockchain
Bright Peak Therapeutics	Switzerland	Basel	Jeffrey Bode, Vijaya Pattabiraman	Biotech
Distalmotion	Switzerland	Epalinges	Lionel Flaction, Ricardo Beira	HealthTech
Noema Pharma	Switzerland	Basel	George Garibaldi, Luigi Costa	Biotech
Numab	Switzerland	Zurich	David Urech, Oliver Middendorp, Peter Lichtlen	Biotech
Xterio	Switzerland	Zug	-	Gaming
Fenix Games	UAE	Dubai	Chris Ko, Rudy Koch	Gaming
iMile	UAE	Dubai	Gao Wenli, Nancy Chen, Naveen Joseph, Rita Huang Zhen	Logistics
Aztec	UK	London	Joe Andrews, Thomas Pocock, Zachary Williamson	Blockchain
Beauty Pie	UK	London	Marcia Kilgore	Cosmetics
Beckley Psytech	UK	Beckley	Cosmo Feilding Mellen, Lady Amanda Feilding	HealthTech
bit.bio	UK	Cambridge	Florian Schuster, Mark Kotter	Biotech
BVNK	UK	London	Donald Jackson, Jesse Hemson-Struthers	FinTech
Cera	UK	London	Mahiben Maruthappu, Marek Sacha, Martin Ocenas	HealthTech
Cognism	UK	London	James Isilay, Stjepan Buljat	SaaS
ContractPodAi	UK	London	Robert Glennie, Sarvarth Misra, Viraj Chaudhary	Artificial Intelligence
CORE POWER	UK	London	Mikal Boe	Energy
DICE	UK	London	Phil Hutcheon	E-commerce
Elvie	UK	London	Alexander Asseily, Tania Boler	HealthTech
Engitix	UK	London	Giuseppe Mazza	Biotech
Evox Therapeutics	UK	Oxford	Matthew Wood, Per Lundin, Samir EL Andaloussi	Biotech
Genesis Global	UK	London	James Harrison, Stephen Murphy	FinTech
Heroes	UK	London	Alessio Bruni, Giancarlo Bruni, Riccardo Bruni	Investments
Holiday Swap	UK	London	James Asquith	E-commerce
Infogrid	UK	London	William Cowell de Gruchy	Enterprise Services
InfoSum	UK	Basingstoke	Nick Halstead	Enterprise Services
Modulr	UK	London	Martin Threakall, Myles Stephenson, Ritesh Tendulkar	FinTech
Monese	UK	London	Norris Koppel	Neo Bank
Moneybox	UK	London	Ben Stanway, Charlie Mortimer	FinTech
Nexeon	UK	Abingdon	Mino Green, Paul Atherton	Energy
Nyobolt	UK	Cambridge	Clare Grey, Kent Griffith, Sai Shivareddy	Energy
OMass Therapeutics	UK	Oxford	Hsin-Yung Yen, Idlir Liko, Jonathan Hopper	HealthTech
Omnipresent	UK	London	Guenther Eisinger, Matthew Wilson	SaaS
Osler Diagnostics	UK	Oxford	Connor Campbell, Jason Davis, Paulo R. Bueno	HealthTech
Palta	UK	London	Alex Frolov, Alexey Gubarev, Yuri Gursk	HealthTech
Peak	UK	Manchester	Atul Sharma, David Leitch, Richard Potter	Artificial Intelligence
PolyAI	UK	London	Nikola Mrkšić, Pei-Hao Su, Tsung-Hsien Wen	Artificial Intelligence
Proximie	UK	London	Nadine Haram	HealthTech
Qogita	UK	London	Danny Toledano, Yaniv Toledano	E-commerce
Qredo	UK	London	Anthony Foy, Brian Spector	Blockchain
Radix	UK	London	Dan Hughes	Blockchain
Soldo	UK	London	Andrea Gaudenzi, Carlo Gualandri	FinTech
TerraPay	UK	London	Akbar Hussain, Ambar Sur, Ani Sane, Ram Sundaram	FinTech
Ultraleap	UK	Bristol	Sriram Subramanian, Tom Carter	AR/VR
Volt.io	UK	London	Jordan Lawrence, Steffen Vollert, Tom Greenwood	FinTech
YOOBIC	UK	London	Fabrice Haiat, Gilles Haiat, Thierry Haiat	Enterprise Services
0x	USA	San Francisco	Amir Bandeali, Will Warren	Blockchain
100 Thieves	USA	Los Angeles	Matthew Haag	Gaming
A2 Biotherapeutics	USA	Agoura Hills	Alexander Kam	Biotech
Ablative Solutions	USA	Wakefield	David Fischell, Tim Fischell	HealthTech
Abra	USA	Mountain View	Bill Barhydt, Peter Kelly	Blockchain
Advise Insurance	USA	Bloomington	Sherman Rogers	Insurance
Aero	USA	San Francisco	Garrett Camp, Jake Seip	Travel
Aetion	USA	New York	Allon Rauer, Jeremy Rassen, Sebastian Schneeweiss	Analytics
Aisera	USA	Palo Alto	Christos Tryfonas, Muddu Sudhakar	Artificial Intelligence
Ajax Health	USA	Menlo Park	Duke Rohlen	HealthTech
Aktis Oncology	USA	Boston	Dr. Brian Goodman, Patrick Baeuerle, Todd Foley	Biotech
Alt	USA	San Francisco	-	FinTech
Altana AI	USA	New York	Evan Smith, Peter Swartz, Raphael Tehranian	Artificial Intelligence
AmbAgon Therapeutics	USA	San Francisco	Christian Ottmann, Lucas Brunsveld, Michelle Arkin	Biotech
Apiiro	USA	New York	Idan Plotnik, Yonatan Eldar	Cyber Security
Apkudo	USA	Baltimore	Benno Leslie, Josh Matthews	Robotics
Apnimed	USA	Cambridge	Lawrence G. Miller, Luigi Taranto Montemurro	Biotech
Arch Oncology	USA	St. Louis	Pamela Manning, William A. Frazier	Biotech
Array	USA	New York	Martin Toha, Phillip Zedalis	FinTech
Arrcus	USA	San Jose	Devesh Garg, Keyur Patel	SaaS
ARRIS	USA	Berkeley	Erick Davidson, Ethan Escowitz, Riley Reese	Smart Manufacturing
Arta Finance	USA	Mountain View	Caesar Sengupta, Charles Dong, Chirag Yagnik, David Shapiro, Edward Chiang, Felix Lin, Mark Striebeck, Zelidrag Hornung	FinTech
Artiva Biotherapeutics	USA	San Diego	Peter Flynn, Tom Farrell	Biotech
Asher Bio	USA	San Francisco	Andy Yeung, Ivana Djuretic	Biotech
Athletic Brewing	USA	Stratford	Bill Shufelt, John Walker	Food & Beverages
AXiomatic	USA	Los Angeles	Bruce Karsh, Bruce Stein, Peter Guber, Ted Leonsis	Gaming
Bear Robotics	USA	Redwood City	Fangwei Li, Juan Higuero	Robotics
BEGiN	USA	New York	Neal Shenoy, Noelle Millholt, Stephanie Dua	EdTech
Berachain	USA	Cosmos	-	Blockchain
Betr	USA	Miami	Jake Paul, Joey Levy	Gaming
BetterCloud	USA	New York	David Politis	SaaS
Bevy	USA	Palo Alto	Alex Bendig, Derek Andersen, Joel Fernandes	Enterprise Services
BIOAGE LABS	USA	Richmond	Eric Morgen, Kristen Fortney	Biotech
Bishop Fox	USA	Tempe	Francis Brown, Vincent Liu	Cyber Security
Blaize	USA	El Dorado Hills	Dinakar Munagala, Ke Yin, Satyaki Koneru, Val Cook	Artificial Intelligence
BloXroute Labs	USA	Evanston	Aleksandar Kuzmanovic, Emin Gün Sirer, Soumya Basu, Uri Klarman	Blockchain
Brightseed	USA	San Francisco	Jim Flatt, Lee Chae, Sofia Elizondo	Biotech
BTSE	USA	Cheyenne	Jonathan Leong	Blockchain
Bubble	USA	New York	Dante Richardson, Emmanuel Straschnov, Josh Haas	SaaS
ByHeart	USA	New York	Mia Funt, Ron Belldegrun	Biotech
C2i Genomics	USA	New York	Asaf Zviran, Boris Oklander, Dan Landau, Ezra Sofer	HealthTech
Calibrate	USA	New York	Isabelle Kenyon	HealthTech
Cambrian Biopharma	USA	New York	Christian Angermayer, James Peyer, Sebastian Brunemeier	Biotech
CAMP4 Therapeutics	USA	Cambridge	Leonard Zon, Richard Young	Biotech
Cap Hill Brands	USA	Seattle	Jason Leekeenan	Investments
Capella Space	USA	San Francisco	Payam Banazadeh, Uri Tintore, Will Woods	Aerospace
Capstan Therapeutics	USA	San Diego	-	Biotech
Carbyne	USA	New York	Alex Dizengof, Amir Elichai, Lital Leshem, Yoni Yatsun	Enterprise Services
Carrot Fertility	USA	Menlo Park	Arun Venkatesan, Asima Ahmad, Juli Insinger, Tammy Sun	HealthTech
Casma Therapeutics	USA	Cambridge	Beth Levine	Biotech
Celona	USA	Cupertino	Mehmet Yavuz, Rajeev Shah, Ravi Mulam, Vinay Anneboina	Communications
Clarity AI	USA	New York	Rebeca Minguela	SaaS
Common Room	USA	Seattle	Francis Luu, Linda Lian, Tom Kleinpeter, Viraj Mody	Social Media
Commsor	USA	New York	Jacob Peters, Mac Reddin	Social Media
Contentstack	USA	San Francisco	Matthew Baier, Neha Sampat, Nishant Patel	Enterprise Services
ControlUp	USA	San Jose	Asaf Ganot, Yoni Avital	SaaS
Cotopaxi	USA	Salt Lake City	Chad Whittaker, Davis Smith, Stephan Jaco	E-commerce
Cowbell Cyber	USA	Pleasanton	Jack Kudale, Prab Reddy, Rajeev Gupta, Trent Cooksley	Insurance
Curated	USA	San Francisco	Alex Vauthey, Annabel Liu, Eduardo Vivas, Peter Ombres	E-commerce
DELV	USA	North Richland Hills	Jonny Rhea, Will Villanueva	Blockchain
Digital Diagnostics	USA	Coralville	Michael Abramoff	HealthTech
DISQO	USA	Glendale	Armen Adjemian, Armen Petrosian, Drew Kucharian	Analytics
Dyno Therapeutics	USA	Cambridge	Adrian Veres, Alan Crane, Eric Kelsic, George Church, Sam Sinai, Tomas Bjorklund	Biotech
EasyKnock	USA	New York	Ben Black, Jarred Kessler	Real Estate Tech
Eight Sleep	USA	New York	Alexandra Zatarain, Andrea Ballarini, Massimo Andreasi Bassi, Matteo Franceschetti	Consumer Electronics
Embroker	USA	San Francisco	Matt Miller, Yotam Shacham	Insurance
Emotive	USA	Los Angeles	Brian Zatulove, Zachary Wise	Enterprise Services
EnerVenue	USA	Fremont	Yi Cui	CleanTech
Enko Chem	USA	Mystic	Jacqueline Heard	AgriTech
Ensoma	USA	Boston	Andre Lieber, Hans Peter Kiem	Biotech
EquityBee	USA	Palo Alto	Arik Moav, Mody Radashkovich, Oded Golan, Oren Barzilai	FinTech
Evolved By Nature	USA	Medford	Rebecca Lacouture	Biotech
FightCamp	USA	Costa Mesa	Alexandre Lapointe, Alexandre Marcotte, Charles Lambert, Jay Rousseau, Khalil Zahar, Patrick Chandler, Tommy Duquette	Fitness
Figure	USA	Sunnyvale	Brett Adcock	Robotics
Filevine	USA	Salt Lake City	Jim Blake, Nathan Morris, Ryan Anderson	SaaS
FirstBase	USA	Wilmington	Chris Herd, Trey Bastian	Enterprise Services
Flexiv	USA	Santa Clara	Shiquan Wang	Robotics
Flipside Crypto	USA	Boston	Dave Balter, Eric Stone, Jim Myers	Blockchain
Fly.io	USA	Chicago	Jerome Gravel-Niquet, Kurt Mackey, Michael Dwan	SaaS
Fortanix	USA	Mountain View	Ambuj Kumar, Anand Kashyap	Cyber Security
Frontier Medicines	USA	San Francisco	Chris Varma	Biotech
Future Farm	USA	Santa Monica	Marcos Leta	Food Processing
Gatik	USA	Mountain View	Apeksha Kumavat, Arjun Narang, Gautam Narang	Artificial Intelligence
Genvid Technologies	USA	New York	Christopher Cataldi, Fabien Ninoles, Jacob Navok	Gaming
Goldbelly	USA	New York	Joe Ariel, Joel Gillman, Trevor Stow, Vanessa Torrivilla	On Demand Delivery
Goldfinch Biopharma	USA	Cambridge	Peter Mundel	Biotech
Gro Intelligence	USA	New York	Nemo Semret, Sara Menker, Sewit Ahderom	Analytics
Halborn	USA	Miami	Rob Behnke, Steven Walbroehl	Cyber Security
Halo Investing	USA	Chicago	Biju Kulathakal, Jason Barsema	FinTech
Happify	USA	New York	Andy Parsons, Ofer Leidner, Tomer Ben-Kiki	HealthTech
Hashflow	USA	San Francisco	Varun Kumar, Victor Ionescu, Vinod Raghavan	Blockchain
Heal	USA	Los Angeles	Greg Drobnick, Jason Shafton, Mike Wortsman, Nick Desai, Renee Dua	HealthTech
HealthVerity	USA	Philadelphia	Andrew Goldberg, Andrew Kress	Enterprise Services
Hedonova	USA	Los Angeles	Alexander Cavendish, Suman Bannerjee	Investments
Helm.ai	USA	Menlo Park	Tudor Achim, Vlad Voroninski	SaaS
Hermeus	USA	Atlanta	AJ Piplica, Glenn Case, Michael Smayda, Skyler Shuford	Aerospace
Hipcamp	USA	San Francisco	Alyssa Ravasio, Eric Bach	Shared Economy
Hologram	USA	Chicago	Benjamin Forgan, Patrick Wilbur	SaaS
HOVER	USA	San Francisco	A.J. Altman, Ross Hangebrauck	Smart Manufacturing
Hyperscience	USA	New York	Krasimir Marinov, Peter Brodsky, Vladimir Tzankov	SaaS
Immune-Onc Therapeutics	USA	Palo Alto	Charlene Liao, Guo Liang Yu	Biotech
INBRACE	USA	Irvine	Hongsheng Tong, John Pham	HealthTech
Inkitt	USA	San Francisco	Ali Albazaz	Analytics
Insurify	USA	Cambridge	Giorgos Zacharia, Snejina Zacharia, Tod Kiryazov	E-commerce
Jada Ai	USA	Wilmington	-	Artificial Intelligence
Jane Technologies	USA	Soquel	Socrates Rosenfeld	E-commerce
Kitchen United	USA	Pasadena	Harry Tsao, John Miller, Massimo Noja De Marco	Shared Economy
Koniku	USA	San Rafael	Osh. Agabi, Salys Christina	Biotech
KORE Power	USA	Coeur D'alene	Lindsay Gorrill, Paul Coombs	Energy
Kymeta	USA	Redmond	Nathan Kundtz	Telecommunications
Kyte	USA	San Francisco	Francesco Wiedemann, Ludwig Schoenack, Nikolaus Volk	Shared Economy
Kyverna Therapeutics	USA	Berkeley	Jeffrey Greve	Biotech
Landing	USA	Birmingham	Bill Smith	Real Estate Tech
Lark	USA	Mountain View	Jeff Zira, Julia Hu	HealthTech
Legion Technologies	USA	Palo Alto	Sanish Mondkar	SaaS
Levels	USA	New York	Andrew Conner, Casey Means, David Flinner, Josh Clemente, Sam Corcos	HealthTech
LEXEO Therapeutics	USA	New York	Ronald G. Crystal	Biotech
Limble	USA	Lehi	Bryan Christiansen, Jeff Babb, Miguel Ramos, Patricia Sagastume	Enterprise Services
Long-Term Stock Exchange	USA	San Francisco	Eric Ries, John Bautista	FinTech
Loop Returns	USA	Columbus	Brandon Schmidt, Chris Pinchot, Chris Pinchot, Dustin Tevis, Jonathan Poma, Steve Kemper	SaaS
Luminous Computing	USA	Mountain View	Marcus Gomez, Michael Gao, Mitchell Nahmias	Smart Chips
Mach Industries	USA	Austin	-	Defense
MangoBoost	USA	Bellevue	Dongup Kwon, Eriko Nurvitadhi, Jangwoo Kim, Jun-ki Park	Artificial Intelligence
Manticore Games	USA	San Mateo	Frederic Descamps, Jordan Maynard	Gaming
Maxwell Financial Labs	USA	Denver	John Paasonen, Lance Poole, Rutul Davé	FinTech
May Mobility	USA	Ann Arbor	Alisyn Malek, Edwin Olson, Steve Vozar	Artificial Intelligence
Measurabl	USA	San Diego	Lance Onken, Matt Ellis	SaaS
Medallion	USA	San Francisco	Derek Lo	HealthTech
Merlin Labs	USA	Boston	Matt George	Aerospace
Messari	USA	New York	Dan McArdle, Ryan Selkis	Analytics
MicroTransponder	USA	Dallas	Jordan Curnes, Navzer Engineer, William Rosellini	HealthTech
Mos	USA	San Francisco	Amira Yahyaoui	FinTech
MotherDuck	USA	Seattle	Jordan Tigani, Leila Horejsi, Ryan Boyd, Valentino Tereshko	Analytics
MycoTechnology	USA	Aurora	Brooks J. Kelly, James P. Langan, Peter Lubar	Food Processing
Narvar	USA	San Francisco	Amit Sharma	SaaS
Nirvana Insurance	USA	San Francisco	Abhay Mitra, Alex Carges, Rushil Goel	Insurance
Nozomi Networks	USA	San Francisco	Andrea Carcano, Moreno Carullo	Cyber Security
Obsidian Security	USA	Newport Beach	Ben Johnson, Glenn Chisholm, Matt Wolff	Cyber Security
OM1	USA	Boston	Rich Gliklich	Big Data
Omaze	USA	Culver City	Matt Pohlson, Ryan Cummins	FinTech
Opto Investments	USA	New York	Jacob Miller, Joe Lonsdale, Mark Machin, Matt Reed, Patrick Weiss	FinTech
Origin	USA	Boston	João de Paula, Matt Watson	FinTech
Outdoorsy	USA	Austin	Jeff Cavins, Jennifer Young, Ryan Quinn, Tyler Stillwater	E-commerce
Overjet	USA	Cambridge	Alexander Jelicich, Wardah Inam	SaaS
PACT Pharma	USA	Hayward	Antoni Ribas, David Baltimore, Jim Heath, Juan Jaen	Biotech
Pairwise Plants	USA	Durham	Haven Baker, Tom Adams	AgriTech
Palleon Pharmaceuticals	USA	Waltham	Carolyn Bertozzi, Jim Broderick, Paul Crocker	Biotech
parcelLab	USA	Boston	Anton Eder, Julian Krenge, Tobias Buxhoidt	SaaS
Path Robotics	USA	Columbus	Alex Lonsberry, Andrew Lonsberry, Ken Lonsberry, Matthew Klein	Robotics
PayActiv	USA	San Jose	Ijaz Anwar, Safwan Shah, Sohail Aslam	FinTech
Pearpop	USA	Los Angeles	Cole Mason, Guy Oseary, Spencer Markel	E-commerce
Pendulum Therapeutics	USA	San Francisco	Colleen Cutcliffe, James H. Bullard, John S. Eid	BioTech
Persefoni	USA	Tempe	Jason Offerman, Kentaro Kawamori, Kim Stroh	SaaS
Photys Therapeutics	USA	Cambridge	-	BioTech
Pixis	USA	San Francisco	Harikrishna Valiyath, Shubham A Mishra, Vrushali Prasade	Artificial Intelligence
Plexium	USA	San Diego	Andrew MacConnell, Joe Rokicki	BioTech
Popmenu	USA	Atlanta	Brendan Sweeney, Justis Blasco, Mike Gullo, Tony Roy	SaaS
Premise Data	USA	San Francisco	David Soloff, Joseph Reisinger	Big Data
Primer	USA	San Francisco	Sean Gourley	Enterprise Services
Printify	USA	San Francisco	Artis Kehris, Gatis Dukurs, James Berdigans	E-commerce
Prodigal	USA	Mountain View	Sangram Raje, Saransh Garg, Shantanu Gangal	SaaS
PURE Property Management	USA	Los Gatos	Joseph Polverari, Michael Catalano	Real Estate Tech
Quext	USA	Lubbock	-	Real Estate Tech
Quince	USA	San Francisco	Sid Gupta	E-commerce
Quip	USA	Brooklyn	Bill May, Simon Enever	E-commerce
QurAlis	USA	Cambridge	Clifford J Woolf, Kasper Roet, Kevin Eggan	BioTech
Radar	USA	Brooklyn	Coby Berman, Nick Patrick	SaaS
Ready	USA	New Orleans	Benjamin Swig, Justin Dangel, Shlomo Ventura Leon	HealthTech
Rectify Pharmaceuticals	USA	Cambridge	Jonathan Moore	BioTech
RECUR	USA	Miami	Max Bruch, Zach Bruch	Blockchain
Red Canary	USA	Denver	Brian Beyer, Chris Rothe, Keith McCammon	Cloud
Regal.io	USA	New York	Alex Levin, Rebecca Greene	Enterprise Services
Reka AI	USA	Sunnyvale	Cyprien de Masson d’Autume, Dani Yogatama, Mikel Artetxe, Qi Liu, Yi Tay	Artificial Intelligence
Reliable Robotics Corporation	USA	Mountain View	Juerg Frefel, Robert Rose	Aerospace
RevenueCat	USA	San Francisco	Jacob Eiting, Miguel Carranza	Enterprise Services
ROME Therapeutics	USA	Cambridge	Rosana Kapeller	HealthTech
Saildrone	USA	Alameda	Richard Jenkins	Artificial Intelligence
Scribe Therapeutics	USA	Alameda	Benjamin Oakes, Brett Staahl, David F. Savage, Jennifer Doudna	HealthTech
Secureframe	USA	San Francisco	Shrav Mehta	Enterprise Services
Seegrid	USA	Pittsburgh	Hans Moravec, Scott Friedman	Robotics
Settle	USA	San Francisco	Aleksander Koenig	FinTech
Seurat Technologies	USA	Wilmington	Erik Toomre, James DeMuth	Smart Manufacturing
Shape Therapeutics	USA	Seattle	Francois Vigneault, John Suliman, Prashant Mali	HealthTech
Shef	USA	San Francisco	Alvin Salehi, Joey Grassia	E-commerce
Sherlock Biosciences	USA	Cambridge	David R. Walt, Deborah Hung, Feng Zhang, Jim Collins, Jonathan Gootenberg, Omar Abudayyeh, Pardis Sabeti, Rahul Dhanda, Todd Golub	HealthTech
Shopmonkey	USA	San Jose	Ashot Iskandarian	SaaS
SigmaSense	USA	Austin	Patrick Troy Gray, Rick Seger, Shawn Gray, Steve Sedaker	Smart Chips
SiMa.ai	USA	San Jose	Krishna Rangasayee, Steven J. Rosston	Smart Chips
Simpplr	USA	Redwood City	Dhiraj Sharma, Piyush Rajput	Enterprise Services
SirionLabs	USA	New York	Aditya Gupta, Ajay Agrawal, Claude Marais, Kanti Prabha	SaaS
Skedulo	USA	San Francisco	James Davies, Matt Fairhurst	Enterprise Services
Skylo	USA	Palo Alto	Andrew Kalman, Andrew Nuttall, Parthsarathi Trivedi, Tarun Gupta	IoT
SkySpecs	USA	Ann Arbor	Danny Ellis, Jonathan Bendes, Ryan Morton, Samuel DeBruin, Tom Brady	Energy
Snackpass	USA	San Francisco	Jamie Marshall, Jonathan Cameron, Kevin Tan	E-commerce
Snappt	USA	Los Angeles	Daniel Berlind	Artificial Intelligence
Sojern	USA	San Francisco	William E. Fisher	SaaS
Sonatus	USA	Sunnyvale	Jeffrey Chou, Yu Fang	Cloud
Songtradr	USA	Santa Monica	Paul Wiltshire	Music
Sound Agriculture	USA	Emeryville	Eric Davidson, Travis Bayer	AgriTech
Spotnana Technology	USA	New York	Sarosh Waghmar, Shikhar Agarwal	SaaS
SprintRay	USA	Los Angeles	Amir Mansouri, Hossein Bassir, Jing Zhang	HealthTech
Step	USA	Palo Alto	Alexey Kalinichenko, CJ MacDonald	FinTech
Strata Oncology	USA	Ann Arbor	Dan Rhodes, Keith Flaherty, Scott Tomlins	Biotech
Suki	USA	Redwood City	Anshu Sharma, Karthik Rajan, Punit Soni	HealthTech
Sundae	USA	San Francisco	Andrew Swain, Josh Stech	E-commerce
Supabase	USA	San Francisco	Anthony Wilson, Paul Copplestone	Enterprise Services
Superpedestrian	USA	Cambridge	Assaf Biderman, Haya Verwoord-Douidri	Electric Vehicle
Superside	USA	Palo Alto	Håkon Heir, Jing Kjeldsen, Sondre Rasch	AdTech
Swift Navigation	USA	San Francisco	Colin Beighley, Fergus Noble, Timothy Harris	Enterprise Services
Syzygy Plasmonics	USA	Houston	Suman Khatiwada, Trevor Best	Chemical
Terminus	USA	Atlanta	David Cummings, Eric Spett, Eric Vass, Sangram Vajre	AdTech
The Mom Project	USA	Chicago	Allison Robinson, Gregory Robinson	Recruitment
Tia	USA	New York	Carolyn Witte, Felicity Yost	HealthTech
TigerGraph	USA	Redwood City	Yu Xu	Enterprise Services
Titan	USA	New York	Clayton Gardner, Joe Percoco, Max Bernardy	FinTech
TokenEx	USA	Edmond	Alex Pezold, Jerald Dawkins	Cloud
Tome	USA	San Francisco	Henri Liriani, Keith Peiris	Artificial Intelligence
Traceable	USA	San Francisco	Jyoti Bansal, Sanjay Nagaraj	Cloud
Trove	USA	Brisbane	Andy Ruben	SaaS
TrueBinding	USA	Menlo Park	Dongxu Sun	HealthTech
Tulip Interfaces	USA	Somerville	Natan Linder, Rony Kubat	Enterprise Services
Twingate	USA	Redwood City	Alex Marshall, Lior Rozner, Tony Huie	Cloud
Ulab Systems	USA	Memphis	Amir Abolfathi, Charlie Wen, Mic Falkel	HealthTech
Underdog Fantasy	USA	Brooklyn	Brandon Stakenborg, Jeremy Levine, Trevor John	Gaming
Untapped	USA	San Francisco	Adam Gefkovicz, Ben Herman	Recruitment
Upland	USA	Mountain View	Idan Zuckerman, Mani Honigstein	Gaming
Upwind Security	USA	San Francisco	Amiram Shachar	Cyber Security
Vannevar Labs	USA	Palo Alto	Brett Granberg, Danny Goodman, Nini Moorhead	Aerospace
Vapor IO	USA	Austin	Andrew Cencini, Cole Crawford, Nick Velander, Steven White	Enterprise Services
Ventus Therapeutics	USA	Waltham	Hao Wu, Judy Lieberman, Richard Flavell, Thomas Tuschl	HealthTech
Vida Health	USA	San Francisco	Connie Chen, Jono Chang, Ozan Onay, Stephanie Tilenius	HealthTech
VidMob	USA	New York	Alex Collmer, Craig Coblenz, Jason Donnell	AdTech
Virsec	USA	San Jose	Ray DeMeo, Satya Gupta	Cloud
Vivun	USA	Oakland	Claire Bruce, Dominique Darrow, John Bruce, Joseph Miller, Matthew Darrow	Enterprise Services
Vizgen	USA	Cambridge	George Emanuel, Jiang He	Biotech
Vytalize Health	USA	Hoboken	Amer Alnajar, Faris Ghawi, Hasan Bayat, Omar Elrabie	HealthTech
Wahed Invest	USA	New York	Junaid Wahedna	FinTech
Wayspring	USA	Nashville	Kevin Kirkpatrick, Paul McCurry	HealthTech
Wellvana	USA	Nashville	Charles N. Martin, Devin Carty, Jairo Melo, Saleh Jaafar	HealthTech
Wildcat Discovery Technologies	USA	San Diego	John D. Diekman, Peter Schultz, Robert Downs, Troy Wilson	CleanTech
Workable	USA	Boston	Nikos Moraitakis, Spyros Magiatis	Recruitment
Workstream	USA	San Francisco	Desmond Lim, Lei Xu, Ruoyu Wang	Recruitment
Xwing	USA	San Francisco	Marc Piette	Aerospace
Zero Hash	USA	Chicago	Brian Liston, Edward Woodfor	Blockchain
ZOE	USA	Boston	George Hadjigeorgiou, Jonathan Wolf	FinTech
Zumper	USA	San Francisco	Anthemos Georgiades, Leah Jones, Russell Middleton, Taylor Glass-Moore	Real Estate Tech

Source: Hurun Research Institute

Appendix 1 – Most Successful Cheetahs Investors in the World 2023

Rank	Investor	No. of Cheetahs
1	HongShan	60
2	CICC	50
3	Matrix Partners	44
4	SoftBank	37
5	Tiger Global Management	34
6	Qiming Venture Partners	32
7	Hillhouse	31
7	Tencent	31
9	GGV Capital	27
9	Sequoia Capital	27
11	Bossanova Investimentos	25
12	Legend Capital	23
12	Shenzhen Capital	23
14	Lenovo	22
14	Oriza	22
16	Accel	21
16	CITIC	21
16	Lightspeed Venture Partners	21
16	Y Combinator	21
20	Alumni Ventures	20
21	IDG Capital	19
22	5Y Capital	18
23	Andreessen Horowitz	17
23	General Catalyst	17
23	Insight Partners	17
23	Shunwei Capital	17
27	China Merchants	16
27	SDIC	16
27	Temasek	16
27	Vision Capital	16
31	Fortune Capital	15
31	Gaingels	15
31	Genesis Capital	15
34	FJ Labs	14
34	Founders Fund	14
34	Oriental Fortune Capital	14
34	Qianhai FOF	14
34	SV Angel	14
39	Gaorong Capital	13
39	Green Pine Capital	13
39	Lilly Asia Ventures	13
39	Source Code Capital	13
39	Zhen Fund	13
44	China Growth Capital	12
44	Cowin Capital	12
44	Salesforce Ventures	12
47	8VC	11
47	Baidu	11
47	China Merchants Bank	11
47	CoStone Capital	11
47	Everest VC	11
47	Goldman Sachs	11
47	GPRO Investment	11
47	Intel Capital	11
47	New Enterprise Associates	11

Source: Hurun Research Institute

Sequoia Capital includes Sequoia USA/Europe, Sequoia India/Southeast Asia, excluding HongShan

Appendix 2 – Most Successful Cheetahs Investors in China 2023

Rank	Rank Change	Investor	No. of China Cheetahs
1	0	HongShan	60 (+11)
2	0	CICC	50 (+16)
3	0	Matrix Partners	37 (+9)
4	1	Qiming Venture Partners	32 (+10)
5	-1	Hillhouse	31 (+8)
6	3	Legend Capital	23 (+6)
6	1	Shenzhen Capital	23 (+3)
8	5	Lenovo	22 (+7)
8	10	Oriza	22 (+11)
10	-1	Tencent	21 (+4)
10	-2	CITIC	21 (+2)
12	-7	IDG Capital	19 (-1)
12	-3	GGV Capital	19 (+2)
14	-1	5Y Capital	18 (+3)
15	3	Shunwei Capital	17 (+6)
16	-4	SDIC	16 (0)
16	1	Vision Capital	16 (+4)
16	-3	China Merchants	16 (+1)
19	5	Fortune Capital	15 (+5)
19	-1	Genesis Capital	15 (+4)
21	3	Oriental Fortune Capital	14 (+4)
21	3	Qianhai FOF	14 (+4)
23	-7	Lilly Asia Ventures	13 (0)
23	New	Source Code Capital	13 (+5)
23	1	Gaorong Capital	13 (+3)
23	1	Green Pine Capital	13 (+3)
23	-5	Zhen Fund	13 (+2)
28	2	Cowin Capital	12 (+3)
28	-4	China Growth Capital	12 (+2)
30	-12	China Merchants Bank	11 (0)
30	New	CoStone Capital	11 (+3)
30	0	Baidu	11 (+2)
30	0	GPRO Investment	11 (+2)
30	0	Everest VC	11 (+2)

Source: Hurun Research Institute

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