AI: Defining the Next Era of Intelligence

2024 was a pivotal year for AI, with rapid advancements in large language models, AI infrastructure, and robotics. Our portfolio companies have driven substantial growth in AI adoption across industries, leveraging powerful computing capabilities, strategic partnerships, and enterprise integrations. The expansion of AI-powered assistants, automation in software development, and breakthroughs in AI inference technology have underscored the sector’s transformative potential.

Scroll up and down to explore!

Anthropic is proving to be one of the fastest growing venture-backed companies ever, expanding its run-rate revenue from $90 million at the end of 2023 to nearly $1 billion at the end of 2024.

xAI, has moved quickly since its founding in 2023, deploying one of the world’s largest supercomputers on record time, launching its third generation chatbot Grok and securing $12B in funding in 2024 alone.

Cohere doubled its valuation to $5.5 billion, distinguishing itself in enterprise AI by forming strategic partnerships with McKinsey, Deloitte, and Palantir, among others.

Figure AI's is continuing to develop and commercialize its humanoid robots at an unprecedented pace, deploying its first robots on BMW’s factory floor and landing one of the US’s largest logistics companies as its second customer in 2024–representing up to $9 billion in run-rate revenue potential.

Groq raised $640 million in Series D funding, with its AI inference cloud drawing over 1 million developers to the platform and securing landmark $1.5 billion contract to provide Saudi Arabia’s AI compute infrastructure.

Fintech: Expanding Financial Access and Efficiency

The fintech landscape continued to evolve, with companies scaling their customer bases, improving profitability, and integrating AI-driven tools to enhance financial services. The sector saw significant advancements in digital banking, AI-powered customer service, and mobility-focused financial solutions. Fintech leaders demonstrated resilience and adaptability, positioning themselves for sustained growth and potential liquidity events.

Revolut reached the 50 million user milestone at high-speed, growing by over 10 million customers in 2024 and becoming the most downloaded financial app in the UK and across all of Europe.

Klarna, continues to draw merchants to its end-to-end commerce ecosystem—adding 100,000 in the past year alone to eclipse 600,000 for the first time—and its rapid expansion into the US with 37% growth over the first 9 months of the year—building significant momentum ahead of its planned public listing in the coming months.

Kraken posted revenue of $1.5 billion in 2024 (up 128% year-over-year) as it solidified itself as one of the foremost crypto exchanges with leading security and liquidity and a rapidly expanding product suite.

Transportation & Mobility: Scaling for Efficiency and Sustainability

The mobility sector experienced key inflection points, with strategic acquisitions, technological improvements in autonomous logistics, and the continued expansion of shared transportation solutions. Innovations in commercial vehicle telematics, route optimization, and electric vehicle adoption reinforced the industry's momentum toward efficiency and sustainability.

Platform Science’s acquisition of Trimble’s telematics business instantly turns it into a scaled leader in the connected trucking market—adding $300 million in revenue.

Kodiak Robotics reached critical milestones in autonomous trucking, launching partnerships with Atlas Energy Solutions and demonstrating mapping capabilities that reduce route deployment from weeks to hours.

Lime continued to expand its market lead in 2024 with its fourth consecutive year of 30%+ growth, while continued process and scooter technology improvements drove a record Adjusted EBITDA of $140M (45% year over year growth.

Space & Defense: Transforming Global Connectivity

Space technology and defense innovations remained a focal point, with major advancements in satellite communications, remote sensing, and aerospace infrastructure. The expansion of satellite constellations, new government contracts, and increased commercial adoption highlighted the sector’s growing influence in national security and commercial applications.

HawkEye 360 expanded its satellite clusters and secured key U.S. Air Force contracts for radio frequency sensing solutions.

Capella Space significantly advanced its high-resolution synthetic aperture radar (SAR) capabilities in 2024, deploying next-generation satellites that delivered enhanced image quality and faster revisit times.

SpaceX reached a historic $350 billion valuation, solidifying its position as the world’s most valuable venture-backed company.

Cybersecurity & Emergency Response: Safeguarding the Future

The cybersecurity and emergency response sectors saw groundbreaking developments, including AI-enhanced security platforms, expanded real-time data integrations, and critical advancements in public safety technology. The adoption of AI-driven security operations and emergency communication tools demonstrated how technology continues to enhance safety and resilience on a global scale.

RapidSOS now powers over 21,000 public safety agencies across six countries, integrating with Apple and Google to bring Emergency SOS Live Video to first responders.

BlueVoyant won Microsoft’s 2024 Worldwide Security Partner of the Year award and expanded its global footprint with new Security Operations Centers in Europe.