This week, the Prime Unicorn Index underwent its quarterly Reconstitution. In this post, we will highlight changes to the index components. The Prime Unicorn Index is the standard bearer for private markets benchmarking. Reflecting the broader private market, the Index is down 7.09% over the last year.
Following Q1 2024’s Reconstitution, the total component count remained at 200, with four companies leaving the Index and four companies joining the Index.
Outgoing
Three of the companies removed from the Index, ASAPP, Divvy Homes, and Truepill, saw their valuation slip below $1 billion last quarter, causing these firms to lose eligibility. Olive AI was removed following its decision to shutter operations and liquidate assets in late October.
Incoming
Anthropic is an artificial intelligence company known for conducting research and development in AI safety and alignment, focusing on building reliable, interpretable, and steerable AI systems. It was last valued at $4.62 billion following a $450 million Series C round in May 2023. Investors include Spark Capital, Google, Salesforce Ventures, and Sound Ventures.
Lightmatter is committed to developing AI compute technologies that accelerate AI growth while minimizing its environmental impact on the planet. Lightmatter was most recently valued at $1.18 billion following a $155 million Series C in December 2023. Investors include Viking Global, Fidelity, Google Ventures, Aliya Capital Partners, SIP Global Partners, Sequoia, Spark Capital, Lockheed Martin, Hewlett Packard, and others.
Boom Technology (AKA: Boom Supersonic) is developing a supersonic jet designed to more than half the time of transatlantic flights. Boom Supersonic was last valued at $1.17 billion following a $109.52 million Series C in May 2021. Investors include Y Combinator, Caffeinated Capital, Sunstone Capital, RRE Ventures, Palm Drive Ventures, 8VC, American Express Ventures, and others.
Justworks (FKA: Clockwork Solutions) makes it simple to manage payroll and HR. They enable businesses to easily manage payroll while offering large-company benefits and ensuring legal compliance. Justworks was last valued at $1.11 billion following a $50 million Series E in January 2020. Investors include Union Square Ventures, FirstMark Capital, Bain Capital Ventures, Index Ventures, Redpoint Ventures, Spark Capital, and Thrive Capital.
For a more detailed view of these companies and the Index, be on the lookout for the Fact Sheet and Reconstitution Report in the coming days.