HomeAnalysisWing Venture Capital Releases Sixth Annual Enterprise Tech 30 List

Wing Venture Capital Releases Sixth Annual Enterprise Tech 30 List

Wing

Wing Venture Capital, a San Francisco, CA-based venture capital firm investing in early-stage companies driving the AI-first transformation of business, announced the fifth annual Enterprise Tech 30—a list of the most promising, private enterprise tech private companies across all stages of maturity.

This list also uncovers key insights and trends driving the market. Of the 15,000+ venture-backed enterprise tech companies in consideration, 40 companies have been selected as the enterprise tech leaders, segmented by stage.

This year, 112 venture capitalists across 92 venture capital firms participated in determining the ET30. The assets under management for the venture capital firms ranged from $50m to $150 billion.

The Enterprise Tech 30 for 2024 are:

The companies are categorized by total capital raised. The Giga stage includes companies that have raised $1 billion or more; early-stage includes companies that have raised $35m or less; mid-stage from $35m to $150m; and late-stage includes $150m or more.

The research process for uncovering the Enterprise Tech 30 also uncovered insights about the state of enterprise tech, including:

30% of the ET30 2024 companies are in AI models and tools. 25% are in SaaS, and 20% are in data platforms, ETL and BI. 10% are in cybersecurity.

90% (9 of 10) of the early stage ET30 2024 companies are in AI models and tools and data platforms, ETL and BI. 10% (1 of 10) are in SaaS. There are no cybersecurity, developer and devops tools, fintech, and defense/aero early stage ET30 companies this year.

For mid stage ET30 this year, data platforms, ETL and BI co-leads with 30% of ET30 2024 companies, as compared to 30% in SaaS, 20% in AI models and tools, 10% in dev and DevOps tools, and 10% in cybersecurity.

40% of ET30 2024 companies are generative AI-native, meaning that the companies’ origins are rooted in generative AI technology. Further, an additional 13% of ET30 2024 companies are generative AI-launch, meaning that the companies have recently launched significant generative AI features or products. By comparison, 3% of ET30 companies in 2021 were generative AI.

Product-led growth remains prominent in the Enterprise Tech 30. This year, 75% (30 of 40) of ET30 companies employ a significant product-led growth model, as compared to 63% of ET30 companies in 2019.

Early stage companies continue to ascend to the Enterprise Tech 30 rapidly. This year, the median time since founding for early stage companies was 1.8 years, as compared to 2.3 years for last year’s early stage cohort and 5.0 years for the 2019 early stage cohort. 

This year, mid and late stage companies saw decreases in last deal sizes and last valuations, while early stage companies saw increases. The median last deal size for mid stage and late stage companies this year decreased to $33m and $152m, respectively, from last year’s companies. Meanwhile, the early stage companies’ median last deal size increased to $18m.

The median last deal valuation for mid stage and late stage companies this year decreased to $406m and $4.4 billion, respectively, from last year’s companies. The early stage companies’ median last deal valuation increased to $66m.

Late stage companies have also raised capital less frequently than in previous years. This year, the median time since last deal for late stage companies increased to 2.0 years, as compared to 1.3 for last year’s late stage companies.

This year, nearly half of ET30 2024 founders (52 of 114) previously worked at Google, Meta, Microsoft, and OpenAI, often in AI research positions. 29% (33 of 114) worked previously at Google. 11% (13 of 114) worked previously at Meta and Microsoft. 6% (7 of 114) worked previously at OpenAI.

In 2024, 43% (17 of 40) of the companies are new to the Enterprise Tech 30, driven by AI and data. 7 of the 17 new companies are in AI models and tools, and 3 are in data platforms, ETL and BI. 4 are in SaaS.

VCWire

11/04/2024