While the US and China are home for a few hundreds of unicorns, the UK is building its own list of tech unicorns at a steady pace. Many companies in Britain benefit from accelerator programs, grants, venture funding, mentoring, and business connections that facilitate them to unleash their complete potential, secure colossal valuations, and expedite their growth.
A report titled ‘UK Unicorn companies’ analyses the profiling of the current unicorn herd prevailing in the UK, the fundraising as well as investors that have backed these companies and the founders behind these unicorns.
Going by the report, there are 16 unicorns in the UK right now. Of these, the health tech company CMR Surgical is the latest one to attain this status. While some have obtained the unicorn position now, five unicorns have now made an exit.
Before we dive into the report and the list of unicorns as listed by the same, 3 in 5 tech unicorns in the UK are based in London. This once again proves London’s reputation in dominating the business ecosystem in the UK. Moreover, it can be seen that the unicorn herd belongs to a diverse group across sectors.
Having said this, here we list 15 UK tech unicorns leaving behind BrewDog, which belongs to the food and drink category. For the uninitiated, a unicorn is a company with a valuation of over $1 billion.
Babylon (London)
Founders: Ali Parsa
Funding: €577 million
Founded year: 2013
What it does: Babylon has developed an app that will let patients book and experience remote video consultations with doctors. The app deploys Artificial Intelligence to let patients consult virtual healthcare professionals regarding their symptoms. This company attained unicorn status earlier this year.
BenevolentAI (London)
Founders: Michael Brennan, Kenneth Mulvany, Brent Gutekunst, Ivan Griffin
Funding: €277 million
Founded year: 2013
What it does: BenevolentAI has developed Artificial Intelligence and machine learning technology to speed up the scientific discovery via mass analysis of scientific data. The company has transformed the way medicine is designed, developed, and tested. This way, BenevolentAI helps treat ailments better with improved medicines and learn how patients respond to the treatment. This company remains a unicorn from 2015.
Checkout.com (London)
Founders: Guillaume Pousaz
Funding: €209 million
Founded year: 2012
What it does: Checkout.com has developed proprietary software letting businesses process their payments online in various currencies. This fintech company handles all the aspects of payment processes and assures complete transparency throughout these processes. It attained the unicorn status in May this year.
Darktrace (Cambridge)
Founders: Poppy Gustafsson, Dave Palmer
Funding: €210 million
Founded year: 2013
What it does: Darktrace is an Artificial Intelligence company for cybersecurity. It uses machine learning and AI algorithms to detect and respond to cyberthreats across diverse digital environments, including cloud and virtualised networks, IoT and industrial control systems. This AI company become a unicorn last year.
Deliveroo (London)
Founders: William Shu
Funding: €1.3 billion
Founded year: 2012
What it does: Deliveroo, which provides delivery services for restaurants became a unicorn in 2017. The company deploys technology to predict the time taken to prepare meals and efficient ways of delivering orders. Deliveroo received over half a million funding from Amazon earlier this year to create new products.
Graphcore (London)
Founders: Nigel Toon, Simon Knowles
Funding: €282 million
Founded year: 2016
What it does: Graphcore is involved in the creation of a processor, which lets developers run machine learning models quicker. It lets AI researchers undertake new types of work, which is not possible using existing technologies. Graphcore became a unicorn back in 2018.
Improbable (London)
Founders: Peter Lipka, Herman Narula, Rob Whitehead
Funding: €547 million
Founded year: 2012
What it does: Improbable is dedicated to building powerful technology, which is designed to solve impossible problems and let create new realities. With its SpatialOS platform, the company lets developers overcome limitations of regular computation and cooperate over the cloud to simulate complex worlds. Offers unprecedented gameplay with its platform, Improbable become a unicorn in 2018.
Monzo (London)
Founders: Tom Blomfield, Paul Rippon, Gary Dolman, Jonas Huckestein, Jason Bates
Funding: €412 million
Founded year: 2015
What it does: Monzo operates a digital bank, which can be accessed by mobile. The company provides its customers with a current account and a prepaid debit card to manage their money. It became a unicorn back in October 2018 and has over a million customers.
OakNorth Bank (London)
Founders: Rishi Khosla, Joel Perlman
Funding: €783 million
Founded year: 2013
What it does: OakNorth Bank provides business loans and property finance to entrepreneurs and growing companies. It helps businesses in the UK grow by letting entrepreneurs reach their complete potential with its customised debt finance solutions. It provides business loans, competitive personal and savings accounts, and property finance to small and medium-sized businesses. This fintech unicorn attained its status in 2017.
Ovo Energy (Bristol)
Founders: Stephen Fitzpatrick
Funding: €240 million
Founded Year: 2008
What it does: OVO Energy supplies gas and electricity to domestic properties across the UK. It combines natural energy and smart technology to create a renewable energy system. The company intends to make energy cheaper, greener and more accessible. OVO Energy became a unicorn in February 2019.
Oxford Nanopore (Oxford)
Founders: Gordon Sanghera, Spike Willcocks
Funding: €529 million
Founded year: 2005
What it does: Oxford Nanopore Technologies intends to disrupt the paradigm of biological analysis. It developed a range of portable DNA and RNA sequencing devices that can characterise epigenetic modifications. Founded in 2005, this company gained the unicorn status back in 2015.
Revolut (London)
Founders: Nikolay Storonsky, Vladyslav Yatsenko
Funding: €309 million
Founded year: 2013
What it does: Revolut is a digital banking alternative providing a pre-paid debit card, currency exchange, and peer-to-peer payments. It operates a challenger bank providing an app for users to trade cryptocurrency, track and send money, and carry out a range of financial services. Revolut became a unicorn in April last year.
The Hut Group (Manchester)
Founders: Matthew Moulding, John Gallemore
Funding: €287 million
Founded year: 2004
What it does: The Hut Group (THG) is an international technology company, focused on beauty and wellbeing retail. The company operates a range of e-commerce websites and has developed proprietary software, which it licenses to other online retailers. Since 2016, the company is a unicorn.
TransferWise (London)
Founders: Taavet Hinrikus, Kristo Käärmann
Funding: €360 million
Founded year: 2010
What it does: TransferWise is a money transfer service allowing private individuals and businesses to send money abroad without hidden charges. This platform provides customers with a lower-cost alternative to traditional means of moving money internationally. With millions of customers using its service, TransferWise is a unicorn since 2017.
CMR Surgical (Cambridge)
Founders: Luke Hares, Mark Slack, Martin Frost
Funding: €351 million
Founded Year: 2014
What it does: CMR Surgical is the latest one to become a unicorn. It aims to make minimal access surgery available for everyone. It is focused on bringing a paradigm shift in the field of robotic-assisted surgery with Versius, which is its next-generation tool designed to fit seamlessly into the operating rooms and work in harmony with the surgeons.
Stock photo from rudall30/Shutterstock
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