1 of 13
12 (tie).Name: OutSystems
Valuation: $1 billion
Total funding: $422 million
Unicorn date: 05/06/2018
What it does: Low-code rapid application development software
HQ: Boston
Founding year: 2001
Valuation: $1 billion
Total funding: $422 million
Unicorn date: 05/06/2018
What it does: Low-code rapid application development software
HQ: Boston
Founding year: 2001
Courtesy photo
12 (tie).Name: Flywire Corp.
Valuation: $1 billion
Total funding: $263 million
Unicorn date: 02/13/2020
What it does: Financial services software
HQ: Boston
Founding year: 2009
Pictured: Mike Massaro (pictured) is CEO of Flywire
Valuation: $1 billion
Total funding: $263 million
Unicorn date: 02/13/2020
What it does: Financial services software
HQ: Boston
Founding year: 2009
Pictured: Mike Massaro (pictured) is CEO of Flywire
Brent Mills
12 (tie).Name: Cybereason Inc.
Valuation: $1 billion
Total funding: $388 million
Unicorn date: 08/05/2019
What it does: Endpoint security software
HQ: Boston
Founding year: 2012
Pictured: From left, Cybereason co-founders Yonatan Striem-Amit, CTO, Lior Div, CEO and Yossi Naar, chief visionary officer
Valuation: $1 billion
Total funding: $388 million
Unicorn date: 08/05/2019
What it does: Endpoint security software
HQ: Boston
Founding year: 2012
Pictured: From left, Cybereason co-founders Yonatan Striem-Amit, CTO, Lior Div, CEO and Yossi Naar, chief visionary officer
Ryuji Suzuki R@Suzuki.photo
Name: Snyk Ltd.
10. Valuation: $1.053 billion
Total funding: $454.5 million
Unicorn date: 01/21/2020
What it does: Security software for developers
HQ: Boston
Founding year: 2015
Pictured: Guy Podjarny (left), founder and president of Boston-based Snyk, and Peter McKay, CEO
10. Valuation: $1.053 billion
Total funding: $454.5 million
Unicorn date: 01/21/2020
What it does: Security software for developers
HQ: Boston
Founding year: 2015
Pictured: Guy Podjarny (left), founder and president of Boston-based Snyk, and Peter McKay, CEO
Snyk
9. Name: Formlabs Inc.
Valuation: $1.065 billion
Total funding: $103.2 million
Unicorn date: 08/01/2018
What it does: 3D printing
HQ: Somerville
Founding year: 2011
Pictured: The Formlabs printers are called Form 2, Form Wash and Cure
Valuation: $1.065 billion
Total funding: $103.2 million
Unicorn date: 08/01/2018
What it does: 3D printing
HQ: Somerville
Founding year: 2011
Pictured: The Formlabs printers are called Form 2, Form Wash and Cure
Courtesy photo
8. Name: Actifio Inc.
Valuation: $1.13 billion
Total funding: $318 million
Unicorn date: 03/06/2014
What it does: Data management, cloud backup and recovery
HQ: Waltham
Founding year: 2009
Pictured: Ash Ashutosh, founder and CEO of Actifio
Valuation: $1.13 billion
Total funding: $318 million
Unicorn date: 03/06/2014
What it does: Data management, cloud backup and recovery
HQ: Waltham
Founding year: 2009
Pictured: Ash Ashutosh, founder and CEO of Actifio
W. Marc Bernsau | Boston Business Journal
7. Name: Infinidat
Valuation: $1.2 billion
Total funding: $245 million
Unicorn date: 04/29/2015
What it does: Enterprise data and cloud storage software
HQ: Waltham
Founding year: 2011
Valuation: $1.2 billion
Total funding: $245 million
Unicorn date: 04/29/2015
What it does: Enterprise data and cloud storage software
HQ: Waltham
Founding year: 2011
Infinidat
6. Name: ezCater Inc.
Valuation: $1.25 billion
Total funding: $320 million
Unicorn date: 04/01/2019
What it does: Software for corporate catering
HQ: Boston
Founding year: 2007
Pictured: Stefania Mallett, co-founder and CEO of ezCater
Valuation: $1.25 billion
Total funding: $320 million
Unicorn date: 04/01/2019
What it does: Software for corporate catering
HQ: Boston
Founding year: 2007
Pictured: Stefania Mallett, co-founder and CEO of ezCater
Image courtesy of ezCater.
5. Name: Thrasio
Valuation: $1.26 billion
Total funding: $396.5 million
Unicorn date: 07/15/2020
What it does: The e-commerce company looks for top-reviewed products on sale on Amazon.com (Nasdaq: AMZN) and buys the brands from the third-party sellers. Then, it optimizes operations, taking care of branding and search
HQ: Walpole
Founding year: 2018
Pictured: Carlos Cashman, co-CEO and co-founder of Thrasio, started the company with fellow co-CEO and co-founder Joshua Silberstein
Valuation: $1.26 billion
Total funding: $396.5 million
Unicorn date: 07/15/2020
What it does: The e-commerce company looks for top-reviewed products on sale on Amazon.com (Nasdaq: AMZN) and buys the brands from the third-party sellers. Then, it optimizes operations, taking care of branding and search
HQ: Walpole
Founding year: 2018
Pictured: Carlos Cashman, co-CEO and co-founder of Thrasio, started the company with fellow co-CEO and co-founder Joshua Silberstein
Thrasio
4. Name: DataRobot Inc.
Valuation: $1.3 billion
Total funding: $431 million
Unicorn date: 09/17/2019
What it does: Artificial intelligence-based software for enterprise data analysis
HQ: Boston
Founding year: 2012
Pictured: The "Tech development area" at the office of DataRobot
Valuation: $1.3 billion
Total funding: $431 million
Unicorn date: 09/17/2019
What it does: Artificial intelligence-based software for enterprise data analysis
HQ: Boston
Founding year: 2012
Pictured: The "Tech development area" at the office of DataRobot
W. Marc Bernsau
3. Name: Toast Inc.
Valuation: $1.4 billion
Total funding: $897 million
Unicorn date: 07/10/2018
What it does: Restaurant software
HQ: Boston
Founding year: 2011
Pictured: From left to right: Toast co-founder and president Steve Fredette; Toast CEO Chris Comparato; Toast co-founder and president Aman Narang; Toast co-founder and chief technology officer Jonathan Grimm
Valuation: $1.4 billion
Total funding: $897 million
Unicorn date: 07/10/2018
What it does: Restaurant software
HQ: Boston
Founding year: 2011
Pictured: From left to right: Toast co-founder and president Steve Fredette; Toast CEO Chris Comparato; Toast co-founder and president Aman Narang; Toast co-founder and chief technology officer Jonathan Grimm
Courtesy of Toast
2. Name: Indigo Ag Inc.
Valuation: $1.4 billion
Total funding: $1 billion and $116 million
Unicorn date: 12/06/2017
What it does: The agriculture-technology startup uses microbiology research to help farmers replace chemicals and fertilizers and increase crop yield
HQ: Boston
Founding year: 2013
Pictured: An Indigo grow room in Charlestown
Valuation: $1.4 billion
Total funding: $1 billion and $116 million
Unicorn date: 12/06/2017
What it does: The agriculture-technology startup uses microbiology research to help farmers replace chemicals and fertilizers and increase crop yield
HQ: Boston
Founding year: 2013
Pictured: An Indigo grow room in Charlestown
As their numbers keep growing, the signature rarity of unicorn startups is now a thing of the past. PitchBook's latest "Unicorn Report" described the increase in unicorns — privately held companies valued at over $1 billion — as a a stable trend across the venture landscape.
"There's herds of them running around," said Carlos Cashman, co-CEO and co-founder of local unicorn Thrasio, earlier this year.
See the above gallery for the local tech companies based in the Bay State that are valued $1 billion or more, including their valuation and total funding.
Still, hitting the $1 billion threshold is a milestone that still matters to local tech executives, who continue to tout it when describing their growth plans. In Massachusetts, at least two tech companies have recently said that they hope to reach that milestone: cloud storage startup Wasabi, which raised $30 million in March this year; and employment services firm Globalization Partners Inc., which snagged $150 million the month before.
This year, the list of local unicorns has seen a number of exits balanced by a healthy infusion of new entries. The 2020 Class of Massachusetts Unicorns includes payment startup Flywire and security software provider Snyk. Both Boston companies reached that status before the coronavirus outbreak was declared a pandemic in March. Thrasio Inc., a Walpole-based e-commerce startup, became a unicorn in July this year on the heels of a $260 million Series C round.
Several Massachusetts unicorns had recent notable exits. Online sports betting operator DraftKings Inc. (Nasdaq: DKNG), for example, was one of the fastest-growing unicorn companies in the state before going public earlier this year through a merger with a special purpose acquisition company, or SPAC. Another unicorn, 3D printing startup Desktop Metal Inc., was not included in the above gallery because it has announced similar plans and is expected to go public in 2020.
The above gallery, which provides a list of Massachusetts tech unicorns as of Sept. 25 this year, was based on data provided by Seattle-based data market research firm PitchBook.
Top Mass. unicorns and the colleges their founders attended
1 of 14
Company: Circle Financial Internet Ltd.
Valuation: $3 billion
Type of business: Circle's ultimate goal is to use blockchain software to make payments free and frictionless over the internet, but most of its revenues currently come from Circle Trade, an over-the-counter trading exchange that lets individuals and institutional investors buy and sell various cryptocurrency tokens.
Jeremy Allaire (pictured, CEO): Macalester College in St. Paul, MN
Sean Neville (president): Not available.
Jason Hadjioannou (co-founder): University of London, England (certificate)
Courtesy | Circle
Company: Toast Inc.
Valuation: $1.40 billion
Type of business: Restaurant management and point of sale (POS) software.
Steve Fredette (from left, co-founder and president): MIT, bachelor's degree in chemistry
Chris Comparato (CEO): Union College in Schenectady, NY
Aman Narang (co-founder and president): MIT, bachelor's degree in computer science
Jonathan Grimm (co-founder and CTO): MIT, bachelor's degree in computer science
Courtesy of Toast
Company: DraftKings Inc.
Valuation: $1.20 billion
Type of business: Fantasy sports betting software
Jason Robins (CEO and co-founder): Duke University, where he received his degree in economics and computer science.
Paul Liberman (COO and co-founder): Worcester Polytechnic Institute, where he received his degree in electrical engineering and computer science
Matt Kalish (co-founder and chief revenue officer): MBA from Boston College, degrees in economics and computer science from Columbia University
Pictured: The DraftKings logo and hallway with a mirrored ceiling greets visitors exiting the elevator at their new Back Bay location of 222 Berkeley Street in Boston.
W. Marc Bernsau
Company: Infinidat Inc.
Valuation: $1.20 billion
Type of business: Data storage
Moshe Yanai (CEO and founder): Technion - Israel Institute of Technology
Pictured: U.S. headquarters in Waltham
Infinidat
Company: Actifio Inc.
Valuation: $1.13 billion
Type of business: Software-as-a-service product that helps large companies pipe their data into new internal applications more effectively
Ash Ashutosh (pictured, CEO and founder): Penn State University, where he graduated with a degree in electrical engineering and a masters degree in computer science
David Chang (co-founder, Senior VP of Solutions Development): University of Minnesota - Minneapolis, bachelor of science degree in electrical engineering; National Technological University, master of science degree
W. Marc Bernsau | Business Journal
Company: Acquia Inc.
Valuation: $1.11 billion
Type of business: The company helps firms manage their websites with the open-source software Drupal
Dries Buytaert (pictured, co-founder and CTO): Ghent University in Ghent, Belgium, Ph.D. in computer science and engineering
Jay Batson (co-founder): University of Denver, JD in law
Kyle Alspach
Company: Formlabs Inc.
Valuation: $1.07 billion
Type of business: Professional 3D printing
Maxim Lobovsky (pictured, co-founder and CEO): MIT, master of science in media arts and sciences; Cornell University, bachelor's dedree in applied and engineering physics
Natan Linder (co-founder and chairman): MIT, Ph.D. in media arts and sciences
David Cranor (co-founder): MIT, master's degree in media arts and sciences; Baylor University, bachelor's degree in Engineering/Film and digital media
BBJ | W. Marc Bernsau
Company: Cybereason Inc.
Valuation: $1.00 billion
Type of business: Cybereason’s endpoint security software works like a 24/7 video surveillance camera recording and monitoring all the activities in a corporate network
Yonatan Striem-Amit (from left, co-founder and CTO): The Hebrew University of Jerusalem, master of science in computer science and machine learning; bachelor of science in computer science and math
Lior Div (co-founder and CEO): The Academic College of Tel-Aviv, Yaffo, bachelor of science in computer science
Yossi Naar (co-founder and chief visionary officer): The Hebrew University of Jerusalem, economics and physics
Ryuji Suzuki R@Suzuki.photo
Company: Intarcia Therapeutics Inc.
Valuation: $1.63 billion
Type of business: The company relocated from California to Boston in 2014. Intarcia Therapeutics' lead product, ITCA 650, is implanted under the skin and gradually pumps tiny amounts of a drug for Type 2 Diabetes into the bloodstream
Kurt Graves (CEO since 2012): Hillsdale College in Michigan, where he earned a B.S. in biology
Robert Perachio
Company: Ginkgo Bioworks Inc.
Valuation: $1.38 billion
Type of business: The company develops biological engineering products designed to custom microbes across multiple markets
Pictured: Ginkgo Bioworks was founded by Tom Knight (center) along with (from the left) Austin Che, Reshma Shetty, Jason Kelly and Barry Canton
Tom Knight (co-founder): MIT, Ph.D.
Austin Che (co-founder): MIT, Ph.D. in computer science, synthetic biology
Reshma Shetty (co-founder): MIT, Ph.D. in biological engineering
Jason Kelly (co-founder): MIT, Ph.D. in biological engineering
Barry Canton (co-founder): MIT, Ph.D. in biological engineering
Jason Grow jasongrow.com
Company: Indigo Agriculture
Valuation: $1.40 billion
Type of business: Provider of plant microbiome agricultural services designed to increase crop yield
Geoffrey von Maltzahn (co-founder and chief innovation officer): MIT, Ph.D. in biomedical engineering and medical physics
Noubar Afeyan (co-founder): MIT, Ph.D. in biochemical engineering
Pictured: A tractor harvesting Indigo cotton
Bob Bayne
Company: Devoted Health Inc.
Valuation: $1.80 billion
Type of business: Healthcare company seeking to improve the quality of patients' care by offering personalized medical plans
Ed Park (co-founder): Harvard University, computer science
Todd Park (co-founder): Harvard University, economics
Pictured: Ed Park, former chief technology officer and chief operating officer at athenahealth, is one of two co-founders of Devoted Health
Company: Desktop Metal Inc.
Valuation: $1.03 billion
Type of business: Developer of 3D metal printers designed to make 3D printing accessible for engineering teams
Ric Fulop (pictured, CEO and co-founder): MIT Sloan School of Management, MBA
Jonah Myerberg (CTO and co-founder): Lehigh University, B.S. in mechanical engineering; Johns Hopkins University, M.S. in mechanical engineering
Rick Chin (co-founder and VP, software development): New Jersey Institute of Technology, B.S. in mechanical engineering
Ely Sachs (co-founder): MIT, S.B., M.S. and Ph.D. in mechanical engineering
Christopher A. Schuh (co-founder): University of Illinois at Urbana-Champaign, B.S. degree; Northwestern University, Ph.D.
A. John Hart (co-founder): MIT, Ph.D. and S.M. degrees in mechanical engineering
Yet-Ming Chiang (co-founder): MIT, S.B. in materials science and engineering, Sc.D. in ceramics
W. Marc Bernsau
Company: ezCater Inc.
Valuation: $1.25 billion
Type of business: Online corporate catering platform
Stefania Mallett (pictured, CEO and co-founder): MIT, M.S. and B.S. in electrical engineering and computer science
Briscoe Rodgers (president and co-founder): Carnegie Mellon University, B.S. in business and computer science
Image courtesy of ezCater.
