Game Changers 2018

Emerging trends to watch and high-momentum startups

with world-changing potential.
The technology market
intelligence platform.
CB Insights software lets you predict, discuss, and
communicate emerging technology trends using data
in ways that are beyond human cognition.

2
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 December 12 – 13, 2017 | San Francisco, CA

A-ha! is a gathering of Fortune 1000 executives, investors,

academics, and startup founders discussing the next wave of
ideas and technologies that will shape our world.
SPEAKERS INCLUDE

Daymond John Liza Landsman Mudassir Sheikha Benedict Evans

The Shark Group Jet.com Careem Andreessen Horowitz
Star of ABC’s Shark Tank President Co-founder & CEO Partner
and CEO Sold to Walmart for $3.3B MENA’s $1.2B Unicorn “Working Out What’s
Happening Next” at a16z
FUBU
Founder/CEO
Table of Contents
13 2018 Game Changers

17 Company Deep Dives

68 Appendix & Methodology

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"Most of the big breakthrough technologies
seem crazy at first... It has to be a radical
product. It has to be something where, when
people look at it, at first they say, I don’t get it, I
don't understand it…"

Marc Andreessen
Andreessen Horowitz

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Defining Game Changers
/ɡām - CHānjər/
noun
An event, idea, or procedure that effects a significant shift in
the current manner of doing or thinking about something.
A newly introduced element or factor that changes an
existing situation or activity in a significant way.

Our selected startups are high-momentum companies

pioneering technology with the potential to transform society
and economies for the better.

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2018 Game Changer categories
Neurotechnology Regenerative Medicine Synthetic Animal Products

Visualizing, improving, and 3D printing and engineering organs, Startups offering lab-grown animal
repairing brain functionality cells, and tissues products from food to clothing

Synthetic Agriculture AI Chips Massive Simulations

Advanced technologies for
Startups developing processing The creation of simulated worlds
improving plant health and crop
units for AI applications for predicting real-world outcomes
yield
Intelligent Public Safety Autonomous Construction Rocket Launchers
The future of surveillance, crime Robotics and automation Startups re-inventing the way
prevention, and emergency equipment for the construction rockets-to-space are built and
response industry flown
Extreme Logistics
Delivery in places requiring tech to
compensate for lack of
infrastructure 9
2018 Game Changers
Neurotechnology Regenerative Medicine Synthetic Animal Products

Synthetic Agriculture AI Chips Massive Simulations

Intelligent Public Safety Autonomous Construction Rocket Launchers

Extreme Logistics

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 Most active investors in
Top investors backing game-changing companies game changers
Firms backing 2 or more unique game changer startups
Over 180 unique
investors backed this
year’s cohort of game
changers. Topping the
list was Andreessen
Horowitz, Data Collective,
IndieBio, NEA, Sequoia,
and SOSV, with
investments to 3 unique
game changers.

In total, 21 investors
backed 2 or more of
these companies.

With 20 backers, Zipline

International has the
most investors.
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12
Neurotechnology
Visualizing, improving, and
repairing brain functionality

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"The study of the mind and brain is the last frontier in
science. Although the field has made enormous
progress over the past several decades,
understanding of the basic principles of thought and
brain function are still far more unknown than
known.”

Michael Tarr

Former co-director of Carnegie Mellon's

Center for the Neural Basis of Cognition

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BLOCK CHRONIC PAIN

Neuros Medical's technology delivers high-frequency stimulation to sensory nerves in the

peripheral nervous system to block chronic pain. The system consists of an electrode placed
around a peripheral nerve and is powered by an implantable pacemaker-size generator.

The company is focused on the elimination of chronic pain in a variety of conditions, including
amputation pain, post-surgical pain, migraine, and trigeminal neuralgia.

Select Investors: US Department of Defense, Boston Scientific Corporation, US Venture Partners

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HELP PARALYZED PATIENTS

Synchron is a medical device company developing an “endovascular neural interface” called the
Stentrode – an implantable brain device to achieve direct brain control of assisted technologies.

The technology platform is being developed to help paralyzed patients facilitate control of
external devices such as robotic limbs, computers, and exoskeletons by translating brain
activity into physical movement.

Select Investors: US Department of Defense, DARPA, Neurotechnology Investors

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PREVENT SEIZURES

NeuroPace offers an implantable device called the RNS System, for the treatment of
neurological disorders.

The company's initial focus is the treatment of epilepsy to prevent seizures. The device
recognizes electrical patterns specific to your brain, identifies unusual activity indicative of a
seizure and sends brief pulses to instantly normalize your brainwaves.

Select Investors: Johnson & Johnson Innovation, New Enterprise Associates, KPCB

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Regenerative Medicine
3D printing and engineering
organs, cells, and tissues

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"This is going to be the future of medicine, where
stem cells and other types of cells can literally be the
treatment of devastating chronic and untreatable
diseases.”

Adeeb Al-Zoubi

Clinical Assistant Professor of Regenerative

Medicine at The University of Illinois

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PRINT ORGANS ON DEMAND

Prellis Biologics engineers human tissues and organs using laser-based 3D printing technology.
The company can create single layers of cells and build tissue scaffolds for organs on-demand
in a laboratory setting.

The company aims to address organ donor shortage and provide human tissues to streamline
the development of therapeutics. As its first product, Prellis Biologics is developing insulin-
secreting units of the pancreas to help people with Type 1 Diabetes.

Select Investors: True Ventures, SOSV, Civilization Ventures, 415 Ventures, IndieBio

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TRANSPLANT BETWEEN SPECIES

eGenesis is a life sciences company leveraging genome editing technology known as CRISPR
to deliver safe and effective human-transplantable cells, tissues and organs. The company is
developing a platform using xenotransplantation – the process of grafting or transplanting
organs or tissues between members of different species, primarily pigs.

eGenesis’ mission is to address the shortage of organs available for transplantation. The
company claims that using its technology, one animal can save an estimated eight lives.

Select Investors: Khosla Ventures, Alexandria Venture Investments, Uprising

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MANUFACTURE CELLS

BlueRock harnesses induced pluripotent stem cell (iPSC) therapies to use healthy cells to cure
a range of diseases. Using this Nobel Prize-winning technology, the company can
manufacture virtually unlimited quantities of pure healthy cells.

The company is initially targeting severe brain and heart conditions such as Parkinson’s
Disease and congestive heart failure.

Select Investors: Bayer, Versant Ventures

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Synthetic Animal Products
Startups offering lab-grown
animal products, from food
to clothing
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Current livestock production is unsustainable

Source: World Resources Institute 24

REPLACE TRADITIONAL MEAT

Memphis Meats develops technology to engineer real meat without animals, by farming
animal stem cells in a lab without the need to feed, breed, and slaughter livestock.

The company claims its technology requires up to 90% less greenhouse gas emissions, land,
and water than conventionally produced meat. Scaling up for mass production, Memphis
Meats hopes its products will replace traditional meat altogether.

Select Investors: Bill Gates, Cargill, Richard Branson, Kimbal Musk, Draper Fisher Jurveston

$17M

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PRODUCE CULTURED LEATHER

Modern Meadow applies advances in tissue engineering to produce cultured leather that
requires no animal slaughter and much lower inputs of land, water, energy and chemicals than
conventional methods.

The process is called biofabrication. Starting with living cells, Modern Meadow can grow
collagen, the same natural protein found in animal skin, assemble it into a sheet of synthetic
leather, and then finish the aesthetics with a tanning process.

Select Investors: Sequoia Capital, ICONIQ Capital, Temasek Holdings, Tony Fadell

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HARVEST FISH STEM CELLS

Finless Foods is an early-stage biotechnology company that harvests fish stem cells from
living fish to produce lab-grown fish meat for human consumption.

The company’s goal is to make seafood more sustainable and healthier compared to today’s
conventionally caught and commercially farmed seafood.

Select Investors: IndieBio, SOSV

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Synthetic Agriculture
Advanced technologies for
improving plant health and
crop yield
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By 2050, global demand for food
could increase up to 98%, and
synthetic agriculture could help
satisfy demand.

Source: Harvard Business Review / The Journal of the

International Association of Agricultural Economists 29
NATURALLY PROMOTE PLANT HEALTH

Indigo Agriculture is developing microbial solutions to naturally promote plant health and
improve agricultural production. The company uses genomic sequencing and computational
bioinformatics to predict which microbes are most beneficial to plant health.

Indigo has built a platform for product discovery and generated a pipeline of candidates in
crops, including corn, soy, wheat, cotton and vegetables.

Select Investors: Flagship Pioneering, Baillie Gifford & Co., Alaska Permanent Fund, Activant
Capital Group

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IMPROVE CROP GENETICS

Benson Hill Biosystems leverages cloud biology, comprised of cloud computing, big data
analytics, and plant biology, to enable companies to improve crop genetics.

The company uses machine learning to predict which seeds will produce a desired trait. The
platform uses an array of tools, from breeding, to genome editing, to transgenics.

Select Investors: National Corn Growers Association, Alexandria Venture Investments

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CURE DISEASES IN CROPS

Inocucor offers a process that uses fermentation and microbe combinations to enable plants to reach
their full growth or yield potential. The process uses microbiological techniques to isolate individual
microbial strains based on their compatibility with one another and other factors.

The company has identified and field tested 11 microbial strains for use in farms and greenhouses, and
is currently working on biological formulas to cure diseases in crops such as strawberries, tomatoes,
and potatoes.

Select Investors: TPG Alternative & Renewable Technologies, Desjardins, Cycle Capital

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AI Chips
Startups developing
processing units for AI
applications
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Industry applications of AI coming into focus
2013 – 2017 YTD (11/14/2017)
Recent interest in industry
applications for AI, based on CB
Insights Trends Tool
AI is spreading across
industries
Interest in applying AI
across industries means
AI-enablement
companies are poised to
accelerate the future.
CB Insights Trends mines
a massive corpus of
media articles to enable a
data-driven, real-time
method to discover,
predict, and plot the arc
of rising expectations and
excitement for emerging
technologies.
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EXPLORE MACHINE INTELLIGENCE

Graphcore sells an intelligent processing unit (IPU) designed to lower the cost of AI applications in
cloud and enterprise data centers. The company offers a programming framework for research
teams and for customers working on commercial AI deployments.

Graphcore’s chips are reportedly up to 100 times faster than traditional processing units and
could someday help power the machine learning algorithms behind intelligent connected devices,
self-driving cars, and robotics.

Select Investors: Samsung Catalyst Fund, Dell Technologies Capital, Robert Bosch Capital

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PUT AI IN EVERYDAY DEVICES

Mythic offers a chip for enabling local AI, to turn everyday devices into intelligent systems
without leveraging the cloud. Mythic’s chips work in tandem with the company’s software to
make devices see, hear, and process the world. Target markets include smart home,
healthcare systems, and security and monitoring for commercial and home use, and drones
for industrial applications.

Mythic’s platform targets devices that previously lacked the computing power, battery life, and
reliable cloud connectivity to support decision making with AI.

Select Investors: Data Collective, AME Cloud Ventures, Lux Capital, Draper Fisher Jurveston

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SIMULATE HUMAN NERVE CELLS

Cambricon (寒武纪) is developing a brain-inspired processor chip that simulates human nerve
cells and synapses to conduct deep learning. The company’s chips can enable AI for computer
vision, autonomous driving and flying, security monitoring, speech recognition, and more.
Cambricon also offers an AI software platform for developers.

Cambricon says its chips double the performance of a conventional GPU while also
consuming less power.

Select Investors: Alibaba Entrepreneurs Fund, Lenovo Ventures Group, Yonghua Capital

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Massive Simulations
The creation of simulated
worlds for predicting real-
world outcomes
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 What are the advantages of massive simulations?

1. Make better
decisions

2. Introduce and test

variables

3. Examine edge
cases

4. Limit impact of
mistakes

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BUILD SIMULATED WORLDS

Improbable Worlds is developing an operating environment that allows user to build simulated
worlds that can be run in real time, simulating the behaviors and interactions of millions of
entities.

Improbable is focused on game development, but has implications for industries ranging from
commerce to security, enabling organizations to understand the consequences of their
choices before executing in the real world.

Select Investors: Temasek Holdings, Horizons Ventures, Andreessen Horowitz

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SIMULATE AGRICULTURAL OUTCOMES

CiBO Technologies is a sustainable agriculture company that simulates agricultural outcomes.

The company’s platform aggregates historical plant, soil, environmental, nutritional, and
ecological data to provide land-use simulations.

CiBO offers a distributed database for agronomically-relevant computations and analyses,

detailed weather simulations, and more.

Select Investors: Flagship Pioneering

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TEST AUTONOMOUS CARS

RightHook allows automotive, aviation, robotics, and other industries rapidly adopting
autonomous applications to safely test their products in simulated environments. The
company offers several products, including a suite for creating HD maps and traffic
simulations, as well as grid and cloud management for testing autonomous cars.

Because testing self-driving cars in the real world is potentially dangerous, further
development of autonomous technologies will rely on simulated test environments.

Select Investors: Tencent Holdings, First Round Capital, Fontinalis Partners

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Intelligent Public Safety
The future of surveillance,
crime prevention, and
emergency response
43
Public safety needs a tech makeover
TSA airport security failed ‘in the
ballpark’ of 80 percent
November 9th, 2017

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SECURE THE PERIMETER

Evolv Technology creates both hardware and software for physical security. The company
offers a security gate which can conduct rapid body scans of people without requiring them to
stop or slow down. The company's imaging sensor is designed to detect anomalies on a
person, like a bomb or firearms they may be trying to carry into a venue.

Evolv can also work with cameras and facial recognition software to identify people entering a
venue, and check them against relevant databases.

Select Investors: Gates Ventures, In-Q-Tel, General Catalyst, Data Collective

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EXPLORE HIGH THREAT ENVIRONMENTS

Shield AI builds artificially intelligent systems for protecting law enforcement officers,
emergency first responders, and civilians. The company offers a quadcopter that
autonomously explores high threat environments ahead of personnel and can also conduct
searches without a radio frequency link, be flown manually if needed, and learns and improves
over time.

Shield’s computer vision software works in conjunction with cameras and trained neural
networks to identify individuals, objects, and activities of interest.

Select Investors: Andreessen Horowitz, Homebrew

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DETECT VEHICULAR SECURITY THREATS

UVeye is building computer vision and machine learning technology to help detect vehicular
security threats. By scanning the undersides of passing vehicles, UVeye flags anomalies that
indicate a car has been modified for weaponization and/or smuggling.

UVeye’s under-vehicle inspection system leverages high-resolution 3D cameras and image

processing algorithms to identify car-housed explosives, concealed weapons, and other
contraband. License plate numbers can also be captured for database comparisons.

Select Investors: Ahaka Capital, SeedIL

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Autonomous Construction
Robotics and automation
equipment for the
construction industry
48
Shortage of manual labor in construction

Source: Forbes & Commercial Construction Index

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AUTOMATE EARTH MOVING

Built Robotics offers technology to automate earth moving and construction work. The
company is leveraging sensors from self-driving cars and retrofitting them into equipment for
the job site, as well as developing autonomous software designed specifically for construction
tasks related to excavating and grading for building foundations.

Solutions like those offered by Built could address a chronic labor shortage of construction
workers, boost productivity, and prevent work related injuries.

Select Investors: New Enterprise Associates, Great Oaks Venture Capital

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AUTOMATE MASONRY

Construction Robotics is developing hardware and software for the construction industry,
starting with SAM100, an autonomous bricklaying robot used for masonry. Combined with
SAM100, the company’s 3D brick-mapping software helps masons lay out wall designs and
account for onsite variations as well as capture real-time data for continuous improvements.

The company’s products aim to help masons be more productive, reduce repetitive-motion
injuries, and build more lasting buildings.

Select Investors: National Science Foundation under SBIR Phase I and II grants

51
PRINT WHOLE BUILDINGS

Apis Cor is focused on making building construction fast, efficient, and high-quality by
delegating work to smart machines. The company offers a mobile construction 3D printer,
which prints buildings completely on site.

Apis’ mobile 3D building printer has made at least one house (within a single day) that the
company claims is durable enough to last up to 175 years.

Select Investors: Rusnano, Sistema

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Rocket Launchers
Startups re-inventing the
way rockets-to-space are
built and flown
53
Nanosatellites are
taking off

According to estimates,
between 300 and 400
nano satellites (1 – 50kg)
will be launched
throughout 2018.

By 2022, approximately
2,500 additional nano
satellites will require
launch based on
announced plans and
programs.

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DELIVER SMALL SATELLITES

Rocket Lab is building an all carbon-composite launch vehicle. The rocket is designed for the
emerging small satellite market and can rapidly deliver small satellites to commercial orbits.

Rocket Lab is founded on the belief that small payloads require dedicated small launch
vehicles not currently offered by traditional rocket systems.

Select Investors: In-Q-Tel, Lockheed Martin, Khosla Ventures, Bessemer Venture Partners

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AUTOMATE ROCKET BUILDING

Relativity Space aims to build and fly rockets with zero human labor to resupply satellite
constellations. The company is creating what it calls an “evolvable product line” based around an
intelligent 3D printing manufacturing system. Relativity says the system can assemble a rocket
from scratch in 60 days with short lead times and at a low cost.

Relativity’s goal is to create the first rocket on Mars and ultimately lay the groundwork for building
industrial 3D printers that are lightweight and rugged enough to build a space colony.

Select Investors: Y Combinator, University of Southern CA, Stanford, Social Capital, Philip Spector

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DEVELOP SATELLITE MISSIONS

Kubos provides open source software and hardware for developing satellite missions. The
company offers developers building satellites an operating system, hardware support, and
developer tools for their missions. Products include cloud-based mission control software and
a test environment for flight hardware.

Kubos is focused on providing an operating system for small spacecraft. The company has
deals with three nanosatellite manufacturers: Pumpkin, NanoAvionics, and Innovative
Solutions in Space.

Select Investors: Entrenext Ventures, GGV Capital, Draper Dragon, Tim Draper

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Extreme Logistics
Tech-enabled delivery
solutions for low-
infrastructure areas
58
“In developing countries, lack of
infrastructure is a far more serious
barrier to trade than tariffs.”

Joseph E. Stiglitz

Columbia University professor and recipient of

the Nobel Memorial Prize in Economic
Sciences (2001)

59
USE UP EXCESS TRUCKING CAPACITY

CargoX is a logistics company that offers cargo transportation services for shippers in the
heavy duty trucking industry. The company’s machine learning technology is designed to use
up excess trucking capacity by triangulating trips and taking advantage of idle and return
spaces.

CargoX aims to cut down CO2 emissions and reduce the amount of empty trucks on the road.
The company is currently focusing on Brazil, where few railroads in the country mean that a
high proportion of the country’s freight gets shipped by trucks.

Select Investors: Goldman Sachs, Qualcomm Ventures, Soros Brothers Investments, Agility

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USE A PHONE AS AN ADDRESS

The Fetchr app aims to solve the logistical problem of lacking a physical address, which can
restrict the proliferation of delivery services, especially for ecommerce, in places like the Middle
East and North Africa, by allowing users to use a phone as a physical address.

Using Fetchr, drivers arrive to a customer's exact location via a phone to pick up a package and
deliver it to the recipient.

Select Investors: BECO Capital, Winklevoss Capital, Endeavor Catalyst, New Enterprise Associates

61
GET BLOOD ON-DEMAND

Zipline International builds autonomous fixed-wing medical drones and runs airborne delivery
services, dropping medical supplies to clinics or hospitals in areas that aren't accessible by
land. The service lets health workers at remote clinics and hospitals text orders to Zipline for
on-demand medical products such as blood.

Zipline’s deliveries are often used for transfusions during surgeries or complicated childbirths,
or to treat victims of malaria. The company is operating in partnerships with the Rwandan and
Tanzanian governments.

Select Investors: Stanford University, Andreessen Horowitz, Google Ventures, Sequoia Capital

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Game changers appendix
Additional company data

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Fueling up for growth , Game Changers annual
2013 – 2017 YTD (11/13/17) financing history

Year to date (11/13/17),

the 2018 Game Changer
startups have seen 31
deals worth nearly
$1.29B in funding.

At the current run rate,

2017 deals and dollars
are on track to reach a
high of 36 deals worth
nearly $1.5B, bringing
total disclosed equity
investment since 2013 to
over $2B and over 80
deals.

64
Changing the world International game
30 companies headquartered in 7 countries changers

22 of the 30 game
changers are based in
the US or have moved to
the US.

However, 6 other
countries are home to
game changer
companies: Brazil,
Canada, China, Russia,
the UAE, and the UK.

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Mosaic money score comparison Game changers are
Game Changers vs. all companies high-mosaic companies

CB Insights’ data-driven
Mosaic Money metric
assesses financial
signals including funding
recency, total amount
raised, and investor
quality to evaluate
private company health.

On average, our list of

game changers had
Mosaic Money scores
1.9x those of all tech
companies.

66
Game changers expert collection

Track all of the Game

Changer startups in this
presentation and many
more on our platform using
CB Insights’ Collections.

The expanded list of

startups includes high-
momentum companies
pioneering technology with
the potential to transform
society and economies for
the better.

67
Our methodology
How the 10 categories were selected: We used the CB Insights Trends
tool, which mines and organizes millions of media articles to quantify
media attention to tech trends, to identify game changing tech trends.
How the 30 companies were selected: We used CB Insights Company
Mosaic, which tracks private company health using signals including
recency of financing, total raised, and investor quality, to identify high-
momentum/quickly growing companies within our categories. We’ve
gathered this data via our machine learning technology (dubbed The
Cruncher) as well as via several thousand direct submissions from
firms and individual professionals using The Editor.

The CB Insights Mosaic page walks through the factors considered in

the algorithm in greater detail.

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Questions?
@AltmanW @JudWaite

Waltman@CBInsights.com Jwaite@CBInsights.com

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