Fifth Annual Enterprise Tech 30 List released by Wing Venture Capital—GenAI, Developer- and Data Stack-Focused Companies Dominate

Further insights: Product-led growth models continue to gain presence; mid- and late-stage companies are raising more capital, at higher valuations, than ever before; 80 percent of ET30 founders are millennials.

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

This list and accompanying research are the product of a two-phase process to distill a stack-ranked list of the top venture-backed enterprise tech companies and to uncover 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” as determined by an institutional research process.

This year, 96 venture capitalists across 79 venture capital firms participated in determining the ET30. The assets under management for the venture capital firms ranged from $50 million to $150 billion.

The Enterprise Tech 30 for 2023 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 $35 million or less; mid-stage from $35 million to $150 million; and late-stage includes $150 million or more.

“This year more than ever, we see AI-first and data- and developer- centric companies take center stage on the ET30,” said Peter Wagner, Founding Partner at Wing Venture Capital. “It’s also exciting to see the profound success previous listees have achieved, from IPOs to acquisitions raising billions in follow-on rounds despite an ever-changing economic environment.”

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

• By category, the ET30 2023 companies span AI models and tools (25% of companies), SaaS (25%), data platforms, ETL and BI (18%), developer and devops tools (10%), security (10%), fintech (8%), and defense/aero (5%).
• By stage, early and mid stage ET30 2023 companies are in AI models and tools (40% of companies), data platforms, ETL and BI (25%), SaaS (20%), and dev and devops tools (15%). There are no security, fintech, or defense/aero companies in early and mid stages for the ET30 in 2023.
• The late and giga stage ET30 2023 companies are more distributed with companies in each of the seven categories in our framework: SaaS (30% of companies), security (20%), fintech (15%), AI models and tools (10%), data platforms, ETL and BI (10%), defense/aero (10%), and dev and devops tools (5%).
• Beyond the MECE framework, the ET30 framework includes sub-categories and tags. By tags, 33% of ET30 2023 companies are generative AI-native, meaning that the companies’ origins are rooted in generative AI technology. Further, an additional 13% of ET30 2003 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.
• 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.
• In 2023, over two-thirds (27 of 40) of the companies are new to the Enterprise Tech 30. By comparison, 43% (17 of 40) were new in 2022, 53% (16 of 30) were new in 2021, and 50% (15 of 30) were new in 2020.
• In 2023, nine of the 10 Early Stage companies and 9 of the 10 Mid Stage companies are new.
• There are three companies who have been in the ET30 for all five years! They are Airtable, Databricks, and Stripe.
• Early-stage companies are ascending to the Enterprise Tech 30 more quickly: For the 2023 cohort, the median time since founding was 2.3 years, as compared to 2.7 years for the prior year cohort and 5.0 years for the 2019 cohort. The median time between the last two rounds was 0.6 years for the 2023 cohort, as compared to 1.0 year for the 2022 cohort and 1.2 years for the 2019 cohort.
• Many of this year's companies exist in multiple categories, with several spanning the ‘developer tools’ and ‘data stack’ and ‘generative AI’ categories simultaneously.
• A significant majority of founders and CEOs are millennials, with a median age of 38 for both. This is a two-year increase from last year, when the median age for both was 36.
• Productivity/Collaboration-labeled companies peaked in 2021 at 19% of ET30 companies that year, driven by the sudden shift to remote work. They are now just 5% of companies on the list.

For more information on the research methodology, additional insights, and to view the results, visit: enterprisetech30.com.

About Wing Venture Capital

Founded in 2013, Wing Venture Capital works with ambitious founders to enable the AI-first transformation of business. We invest early, before it’s obvious, leading Seed and Series A financings and engaging deeply with our signature company-building skills and resources. The current Wing portfolio includes some of today’s most important enterprise technology companies such as Snowflake, Cohesity, Pinecone, and Gong. For more information, visit: www.wing.vc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230516005988/en/