1、Game Game ChangersChangers2025Want to predict your Want to predict your competitors next move?competitors next move?Instantly surface your rivals strategies with the all-in-one platform for public and private company data.See it in actionSee it in action3Game Changers1.AI weather prediction 052.Ultr

2、a-deep drilling 103.AI agent marketplaces 154.Advanced nuclear propulsion 195.Biocomputing 236.Brain manipulation tech 277.Quantum-optimized portfolios 318.Cellular&epigenetic reprogramming 369.GPS-less navigation systems 41202545AI weather AI weather predictionpredictionInsurance6Extreme weather is

3、 the#1 long-term global risk in the next 10 yearsSource:Global Risks Report 2024,World Economic Forum*Based on the Global Risks Perception Survey(GRPS)of 1,490 experts.“Global risk”is defined as the possibility of an event occurring that would negatively impact a significant portion of global GDP,po

4、pulation,or natural resources.Global risks ranked by severity(negative impact on the world)over upcoming 10-year period*Insurance|AI weather predictionExtreme weather eventsCritical change to Earth systemsBiodiversity loss and ecosystem collapseNatural resource shortagesPollutionMisinformation and d

5、isinformationAdverse outcomes of AI technologiesInvoluntary migrationCyber insecuritySocietal polarization1st2nd3rd4th10th5th6th7th8th9thRisk categoriesEnvironmentalSocietalTechnological7Managing weather risk could protect$30T worthof global GDP impacted by weatherSource:CB Insights earnings transcr

6、ipts search mentions of extreme weather events;CNBC*Quarter reflects date call occurred.Extreme weather is top-of-mind for execs on earnings calls$265B$265BIn damages caused by 3 major hurricanes in the US in 2017Insurance|AI weather prediction“Our insurance business was impacted by the severe weath

7、er events in the Greater Toronto Area and the wildfires in Alberta in Q3 and by hailstorms in Calgary and floods in Montreal this month.”TD Bank,Q324“The other issues were supply chain challenges due to extreme weather patterns.”Tiger Brands,Q224“But again,a bit of caution.Were well aware that we ha

8、ve a large part of the year still ahead of us.And especially in respect of natural catastrophes,were entering the hurricane season as we speak.”Swiss Re,Q3248Deep learning is making it easier to accurately predict extreme weather events at the local and global scaleSource:Company releasesNote:Select

9、 models visualized.AI weather and climate models are rapidly improving,enabling faster and more accurate predictions at lower computation costs than traditional physics-based models,which rely on supercomputers to crunch through equations to simulate future conditions.New models use historical weath

10、er data to learn from weather patterns and generate future projections in minutes once trained.Insurance|AI weather predictionFourCastNet NvidiaFebruary2022Physics-ML model that generates 7-day forecasts in 2 secs1November 2023May2024July 2024August 20242345GraphCastGoogle DeepMindAI model for 10-da

11、y forecasts at high accuracy in 1 minAuroraMicrosoft Research1.3B-parameter foundation model of the atmosphereNeuralGCMGoogle ResearchCombines AI and physics models to project climate conditions into multiple decadesStormCastNvidia ResearchAI model that simulates extreme weather events at the km-sca

12、le9Outside of big tech,startups tackling better weather forecasting with AI are targeting industries like insurance,financial services,and defense Source:CB Insights company profiles Jua,Atmo,WindBorne Systems,Reask.Note:Select companies visualized.*Mosaic score(out of 1,000)measures a companys heal

13、th(as of 9/24/2024).*Commercial Maturity(out of 5)measures a companys ability to acquire customers today.StartupDescriptionIndustriesMosaic score*Commercial Maturity*Total fundingSelect partnersAI model for 16-day weather forecastsEnergy trading7673(Deploying)$18MVolueAI-powered precision weather fo

14、recastingGovernment&defense,Aerospace,Energy,Agriculture4243(Deploying)US Air Force,Philippines governmentAI model WeatherMesh;long-duration balloons for atmospheric data collectionGovernment&defenseN/A3(Deploying)$32MNOAA,Department of Defense,US Air ForceAI-powered natural hazard modelingInsurance

15、,Financial services,Government5953(Deploying)$4.6MAXA Climate,Juniper ReInsurance|AI weather prediction10UltraUltra-deep deep drillingdrillingEnergy11Geothermal power providers have seen a rush of investment in recent years amid tech advances&rising clean power demandsSource:CB Insights market Geoth

16、ermal power providersThe Earths interior holds vast untapped energy as heat but its historically been largely inaccessible,meaning geothermal energy accounts for less than 0.2%of the worlds energy mix.Now,flush with cash,providers are starting to apply fracking techniques(cracking hot rocks to injec

17、t water,forming artificial hot water reservoirs)to get at the clean energy source.Energy|Ultra-deep drilling$22M$122M$743M$300MFunding$306M471311Deals420202021202220232024 YTDEquity funding&deals(as of 9/18/2024)12Next,ultra-deep drilling technology could unlock superhot rock energy available everyw

18、here,24/7Source:Superhot Rock Energy(Clean Air Task Force)Conventional drilling rigs can typically drill to depths of 2-4 miles.Innovation in advanced drilling techniques is necessary to go past depths of 6 miles in the Earths crust to where temperatures are 750F and water turns“supercritical”holdin

19、g 5-10 x the energy of steam in conventional wells.Energy|Ultra-deep drilling13Startups are pioneering energy drilling techniques using plasma and millimeter waves to go deeper,fasterSource:CB Insights company profiles Quaise Energy,GA DrillingProjects are still in the development phase for example,

20、Quaise is targeting generating deep geothermal energy from pilot wells in 2026.Energy|Ultra-deep drillingMillimeter wave drilling Latest funding:$21M Series A-III(December 2023)An MIT spinout leveraging gyrotrons a type of high-powered microwave device to generate millimeter waves that can vaporize

21、rock.Plasma drillingLatest funding:$15M Series C(April 2024)A Slovakia-based company developing drills that emit plasma,using extreme heat energy to pulse through rock.GA Drilling is backed by a leading oil&gas drilling contractor14As demand for clean power increases,corporates are buying into the p

22、otential of geothermal&ultra-deep drilling systemsSource:CB Insights GA Drilling and Fervo business relationships data&instant insightsExpect additional O&G involvement as well as corporate activity to meet net-zero commitments especially from big tech as energy-hungry data centers proliferate.Energ

23、y|Ultra-deep drillingGA Drilling partners with industry leadersGoogle agrees to buy 115 MW of energy from Fervo and NV Energy to power its data centers in Nevada(June 2024)following earlier partnership15AI agent AI agent marketplacesmarketplacesEnterprise Tech16The AI agent&copilot space has explode

24、d as businesses race to tap into productivity gainsSource:CB Insights research The enterprise AI agents&copilots market map(August 2024);Expert Collection;Enterprise AI agents are on the cusp of broad commercializationOver 300+startups have emerged in the space thanks to genAI advances.AI agents mar

25、k another evolution beyond copilots:these LLM-based bots can tackle complex tasks on a users behalf with minimal intervention.Enterprise Tech|AI agent marketplaces17Increasingly complex levels of agent interaction will transform the software landscape in the coming yearsSource:CB Insights news menti

26、ons search of articles mentioning multi-agent AI;The multi-agent AI outlookFuture software applications will be defined by their agent architectures,dynamically creating new AI agents as needed and facilitating interaction between internal and external agents to accomplish tasks.Software companies w

27、ill offer specialized agents as plug-in solutions.Multi-agent AI is seeing a surge in media attentionProjectDescriptionMomentumAutoGenOpen-source framework for building AI agents with conversational capabilitiesReleased by Microsoft,Penn State University,University of Washington in August 2023LangGr

28、aphPackage that supports multi-agent workflowsLaunched in January 2024 by LangChain(raised$25M Series A in February)CrewAIStartup developing framework for orchestrating agents in“crews”(teams)Emerging(1 out of 5 on Commercial Maturity scale)Enterprise Tech|AI agent marketplacesSelect multi-agent fra

29、meworks&infrastructure18Agent marketplaces will emerge,enabling dynamic integration and collaboration between specialized agents across platformsSource:CB Insights research The multi-agent AI outlook;Company releasesThese marketplaces may feature dynamic agent“subcontracting”based on specialization,

30、latency requirements,budget,specific integration capabilities,and more at a fraction of the cost of human work.Startups like Emergence($100M+in funding)are targeting agent orchestration and routing Companies proprietary AI agents will seamlessly integrate with platforms like:Microsoft Copilot curren

31、tly offering a limited preview of API plugins to interact with external tools;launched Copilot agents(September 2024)Slack launched an“agent hub,”integrating AI agents from Salesforce as well as third-party partners like Adobe,Anthropic,Cohere,and Perplexity(September 2024)Enterprise Tech|AI agent m

32、arketplacesImage source:Emergence19Advanced nuclear Advanced nuclear propulsionpropulsionAerospace20Space launches are accelerating as demand for launching satellites and other cargo increases and costs come downSource:FAASpaceX(valued at$200B)has 7x the number of licensed launches as its competitor

33、sAerospace|Advanced nuclear propulsion41781291123332639547911710620102011201220132014201520162017201820192020202120222023 2024 YTDTotal licensed US space launches by calendar year(as of 9/19/2024)21Advanced propulsion techniques will be necessary to go deeper into space,enabling faster interplanetar

34、y travel&resource extractionSource:CB Insights Lockheed Martin business relationships,BWX Technologies Q124 earnings transcript,Ultra Safe Nuclear business relationshipsConventional chemically powered rockets which use chemical reactions to produce the thrust needed to move through space or the atmo

35、sphere have limited efficiency for long-distance space travel due to their fuel mass requirements and maximum velocity.While Elon Musks SpaceX is betting on simply getting more propellant into space in the near term to make it to Mars,nuclear power approaches could open the door to deep space explor

36、ation.Aerospace|Advanced nuclear propulsionNASA and DARPA select Lockheed Martin and BWX Technologies to test a nuclear thermal rocket(using a nuclear reactor to heat propellant),promising 2-3x more efficiency than chemical propulsion,with plans for 2027 launchJuly 2023October 2023 Ultra Safe Nuclea

37、r awarded$5M contract by NASA to develop nuclear thermal propulsion systems in collaboration with Blue Origin22While experimental,startups exploring fusion propulsion for faster,more efficient travel see industry backingSource:CB Insights scouting report Helicity SpaceFusion propulsion for spacecraf

38、t is still largely theoretical and less mature than nuclear thermal propulsion(NTP)but it promises more energy with less fuel than NTP.Aerospace|Advanced nuclear propulsion“Secured funding from aerospace giants Lockheed Martin Ventures and Airbus Venturessignaling industry confidence in fusion propu

39、lsion technology.”23BiocomputingBiocomputingAI Infrastructure24The human brain is incredibly efficient Human brain20 watts of power Leading supercomputer20 megawatts of power or 1 million times the power required by the human brainAI Infrastructure|BiocomputingSmall power plant1 LED light bulbSource

40、:NISTTo perform an exaflop(1 billion-billion calculations in a second)requires the.25Biological computing or biocomputing could unlock the efficiency of the human brain for computersSource:CB Insights research In-Q-Tel Investment Thesis Map;National Science Foundation“Biological intelligence”involve

41、s combining human neurons with silicon chips to support computational tasks.While biological computing is still a nascent technology that needs to prove its ability to perform more complex tasks,investors and government agencies have their eyes on its potential benefits including improved energy eff

42、iciency compared to conventional silicon-based processors.AI Infrastructure|BiocomputingAugust 2024:NSF invests$14M in bioengineered systems and ethical biocomputing researchApril 2023:In-Q-Tel a US-based strategic intelligence and defense investor backs Australia-based Cortical Labs26Startups are b

43、uilding“biological computers”that consume less energy and produce less heat than traditional systems which could bring down the energy costs of AI trainingSource:CB Insights Cortical Labs scouting report,Biological computing market profileAI Infrastructure|BiocomputingCompanyMilestoneLaunched“Neurop

44、latform,”connecting 16 human brain organoids to create a biocomputer(May 2024)Partnership with VERSES AI to develop algorithms leveraging Cortical Labs chips(November 2023)27Brain Brain manipulation techmanipulation techHealthcare&Life Sciences28Brain-computer interfaces are approaching commercializ

45、ation Source:CB Insights research Tech Trends 2024.Note:Select companies visualized.*Mosaic score(out of 1,000)measures a companys health(as of 9/24/2024).*Commercial Maturity(out of 5)measures a companys ability to acquire customers today.Investors are betting on brain-computer interfaces(BCIs)devi

46、ces that allow direct communication between the brain and an external device like a computer to initially help motor-impaired patients.Human trials have kicked off.Healthcare&Life Sciences|Brain manipulation techCompanyMosaic score*Commercial Maturity*Total fundingLatest funding round/dateRecent mil

47、estone7902(Validating)$680M$323M Series D(8/7/2023)Implanted second trial patient(August 2024)7262(Validating)$136M$75M Series C(12/15/2022)Preparing large-scale clinical trial(April 2024)6252(Validating)$121M$17M Series A-II(11/1/2023)Accepted into FDA regulatory accelerator program(July 2024)7312(

48、Validating)$81M$28M convertible note(4/2/2024)Announced record number of electrodes placed on human brain(May 2024)29Driven by AI,researchers are making leaps in personalizing“brain pacemakers”Source:Nature Medicine and The New England Journal of Medicine(August 2024)AI is improving the interpretati

49、on of neural signals vastly enhancing the potential of BCIs and deep brain stimulation tech to support rehabilitation and communication for individuals with movement and neurological disorders.Healthcare&Life Sciences|Brain manipulation techResearchers developed individualized algorithms to spot and

50、 react to changes in patients brain activity,cutting the duration of their worst Parkinsons symptoms in half.Device implanted in an ALS patient sustained 97.5%accuracy in translating his neural activity to speech vs.75%in prior studies using AI to help predict the words&sentences most likely to corr

51、espond to the activity.30The stage is set for a massive new category of medical and consumer brain manipulation technology to emerge in the next 1015 yearsSource:CB Insights company profiles Motif Neurotech,Forest Neurotech,Neurode,CognixionResearchers have shown that brain activity data collected w

52、ithout a brain implant can now be coupled with AI to“read minds”with eerie accuracy(March 2023).Looking ahead,cheaper and less risky minimally-invasive(not penetrating brain tissue)or non-invasive devices will help tackle depression,OCD,ADHD,and more.DepressionNeurological disordersADHDParalysis-imp

53、eded communicationHealthcare&Life Sciences|Brain manipulation techSelect startups funded in 2024 YTD31QuantumQuantum-optimized optimized portfoliosportfoliosFinancial Services32While still a nascent technology,quantum computing is becoming an investor darlingSource:CB Insights Quantum Tech Collectio

54、n,Quantum computing is a venture bright spot*Quantum computers encode information in quantum entities called“qubits”which have a probability of being either 1 or 0,as opposed to traditional bits that can only be one or the other.Quantum computers process information in a fundamentally different way

55、than todays conventional computers.*This allows them to conduct new types of calculations that otherwise wouldnt be possible driving interest from financial institutions,which must wrangle extensive datasets to reveal and react more quickly to market opportunities than competitors.Financial Services

56、|Quantum-optimized portfoliosQuantum computing equity funding&deals(as of 9/18/2024)$426M$930M$1148M$1460MFunding$847M667496108Deals6320202021202220232024 YTDled$300M round to Quantinuum at$5.3B valuation(January 2024)“Financial services has been identified as one of the first industries that will b

57、enefit from quantum technologies.”Lori Beer,Global Chief Information Officer at JPMorgan33Financial services is an early fit for quantum computing tech that could unlock new efficiency in optimizing portfolios and moreSource:CB Insights research The quantum information market map(May 2024)Banks rely

58、 on many mathematical tasks well-suited to quantum computings strengths,such as Monte Carlo simulations(used to make predictions that better account for randomness)and optimization problems.Quantum computers could help banks build higher-performing portfolios,identify fraud,improve credit scoring,an

59、d more.More powerful quantum computers are needed for this to be applied broadly,but early pilots have showcased potential advantages.Financial Services|Quantum-optimized portfolios34Startups offering quantum computing solutions for finance are growingSource:CB Insights market profile Quantum comput

60、ing for financial portfolio managementFinancial Services|Quantum-optimized portfoliosInvestors and incumbents are betting on the tech to play an increasingly big role in the next 510 years.35Banking incumbents are readying themselves for an emerging arms race as the tech maturesSource:CB Insights co

61、mpany profiles Quantinuum,Classiq,Multiverse Computing,QC Ware.Note:Includes client relationships.*Mosaic score(out of 1,000)measures a companys health(as of 9/24/2024).*Commercial Maturity(out of 5)measures a companys ability to acquire customers today.Select quantum companies&partnerships with fin

62、ancial services incumbentsCompanyMosaic score*Commercial Maturity*Total fundingSelect investorsSelect finance partnershipsN/A3(Deploying)$300MJPMorgan,IMB Ventures,HoneywellJPMorgan(May 2024)7523(Deploying)$60MHSBC Venture Capital,NTT FinanceCiti Innovation Labs&AWS(February 2024)7853(Deploying)$54M

63、Columbus Venture Partners,QuantonationMoodys Analytics(December 2023)4703(Deploying)$34Citigroup,GS Growth,Airbus VenturesJPMorgan(March 2023)Financial Services|Quantum-optimized portfolios36Cellular&epigenetic Cellular&epigenetic reprogrammingreprogrammingHealthcare&Life Sciences37Populations are r

64、apidly aging Source:Our World in DataIn 2018,estimates suggest there were more people aged 64+than children under 5 for the first time everHealthcare&Life Sciences|Cellular&epigenetic reprogramming38Longevity tech is on the rise,with epigenetic reprogramming emerging as a leading approach to extendi

65、ng the human lifespanSource:CB Insights research The longevity tech market map:64 startups racing to defy death(August 2024).Note:Longevity tech refers to technology that helps individuals live healthier for longer periods of time,including tools that help reverse aging and/or treat age-related dise

66、ases.Cellular and epigenetic reprogramming companies are reprogramming the identity of cells to reverse the effects of cellular aging.Epigenetic reprogramming alters the gene expression of cells without changing the genes themselves.Healthcare&Life Sciences|Cellular&epigenetic reprogramming39Prolong

67、ing healthy lifespans would help reduce massive healthcare spendSource:CB Insights TurnBio business relationship insights(generated by combining CB Insights data and AI)Chronic diseases are responsible for 90%of the US$4.5T in annual healthcare expenditures.Epigenetic reprogramming technologies prom

68、ise new treatment approaches for age-related conditions and will attract additional pharma involvement as they mature.Signed licensing agreement valued at$300M+in May 2024 to develop medicines for age-related conditions(focusing on eye&ear conditions),leveraging its epigenetic reprogramming tech wit

69、h Korea-based pharma company HanAll Biopharma.Healthcare&Life Sciences|Cellular&epigenetic reprogramming40Startups looking to extend the human lifespan gain big-name attention and headcountsSource:CB Insights Retro Biosciences,NewLimit,Altos Labs company profiles,Cellular&epigenetic reprogramming ma

70、rket profileNote:Select companies visualized.*Mosaic score(out of 1,000)measures a companys health(as of 9/24/2024).*Commercial Maturity(out of 5)measures a companys ability to acquire customers today.Prominent Silicon Valley figures have been active in cellular and epigenetic reprogramming,generati

71、ng buzz about solutions in the space.Healthcare&Life Sciences|Cellular&epigenetic reprogrammingStartupMosaic score*Commercial Maturity*Total fundingNotable people7252(Validating)$180MSam Altman(investor)7182(Validating)$60MBrian Armstrong(co-founder)7382(Validating)$3BJeff Bezos(investor)41GPSGPS-le

72、ss navigation less navigation systemssystemsAerospace&Defense42GPS disruptions are a threat to modern navigation and defense systemsSource:CB Insights earnings transcripts;WIRED*GNSS(Global Navigation Satellite System)describes satellite constellations providing positioning,navigation,and timing(PNT

73、)services.GPS(Global Positioning System)is US-owned and the most widely used GNSS.GPS/GNSS*jamming and location spoofing attacks that can make these systems inoperable,by either interfering with signals or sending false signals to impede navigation are increasing amid conflicts in Ukraine and the Mi

74、ddle East.Aerospace&Defense|GPS-less navigation systems“As the world increasingly has come to realize,the prevalence of GPS jamming and location spoofing during conflicts and for general mischief is on the rise and is impacting critical infrastructure,military operations,aircraft and shipping naviga

75、tion,and other important functions for governments and enterprises around the world.”Iridium Communications Q124 Earnings Call43While GPS alternatives have been in the works for years,new approaches will be key to boosting resiliencySource:SpaceWERX Alternative Positioning,Navigation,&Timing(AltPNT)

76、Challenge.Note:Alternative PNT refers to technologies that provide positioning,navigation,and timing information without relying solely on GNSS like GPS.These alternative systems may complement or serve as backups to satellite-based navigation.Government agencies have been exploring Alternative Posi

77、tioning,Navigation&Timing(AltPNT)systems for at least the past decade.In August 2024,SpaceWERX,the US Space Forces innovation arm,ran its AltPNT challenge and selected 20 companies to receive funding.Aerospace&Defense|GPS-less navigation systemsAlternative space-basedCommercial satellite constellati

78、ons,such as those at low Earth orbit(LEO),may offer higher-precision PNT services than medium Earth orbit(MEO)GNSS satellites.Non-radio frequency PNTAlternative methodsto traditional radio frequency(RF)signals used by GPS include magnetic,inertial,gravimetric,visual(e.g.,using cameras for navigation

79、),and celestial.Multi-sensor fusionIntegrating multiple independent PNT sources,such as cellular network signals and internal and external sensors(e.g.,lidar),to create more robust positioning systems.44Startups are building tech to fill in GPS gaps Source:CB Insights company profiles Mesa Quantum,S

80、atelles,Xona Space Systems,TrustPoint,Q-Ctrl;Media mentions.Note:Select companies visualized.*Quantum sensing refers to super-sensitive quantum devices that measure tiny changes in gravity or motion,allowing precise positioning without satellite signals.Applications range from autonomous vehicle nav

81、igation to guiding military equipmentCompanyApproachStageTotal fundingNotable milestoneQuantum sensing*Seed(9/5/2024)$6MAwarded Space Force contract($1.9M)for AltPNT applications in August 2024LEO satellitesAcquired(3/4/2024)$29MAcquired by Iridium for$115M in March 2024LEO satellitesSeries A(5/3/20

82、24)$46MLaunched demonstration satellite in 2022;production-class satellite to launch June 2025Quantum sensingSeries B(7/25/2023)$73MWorking with Airbus to use quantum sensors as a GPS backup for commercial aircraft(July 2024)LEO satellitesSeed(3/1/2023)$2MAwarded SpaceWERX contracts($3.8M)for AltPNT

83、 applications in August 2024Aerospace&Defense|GPS-less navigation systems45Alternatives will be a key failsafe against GPS outages that the US estimates would incur$1B a day in damages Source:CB Insights Thales earnings transcript;SpaceNewsWatch for continued partnerships&investments from aerospace&

84、defense companies and government agencies“GPS today drives our entire economy and drives our entire international financial markets.We want to make sure that if that signal ever becomes attacked,or something nefarious happens,that we have alternative ways to get that PNT signal.”General Michael Guet

85、lein,vice chief of space operations,US Space ForceAerospace&Defense|GPS-less navigation systemsThales Q4 FY 2023 Earnings Call46AppendixAppendixAppendix47MethodologyHow we selected the 9 game-changing tech categories:We looked at recent moonshot investments and tech developments,focusing on companie

86、s trying to address major issues impacting societies and economies,using the following CB Insights platform features:Commercial Maturity,which measures a companys ability to acquire customers today.Company Mosaic Score,which evaluates startup health,based on our National Science Foundation-backed al

87、gorithm.Financing rounds&valuations,to understand where high-profile investors are placing their bets across the tech space in our comprehensive database.News Mentions Tool,which mines and organizes millions of media articles to quantify media attention.Earnings Transcripts Search Engine&Analytics,to understand what corporates are saying about company strategy and the future of their respective industries.Business Relationships,which track a companys competitors,partners,and more.48