A major factor shaping the startup landscape is government involvement, and nowhere is this clearer than in the US. The Trump administration’s influence on private markets is growing, particularly in defence: a record $1 trillion investment by the Department of Defence, for instance, could benefit startups focused on national security.
According to research by Commonweal Ventures—a US group investing in early-stage startups while partnering with local, state, and federal agencies—24% of US unicorns (2003–2023) received government support. Over two decades, the federal government (regardless of political leadership) invested an average of $100 billion annually in young companies. Startups’ adaptability also played a key role, enabling them to pivot their business models and capitalise on regulatory shifts.
A few standout examples:
- DraftKings (now worth $17 billion) seized the opportunity when the US Supreme Court overturned the federal ban on online sports betting in 2018.
- OpenAI secured multiple government grants for R&D.
- Palantir, the big-data analytics firm, launched after CIA’s venture arm In-Q-Tel invested $2 million in the early 2000s.
But let’s look ahead. Here are May’s most promising startups:
Nuevocor
This Singapore-based biotech firm, developing functional cures for genetic cardiomyopathies, closed a $45 million Series B round backed by Angelini Ventures. Funds will support Phase ½ clinical trials for its therapy NVC-001.
Ionity
The Munich-born scaleup, operating 5,000+ high-power charging stations across Europe, raised €600 million from nine European banks. It aims to expand to 13,000 stations by 2030.
Nuclear Company
The US startup, specialising in large-scale nuclear plant deployment, secured $46.3 million to build reactors with 1+ gigawatt capacity. Its first fleet targets 6 gigawatts.
Kate Farms
The California-based maker of plant-based, organic nutritional products was acquired by Danone. Post-deal, CEO Brett Matthews will lead Danone’s Medical Nutrition division in North America.
Legora
The Stockholm legaltech startup raised $80 million in Series B funding (valuation: $675 million). Its AI platform assists lawyers with research, drafting, and document review, serving 250+ law firms across 20 markets.
