Investor profile

Small Business Innovation Research

Government · Founded 1982 · Washington DC, United States

America's Seed Fund Powered by the National Science Foundation. Small Business Innovation Research program. High tech startup

Website ↗LinkedIn ↗X / Twitter ↗

7,093 portfolio companies Government · $2.1B invested · 2,275 investments · Last investment 7/2026

Portfolio companies 7,093

Decacorns 7

Thoroughbreds 57

Power Law #264Investor Ranking · Global · 2026 · Top 2%

01 · Biggest holdings

Small Business Innovation Research’s biggest current holdings.

The most valuable companies Small Business Innovation Research still holds — unicorns and thoroughbreds it has backed, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead.

#CompanyEst. stakeValuationEst. value

1 AndurilDecacorn · Security · USA — $61.0B —
2 Shield AIDecacorn · Robotics · USA — $12.7B —
3 ŌURADecacorn · Health · Finland — $10.9B —
4 ApptronikUnicorn · Robotics · USA — $5.5B —
5 SkydioUnicorn · Robotics · USA — $4.4B —
6 Ayar LabsUnicorn · Energy · USA — $3.8B —
7 NoomUnicorn · Health · USA — $3.7B —
8 AstranisUnicorn · Telecom · USA — $2.8B —
9 IllumioUnicorn · Security · USA — $2.8B —
10 Long WallUnicorn · Security · USA — $2.4B —
11 OnebriefUnicorn · Enterprise Software · USA — $2.2B —
12 MedableUnicorn · Health · USA — $2.1B —

Estimated value = Small Business Innovation Research’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. See the underlying cap tables on Dealroom →

02 · Exits

Small Business Innovation Research’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from Small Business Innovation Research’s transaction record.

Rocket Lab

$4.1B IPO · 2021

Now $51BSpace

Cerebras Systems

$40B IPO · 2026

Now $50BSemiconductors

Scale

$29B acquisition · 2025

Enterprise Software

SiTime

IPO · 2019

Now $21BSemiconductors

Ginkgo Bioworks

$18B IPO · 2021

Now $623MHealth

Protagonist Therapeutics

$90M IPO · 2016

Now $8.7BHealth

Crinetics Pharmaceuticals

$391M IPO · 2018

Now $7.8BHealth

Squarespace

$6.5B IPO · 2021

Now $7.2BMarketing

Beta Technologies

$7.2B IPO · 2025

Now $4.0BRobotics

Joby Aviation

$6.6B IPO · 2021

Now $7.0BTransportation

Rigetti Computing

$1.5B IPO · 2021

Now $5.6BSemiconductors

York Space Systems

$4.8B IPO · 2026

Now $4.8BTelecom

03 · Portfolio analysis

Where Small Business Innovation Research’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 7,093 portfolio companies.

By countryCount

USA6,633
UK32
Australia8
Canada8
France6
Israel6
Puerto Rico6
Germany5
India5
Ireland4
Italy4
Singapore3

By sectorCount

Health2,162
Energy785
Semiconductors764
Robotics508
Enterprise Software499
Security387
Transportation323
Education236
Food182
Space159
Media118
Telecom115

By growth stageCount

Early Growth5,344
Breakout Stage1,058
Mature394
Late Growth266

04 · Portfolio market map

Inside Small Business Innovation Research’s portfolio.

The 60 highest-funded portfolio companies, of 7,093 tracked.

Semiconductors · Decacorn

Transportation · Unicorn

$7.0B

Scale

Enterprise Software · Decacorn

Transportation · Unicorn

Long Wall

Security · Unicorn

$2.4B

ICON Technology

Real Estate · Unicorn

Enterprise Software · Unicorn

CesiumAstro

Telecom · Unicorn

$1.1B

Crinetics Pharmaceuticals

Castelion

Security · Unicorn

$1.4B

Boston Metal

Real Estate

$610M

Hermeus

Transportation · Unicorn

Semiconductors · Unicorn

$1.8B

SAB Biotherapeutics

Health

$257M

Evolv Technology

Security · Unicorn

$1.1B

Lilac Solutions

Energy

$137M

Ursa Major

Space

$600M

NJOY

Wellness Beauty · Unicorn

$2.8B

Mojo Vision

Semiconductors

$375M

Senti Biosciences

Health

$21M

Energy

$328M

Factorial Energy

Energy · Unicorn

$1.3B

Enterprise Software · Unicorn

Xona Space

Security

$680M

Reliable Robotics

Robotics · Unicorn

$1.0B

AeroFarms

Food

ViaCyte

Health

$320M

05 · Portfolio founders

Where Small Business Innovation Research’s portfolio founders come from.

200 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount