Insurance distribution, underwriting intelligence, and claims automation.
Components that cannot be computed are dropped and the weights renormalize — never faked to neutral.
Undisclosed amounts count as zero capital; deals still count.
| # | Company | Valuation | Secondary vs Round | Last Round |
|---|---|---|---|---|
| 1 | Devoted Health | $13B as of 2023-Q4 | -36.9% | 2026-01-30 |
| 2 | Alan | $5.9B as of 2026-Q1 | no mark | 2026-03-11 |
| 3 | Coalition | $5.0B as of 2022-Q3 | -9.8% | 2022-07-08 |
| 4 | Howden Group Holdings | $5.0B as of 2020-Q3 | no mark | 2020-09-28 |
| 5 | ICEYE | $2.5B as of 2025-Q4 | no mark | 2025-12-01 |
| 6 | ManyPets | $2.4B as of 2022-Q2 | no mark | 2022-05-27 |
| 7 | Headway | $2.3B as of 2024-Q3 | -42.1% | 2024-07 |
| 8 | Marshmallow | $2.0B as of 2025-Q2 | no mark | 2025-04-14 |
| 9 | Kin | $2.0B as of 2025-Q3 | -53.4% | 2025-09-06 |
| 10 | Extend | $1.6B as of 2021-Q2 | no mark | 2021-05-18 |
| 11 | Collective Health | $1.5B as of 2021-Q2 | -76.0% | 2021-05-03 |
| 12 | Acko | $1.5B as of 2023-Q2 | no mark | 2023-05-26 |
Methodology. Emerging Spaces groups the tracked private-company roster into curated thematic spaces and scores each space's momentum 0–100 from four disclosed-data components: trailing-90-day capital vs the prior 90 days (40%), deal-count acceleration on the same windows (25%), news activity per tracked company over 30 days (20%), and the median secondary-market premium to last round across the space's marked names (15%). Components that cannot be computed are dropped and the weights renormalize — the basis is disclosed per space. Quarterly trends derive from dated, disclosed rounds; undisclosed amounts count as zero capital. An attention map of disclosed activity — not a prediction, not investment advice.