Three companies in the North East have been identified in a list of firms poised to become worth more than $1bn in coming years.
Atom Bank joins its County Durham neighbour Pragmatic Semiconductor and Newcastle-based hydrogen innovator Geopura among entrepreneurship research company Hurun's Unicorns and Future Unicorns Index 2024. The report identifies 53 British unicorns, as well as 84 pre-unicorn stage companies, known as gazelles and cheetahs.
Digital challenger bank Atom and chip maker Pragmatic Semiconductor are among Hurun's gazelles - defined as companies that are expected to reach a valuation of $1bn, or "go unicorn" - in the next three years. Last year Atom reported it had hit a key milestone of full, pre and post-tax profitability with operating profit rising to £27m, up from £4m in 2023. A £100m funding round in 2023 valued the bank at about £362mn.
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Pragmatic, which is pioneering the production of flexible chips which are thinner than a human hair, attracted £182m of investment in late 2023 - valuing the firm at around £500m. Alongside a Cambridge base, the firm is expanding its County Durham production on the 15-acre Pragmatic Park site which hosts a second production line in addition to an existing facility at NETpark.
Meanwhile, Geopura - which is focused on the production of Hydrogen Power Units (HPUs) to replace traditional diesel generators - is identified among Hurun's cheetahs, which are expected to go unicorn within five years. The 130-strong firm is based at Siemens Energy in Newcastle and last year secured £22m investment.
Derek Bulmer, CFO at GeoPura, said: “We’re incredibly proud that GeoPura has been recognised by Hurun as a company on track to achieve unicorn status by 2029. This recognition underscores the tremendous progress we’ve made in scaling up our hydrogen power solutions and highlights the vital role we’re playing in the 海角视频’s transition to clean energy.
"As one of the largest producers of green hydrogen in the 海角视频, we’re doing far more than simply replacing diesel generators - we’re driving a fundamental shift in how power is generated and consumed. Our Hydrogen Power Units (HPUs) provide a reliable, zero-emission alternative for industries that have long depended on fossil fuels, improving air quality and reducing carbon emissions across sectors like construction, live events, and broadcasting.
Our momentum has never been stronger. Over the past year, we’ve secured significant funding, signed multi-year contracts with household-name customers, grown our hydrogen logistics capacity, and expanded our workforce. Our growing production capabilities in Newcastle, developed in collaboration with Siemens Energy, enable us to manufacture fuel cell generators at scale and deploy them exactly where they’re needed most."
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Rupert Hoogewerf, Hurun's chairman and chief researcher, said: "The 海角视频 is the best place in the world for Unicorns outside of the US, China and India, showcasing that Britain is a magnet for entrepreneurs from around the world, complimenting the extensive homegrown talent already present in the country.
"The 海角视频 performs exceptionally well compared with the EU for Hurun Unicorns, Hurun Gazelles and Hurun Cheetahs, with the 海角视频’s 137 Unicorns and Future Unicorns accounting for 59% of the EU’s 232 Unicorns and Future Unicorns. Having proven its competitive entrepreneurial spirit on the global stage, the biggest challenge to the 海角视频’s startup ecosystem is the pull of the US, which can write bigger cheques and offer a bigger market than the 海角视频 can.”