All of the top five venture capital (VC) funded companies recorded in 2020 in North America were based in California, according to GlobalData, a leading and data analytics company.

Heading the list were SpaceX, Robinhood Financial, National Resilience, Quibi Holdings and Pony.ai. These firms totally raised $6bn.

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GlobalData Lead Business Fundamentals analyst Aurojyoti Bose said: “The US, especially California, has been a hub for innovation. The start-ups evolving from this region are seen as lucrative investment opportunities for VC investors, and the trend has been continuing for years with the country’s conducive start-up ecosystem also playing a crucial role.”

Through four funding rounds, SpaceX, which is in the aerospace sector, raised $2.5bn. This is the highest VC funding among all firms in North America during 2020. It is followed by a fintech firm Robinhood Financial, which raised $1.3bn through four funding rounds.

National Resilience and Quibi Holdings, which are in the drug development and mobile video space, raised $750m each, while Pony.ai, which is in the autonomous driving space, raised $729m during 2020.

Bose added: “Although Canada’s start-up ecosystem is catching up, and some cities in the country are already being considered as tech hubs, the country is nowhere close to the scale of the US. Of the total North American VC deals, US companies attracted more than 90% of the deal volume and deal value in 2020. Canada held a distant second position with around 2% share of the total deal value and 6% share of the deal volume.”

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