May 2026 Vertical AI Market Report
May 2026 vertical AI report covering 82 companies, 12 data changes, and sector-level ARR-per-employee benchmarks.
Report summary
| Companies tracked | Total ARR | Average ARR/employee | Changes |
|---|---|---|---|
| 82 | $14.0B | $201K | 12 |
Company changes
- Updated — Anduril: $5B Series H at $61B (May 13), co-led by Thrive Capital and a16z. Valuation doubled from $30.5B; 2025 revenue $2.2B (doubled YoY).
- Updated — Commure: $70M at $7B (May 21) led by General Catalyst, with Sequoia, Morgan Stanley, and Kirkland & Ellis joining.
- Updated — ElevenLabs: Series D extension closed (May 5–6) with Nvidia, BlackRock, Wellington + ~30 celebrity investors; $100M tender offer. Annualized revenue jumped $330M → $500M.
- Updated — Sierra: Raised $950M at $15.8B (May 2026), co-led by Tiger Global and GV. Valuation up 58% from $10B Sep 2025 round.
- Updated — Avoca: Hit unicorn at $1B in Series B (Apr 2026) led by Meritech and General Catalyst. Cumulative $125M+ across Seed/A/B.
- Updated — Rogo: Raised $160M Series D led by Kleiner Perkins (Apr 2026), one quarter after Series C. $300M+ total raised.
- Updated — Abridge: $316M Series E extension led by a16z (Apr 2026) at flat $5.3B valuation.
- Updated — Legora: $50M Series D extension led by Atlassian and NVentures (Apr 2026). Series D total now $600M at $5.6B.
- Updated — Cohere: Announced merger with Aleph Alpha plus $600M Series E commitment from Schwarz Group (Apr 2026) at ~$20B combined; closes later 2026.
- Updated — 9fin: $170M Series C at $1.3B (Mar 2026), led by HarbourVest with CPP Investments. Crossed $1B valuation.
- Updated — Shield AI: $1.5B Series G + $500M Blackstone preferred at $12.7B (Mar 2026). Valuation up 140% following U.S. Air Force deal.
- Updated — Strala: $51.3M Series A from Founders Fund and Emergence (Mar 2026); valuation undisclosed.
Sector breakdown
- Healthcare: 9 companies, $580M ARR, $219K average ARR/employee
- Legal: 10 companies, $1.0B ARR, $179K average ARR/employee
- Finance: 7 companies, $1.1B ARR, $180K average ARR/employee
- Sales: 8 companies, $810M ARR, $154K average ARR/employee
- Enterprise: 5 companies, $567M ARR, $174K average ARR/employee
- Defense: 3 companies, $8.7B ARR, $541K average ARR/employee