Another week and another informative list, this time coming from a mind trust of some of the top VC executives in the industry. The ET30 is led by Wing Venture Capital and, much like ETR, utilizes proprietary survey data and research methodology to generate a list of the most promising private enterprise technology companies across all growth stages. As ETR members can imagine, their list had a significant amount of overlap with ETR's Emerging Technology Survey (ETS), which closed today with more than 1400+ IT decision makers participating. The ETS tracks awareness, utilization, and churn for today's leading private enterprise technology companies. This article reviews the most recent ETR data for some of the more prominent companies featured in the ET30.
The ET30 breaks down its list by growth stages, with Early, Mid, Late, and Giga stages ranked independently. In that list, there are 18 private enterprise technology companies that ETR tracks; all of them in the ETS, and 4 of the later-stage companies are also tracked in our Technology Spending Intentions Survey (TSIS). While an in-depth article for 18 separate companies would be quite a long read, ETR subscribers and community members can dive into the detailed data sets on all of these companies in the ETR Platform. If you're not a subscriber yet, you can start a free trial and gain access to twelve years of historical data and industry-leading research. In the meantime, let's take a cursory look at how these companies are performing among ETR's IT decision maker community.
Early & Mid-Stage:
Most of the companies within the ET30 list that ETR tracks landed in the late and Giga stage categories, but there was overlap with three earlier stage companies: Linear, Replit, and Hex. Given the nature of early-stage companies and the difficulty of breaking into large enterprise organizations, it is unsurprising to see these three companies with low absolute Net Sentiment scores. Net Sentiment is ETR's proprietary metric that tracks the growth trajectory of private technology companies and is formulaically determined by the standardized answer options within the ETS survey. The metric is defined as such: Net Sentiment = [Allocating further + Evaluated, plan to utilize + Currently evaluating + Plan to evaluate] – [Evaluated, no plan to utilize + Replaced or in containment].
With the math lessons out of the way, the Net Sentiment scores for Linear, Hex, and Replit are 7%, 7%, and 13%, respectively. All three captured citation counts above 100 in the most recent survey, with Replit leading the way with 166 unique survey respondent citations captured. Unfortunately, the overwhelming majority of the citations stated they had 'No Plan to Evaluate' these vendors, and all three companies had 5% of their ITDM respondents state that they had already evaluated the company but had no plan to utilize it. The singular bright spot amongst these three in ETR's most recent ETS survey was 5% of Replit's respondents stated that they had evaluated and planned to utilize the vendor going forward. ETR will continue to track the awareness, evaluation, and utilization plans for these companies as they move to late-stage players in the marketplace.
Late Stage:
Nine of the ten 'late stage' companies in the ET30 list are tracked in ETR's syndicated enterprise technology surveys: Dbt Labs, Hugging Face, Canva, Cribl, Wiz, Rippling, 1Password, Postman, and Notion. The data visualization below is from ETR's custom data filtering model and depicts the most recent ETS data captured for each company.
Let's begin with the overall awareness of these private companies. As seen above, 1Password is the leader by a wide margin in overall unique citations, with 662 ITDM respondents citing a response for the company. Postman, the open-source-based-but-still-pay-to-play-vendor, comes in second with 482 citations, Canva and Wiz follow up with 377 and 325 citations, respectively, and Cribl gets a special caveat because we track the vendor in three distinct subsectors, where the vendor captured more than 100 citations in each.
Moving on to Net Sentiment rankings, Postman has a huge lead over its Late-Stage comps with a 51% score, driven by 28% of the company's respondents indicating plans to allocate further resources to the vendor. In the next tranche, Canva, Hugging Face, and Wiz all have Net Sentiment scores above 25%. Inversely, Rippling has the lowest Net Sentiment score at 2%, based on 81% of respondents stating they are aware of but have no plans to evaluate the company. Notion also captured a single-digit 9% Net Sentiment score in the most recent survey, driven by 12% of the company's 172 unique ITDM respondents stating that they had already evaluated the company but have no plans to utilize the vendor. As a private company, getting a seat at the evaluation table is hard enough, but having 20% of those chances slip away is an inauspicious trend for Notion that one hopes can be reversed in future survey iterations.
Giga Stage:
Moving on to the heavyweight portion of the article, we list the Giga-stage companies, or those that have raised over $1 billion in capital to date. Some of these companies are so impactful that ETR tracks them in our core, Technology Spending Intention Survey (TSIS), even though they are not yet publicly traded organizations. We will get to that survey data in a moment, but for now, let's take a look at how these influential vendors are faring in our most recent ETS survey. Below, we illustrate the ETS data for OpenAi, Databricks, Airtable, Stripe, Snyk, and Flexport.
Unless you have been sharing a deprivation chamber with Aaron Rodgers, been in rehab, or (wisely) swore off all media outlets, the fact that OpenAI is DOMINATING the ETS survey metrics will come as no surprise. The data shows that OpenAI garnered a whopping 618 unique citations, wherein it captured a demanding 59% Net Sentiment score that was driven by historically record-high evaluation rates. Next up is Databricks, the company that all of us can't believe is still private, based on annual revenues surpassing the $1B level. Within the most recent ETS, Databricks captured 470 citations, of which nearly 20% stated intentions to allocate further resources to the vendor, yielding an elevated and robust Net Sentiment score of 39%. The security star Snyk is up next with more than 400 citations in the two different subsectors that we track the vendor (Application and Container Security). Even more impressive is that Snyk has a Net Sentiment ranking of ~30% in both subsectors.
Inversely, Flexport fares poorly, with only 132 citations. For reference, the early-stage companies we covered previously had similar awareness levels. This low unique citation base amongst our more than 1400 IT decision makers in this survey period is surprising for a late-stage company that has raised an immense amount of capital. Further, Flexport captured a single-digit Net Sentiment score of only 1%, driven by 87% of the company's respondents stating that although they are aware of the company, they have no plans to evaluate them. Among this grouping, Flexport has seen the biggest rate of change since the prior survey levels polled in FEB23, with a negative 12% survey-over-survey delta.
As teased earlier, four of these companies are also tracked in ETR's Technology Spending Intentions Survey (TSIS), which captures forward-looking spending intentions and overall presence within enterprise organizations on a quarterly basis. The four companies that are tracked in both our ETS and TSIS surveys are Databricks, Postman, Stripe, and Wiz. The illustration below depicts all four companies' positioning based on our most recent TSIS survey data.
Ok, I know I promised there wouldn't be any more math, but I lied. As we transition to the TSIS data, we are tracking the forward-looking spending intentions of ETR's ITDM community in a proprietary metric we call a Net Score. Net Score measures the positive or negative trajectory of spending intentions and is formulaically calculated as such, Net Score = [Adoption + Increase] – [Decrease + Replacing].
As seen above, the highest Net Score rankings of the vendors that made the ET30 list come from Wiz and Databricks (in two separate sectors), coming in at highly elevated levels of 60%, 55%, and 53%, respectively. Stripe and Postman both captured Net Scores below the 30% threshold at 28% and 27%, respectively. All four vendors couldn't escape the larger macro headwind of declining IT budgets, as seen by the survey-over-survey declines in Net Score.
Regarding overall market presence, ETR's Pervasion rates show that Databricks is the most entrenched vendor with a 27% Pervasion score versus Wiz at only 5%; however, Wiz dominates this cohort grouping in Adoptions with an astounding 34% of its unique ITDM respondents stating plans to adopt the vendor. Equally as impressive, another 34% of respondents plan to increase their spend with Wiz, as well. Not to be left behind, Databricks also boasts lofty Increase indications of 48% in both sectors we track the vendor (AI/ML and Data Warehousing). On the other end of the spectrum, Stripe and Postman captured the largest percentage of Flat spend indications, and Stripe saw 8% of its respondents indicate plans to Replace the vendor.
If you want to see the complete data sets on these vendors or the other 700+ enterprise technology companies that ETR tracks, log into our research platform or start your free trial, where twelve years of historical data and research await.
Enterprise Technology Research (ETR) is a technology market research firm that leverages proprietary data from our targeted IT decision maker (ITDM) community to provide actionable insights about spending intentions and industry trends. Since 2010, we have worked diligently at achieving one goal: eliminating the need for opinions in enterprise research, which are often formed from incomplete, biased, and statistically insignificant data. Our community of ITDMs represents $1+ trillion in annual IT spend and is positioned to provide best-in-class customer/evaluator perspectives. ETR’s proprietary data and insights from this community empower institutional investors, technology companies, and ITDMs to navigate the complex enterprise technology landscape amid an expanding marketplace. Discover what ETR can do for you at www.etr.ai