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Chinese and US unicorns emerge by the dozen in new normal

Demand shifts to companies offering cloud services and e-commerce

Prominent among new unicorns last quarter were internet software and services that help curb the spread of the coronavirus while boosting productivity. (Source photo by Getty Images) 

TOKYO/PALO ALTO, U.S. -- Though disruption caused by the coronavirus pandemic has rattled venture capital investment, a handful of startups, particularly in the U.S. and China, have thrived on changing trends in business and consumer spending.

Twenty-two companies worldwide joined the ranks of unicorns -- privately held businesses with valuations of at least $1 billion -- in the three months through June, according to CB Insights. The U.S. and China remained the main drivers, accounting for 13 and three respectively.

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