Asia is home to some of the top-valued AI startups in the world, but there were no AI unicorn births in Q1'20.
Amid Covid-19, deals to Asia-based AI startups plunged for the second consecutive quarter after a record Q3’19. The grim outlook was reflected in the ranks of the unicorn club as well, with no Asia-based AI startups newly reaching a $1B+ valuation in Q1’20.
The majority — 15 out of 20 — of Asia-based AI unicorns are in China. TikTok-owner Bytedance remains the top-funded AI unicorn, with $4.4B raised and an enormous valuation of $75B. Rounding out the top 3 are facial recognition giants SenseTime and Megvii (known for its Face++ services), which notched $6B and $4B valuations respectively.
The only startup based outside of China to break into the top 10 most well-funded, Asia-based AI unicorns is Trax. The Singapore-based company, valued at $1.3B, focuses on computer vision solutions for retail.
For more funding trends, valuation data, and geographic spotlights, clients can check out CB Insights’ interactive Story on AI In Asia: The Impact Of Covid-19 On Funding, Exits, Valuations, And R&D.
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity