AI 100: The Hottest AI Startups of 2024 – Who’s In, Who’s Winning, and What’s Next for Asia?

Every year, CB Insights’ AI 100 list offers a glimpse into the future of artificial intelligence—where the biggest bets are being placed, who’s leading the charge, and which emerging players are rewriting the rules.

Now in its 8th edition, the AI 100 for 2024 isn’t just about big money and big names. It’s a blueprint for the next decade of AI, touching on everything from humanoid robotics and AI-powered factories to generative content and regional language models.

So, let’s unpack this:

• What’s trending in AI right now?
• Which Asian startups are breaking through?
• Where are investors putting their money?
• And most importantly—what does all of this mean for the future of AI in Asia?

If you’re in tech, marketing, or investment, this is a must-read breakdown of where AI is headed next.

A Global Snapshot of the Top AI 100 2024 Top Startups

🔹 16 countries represented, including the US, Canada, China, Singapore, South Korea, India, and South Africa
🔹 30+ AI categories, spanning foundation models, humanoid robots, cybersecurity, and AI-powered logistics
🔹 68% early-stage startups, focused on virtual worlds, autonomous factories, and regional AI for under-represented languages
🔹 600+ business relationships built since 2016 with giants like Toyota, Netflix, and the World Bank​

This isn’t just about Silicon Valley and Beijing anymore—AI innovation is rapidly decentralising, and Asia is playing a bigger role than ever.

Funding & Investment Trends: Who’s Getting the Big Money?

💰 $28B+ raised across 240+ equity deals since 2020
💰 OpenAI takes a massive 40% share, pulling in $12B in funding
💰 25% of AI 100 companies have raised under $10M, proving that early-stage AI is still thriving​

The key takeaway? While mega-players like OpenAI dominate the funding game, there’s still plenty of action at the smaller end of the spectrum.

Some of the biggest outliers include:

• Midjourney—$200M in ARR, without raising a single cent in outside funding
• Hugging Face—$30M in revenue, but sitting at a $4.5B valuation (150x multiple)
• Sakana AI—A Japan-based unicorn, with the highest valuation per employee at $67M per head​

The Asian Contenders: Who’s Making Waves?

While the AI conversation often revolves around the US and China, this year’s AI 100 proves that Asia is stepping up in major ways.

🏆 31 non-US companies made the list, with significant representation from Singapore, Japan, India, and China.
🏆 19% of the AI 100 winners are based in Europe, but Asia’s presence is growing rapidly.

Let’s spotlight some of Asia’s most promising AI startups that made it onto the list:

1️⃣ Sakana AI (Japan) – Nature-Inspired AI Architectures

• Founded by one of the Google Transformers paper authors, this Tokyo-based startup is working on AI models inspired by biological evolution.
• Recently launched three Japanese-language AI models, tackling the overwhelming dominance of English-language AI​.

2️⃣ Ideogram (Canada, but Asia-Focused) – AI That Writes Legible Text in Images

• If you’ve ever used AI image generators, you’ll know they struggle with text. Ideogram is fixing this.
• The startup is already working with Asian e-commerce and advertising companies to develop AI-generated marketing creatives with readable text​.

3️⃣ Lelapa AI (South Africa, but Relevant to Asia) – AI for Under-represented Languages

• While focused on sub-Saharan African languages, Lelapa AI’s work has huge implications for Asia, particularly for Southeast Asian and Indian languages.
• Expect similar startups to emerge in APAC—building AI-powered solutions for non-English-speaking markets​.

4️⃣ Qraft Technologies (South Korea) – AI-Powered Asset Management

• One of Asia’s leading fintech AI startups, Qraft develops AI-driven investment algorithms.
• Already partnered with Goldman Sachs, Qraft’s AI-powered ETFs are outperforming traditional funds.

5️⃣ Rebellion (South Korea) – AI for Defence & Cybersecurity

• South Korea is doubling down on AI in defence, and Rebellion is a major player.
• Their AI systems are being deployed for threat detection, autonomous military systems, and cybersecurity.

Other Notable Asian Startups in the AI 100:

• SenseTime (China) – A global AI giant in facial recognition and smart cities
• Horizon Robotics (China) – Developing edge AI chips for smart cars
• Skymind Global (Malaysia) – Pioneering AI infrastructure and deep learning applications

Asia’s Competitive Edge: Why APAC is Poised to Win the AI Race

While the US leads in AI software and Europe focuses on AI regulation, Asia is rapidly becoming the hub for AI-powered hardware and automation.

Here’s why:

1️⃣ Hardware Dominance

• Asia manufactures the world’s AI chips. Companies like TSMC (Taiwan) and Samsung (South Korea) control a huge chunk of the semiconductor market.
• Expect AI startups in Singapore, China, and Taiwan to double down on custom AI chips and hardware acceleration.

2️⃣ AI-Powered Smart Cities

• Singapore and China are investing billions into AI-driven urban infrastructure.
• AI-powered traffic control, facial recognition for security, and smart energy grids are already live in several cities.

3️⃣ AI + E-Commerce + Social Media

• The rise of YouTube Shorts, TikTok Shop, and AI-powered livestreaming is fuelling a new wave of AI in content creation and retail.
• Expect AI-driven influencers, automated video editing, and virtual shopping assistants to become mainstream in APAC.

The Future of AI in Asia: What’s Next?

🔮 1. AI Regulation is Coming to APAC

• With the EU and China tightening AI laws, expect Singapore, Japan, and India to follow suit with their own AI policies.

🔮 2. The Next AI Gold Rush: AI Factories

• AI-powered manufacturing and logistics are growing fast, and Asia is leading this charge.

🔮 3. AI for Non-English Markets Will Boom

• Companies building regional AI for local languages (like Lelapa AI for Africa) will soon have APAC equivalents.

Final Thoughts: AI Isn’t Just Disrupting Industries—It’s Redefining Them

The AI 100 list proves that AI is no longer just about chatbots and automation. It’s reshaping everything—from how we manufacture goods to how we invest money, build cities, and interact with technology.

The real question? What’s next for Asia’s AI scene?

With AI 100 startups reshaping everything from finance to manufacturing, is the real power in AI shifting away from Silicon Valley to Asia? Or is this just hype? And don’t forget to subscribe to our newsletter to keep up to date with all the AI happenings in Asia!

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• You can download the full report from CB Insights by tapping here (free sign up).