Meet the young leaders on the Gen.T List 2022 who run billion-dollar companies
In 2014, venture capitalist Aileen Lee coined the term “unicorn” to describe companies valued at more than US$1 billion. Like the mythical creatures the term refers to, unicorn companies are relatively rare.
That said, Asia has given rise to numerous unicorn companies since the term emerged. As of 2021, there are more than 390 unicorns in the Asia-Pacific region, with about two-thirds of them hailing from China.
In July, HSBC and KPMG released a report stating that billion-dollar companies are also emerging from new sector verticals, particularly “technology-related industry subsectors” related to blockchain technology, sustainability, ESG and smart city.
In this year's Gen.T List, we have 16 honourees who run unicorn companies. Read on to learn more about them.
Shen Xiaoyong
Who: Co-founder and CEO, SmartMore
Where: Hong Kong
When Shen Xiaoyong started his company, SmartMore, he wanted to push the boundaries of production efficiency using technology like artificial intelligence (AI) and machine learning. Founded in 2019, SmartMore has created more than 30 intelligent manufacturing systems. In 2021, the company raised US$200 million in Series B funding from IDG Capital, Sequoia Capital and Lenovo Capital.
The funding is timely given the boost in demand for smart manufacturing in China and a surge in investments across fields like robotics, information technology, AI and more. The Shenzhen-based company services several sectors including consumer electronics, automobiles, new energy, smartphones, food, entertainment and more. Its intelligent manufacturing system cater to clients such as Airbus, Unilever, Procter & Gamble, Bosch and Canon.
Read more: What It Takes To Incubate Unicorn Startups In Hong Kong