April 2, 2024

Bring home the bacon

Hi there, 

Here is this week’s Hot or Not, featuring: 

• 2024 AI 100
• ByteDance’s investors
• An AI acquisition spree
• Tesla’s growth strategy

Hot: AI startups

We just released our eighth annual AI 100 list, which breaks down the most promising AI startups in the world. 

This year’s winners are ‎️‍🔥:

• 16 countries
• 30+ categories, from foundation models to humanoids
• Two-thirds are early-stage

The full report includes deep dives on revenue multiples, valuation per employee, and much more. 

Check it out here.

Not: TikTok complications

With TikTok in hot water in the US, investors in its parent ByteDance face increasing uncertainty. 

ByteDance is currently the most valuable startup in the world worth $225B. TikTok revenue in the US was $16B in 2023, driving its parent’s revenue to a reported $120B in the same year. 

ByteDance has raised over $5B in equity funding, including from US investors General Atlantic and Sequoia Capital.

CB Insights customers can see its other investors on its profile here. 

Hot: Databricks acquisitions 

Databricks recorded $1.6B in revenue for its fiscal year ended January 31st. 

The data and AI company is not wasting time deploying some of that cash into acquisitions. 

It made its second acquisition just this year in March, acquiring Lilac — which simplifies unstructured data evaluation for genAI applications.

The bottom line: Databricks is building a one-stop shop.

Not: Tesla’s Q1

Tesla’s electric vehicle deliveries are slowing, and investors aren’t happy about it.

Its stock price has fallen 30%+ since the start of the year, while the Nasdaq as a whole has climbed 10%. 

Besides fluctuating demand, Tesla also faces competition from a host of startups in areas like EV battery production.

To see where the EV maker’s next growth opportunity lies, CB Insights customers can dig into our Tesla Strategy Map here.

I love you. 

Anand 

@asanwal 

P.S. We’re hiring on our research team. Check out our open roles here.

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