Labs Valuation, Funding & Investors

Most of Baidu's revenue comes from Baidu core, with the rest coming from video-streaming subsidiary iQiyi. The firm’s main businesses include online marketing services from its search engine, AI cloud infrastructure, AI applications, AI marketing, and autonomous driving.

Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV and YouTube Music, among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform accounts for roughly 10% of Alphabet’s revenue. The firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) make up the rest.

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing service. Founded in 2009, it initially focused on long-form content centered around anime, comics, and gaming, or ACG, catering primarily to Generation Z users. Over time, the platform has expanded its content ecosystem to cover a broader range of interests, successfully attracting a more diverse audience beyond its original Gen Z base.

Sorare is a Paris fantasy-sports company founded in 2018. Its platform lets users collect officially licensed digital player cards and enter fantasy competitions based on real-world football, baseball and basketball performance. Scarce cards are recorded using blockchain technology and can be bought and sold by users, while free-entry modes broaden access beyond collectors. The company works with professional leagues, clubs and player associations to license teams and athletes. Revenue comes principally from primary sales of digital cards and marketplace-related economics. Sorare has built an international consumer community and combines gaming, sports data, digital collectibles and licensed entertainment content. Official partnerships with leagues and clubs provide intellectual-property rights that distinguish the platform from unlicensed fantasy products.

Founded in the late 1990s as an internet portal, NetEase has evolved into China’s second-largest online gaming company. Its early success was anchored by the massively multiplayer online role-playing game Fantasy Westward Journey, which laid the foundation for a durable franchise strategy. Over the past decade, the company has expanded its portfolio with successful titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which continue to maintain sizable and engaged player bases.In addition to its in-house development capabilities, NetEase partners with global IP holders such as Microsoft and Marvel to develop and publish titles based on established franchises, including World of Warcraft, Diablo Immortal, and Marvel Rivals, further strengthening its global presence.

Kakao Entertainment is a South Korean entertainment and content company headquartered in Seongnam. It was created in March 2021 when Kakao Page absorbed Kakao M, combining a digital storytelling platform business with a music, video and artist management business. Its Page Company side runs webtoon and web novel platforms, including Kakao Page, Daum Webtoon and overseas services, while its M Company side covers music distribution, record labels, artist management, drama and film production. It is a subsidiary of Kakao Corp, with financial investors holding minority stakes. The company earns revenue from content sales and subscriptions, advertising, music and artist activities, and intellectual property licensing for adaptations into series and films. It has built its overseas presence partly through acquisitions of North American platforms such as Tapas and Radish.

Consensys is a software company that builds products and infrastructure for the Ethereum blockchain ecosystem. It was founded in 2014 by Joseph Lubin, a co-founder of Ethereum, and is headquartered in Fort Worth, Texas. Its products include the MetaMask self-custodial wallet, the Infura node and API service for developers, the Truffle smart-contract tooling suite, the Linea layer-2 network and the Besu and Teku Ethereum clients. The company serves individual crypto users, application developers, financial institutions and enterprises that build on public and private blockchains. It earns revenue mainly from usage-based fees such as wallet swap fees and developer API plans, together with subscriptions and professional services. Beyond organic product development the company has grown by acquiring developer-tool, wallet and security teams, and it has invested in early-stage Ethereum projects directly and through its incubation arm, Consensys Mesh.

Epic Games is an American video game and software developer and publisher based in Cary, North Carolina. It makes Fortnite, whose free-to-play Battle Royale mode launched in September 2017 on computers, consoles and mobile devices, as well as the Unreal and Gears of War series, and develops Unreal Engine, a commercially licensed game engine used by other developers. The company earns revenue from in-game purchases in its own titles, licence fees and royalties on Unreal Engine, and the Epic Games Store, a PC storefront launched after Fortnite's success. It owns the studios Psyonix, Mediatonic and Harmonix. Tim Sweeney founded the business as Potomac Computer Systems in 1991 in Potomac, Maryland; it became Epic MegaGames in 1992 and took the Epic Games name after moving to Cary in 1999. Sweeney remains the controlling shareholder with about 41.4%, while Tencent, which bought 40% of the company in 2012, holds about 28%, The Walt Disney Company about 9%, Sony 5.4% and Kirkbi 3.2%. Epic reported revenue of about $6 billion in 2022, was valued at $32 billion in April 2022 and employs more than 4,000 people.

Patreon is a San Francisco-headquartered membership platform empowering over two million creators with recurring fan support. Launched in 2013, it hosts podcasts, videos, art, and music, allowing patrons to fund exclusive content through monthly pledges. The service processes billions in payouts annually, serving artists in gaming, writing, and visual media worldwide.

Rec Room is a San Francisco-headquartered social VR platform supporting multiplayer games and user-generated worlds on Oculus Quest, PlayStation VR, and PC. Launched in 2016, the service hosts daily events for millions of users across basketball courts, paintball arenas, and custom rooms created with its toolkit.

Le Sports is a Chinese sports media and internet company, known as LeSports and in Chinese as Leshi Tiyu, that was the sports arm of Beijing-based internet group LeEco. Established in 2014 as Letv Sports Culture Develop Ltd., it built a sports ecosystem combining online streaming of sports content, event operations, smart hardware and sports services. It held streaming rights including Premier League rights for Hong Kong, and became title sponsor of Beijing's Wukesong Culture and Sports Center in 2016. It earned revenue from paid memberships and advertising around its content, and planned consumer products including betting, lotteries, ticketing, e-commerce and gaming, along with devices such as the Le Super Bike. It first raised RMB 800 million in a Series A round at a RMB 2.8 billion valuation. In April 2016 it completed a RMB 8 billion (about $1.2 billion) Series B round at a RMB 21.5 billion valuation, then the largest raise by an internet sports company, with investors including HNA Capital and Caissa Touristic. Lei Zhenjian was its founder and chief executive; parent Le.com held a 10.34% stake.

Dadi Cinema is a Guangzhou-headquartered subsidiary of Nan Hai Corp managing theaters across China since 2006. It oversees construction, operations, technology R&D, film distribution, investment, and production. As of 2017, it runs 455 theaters with 2664 screens in 29 provinces and 178 cities including OSGH venues.

Modern Times Group (MTG) is a Swedish gaming group headquartered in Stockholm that owns and operates mobile and PC game studios, with A and B shares listed on Nasdaq Stockholm. Its studios include Plarium, maker of RAID: Shadow Legends, PlaySimple, a word- and casual-games developer acquired in 2021, InnoGames, Hutch, Ninja Kiwi (acquired 2021, known for Bloons TD), Snowprint and Futureplay. Most games are free to play, so revenue comes from in-app purchases and in-game advertising. MTG traces its origins to TV3, which Kinnevik launched in Sweden on New Year's Eve 1987 as Scandinavia's first commercial channel; its media assets were distributed to Kinnevik shareholders and listed in 1997. The group spun off its Nordic broadcasting and streaming arm as Nordic Entertainment Group (now Viaplay Group) in 2019 and sold esports operator ESL to Saudi Arabia's Savvy Gaming Group in 2022. In November 2024 it agreed to buy Plarium from Aristocrat Leisure for $620 million. In 2025 it reported record net sales of SEK 11,579 million and adjusted EBITDA of SEK 2,648 million, with 9% organic growth. Maria Redin is president and CEO.

Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 65 million US homes and businesses, or nearly half of the country. The firm provides services to about 47% of the locations in this territory. Comcast acquired NBCUniversal from General Electric in 2011. Following the spinoff of several cable networks, including CNBC, MSNBC, and USA, NBCU now consists of the NBC network, several local NBC affiliates, Bravo, the Peacock streaming platform, Universal Studios, and several theme parks. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy.

Samsung Electronics is a South Korean public technology manufacturer incorporated in 1969 and headquartered in Suwon. Its Device eXperience division sells smartphones, televisions, home appliances, computers and network products to consumers and enterprise customers. The Device Solutions division manufactures memory, logic and other semiconductor products, while Samsung Display produces display panels and Harman supplies automotive electronics and connected-audio systems. The company earns revenue from product sales, components, licensing and related services across a worldwide manufacturing and distribution network. Samsung Electronics listed in Korea in 1975 and operates through hundreds of subsidiaries and regional organisations. It also makes strategic and venture investments that support technologies relevant to semiconductors, devices, artificial intelligence, robotics and its broader product ecosystem.

KuCoin is a Chinese cryptocurrency exchange supporting spot, margin, futures trading, and staking for over 700 tokens. It caters to global traders with features like trading bots, API access, and fiat on-ramps via bank cards. KuCoin lists projects from Binance and Coinbase ecosystems. Launched in 2017, the platform maintains offices in Singapore and Hong Kong.

Wealthsimple is a Toronto-headquartered Canadian financial technology company that offers investing, trading, banking and tax products through its mobile and web apps. Its managed investing service builds low-fee portfolios of exchange-traded funds, while its self-directed platform offers commission-free trading of stocks and ETFs and regulated crypto trading, alongside a chequing account with no monthly, foreign exchange or ATM withdrawal fees and a tax-filing service. The company serves retail clients across Canada and earns fees on managed assets and trading services as well as income on client cash. It reached C$50 billion in assets under administration in 2024, doubled that to about C$100 billion by October 2025, and has been profitable since 2024. In October 2025 it announced an equity round of up to C$750 million at a C$10 billion post-money valuation, co-led by Dragoneer and GIC. Power Corporation of Canada is its controlling shareholder with a 52.4% stake held through Power Financial, IGM Financial and Portage Ventures. Wealthsimple was founded in September 2014 by Michael Katchen, Brett Huneycutt and Rudy Adler.

Alchemy is a blockchain developer platform powering over 70 percent of top web3 applications with APIs for Ethereum, Polygon, Arbitrum, and Optimism. Services include node infrastructure, enhanced APIs, and analytics dashboards used by OpenSea, Uniswap, and Dapper Labs. San Francisco-headquartered since 2020, the company processes 10 billion compute units monthly across 1 million daily active app chains.