SEA unicorn list: PixVerse joins the billion-dollar club

This is the latest version of the article that was previously published on October 24, 2025.

Southeast Asia has minted its first AI unicorn in the era of generative AI.

PixVerse, an AI video platform based in Singapore, hit a billion-dollar valuation in a US$300 million series C round led by CDH Investment. Participating investors included Antler, Lion X Ventures, UOB Venture Management, EnvisionX Capital, and iGlobe Partners.

Founded by Changhu Wang and Jaden Xie in 2023, PixVerse claims this funding round is the largest in Asia for the AI video generation category.

PixVerse’s co-founder Jaden Xie / Photo credit: PixVerse

The company is also Southeast Asia’s first unicorn for 2026. Last year, the region welcomed five newcomers to the billion-dollar club.

They included Ultragreen.ai, a Singapore-based healthtech firm developing AI-powered solutions for surgical procedures; Ashita Group, a Malaysian retailer and wholesale trader of consumer electronics; Airalo, an eSIM provider headquartered in Singapore; Thunes, a cross-border payments platform that’s also from the city-state; and Vidio, an Indonesian over-the-top streaming site.

In 2021, Southeast Asia experienced a record-breaking year, minting 26 new unicorns. Only 17 new ones have emerged from the region since then, however.

To be fair, startup funding in Southeast Asia has slowed to a trickle, with total capital raised in 2025 at US$8.1 billion – a 5% dip from 2024. The amount also marks five straight years of decline.

The scandal involving eFishery has further dampened the mood. Valued at US$1.4 billion in 2023, the Indonesian agritech unicorn carried out mass layoffs, while its founder was detained last year over suspected embezzlement and falsified financial reports.

Exit routes have been tougher, too. No Southeast Asian unicorn has gone public since November 2022, when Indonesian ecommerce firm Blibli listed on the local exchange.

Still, there are signs of momentum. Several billion-dollar startups – including Carro, Carsome, Line Man Wongnai, and GCash – are eyeing IPOs, though most of them haven’t set a specific timeline yet.

See also: Tracking IPOs: India, HK still top listing venues in Asia

Geographically, a majority of the region’s unicorns are based in Singapore, followed by Indonesia.