Uber certainly shocked the business world. This private transport company is among the most sought after and successful in the world. Which is valued at $72 billion. However, it was unexpectedly surpassed by ByteDance: a multi-faceted Chinese startup.

ByteDance, the Chinese startup that surpasses Uber

We all know Uber, a US transportation company that revolutionized the global market. As an entrepreneurial and emerging business, it gave a lot to talk about during its consolidation as a brand. Being the most valued startup in the world at the time. Although recently, this title has been taken from them.

A Chinese company called ByteDance has surpassed the aforementioned transport company. It can be seen as an Internet technology company and was founded in March 2012. It has a very interesting history to its credit, because it’s a very innovative company.

bytedance history chinese startup
ByteDance started as a news aggregation company. But much later it would venture into the area of ​​artificial intelligence. Source: Reuters

The peculiarity of ByteDance is that it has always developed a particular technology. Hand in hand with its founder and CEO, Zhang Yiming, a software engineer known for his entrepreneurships. He has used the company to launch several technological products to the Chinese market that were successful.

The first and most emblematic would be Toutiao, a platform for information and news content. It’s responsible for offering users a content feed based on their interactions with it. Namely, it offers information and news according to the user’s tastes. But this is just one of several other applications.

ByteDance and its variety of products

Toutiao would become one of the most famous content platforms in China. Although later its creator company would launch other products that would stand out enormously. One of them is TikTok, a social network that later would also become a music video platform.

Later, they would create other services. Xigua Video, a video platform for videos with a duration of 2 to 5 minutes. TopBuzz, same as Toutiao but directed at an international audience. And they’ve created other similar products as well as bought and assimilated others.

ByteDance videos platforms
A chart with all the short video platforms of ByteDance. Outside and inside China as well as those that it owns, has acquired or have invested in it. Source: hans.vc

When it was founded in 2012, ByteDance had problems to obtain financing. It had applied for some startup accelerators but it was rejected. And it didn’t seek funding or advice from any of the two heavyweights in China: Alibaba and Tencent.

The company had to fend for itself during its first years. But it managed to grow intelligently and win the eventual confidence of large investors. Which invested billions of dollars to promote ByteDance, among them are Susquehanna International Group, SoftBank, Sequoia, and others.

ByteDance Technology Internet
ByteDance is currently considered one of the largest Internet companies in the world. Being equal to others like Google, Alibaba or Tencent in China. Source: Glassdoor

Experts say that ByteDance will be an interesting company to see in 2019. Especially because it’s expected to continue working to promote other services in the area of ​​technology that go beyond the Internet. And even doing it relatively better than other Chinese and American companies.

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Photograph used for the entry’s featured image by Medium