---
title: "AIGC Financing Hits ¥2.24B in Six Months — Mid/Downstream Where Founders Should Bet"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2023-05-22T18:29:22+08:00"
canonical: "https://ffcap.cn/en/research/20230522a07vl600"
source: "https://ffcap.cn/en/research/20230522a07vl600"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20230522A07VL600"
---

# AIGC Financing Hits ¥2.24B in Six Months — Mid/Downstream Where Founders Should Bet

_Unique Research · Company / industry talk · May 22, 2023 · Full rewrite_

Unique Capital partner **Hu Xiaojing** on Heima Talk (May 18): China AIGC map V1.0 (Feb, 70 firms) → V2.0 (May, 200+). Unique Capital: full-value-chain AIGC boutique bank (FancyTech, Chopstick Tech…); Unique Research’s _China AIGC Industry Map_ widely cited.

## Capital pulse

**Invest early:** 2020–22 China AIGC raised **¥5.41B / 38 deals**; pre-B = ¥3.79B (typically ≤25% of volume — here ~70% of amount → early bias). Flagship: Microsoft Xiaoice **¥1B** (Nov 2022) as symbolic China AIGC start. **Nov 2022–Apr 2023:** **¥2.24B** = **41.4%** of prior two-year total. Digital commerce outlook: generative AI China app scale → **¥207B by 2025** (still conservative). MSFT→OpenAI broke primary-market norms — capital freedom to ship.

**Market size paradox:** AI image replace designer — unit cost ¥500 → fen: value compresses (market “shrinks”) yet creators explode (market “grows”). Early AI markets defy single logic.

## Stack + cases

**Upstream** foundation models / label / compute (big tech); **mid** industry models + services (finance, healthcare, retail, aerospace); **downstream** content produce/design/distribute. Hackathons = mid/downstream creator era.

-   **Chopstick Tech:** enterprise commercial AIGC collab — short-video full pipeline; efficiency **5–30×**; AI scripts/storyboards in 1s; mix-cut hundreds of variants; multi-platform publish; sample shop video 8k+ likes; MRR growing 2–3×/mo.
-   **Unigravity:** apparel/jewelry redesign + test — shop owners AI-generate SKUs → private-domain order → C2B reverse custom.
-   **kua.ai:** Amazon sellers — listing/SEO; ~2k-word EN copy; **$19**; thousands paying.
-   **Fancy Tech:** 1–2 product shots → ad video rivaling 4A, far faster; Taobao/Tmall.

## Q&A thesis

Mid/downstream undervalued — in 2–3 years “LLM” becomes infrastructure; scene + innovation where founders should invest. Window varies (engineering/healthcare/new energy slower). New industries (AI assistants, task bots, digital humans <¥10k) as infra matures. Ecosystem > model count (US: many unused models). **To-B before to-C** (China lacks top domestic base models; CAC higher; to-B monetizes faster). 10× factor growth only when AI hits a true bottleneck production factor (Chopstick 5–30×). **Data + scene = moat**; AI may be China’s industrial digitalization last mile.

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20230522a07vl600
On-site reading page: https://ffcap.cn/en/research/20230522a07vl600