Unique Research · Insight · August 8, 2023 · China–US AI financing compare; AIGC resilience; M&A; outlook
Questions: China vs US AI financing similarities/differences · who prefers what · M&A wave futures · domestic AI direction · AIGC outlook. AIGC is new → analysis includes broader AI as related.
H1 2023 global AI: $25.5B / 1,387 deals
PitchBook: avg ~$26.05M. Crunchbase: 2022 global VC $445B (−35% YoY vs 2021).
China AI primary: slower 2022 but structurally stable
2012–H1 2023: ¥786.2B across 5,423 deals / ~2,000 AI cos pre-IPO. First wave 2017–18 (SenseTime, Megvii, CloudWalk, DeepGlint…). Pedata: AI deal count rose 8 straight years 2014–22 (2022 peak 1,155 > prior 7 yrs sum); amount CAGR 125.57% 2013–19 peaking ¥113.4B (2019); AI share of all-industry capital 10%+ 2019–21 peaking 14.81% (2021, #2) then fell to #13 in 2022. 2021: mature tech cos + localization (chips/data/OS) → ¥225.18B. Avg deal ~¥500M over decade; 2018–21 ~¥900M (chips/semis: Chipone, Horizon, SMIC South…); 2022 crash to ~¥30M as valuations reset and deal count surged into finer verticals. Path: general tech → apps → post-2021 base-layer. ~60 AI cos listed (SenseTime, Cambricon, United Imaging, Tuya, Intellifusion, CloudWalk, AInnovation…).
China AIGC primary: counter-cyclical surge
EnterpriseCard: AIGC deals from 2016; 2021 peak 866 deals / ¥212.56B; 2022 526 / ¥93.98B. From 2022 Q4 heat → Jun 2023: domestic AIGC raised ¥8.487B (=116.28% of 2020–22 combined); H1 2023 alone ¥7.399B / 56 deals—above prior full years. Still early-stage (few post-D). H1 2023 USD-fund share jumped to ¥6.47B.
US AI: steady history, 2022 shock; H1 2023 AIGC concentrated
2022 US AI deal count −19%, amount −46%. Crunchbase (≥$5M, US): 2011–23 3,658 AI financings; 2022 574 deals (CAGR 29.3% 2011–22); $24.35B amount (CAGR 422.5%). Lightcone incomplete: H1 2023 Silicon Valley 42 AI deals ~$14B = 55% of world AIGC primary amount; avg round $330M (~13× average). CB Insights 250+ AIGC cos: 33% no external equity; 51% pre-A. Carta: Q1 2023 US Series A AI startups… (remainder in CN charts).
Outlook: despite broad VC chill, AIGC remains a relative bright spot—early rounds crowded, late rounds scarce, China–US capital rhythms diverge but both chase foundation + app winners; M&A and consolidation themes rising.
12 CN images/charts; attach on ingest.
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