Unique Research · Company / capital insight · March 4, 2024 · Author (CN): Pu Qing
Unique Research’s 2023 AIGC capital read puts global primary-market financing at about ¥190.2B for the year — a funding wave that both financed leaders and set the tone for what comes next. (CN body for this short piece opens mid-argument; headline total and section facts below are as stated in title/prose and aligned with the companion annual report.)
Later rounds and OpenAI’s gravity
Investor confidence shows up most clearly in Series B and later rounds, where capital prefers companies that already show market pull and a workable business model. OpenAI’s B+ round was the standout: about ¥70.58B raised within the year — roughly 37% of global AIGC financing — injecting both cash and narrative energy into the category. Backers cited include Tiger Global and Sequoia Capital, among others.
China: fewer deals, recovering monthly pace
On Unique Research’s China survey, domestic AIGC financing totaled ¥19.18B across 168 rounds — fewer deals than the prior year, but with a clear lift in monthly deal count, especially in H2 2023 as markets warmed to model maturity and application breadth. Seed rounds doubled from 6 to 12, a vote for earlier-stage builders. M&A also heated up — e.g. Kunlun Tech acquiring Skywork / Qidian Zhiyuan (奇点智源), Meituan acquiring Lightyear Beyond (光年之外) — as larger firms bought capability and share.
Overseas: fewer rounds, star-project preference
Overseas deal count fell sharply in 2023, then recovered into H2. Check sizes became more volatile as capital concentrated on star projects — OpenAI again the focal point. Seed rounds dropped from 74 to 45 and Series A from 66 to 16 versus 2022: early-stage investors grew pickier on quality and prior traction.
Takeaway
Primary markets both fund the industry and signal confidence. As tech and use cases expand, AIGC should keep drawing capital — but operators and LPs still need to watch overheating and bubble risk, and underwrite long-term value rather than narrative alone.
3 CN images (financing charts); attach on ingest. CN source text appears truncated at the open (starts mid-paragraph); headline ¥190.2B retained from title; China ¥19.18B / 168 rounds and OpenAI ¥70.58B (~37%) from body.
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