---
title: "Industry Insight | ¥190.2B Invested in 2023 AIGC — What Funding Reveals About Growth Ahead"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2024-03-04T18:10:00+08:00"
canonical: "https://ffcap.cn/en/research/20240304a07opc00"
source: "https://ffcap.cn/en/research/20240304a07opc00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20240304A07OPC00"
---

# Industry Insight | ¥190.2B Invested in 2023 AIGC — What Funding Reveals About Growth Ahead

_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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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20240304a07opc00
On-site reading page: https://ffcap.cn/en/research/20240304a07opc00