Unique Research: March 2024 China AIGC Industry Monthly — Capital

Unique Research · Capital monthly · April 22, 2024

March 2024 / Q1 2024 AIGC financing — global overview, China vs. overseas, active investors, secondary-market color, and every named deal in the CN text. Methodology note and ~28 CN charts attach on ingest. Do not invent table rows from charts; only figures stated in CN prose are treated as facts here.

March financing snapshot
Global financing
China financing
Overseas financing
Secondary-market trading
Named deals (China & overseas)
Report statement

Methodology / data note

Financing boards and word clouds draw on Xiniu (烯牛) platform financing data plus Unique Research inference from public information. Secondary-market color cites East Money. For research reference only — Unique Research accepts no legal liability for data or views; cite Unique Research when using. Charts (~28) attach on ingest.

01 · March financing snapshot

Global AIGC financing March: ¥30.10B, +31.1% MoM — capital attraction continuing to rise
Series B and later accounted for 94.2% of financing amount
Largest global check: Anthropic — ~$2.75B (~¥19.51B); disclosed as the 5th raise after Series C; led by Amazon
Largest China check: MiniMax — $600M (~¥2.49B as stated in CN); Series B+; led by Alibaba, Sequoia China and other known institutions follow
Deals >¥100M: 27 events, 65.9% of count — preference for large tickets clearer vs February

Q1 2024

Global: 142 financing events; cumulative ¥60.7B; −18.1% YoY (base inflated by OpenAI’s Jan 2023 Microsoft $10B)
Overseas: 77 investments; ¥47.0B; −36% YoY
China: 65 deals; ¥13.7B — 14.73× the same period in 2023

02 · Global financing

2.1 Active investors (Q1)

MiraclePlus (奇绩创坛) — 9 deals (#1). General Catalyst — 4. Lightspeed and NEA — 3 each. Kleiner Perkins — 3.

2.2 Notable global projects (Q1)

Anthropic — financing over ¥2.75B band as stated in CN board (overview: ~$2.75B / ~¥19.51B) — leading recognition
China LLM Moonshot (月之暗面) — $1B
MiniMax — $600M; Lambda — $320M
ZCOOL (站酷) acquired at ~$39.64M
Cohere — $500M; Abridge — $150M
Zhixingyun (智星云) (founded 2019) — 100% acquired by listed Anoky (安诺其) at ¥100M valuation without a prior raise

2.3 Q1 monthly trend

Jan: 61 deals — active open
Feb: 40 deals; amount up to ¥22.962B (larger tickets)
Mar: 41 deals; amount quarter peak ¥30.099B

2.4 By country (Jan–Mar)

China — 65 deals (#1 by count)
U.S. — 39 deals; amount ¥33.921B (#1 by amount)
Canada ¥14.189B; France ¥13.806B; UK ¥11.922B
Also: Korea, Germany, Japan — fewer deals, still material cumulative amounts

03 · China financing

3.1 Active investors (Q1)

MiraclePlus — 9 (#1). GSR Ventures, Baidu Ventures, Yaotu Capital, Alibaba, Meitu — 2 each.

3.2 Hot projects

Moonshot $1B; MiniMax $600M; Aishi Tech (爱诗科技) ¥100M; Aochuang Guangnian (奥创光年) $15M; Global Murphy (环球墨非) $10M.

3.3 Q1 monthly trend

Deal count: Jan 19 / Feb 19 / Mar 27
Amount: Jan ¥0.674B / Feb ¥8.159B / Mar ¥4.848B
Avg ticket: Feb ¥0.430B/deal (lifted by Moonshot $1B) vs Jan ¥0.035B / Mar ¥0.179B

3.4 By stage (Q1)

Strategic — ¥12.310B total (#1); avg ~¥0.333B/deal
Early (seed–A): 19 deals; cumulative ¥0.6B
Angel avg ~¥1.5M/deal (lowest)

04 · Overseas financing

4.1 Active investors (Q1)

General Catalyst — 4 (#1). Sequoia, Lightspeed, NEA, a16z — 3 each.

4.2 Hot projects

Overseas AIGC Q1 ~$25.2B as stated. Board names in CN text: Anthropic $325.5M–$375M band (see also March overview ~$2.75B Amazon-led); Cohere $500M; Glean $200M Series D; Lambda $320M Series C; Rebellions $124M Series B; Robin AI $26M Series B.

4.3 Overseas Q1 monthly trend

Jan: 42 deals / ¥6.969B (avg ~¥0.166B)
Feb: 21 / ¥14.802B (avg ~¥0.705B)
Mar: 14 / ¥25.251B (avg ~¥1.804B) — fewer deals, much larger tickets

4.4 By stage

Seed (incl. Pre-Seed) + Angel: 27 deals (#1 by count); amounts ¥1.080B seed / ¥0.188B angel
Strategic: ¥33.4B (#1 by amount)
A–E: amounts rise with stage; C highest among them at ¥3.800B

05 · Secondary market (East Money, as of Mar 29)

AIGC concept index: 1,443.08, +8.24% MoM; turnover ¥1.21T; turnover ratio 97.22%.

Top 5 gainers cited: Xiamen Xinde (厦门信达, 000701) 36.21 / +10.02%; Dafu Tech (大富科技, 300134) 70.76 / +9.37%; Xin’an Century (信安世纪, 688201) 31.63 / +6.75%; Sunwave (三维通信, 002115) 54.90 / +6.45%; Tegen Fashion (天创时尚, 603608) 23.63 / +6.23%.

Company blurbs (auto/supply-chain/IT; RF–AI platforms; crypto security; wireless + digital marketing; multi-brand footwear) are in CN text — charts attach on ingest.

06 · Named deals — China

Llama Alpaca (拉玛羊驼) × Springwind, MiraclePlus — UGC game-element AI auto-generation; AI Agent for games; first product: NL→interactive UGC elements API so new UGC players reach veteran level in minute one
Yunwen Zhixing (云问智行) × Lihe Finance et al. — AI data + simulation/validation integrated solutions; data–test closed-loop engine
Xindan Intelligence (新旦智能) × APUS, Zhou Hongyang — multi-million-RMB angel; xDAN model (high EQ + strong reasoning); multimodal personalized agents; founded May 2023; team from Tsinghua, UC Berkeley, Tencent, Meta
Yingdong Vision (影动视觉) × Zhongying Equity lead — Pearl River Delta anime/VFX; Unreal Engine content tech; 2023 AIGC R&D/training; aim leading AIGC engine content R&D and training services
Wende Shuhui (文德数慧) × Suzhou Gaoxin — AI data services & solutions; annotation, compliance & content safety review, IT services
Xingzhe AI (行者AI) × Ourpalm (掌趣科技) — founder Yin Xueyuan (PhD; co-founded Longyuan Network 2013); AI/ML productivity for games & entertainment; full game lifecycle
Anwu Intelligence (暗物智能) × Sailun Capital et al. — cognitive AI platform; “small data, large tasks”; HCI + cross-domain; education & new retail ecosystems; AI OS for vision/speech/NLU/dialogue/planning/motion
Qingliang Intelligence (清凉智能) × Hubble — LLM inference/deploy cost-down; MLGuider inference optimization toolchain for mainstream HW
MiniMax × Alibaba et al. — Shanghai Xiyu Jizhi (稀宇极智), founded 2021; text/speech/vision multimodal foundation engines + full product chain; 4 rounds since 2022; angel Yunqi; Pre-A (Jul) miHoYo, Hillhouse Ventures, Mingshi, IDG → ~$500M valuation then
Xingfan Xingqi (星凡星启) × Shengjing Jiacheng — founded Oct 2021; one-stop industry AGI; train–infer all-in-one machines & clusters; LLM-Agent for compute-center ops; heterogeneous-chip acceleration middleware; 7 provinces; 50+ gov/SOE/listed partners; 2023E revenue ¥110M, profit ¥16M
Yuhe (语核) × MiraclePlus — AI-native product matrix; 10+ products in MiraclePlus camp (MVP in as little as 3 days); ~50k Bilibili fans with zero marketing spend; multiple enterprise customers
Songyan Power / Noetix Robotics (松延动力) × Qingzhi Capital et al. — general humanoid robots; “Ning” (high-dynamic small) and “Song” (full-size high-DoF); Pre-A
Yuanyi Entertainment (元绎娱乐) × IDG lead, Zulong follow — AI open-world game; UE5 AI-driven open-world shooter
MegaTech.AI (麦伽智能) × SEE Fund, Zhipu AI, Lianxing — Tsinghua Internet Judicial Institute tech-transfer partner; LegalAID legal LLM for professionals + public legal consult
Aishi Tech (爱诗科技) × Decent Capital (达晨财智) — ¥100M-class A1; Light Source Capital exclusive FA; founded Apr 2023; AI video foundation model; overseas PixVerse launched Jan 2024 — largest China-origin AI video product by users globally; first-tier globally; China product entered closed beta; funds for talent & resources
Jike Xingren (机壳杏仁) × MiraclePlus — AI-native games; in-dev Mind Blueprint — 3D top-down frontal real-time tactics single-player; multi-language all platforms
NoEdgeAI × MiraclePlus — high-quality corpus production; recognition framework turns hard-to-use docs into multimodal pretrain corpus
Shengshu Tech (生数科技) × Qiming lead — controllable multimodal general models; open UniDiffuser 950M; image/3D content “AI toolkit”; prior Ant / Baidu vehicles; new multi-hundred-million-RMB round — Qiming lead; Datai, Hongfu Houde, Zhipu AI, BV Baidu Ventures, Zhuoyuan Asia follow
Zhongzhou Chuangying (中州创赢) — investors undisclosed; AI auto livestream system (3rd gen); script gen, TTS, smart reply/popups, distributed voice livestream without repetition
Taichu Yuanki (太初元碁) × Loongson — HPC intelligent-compute solutions; spun from National Supercomputing Wuxi; sovereign HPC products + full-stack SW; chip design through datacenter retrofit
Zhongke Jiahe (中科加禾) × Yuanhe Origin — founded 2023; CAS ICT compiler tech; full-stack sovereign AI 2.0 base SW toolchain; LLM train/infer accel + auto operator generation
Yanrong Tech (焱融科技) × Fengnian Capital lead — founded Feb 2016; CEO Wang Haitao (Tsinghua); AI+data cloud storage; Zhuiguang F8000X all-flash for GPU; YRCloudFile; 3rd-gen AMD EPYC + NVMe + IB/RDMA
Cross-dimensional Intelligence (跨维智能) × Lenovo Capital — high-flex 3D vision products/solutions for manufacturing robots; imaging-perception all-in-ones + 3D digital twin & Mixed AI
Shituo Cloud (视拓云) × Bonc (东方国信, 300166) — Mar 25: Bonc to invest ¥60M own cash for 17.6471%; bare-metal GPU cloud; AutoDL.com C-end AI compute rental; AI cloud, C-end compute retail, asset ops, developer community, AI server HW
Puppy Agent × MiraclePlus — AI search engine; define/deploy agents fast; agent–agent and agent–human collab protocols; all-in-one collab product/platform
PlantData × Zero Point Numbers (零点有数) — knowledge-graph data services; web text extract, data processing, reputation/marketing/decision support
Qingcheng Jizhi (清程极智) × CICC Capital et al. — founded Dec 2023; efficient AI system SW empowering domestic compute; co-founder/chair/CEO Tang Xiongchao + core tech from Tsinghua CS PhDs; ~20 R&D

06 · Named deals — Overseas

Jabali × Bitkraft Ventures et al. — $5M seed; Bitkraft lead; Sapphire Sport, Sony Innovation Fund, Canonical, angels from Amazon/Google AI/OpenAI/Pinterest; multimodal GenAI game engine / closed-loop workflows for games & interactive experiences
Kaedim × a16z Games et al. — $15M Series A; a16z Games lead; Pioneer Fund, Oculus co-founder Nate Mitchell; AI 2D→low-poly 3D
Tavus — $18M new capital (investors undisclosed in CN); open platform to third parties; B2B personal digital clones for personalized video campaigns at scale via text prompts
Together AI × Salesforce Ventures lead — $106M at $1.25B valuation; NVIDIA-backed; founded 2022; open platform to build/customize AI models
Draftwise × Index Ventures — $20M Series A; Index lead; YC + Earlybird Digital East follow; NYC AI contract & negotiation platform for lawyers (Orrick, Gunderson, etc.)
Hippocratic AI × Universal Health Services, WellSpan Health, Cincinnati Children’s et al. — $53M Series A → $500M valuation; total raised $120M; Phase-3 safety-test product: hire GenAI agents for low-risk non-diagnostic patient-facing busywork
Lumino × Longhash, Inception, Protocol Labs et al. — $2.8M Pre-Seed; integrated HW/SW compute protocol with economic incentives + blockchain for correct training; SDK for minutes-to-train
Quilt (Quiltt) × Sequoia — $2.5M seed; AI assistant for solutions engineers (RFPs, tech Qs, demos, security questionnaires, Slack, meeting prep)
Cohere — late-stage talks for $500M+ at potential $5B valuation; prior C $270M (Jun disclosure) led by Inovia with NVIDIA, Oracle, Salesforce Ventures → then >$2.1B valuation; prior C investors expected again
NeuReality × EIC Fund, Varana, Cleveland Avenue et al. — Israel; founded 2019 by Yossi Kasus, Moshe Tanach, Tzvika Shmueli; AI-centric inference architecture + NAPU chip replacing CPU-centric inference; public safety, e-commerce, social, healthcare
Cluster Protocol × Pivot Ventures — seed (size undisclosed); joins Pivot incubator; “decentralized AI-model GitHub”; FHE-integrated secure rewards for GPU providers (DePIN)
HeyGen × Benchmark lead — founded Nov 2020; China entity Shiyun Tech previously raised angel + Pre-A from ZhenFund, Sequoia China Seed, IDG
Anthropic × Amazon — GenAI leader; Claude vs ChatGPT; as part of partnership Anthropic to use AWS data centers and Amazon-designed compute chips; Amazon’s add-on investment to gain AI race advantage
FLock × Lightspeed Faction, Tagus Capital lead — $6M seed; DCG, OKX Ventures, Volt Capital; federated-learning AI training platform emphasizing data privacy

07 · Report statement

Team: Unique Research is Unique Capital’s center for new-business innovation and development research — domestic and go-abroad enterprise-service ecosystems (new marketing, new retail, new experience), and combining data/AI/automation with consumer retail, local life, healthcare, etc. Analysts from research consultancies, PE, and tech media.

Liability: Limited by methods and data access, this report is market reference only; the company accepts no legal liability for data or views.

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