---
title: "Unique Research: March 2024 China AIGC Industry Monthly — Capital"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2024-04-22T16:00:00+08:00"
canonical: "https://ffcap.cn/en/research/20240422a05piw00"
source: "https://ffcap.cn/en/research/20240422a05piw00"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20240422A05PIW00"
---

# 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.

## Contents

1.  March financing snapshot
2.  Global financing
3.  China financing
4.  Overseas financing
5.  Secondary-market trading
6.  Named deals (China & overseas)
7.  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.

— END —

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