---
title: "Funding | China & Asia Q2 2024 Startup Funding Near a 10-Year Low — AI Can’t Save the Market Alone"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2024-09-04T16:00:00+08:00"
canonical: "https://ffcap.cn/en/research/20240904a05nf500"
source: "https://ffcap.cn/en/research/20240904a05nf500"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20240904A05NF500"
---

# Funding | China & Asia Q2 2024 Startup Funding Near a 10-Year Low — AI Can’t Save the Market Alone

_Unique Research · Company / Data Digest · September 4, 2024 · Source: Crunchbase China & Asia Q2 2024 review (translator note: Crunchbase, founded 2007 by J. Michael Arrington of TechCrunch fame — major global startup/investor database)_

## Near-decade lows

Crunchbase: China startup funding in **Q2 2024** fell to **$7.4B**, −42% from Q1’s $12.8B — lowest since **Q3 2014**. Path points to the weakest VC year since 2014 (~$20B+ that year). Asia-wide: startups raised only **$14.6B** in Q2 (−24% QoQ, −32% YoY) — steepest regional drop since **Q4 2015**. Deal count: **1,511** (−15% QoQ, −27% YoY).

## Early-stage collapse

Biggest bruise: early-stage dollars at **$2.5B** in Q2 — near a 10-year floor, −67% from Q1’s $7.6B, and lowest since Q2 2014. Thin early capital caps growth into large rounds later — and eventually hits fund flows and returns.

## Large growth rounds cooler

Late-stage + technology-growth totaled **$3.9B** (−13% YoY) — far below Q3’s $10B and Q4’s $7.8B last year. Q2 notables: EV **Hozon (合众)** $690M; manufacturing/AI **MiniMax** $600M B; semiconductor **Unisoc** ~$552M. Still smaller than Q1 giants: CXMT ~$1.5B (Mar), EV Zhiji $1.1B B (Mar), Moonshot AI $1B+ led by Alibaba + Sequoia China (Feb).

## AI is not a full savior

U.S. markets lean on AI; China AI did not boom across the board. After a Q1 peak of **$2.4B** (Moonshot-driven), AI funding eased to **$1.5B** in Q2 with flattening momentum. China sets Asia’s tone — a prolonged VC slump can slow regional innovation. Crunchbase: maybe a blip — but founders and VCs must plan if it isn’t.

## Methodology notes (Crunchbase)

Early seed figures lag and often revise up after quarter/year end. Amounts in USD at spot FX on event day (historical spot if logged late). From Jan 2023: corporate rounds counted only when equity via VC-series at seed. Seed/angel includes pre-seed/angel, unknown-series VC, equity crowdfunding, and convertibles ≤$3M. Early = A/B (+ unknown-series / CVC / other >$3M and ≤$15M). Late = C+ lettered (+ unknown/CVC/other >$15M). Technology growth = PE into companies that already raised “venture” rounds.

_Charts (7) in CN package — attach on ingest._

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20240904a05nf500
On-site reading page: https://ffcap.cn/en/research/20240904a05nf500