Unique Research · Company / Funding · December 30, 2024
Co-published with Xiniu Data. Data as of November 30, 2024. Sources: Xiniu, Crunchbase, PitchBook, Growjo, and others.
Report facts
- Title: November 2024 Global AIGC Investment Report
- Publishers: Unique Research & Xiniu Data · December 30, 2024
- Cutoff: November 30, 2024
Snapshot
- November global AIGC financing: ¥99.7B, +37% vs October. (Overview section also notes October at ¥72.4B, +234% vs September.)
- YTD through November: ¥443.1B globally across 1,072 deals; China ~¥39.0B across 434 deals — China is 8.8% of global dollars but 40.48% of deal count.
- Stack mix (global YTD): model layer 70.41% (¥353.169B); application layer 20.79%. China: model 57.25% (¥34.357B); apps 27.20%.
- Countries: U.S. leads with ¥344.2B; China deal count #1 (434); China dollars ~3× #3 UK.
- Active China investors: MiraclePlus 29 deals; Shunxi 10; Alibaba and Fortune Capital 8 each.
- Hot China raises: Moonshot $1.3B cumulative #1; MiniMax $600M; Zhipu $400M (Prosperity7).
- Overseas: YC 20 deals; a16z 16; General Catalyst and Sequoia 11 each. xAI ¥85.8B raised #1; OpenAI ¥57.8B; Anthropic ¥50.3B.
- Secondary: AIGC concept index 1,832.30 (+16.10% MoM); turnover ¥2.66T; turnover rate 147.38%.
[Tables/charts — see CN images]
01. November financing
Global AIGC raised ¥99.7B in November (+37% MoM).
1.1 Overseas
YC led deal count (4); General Catalyst 3; individuals 3. Eight institutions put ≥¥1B into AIGC names including Amazon, Valor Equity Partners, Sequoia, SoftBank Capital, a16z, QIA, GE, and General Atlantic. xAI’s $6B (~¥43.1B) was the month’s largest round — backers included a16z, BlackRock, Fidelity, Kingdom Holding, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia, Valor, Vy Capital, plus NVIDIA and AMD.
1.2 China
October saw 130 institutions investing (Qidi Star, Shunxi, Baidu 3 each). November: 70 AIGC-related companies funded; 7 over ¥100M including Galaxy General, Chengyuan, Estun Kozai, Diansen, Lemon Bio, Tianwu, Bingo Intelligent.
02. Year-to-date
Through November: ¥443.1B / 1,072 deals globally; China ~¥39.0B / 434. China share: 8.8% of capital, 40.48% of deals.
Cadence: Overseas H2 deal count well above H1; 608 overseas companies disclosed financing YTD. China Q1–Q3 deals 68 / 103 / 171; November a dense close month.
By layer: Global model 70.41% / apps 20.79%. Overseas model 72.20% (¥318.812B). China model 57.25%, base 13.35%, mid 2.21%, apps 27.20%. Within China apps: productivity tools 30.32%, consumer 16.09%.
03. Global trends & geography
Feb–Apr deal count stable; Q2 jumped to 220 deals (~3.3× YoY). July +~24% MoM; November cooled to roughly August levels. Jan–Nov mean 97.45 deals/month (median 99). Dollar peaks driven by multi-hundred-million to multi-billion model raises (xAI $6B May B; Anthropic $2.75B Amazon March; Moonshot $1B Alibaba-led February; Baichuan ¥2.824B July; OpenAI $6.6B October). Monthly mean ~¥9.745B (note: CN overview uses mixed “亿元” scales — figures above follow body text).
U.S. ¥344.2B and 375 deals (~86% of China’s deal count). China dollars ~3× UK; China leads deal count at 434.
04. China detail
MiraclePlus 29 investments (long portfolio from ProDuck Lab to Gongji Compute, etc.). Shunxi 10 (including Zhipu, Baichuan, FaceWall, Shengshu, Galaxy General). Alibaba 8 — Unique Research estimates Alibaba’s cumulative AIGC deploy may exceed ¥11B by end-November (Moonshot, MiniMax, Baichuan, etc.). Fortune Capital 8.
384 China AIGC companies financed YTD; 78 raised >¥100M cumulative in-year. Moonshot $1.3B #1; MiniMax $600M; Zhipu $400M #3. China mean 39.45 deals/month; Q3 deals +91% vs Q1; November a yearly high (~77% above average). February dollars led (¥8.2B) on Moonshot’s $1B; other ~¥5B months tied to MiniMax, Zhipu, Baichuan, Moonshot’s second in-year raise. Monthly mean ¥3.549B (median ¥2.705B).
05. Overseas detail
YC 20 deals / ~$510M deployed. a16z 16; GC and Sequoia 11. Individuals 62 deals. By dollars: Amazon ~¥49.1B; a16z ¥19.9B (including two xAI $6B participations); Google ~¥17.8B. 43 overseas institutions deployed ≥¥1B YTD (vs 19 prior year). Overseas AIGC raised ~¥404.1B YTD (+174% YoY). xAI ¥85.8B; OpenAI ¥57.8B; Anthropic ¥50.3B. 34 companies raised >¥1B (G42, CoreWeave, Cohere, Lambda, DeepL, etc.). Overseas deal count compounded >32% March–October; monthly dollar mean ¥36.736B (median ¥24.193B).
06. Secondary market
As of Nov 29 (East Money): AIGC concept index 1,832.30, +16.10% MoM; turnover ¥2.66T; turnover rate 147.38%. Top gainers cited: BESTEK, Sanyou Tech, Shifeng Culture, Wensli, 263 — with company blurbs in CN source (hardware controllers, electrode equipment, toys+AI, silk culture, internet communications cloud).
07. Statements
Unique Research (Unique Capital) + Xiniu Data. China primary-market figures from Xiniu, analyzed by Unique Research. Reference only; not investment advice; possible affiliations where legally permitted.
Author / editor: Pu Qing
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