AsianFin -- The average valuation of global AI unicorn companies has reached a staggering $24.591 billion, with a median of $10 billion and OpenAI at $157 billion, according to recent statistics.In October 2024, the total global funding in the AIGC industry hit 72.4 billion yuan, marking a 234% increase fromSeptember, with a total of 939 investment events recorded. In terms of funding in China, the AIGC industry in China secured approximately 36.6 billion yuan in financing, with a total of 364 investment events.

Overview of Key Data

• Report Title: Global AIGC Investment and Financing Report for October 2024

• Issuing Organizations: HRTechChina & Xiniu Data

• Report Date: November 30, 2024

• Data Sources: Rhino Data, CrunchBase, PitchBook, Growjo, etc.

• Report Author: HRTechChina

• Data Cut-off Date: October 31, 2024

Financing Overview for October 2024

• Total Financing: In October 2024, the global AIGC industry raked in a total financing of 72.4 billion RMB, up 234% from September.

• Number of Investment Events: A total of 939 investment events occurred.

• Financing in China: China’s AIGC industry secured a total financing of about 36.6 billion RMB, with 364 investment events recorded.

• Year-on-Year Growth in China: The financing amount of China’s AIGC industry accounted for 10.66% of the global total, while the number of investment events accounted for 38.76%.

Monthly and Quarterly Distribution of Investments

• Overseas Financing Activity: In October, the number of financing events for overseas AIGC industry chain companies was significantly higher than in the previous two quarters, and 549 overseas companies disclosed financing within the year.

• Financing Trend in China: China's AIGC sector is becoming more active, and  68, 103, and 171 financing events were recorded in the first three quarters of the year.

Funding Distribution by Technology Type

- Global Investments in Fundamental Models: Account for 64.83% of the total, reaching 270.5 billion RMB.
- Global Investments in Applications: Amount to 102.7 billion RMB.
- Global Investments in AI Infrastructure: Totals 23.9 billion RMB.
- China’s Investments in Fundamental Models: Account for 57.45% of the total, amounting to 34.3 billion RMB.

Top 10 Global AI Unicorns

- Average Valuation: The average valuation of global AI unicorn companies is 24.591 billion USD, with a median of 10 billion USD.
- OpenAI’s Valuation: With a recent financing amount of 6.6 billion USD, OpenAI is the highest-valuedcompany at US$157 billion in this sector globally.
- Average Revenue: The average revenue of global AI unicorn companies is 814.71 million USD, with a median of 225.84 million USD.

Global Investment and Financing Situation

- Monthly Financing Trend: From February to April 2024, the number of financing rounds remained relatively stable. However, the second quarter saw a 3.3 fold year-on-year sharp increase to disclosed financing events.
- Peak Financing Amount: Monthly peaks were mainly driven by large model companies securing hundreds of millions to billions in financing, such as OpenAI's 6.6 billion USD funding announced on October 2

Financing by Country

- United States: The U.S. tops the list with a financing amount of 253.2 billion RMB.
- China: China ranks second with a financing amount of 36.6 billion RMB.

Investment and Financing Situation in China

- Active Investment Institutions: MiraclePlus leads as the most active investor with 28 investments.
- Popular Financing Projects: Moonshot AI ranks first with a financing amount of 1.3 billion USD.

Non-China Investment and Financing Situation

- Active Investment Institutions: Andreessen Horowitz tops the list of active overseas investment institutions with 15 investments.
- Popular Financing Projects: OpenAI leads with a financing amount of US$6.6 billion.

Secondary Market Trading Situation

• AIGC Concept Index: The index reached 1608.86 points, with a monthly increase of 25.94%, a trading volume of 1.94 trillion yuan, and a turnover rate of 124.28%.

Financing Situation in October

In October 2024, the total financing amount for the global AIGC industry reached 72.4 billion RMB, a 234% increase from September.

1.1 Analysis of Overseas AIGC Financing in October

From the perspective of overseas investors in the AIGC sector in October, individual investors played a significant role. A total of seven early-stage projects received their investments, with these companies locking in approximately 100 million yuan in funding.

Additionally, SOMA Capital and Illuminate Financial each made three external investments. Nine investment institutions made two external investments.

In October, three overseas investment institutions poured in over 1 billion yuan in AIGC-related companies. These were IVP, Greenoaks Capital Management, and Wayra. In October, OpenAI secured $6.6 billion in funding, making it the company with the highest financing amount globally within its sector. This round of funding was backed by Thrive Capital, Tiger Global Management, SoftBank Capital, Microsoft, MGX, Khosla Ventures, Fidelity International, Coatue Management, ARK Venture Fund, Altimeter Capital, and Nvidia.

1.2 China’s Situation in October

Data from October shows that 112 investment institutions participated in funding companies in the AIGC sector. MiraclePlus made five investments, Baidu invested three times, and seven other institutions each made two investments.

In October, 63 AIGC-related companies received investments, with nine companies securing over 100 million RMB in funding. These include companies like TRS, Robotera, AIWAVES, Galaxea AI, Yizhu Tech, Boson Quantum, Yingwei Innovation, Visiotrip, and Unionstrong Tech.

Overview of Financing in 2024

As of the end of October 2024, the total global financing in the AIGC industry reached 343.4 billion RMB, with 939 investment events recorded.

In China, the AIGC industry saw financing amounting to approximately 36.6 billion RMB, with a total of 364 investment events.

In terms of financing amounts, China's AIGC industry accounted for 10.66% of the global total, while the number of financing events accounted for 38.76%.

2.1 Monthly Distribution of Investments

Regarding financing activity, overseas AIGC companies experienced a significantly higher number of financing events in the third quarter compared to the first two quarters.

Besides a batch of companies receiving concentrated financing in May, China's AIGC sector showed a gradually increasing trend in activity.

2.2 Funding Distribution by Technology Type

As of October 2024, investments in the global AIGC industry show that the fundamental models l attract 270.5 billion RMB, a substantial 64.83% of total investments in AIGC, , significantly outpacing investments in applications or infrastructure. The applications have lured investments of 102.7 billion RMB, accounting for 24.61%. The infrastructure subsector received 23.9 billion RMB, while the middleware subsector secured 20.1 billion RMB.

When it comes to the situation overseas, the model's investment share is 66.07%, reaching 236.2 billion RMB. The application subsector accounts for 24.2%, while the infrastructure and middleware subsectors have smaller shares of 4.48% (16 billion RMB) and 5.25% (18.8 billion RMB), respectively.

In China, the fundamental models represent a significant 57.45% share, totaling 34.3 billion RMB. The middleware subsector holds a minimal share of just 2.19%, amounting to 1.3 billion RMB. The infrastructure and application subsectorsaccount for 13.29% and 27.07%, respectively.

Global Investment and Financing Overview

3.1 Global Financing Trends

The number of financing rounds in the global AIGC sector remained relatively stable from February to April 2024. Investments in the second quarter surged 3.3 times year over year to 220 disclosed investment events. The number of financing rounds continued to rise steadily in July, with a month-on-month growth rate of about 24%. From January to October, the average monthly financing events were 93.9, with a median of 90.

In terms of financing amounts, there were two upward trends in the first quarter and from June to August. The peak in single-month figures was mainly due to large model companies securing individual financing amounts ranging from hundreds of millions to billions. For instance, in May, xAI completed a $6 billion Series B financing round; in March, Anthropic received $2.75 billion in strategic financing from Amazon; in February, Moonshot AI disclosed a $1 billion second-round financing led by Alibaba; in July, Baichuan Intelligence secured 2.824 billion yuan in financing; and in October, OpenAI obtained $6.6 billion in financing. On average, the global financing amount in 2024 had a monthly average of approximately 34.343 billion RMB, with a median of 28.407 billion RMB.

3.2 Distribution of Financing by Country

As of the end of October 2024, U.S. companies had secured the most financing globally, topping the list with 253.2 billion RMB. The number of financing rounds was 346, approximately 95% of the number of rounds in the same sector in China. The total financing obtained by Chinese companies in this sector is equivalent to three times that of their British counterparts, who ranked third. Chinese companies have accumulated 364 financing rounds, leading the list of investment events.

Investment and Financing Situation in China

Active Investment Institutions in China

In the period from January to October 2024, China's AIGC industry garnered significant attention from numerous investment institutions. Qiji Chuangtan emerged as the most active investor with 28 investment events, including a diverse portfolio of companies such as ProDuck Lab, Silicon-Based Mobility, RWKV Original Intelligence, Selenium Molybdenum Technology, Rama Alpaca, Yuhen, NoEdgeAI, Shouxing Technology, Jike, Almond, Liqing Aijia, Puppy Agent, Nieta, SmartPrep.AI, Guanglun Intelligence, Kuafu Technology, Shuzong Technology, Edge Innovation, GigaAI, animate.ai, Tongdiao Future, Qiongtian Intelligence, Yueyang New Vision, Jijiashijie, Wenhai Chip Tide, ReechoAI Ruisheng, Embodied Storm Robotics, Gongji Computing Power, and Shutu Technology.

Alibaba and Fortune Capital tied for second place with eight investment events each.

Alibaba's investment portfolio includes companies like Moonshot AI, MiniMax, Wow Universe, Precision Learning, Baichuan Intelligence, Moonshot AI, Yuanluo Technology, and Robotera. According to estimates by Feifan Chanyan, by the end of October 2024, Alibaba's total investment amount might exceed 11 billion yuan.

Fortune Capital's investment portfolio includes companies such as Aishi Technology, Nanxi Xiance, Infinigence AI, Qianxun Intelligence, Zhongke Ruijian, Zhongke Shitong Hengqi, VAST AI, and Original Intelligence.

Shunxi Fund ranks third with seven investments. Its portfolio includes companies like Qingcheng Jizhi, Mianbi Intelligence, Shengshu Technology, Baichuan Intelligence, Guanglun Intelligence, Luchen Technology, and Unionstrong Tech.

4.2 Popular Financing Projects in China

As of the end of October 2024, companies in China's AIGC sector had been active in the capital market, with a total of 328 companies completing financing rounds. Among them, 68 companies had raised over 100 million yuan within the year. In terms of funding amounts, Moonshot AI leads with $1.3 billion. Following closely is MiniMax, which successfully raised $600 million. Ranked third is Zhipu AI, which disclosed a $400 million investment from Prosperity7 Ventures in June.

4.3 Funding Trends in China

In 2024, the average monthly number of funding rounds in China was 36.4, with a median of 33.5. Since June, the average monthly funding rounds have steadily increased.

From a quarterly perspective, the number of funding rounds in China's AIGC sector has shown relatively steady growth, with a 91% increase in the third quarter compared to the first quarter. Additionally, the number of funding rounds in October reached a new high for the year, approximately 73% above the average level.


In terms of funding amounts, February's data was far ahead of other months, reaching 8.2 billion RMB, primarily due to Moonshot AI's disclosure of $1 billion in funding that month. Similarly, the monthly funding amounts of about 5 billion RMB in March, June, July, and August were mainly attributed to MiniMax's $600 million, Zhipu AI's $400 million, Baichuan Intelligence's 2.824 billion RMB funding, and Moonshot AI's second $300 million funding within the year.

On average, the monthly funding amount in 2024 was 3.66 billion RMB, with a median of 3.74 billion RMB.

5. Overseas Investment and Financing Trends

5.1 Active Overseas Investment Institutions

Between January and the end of October 2024, investment institutions actively expanded their presence in the AIGC sector. In terms of the number of financing rounds, Andreessen Horowitz led the pack with 15 investments, ranking as the most active overseas investment institution. The largest deal it participated in this year was the Series B financing of the U.S.-based large-scale AI model company xAI, which raised $6 billion and was disclosed in May.

Nvidia GPU Ventures (NVDA), General Catalyst Partners, and Sequoia Capital each made 10 investments, tying for second place.

YC (Y Combinator), Lux Capital, Index Ventures, and Lightspeed Venture Partners each made 8 investments, tying for fourth place.

Additionally, individual overseas investors have been highly active in investing in AIGC companies, collectively completing 59 investment deals so far.

In terms of investment amounts, Amazon leads with approximately RMB 20.3 billion, followed by Google with approximately RMB 17.8 billion. Andreessen Horowitz ranks third with RMB 9.1 billion invested this year.

A total of 36 overseas institutions have each invested over RMB 1 billion this year. This is a significant increase compared to the 12 institutions that surpassed the RMB 1 billion mark last year, reflecting a growing enthusiasm among institutions for the AIGC sector.

5.2 Popular Funding Projects Overseas

As of the end of October 2024, overseas AIGC projects have secured a total of approximately 306.8 billion RMB in funding, marking a 127% increase compared to 135.2 billion RMB in the same period last year.

OpenAI leads the pack with a funding amount of US$6.6 billion, followed by xAI and Anthropic with 42.65 billion RMB and 21.51 billion RMB, respectively.

Notably, several companies have received over 1 billion RMB in funding, including G42, CoreWeave, Xaira Therapeutics, Cohere, Lambda, Skild Al, Tenstorrent, DeepL, and Genmo.

5.3 Overseas Funding Trends

In terms of the overseas market, the number of financing rounds has seen continuous growth since March, with a growth rate exceeding 32%. However, the financing amounts have shown significant fluctuations, with a monthly average of 30.683 billion yuan and a median of 22.123 billion yuan.

Secondary Market Trading Situation

According to data from East Money, as of October 31, the AIGC concept sector index was at 1608.86 points, with a monthly increase of 25.94%. The transaction amount reached 1.94 trillion yuan, and the turnover rate was 124.28%.

Among the stocks in this sector, the top five with the largest gains were: Doushen Education, Zhongcheng Technology, Tianlong Group, Bingxing Technology, and Baixinglong.

Global AI Companies Ranking

Global AI Companies Unicorn TOP100

Based on its independent research into the AI industry and continuous tracking of thousands of AI companies and nearly ten thousand AI products worldwide, HRTechChina has compiled a list of unlisted AI companies with valuations of at least $1 billion globally. This ranking is sorted according to the latest post-investment valuation of these AI companies for the month. The specific list is as follows:

Global AI Companies Revenue Ranking TOP100

HRTechChina, leveraging its independent study of the AI industry and continuous tracking of thousands of AI companies and nearly ten thousand AI products worldwide, has compiled a list of the top 100 AI companies globally, ranked by their estimated annual revenue for the month. The detailed list is as follows:

Top 100 Global AI Companies by Valuation Growth Rate

HRTechChina, based on its independent study of the AI industry and ongoing tracking of thousands of AI companies and nearly ten thousand AI products worldwide, has ranked the top 100 AI companies globally by their valuation growth rate for the month. The detailed list is as follows:

Chinese AI Companies List

Top 50 Chinese AI Companies by Attention

HRTechChina, drawing on its independent study of the AI industry and continuous tracking of thousands of AI companies and nearly ten thousand AI products worldwide, has compiled a list of the top 50 AI companies in China, ranked by the total access time of all their AI products for the month. The detailed list is as follows:

Top 100 Chinese AI Products by MAUs

Based on its independent research into the AI industry and continuous tracking of thousands of AI companies and nearly ten thousand AI products worldwide, HRTechChina has compiled a ranking of the top 100 AI products in China. This ranking is based on the cumulative monthly active users (MAUs) across web and app platforms for each AI product during the month. The detailed list is as follows:

09: List of Chinese Publicly Listed Companies

Top 10 Chinese AI Publicly Listed Companies by Attention

HRTechChina, through its independent study of the AI industry and ongoing tracking of thousands of AI companies and nearly ten thousand AI products globally, has ranked the top 10 publicly listed AI companies in China. This ranking is based on the total time spent accessing all AI products of these companies during the month. The detailed list is as follows:

Top 50 Chinese Publicly Listed Companies by MAUs for AI Product

Based on its independent research into the AI industry and continuous tracking of thousands of AI companies and nearly ten thousand AI products worldwide, HRTechChina has compiled a ranking of the top 50 AI products under Chinese listed companies. This ranking is based on the cumulative MAUs across web and app platforms for the current month. The detailed list is as follows:

(1 USD equals 7.3 RMB)