解密AI“轮次”：驱动未来科技的能量源泉
在人工智能（AI）浪潮席卷全球的今天，我们几乎每天都能听到关于AI的各种新闻：某项新技术取得了突破，某个智能应用改变了生活，亦或是某家AI公司估值飙升。在这些令人兴奋的消息背后，有一个至关重要的概念——“轮次”，它如同驱动AI创新 엔진 的燃料，为整个行业注入源源不断的能量。对于非专业人士来说，“轮次”究竟意味着什么？它又是如何推动AI发展的呢？
AI世界的“生长周期”：什么是“轮次”？
在AI领域，当我们谈论“轮次”时，通常指的是人工智能初创企业或技术公司在不同发展阶段进行的融资轮次。你可以把一家正在成长的AI公司想象成一棵从种子开始，历经幼苗、小树到参天大树的生命体。在它生长的每个阶段，都需要不同量级和类型的“养分”——也就是资金和资源——来支持其发展。而“轮次”，就是这些公司从投资者那里获取“养分”的一个个明确的阶段。
这些融资轮次有一个约定俗成的命名体系，比如种子轮（Seed Round）、天使轮（Angel Round）、A轮（Series A）、B轮（Series B）、C轮（Series C），以及C轮之后的D、E、F等后续轮次。就好比学生从小到大要经历幼儿园、小学、中学、大学等不同学习阶段，每个阶段的目标和所需资源都有所不同。
为什么AI特别需要“轮次”这种“养分”？
AI技术的发展离不开庞大的资金支持。这主要体现在以下几个方面：
- 顶尖人才的招募和留存： 优秀的AI科学家、工程师和研究人员是稀缺资源，他们的薪酬成本往往非常高昂。
- 算力与基础设施： 训练复杂的AI模型，尤其是大型语言模型（LLM）和多模态模型，需要巨大的计算能力，这意味着昂贵的GPU服务器、数据中心建设和维护成本。例如，谷歌为了深度绑定AI独角兽Anthropic，提供了高达一百万个TPU（张量处理器）AI芯片，并配套1吉瓦的电力容量，以大幅增加计算资源。业内人士估算，建设1吉瓦规模的数据中心成本约500亿美元，其中约350亿美元用于芯片采购。
- 数据获取与处理： AI模型的“粮食”是数据。高质量的数据获取、标注、清洗和存储都需要大量投入。
- 长周期高风险的研发： AI技术从理论研究到商业落地往往需要漫长的过程，且其中充满了不确定性。投资者需要有足够的资金实力和耐心来“烧钱”支持这些前沿探索。
因此，“轮次”的存在，正是为了确保AI公司在这些关键领域获得持续的支持，让它们能够不断创新和成长。
AI“轮次”详解：从萌芽到参天
我们用更形象的比喻来理解这些不同轮次：
1. 种子轮（Seed Round）：播撒希望的“种子”
比喻： 农夫在田里播下第一批种子。
现实： 这是公司生命周期的最初阶段。此时，AI公司可能只有一个初步的想法、一个核心团队，甚至只有一个简单的原型产品。
资金来源： 通常来自创始人自有资金、亲友、小额天使投资人，或一些早期孵化器。
主要目的： 验证产品概念，组建核心团队，开发最小可行产品（MVP），为后续更大规模的研发和市场探索打下基础。
2. 天使轮（Angel Round）：幼苗破土，迎来第一缕阳光
比喻： 种子发芽，长出幼苗，急需阳光、水分和肥料生长。
现实： 公司已经有了一个初步的产品或服务，并展现出一定的市场潜力。天使投资人（通常是富有的个人投资者，他们不仅提供资金，也提供经验和资源）入场。
资金来源： 天使投资人或少数风险投资机构。
主要目的： 进一步完善产品，扩大用户基础，探索商业模式，为进入下一轮大规模融资做准备。
3. A轮（Series A）：幼苗成长，需要更多专业照料
比喻： 幼苗逐渐长大，需要更专业的园丁和更系统化的灌溉。
现实： 公司在产品、市场和用户数据上已经取得了一定的成功，并证明了其商业模式的可行性。A轮融资是企业规模化发展的关键一步。
资金来源： 主要来自早期的风险投资（VC）机构。
主要目的： 扩大市场份额，招聘更多人才（尤其是销售、市场和研发人员），优化产品，提高运营效率，建立更成熟的商业模式。
4. B轮（Series B）：小树壮大，扩张领地
比喻： 小树已经亭亭玉立，开始向四周伸展枝叶，需要更广阔的土地。
现实： 公司已经拥有成熟的产品、稳定的用户群体和可观的营收。B轮融资旨在帮助公司快速扩张，巩固市场地位。
资金来源： 更大规模的风险投资机构。
主要目的： 快速扩张业务，进入新的市场，进行战略并购，进一步完善组织架构，为成为行业领导者奠定基础。
5. C轮及以后（Series C and Beyond）：参天大树，走向成熟
比喻： 树木长成参天大树，需要持续维护以保持其繁茂。
现实： 公司已经非常成熟，可能是行业内的领军企业。C轮及之后的融资通常是为了进一步扩大全球市场、开发新业务线、进行大规模并购，或者为最终的上市（IPO）做准备。
资金来源： 晚期风险投资机构、私募股权基金、战略投资者（如大型科技公司）以及主权财富基金等。
主要目的： 巩固行业地位，实现全球化布局，探索新的增长点，提升盈利能力，最终走向公开市场。
AI“轮次”的最新动态和趋势
据最新数据和分析，人工智能领域的投资热度持续高涨，即使在全球科技初创企业整体融资下滑的情况下，AI投资依然逆势上扬，显示出其强劲的吸引力。
- 投资总额屡创新高： 2024年全球AI领域融资总额达到5995.2亿元人民币，较2023年实现翻倍式增长。同期，人工智能初创企业共筹集1100亿美元，比2023年增长62%。到2025年上半年，全球创投约有58%涌入人工智能赛道。
- 头部效应显著： 少数巨头企业，如Databricks、OpenAI和xAI等，获得了超大额融资，单笔十亿级融资事件的数量虽然占比8%，但其金额占比高达81%，平均单笔融资额达到75.5亿元人民币，显示出“强者愈强”的马太效应。例如，OpenAI在2025年第一季度完成了400亿美元融资，软银集团也批准向OpenAI提供225亿美元投资。
- 早期投资活跃度提升： 尽管头部公司获得巨额融资，但2024年早期融资（天使轮到A轮）事件数量占比高达63%，比2023年上升了5个百分点，这表明资本对AI早期项目的捕捉能力极强，许多成立三年以内的AI公司都能获得投资。
- 热门赛道吸金： 生成式AI的爆发式应用、自动驾驶、人形机器人、AI芯片与智能数据管理、AI基础层技术、以及垂直领域的AI应用（如AI办公助手、智能客服）等是当前资本关注的焦点。特别的，AI应用层在2025年以来加速爆发，例如国内AI应用公司LiblibAI就完成了1.3亿美元B轮融资。
- 中国AI投资： 中国AI行业融资规模在2024年达到1052.51亿元人民币，实现了3.5倍增长。北京在AI融资活跃度上稳居全国第一，深圳紧随其后。
结语
“轮次”不仅仅是数字上的资金累积，它更是AI公司从一个想法到一个产品、从一个产品到一个商业帝国所经历的每一个成长阶段的见证。每一次成功融资，都意味着投资者对AI技术和商业模式的认可，也为AI研究和应用带来了新的动力。正是一个个轮次的迭代和积累，才汇聚成了支撑AI浪潮汹涌向前的强大能量，不断推动人工智能技术走向更广阔的未来。
Decoding AI “Rounds”: The Energy Source Driving Future Technology
Today, as the wave of Artificial Intelligence (AI) sweeps the globe, we hear various news about AI almost every day: a new technology has made a breakthrough, a smart application has changed lives, or the valuation of an AI company has soared. Behind these exciting news, there is a crucial concept—“Round”, which is like the fuel driving the AI innovation engine, injecting a steady stream of energy into the entire industry. For non-professionals, what exactly does “Round” mean? And how does it drive the development of AI?
The “Growth Cycle” of the AI World: What is a “Round”?
In the field of AI, when we talk about “rounds,” we usually refer to the funding rounds conducted by artificial intelligence startups or technology companies at different stages of development. You can imagine a growing AI company as a living organism that starts from a seed and goes through the stages of a seedling, a small tree, to a towering tree. At each stage of its growth, it needs different amounts and types of “nutrients”—that is, funds and resources—to support its development. And “rounds” are the distinct stages where these companies obtain “nutrients” from investors.
These funding rounds have a conventional naming system, such as Seed Round, Angel Round, Series A, Series B, Series C, and subsequent rounds like Series D, E, F after Series C. It’s like a student going through different learning stages from kindergarten, primary school, middle school, to university, where the goals and required resources are different at each stage.
Why Does AI Especially Need the “Nutrient” of “Rounds”?
The development of AI technology cannot be separated from huge financial support. This is mainly reflected in the following aspects:
- Recruitment and Retention of Top Talent: Excellent AI scientists, engineers, and researchers are scarce resources, and their compensation costs are often very high.
- Computing Power and Infrastructure: Training complex AI models, especially Large Language Models (LLMs) and multimodal models, requires huge computing power, which means expensive GPU servers, data center construction, and maintenance costs. For example, to deeply bind with the AI unicorn Anthropic, Google provided up to one million TPU (Tensor Processing Unit) AI chips and a supporting 1 GW of power capacity to significantly increase computing resources. Industry insiders estimate that the cost of building a 1 GW scale data center is about 35 billion is used for chip procurement.
- Data Acquisition and Processing: The “food” of AI models is data. High-quality data acquisition, labeling, cleaning, and storage all require substantial investment.
- Long-cycle High-risk R&D: AI technology often requires a long process from theoretical research to commercial implementation, and it is full of uncertainty. Investors need sufficient financial strength and patience to “burn money” to support these frontier explorations.
Therefore, the existence of “rounds” is precisely to ensure that AI companies receive continuous support in these key areas, allowing them to constantly innovate and grow.
Detailed Explanation of AI “Rounds”: From Sprouting to Towering
Let’s use a more vivid metaphor to understand these different rounds:
1. Seed Round: Sowing the “Seeds” of Hope
Metaphor: A farmer sows the first batch of seeds in the field.
Reality: This is the initial stage of the company’s life cycle. At this time, an AI company may only have a preliminary idea, a core team, or even just a simple prototype product.
Funding Source: Usually comes from the founder’s own funds, friends and family, small angel investors, or some early-stage incubators.
Main Purpose: Validate the product concept, build the core team, develop a Minimum Viable Product (MVP), and lay the foundation for subsequent larger-scale R&D and market exploration.
2. Angel Round: Seedlings Break Through the Soil, Welcoming the First Ray of Sunshine
Metaphor: Seeds germinate and grow into seedlings, urgently needing sunlight, water, and fertilizer to grow.
Reality: The company already has a preliminary product or service and shows certain market potential. Angel investors (usually wealthy individual investors who provide not only funds but also experience and resources) enter the scene.
Funding Source: Angel investors or a few venture capital institutions.
Main Purpose: Further improve the product, expand the user base, explore business models, and prepare for the next round of large-scale financing.
3. Series A: Seedlings Grow, Needing More Professional Care
Metaphor: Seedlings gradually grow up and need more professional gardeners and more systematic irrigation.
Reality: The company has achieved certain success in product, market, and user data, and has proven the feasibility of its business model. Series A financing is a key step for the company’s large-scale development.
Funding Source: Mainly from early-stage Venture Capital (VC) institutions.
Main Purpose: Expand market share, recruit more talent (especially sales, marketing, and R&D personnel), optimize products, improve operational efficiency, and establish a more mature business model.
4. Series B: Small Trees Grow Strong, Expanding Territory
Metaphor: Small trees have become graceful and begin to stretch their branches and leaves around, needing broader land.
Reality: The company already has mature products, a stable user group, and considerable revenue. Series B financing aims to help the company expand rapidly and consolidate its market position.
Funding Source: Larger-scale venture capital institutions.
Main Purpose: Rapidly expand business, enter new markets, conduct strategic mergers and acquisitions, further improve organizational structure, and lay the foundation for becoming an industry leader.
5. Series C and Beyond: Towering Trees, Moving Towards Maturity
Metaphor: Trees grow into towering trees, needing continuous maintenance to maintain their lushness.
Reality: The company is already very mature and may be a leading enterprise in the industry. Financing in Series C and beyond is usually to further expand the global market, develop new business lines, conduct large-scale mergers and acquisitions, or prepare for the final Initial Public Offering (IPO).
Funding Source: Late-stage venture capital institutions, private equity funds, strategic investors (such as large technology companies), and sovereign wealth funds, etc.
Main Purpose: Consolidate industry position, achieve global layout, explore new growth points, improve profitability, and finally move towards the public market.
Latest Trends and Dynamics of AI “Rounds”
According to the latest data and analysis, investment enthusiasm in the field of artificial intelligence continues to be high. Even with the overall decline in financing for global technology startups, AI investment is still rising against the trend, showing its strong appeal.
- Total Investment Hits New Highs: In 2024, the total financing in the global AI field reached 599.52 billion RMB, doubling from 2023. During the same period, artificial intelligence startups raised a total of * Significant Head Effect: A few giant enterprises, such as Databricks, OpenAI, and xAI, have obtained super-large financing. Although the number of single financing events at the billion-level accounts for 8%, their amount accounts for as high as 81%, with an average single financing amount reaching 7.55 billion RMB, showing the Matthew effect of “the strong getting stronger.” For example, OpenAI completed a 22.5 billion investment in OpenAI.
- Increased Activity in Early-stage Investment: Although top companies receive huge amounts of financing, the number of early-stage financing events (Angel Round to Series A) in 2024 accounted for as high as 63%, an increase of 5 percentage points from 2023. This indicates that capital has a very strong ability to capture early-stage AI projects, and many AI companies established within three years can obtain investment.
- Hot Tracks Attracting Money: The explosive application of generative AI, autonomous driving, humanoid robots, AI chips and intelligent data management, AI basic layer technology, and AI applications in vertical fields (such as AI office assistants, intelligent customer service) are the current focus of capital attention. In particular, the AI application layer has accelerated its explosion since 2025. For example, the domestic AI application company LiblibAI completed a * AI Investment in China: The financing scale of China’s AI industry reached 105.251 billion RMB in 2024, achieving a 3.5-fold growth. Beijing ranks first in the country in terms of AI financing activity, followed closely by Shenzhen.
Conclusion
“Round” is not just a financial accumulation in numbers; it is a witness to every growth stage that an AI company goes through from an idea to a product, and from a product to a business empire. Every successful financing means investors’ recognition of AI technology and business models, and also brings new impetus to AI research and application. It is the iteration and accumulation of rounds that have gathered into a powerful energy supporting the surging wave of AI, constantly driving artificial intelligence technology towards a broader future.