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AI时代的战略投资:从为财务投资接盘,到被财务投资接盘
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Topic: AI时代的战略投资:从为财务投资接盘,到被财务投资接盘 (Read 94 times)
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AI时代的战略投资:从为财务投资接盘,到被财务投资接盘
January 02, 2018, 11:27:40 AM
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几年前,战略投资为财务投资接盘是常态。但伴随着人工智能创投热,情况正发生反转——财务投资人开始为战略投资人接盘。
这一现象在2017年开始变得尤为明显:一是战略投资数量增加;二是战略投资阶段更早。甚至有财务投资人开始把公司获得过战略投资作为投资的标准之一。
截至目前,今年不少AI公司都获得了战略投资。以2017年Q4投资交易为例,战略投资人频频现身,其中已经官方公布的一些交易包括:
「ThinkForce」完成4.5亿A轮融资,依图科技、云锋基金参投;
「文安智能」完成2000万美元B轮融资,三星风投、ABB参投;
「全悉科技 」被港股上市公司伟俊集团以1亿港元并购;
「51VR」完成2.1亿元B轮融资,推地球克隆计划“51World”,当代、商汤领投;
「AccutarBio 」获1500万美元投资,IDG、依图参投;
「云迹科技」完成数千万美元A轮融资,腾讯、海航共同领投;
「图森未来」获5500万美元C轮融资,新浪参投;
「旷视科技」完成4.6亿美元C轮融资,蚂蚁金服、富士康集团战略参投;
「声智科技」完成近亿元A轮融资,百度、蓝港互动参投;
「禾多科技」完成千万美元级别天使轮融资,IDG资本和四维图新领投;
「Kneron 」完成超过千万美元的A轮融资,奇景光电、高通、中科创达参投;
「深鉴科技」完成4000万美元A+轮融资,蚂蚁金服与三星风投领投;
「地平线」获Intel投资,即将完成近亿美元A+轮融资;
「景驰科技」完成Pre-A轮5200万美元融资,英伟达GPU Ventures参投。
而一些暂未公开的投融资交易中,其中也有不少战略投资方参与。
事实上,今年大部分第一二梯队的公AI司都获得了战略投资。在AI芯片领域,国内较为知名的几家初创公司寒武纪、地平线、深鉴均拿到了半导体领域巨头的投资;在机器视觉领域,包括商汤、旷视、依图的资方(含未公布资方)中均有潜在客户;在与汽车相关的AI创业中, 车厂都是创业公司争取的投资方,比如出门问问D轮融资方为大众,Momenta的B轮融资方包括了蔚来汽车和戴姆勒集团。
投资数量增加之外,投资的轮次也在前移,今年的主流仍是A轮,但也有多笔交易是在天使轮,比如四维图新参投了禾多科技的天使轮,新松科技参投了nreal.ai的天使轮。
此外,战略投资方的体量也呈现出变小的趋势。今年,AI领域B轮后的多家公司都开始战略投资更早期的初创公司,近期商汤科技投资了51VR,依图投资了AccutarBio、ThinkForce。今年年中思必驰成立了2亿元人民币的基金,开始投资人工智能领域早期项目。
之所以出现这一现象,我们认为与AI方向创业的特性有关。国内AI领域的创业,多是技术驱动,希望通过技术的创新,应用到行业,解决行业痛点,提升行业效率,或者降低行业成本。数据、行业知识与经验、客户这些对创业有重要影响的变量,都是行业里老玩家的优势。这就决定了创业公司对于战略投资的需求。
与很多行业更倾向于后期“站队”不同,AI行业的创业公司站队会更早,一个重要的原因就是数据,尤其是与行业结合的数据,是起步阶段的必选项。当前市面上的竞争在加剧,留给创业公司的时间窗口在缩短,先行者需要扩大领先优势,后来者希望缩短追赶时间。
对于财务投资人来说,这可能会是一个两难的选择。AI领域的项目估值高,投资周期长,风险较高,战略投资会在一定程度上提升项目的竞争力及成功率,但变为为“战投接盘”之后,投资回报率也有可能会在一定程度上降低。
虽说早期投资是承认低成功率,博高收益项目,但当前好项目越来越难找,越来越贵,成功率就重要起来了,接下来战略投资、为战略投资接盘可能还会更普遍。
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