700 million, the largest domestic financing for native AGI Infra is born, and AI infrastructure becomes a new value anchor point
On May 7th, Zhidx reported that Wuwen Core Dome, a leading domestic player in the AGI Infra field, has just announced that it had previously secured over 700 million yuan in financing. This figure not only refreshed the financing record of Chinese AI native infrastructure companies but also pushed the long - underestimated "AI infrastructure" track into the spotlight again.
If in the past three years, capital chased after model capabilities themselves, currently, this logic is shifting: The infrastructure that supports the large - scale implementation of models has begun to become a new value anchor point.
Wuwen Core Dome is a typical example of this trend. This AGI Infra company, which originated from Tsinghua University, has focused on converting computing power into high - quality Tokens since its establishment in 2023. It has currently served several leading model companies, including Dark Side of the Moon and Zhipu, and has built a technical system of "multi - heterogeneous + software - hardware collaboration + autonomous AI".
Not long ago, at a round - table discussion during the Beijing Zhongguancun Forum, Xia Lixue, the co - founder and CEO of Wuwen Core Dome, presented a remarkable set of data: Starting from the end of January 2026, the Token call volume on its platform has doubled every two weeks on average. He sighed, "The last time I saw such a sharp growth curve was during the explosion of mobile data traffic in the 3G era."
The investor lineup for Wuwen Core Dome's current round of financing is an 'all - star' one: The co - leading investors are Hangzhou High - tech Golden Investment Group and Huiyuan Capital. The follow - on investors include Guoxing Capital, Qinhuai Data, GF Qianhe, Lihe Qingtong, Zhongbao Investment, AEF NextGen, Tengrui Capital, Kalet, CSC Capital, and the Kuangde Intelligent Learning Laboratory (Will). Old shareholders such as Junlian Capital, Shanghai Guotou Futeng, and Yuanzhi Future have increased their investments.
This financing lineup that combines industry and government sends a strong signal: The recognition of AGI infrastructure has evolved from a consensus in the tech circle to a consensus in the industrial ecosystem.
01. With many big players in the market, why is the independent Infra becoming'more prominent'?
A common view in the market is that as big companies like Alibaba and ByteDance build their own computing power and model systems, the space for independent AGI Infra manufacturers is being compressed.
However, the reality is the opposite. The AGI Infra built by big companies is essentially "self - use infrastructure". They serve specific business ecosystems, and their architectures, scheduling strategies, and even chip selections are highly customized. The 'public AI infrastructure' that can truly serve multiple models, multiple chips, and multiple scenarios is even more scarce.
This also explains why independent manufacturers like Wuwen Core Dome are experiencing an explosion in demand.
Data is the most intuitive manifestation. When announcing the financing of over 700 million yuan, the company disclosed that as of the end of April this year, the average daily Token call volume of Wuwen Core Dome's Agentic MaaS large - model service platform has increased by over 20 times compared to the end of last year. At a more macro - industry level, the average daily Token call volume in China has exceeded 140 trillion. This growth curve almost replicates the explosion path of mobile data traffic in the 3G era.
Behind this, Agent applications represented by OpenClaw are reshaping the demand structure. For a complex Agent task, such as automatically analyzing a hundred - page financial report or planning an international business trip and completing all bookings, the Token consumption for a single task can easily reach hundreds of thousands or even millions. The infrastructure no longer simply supports the operation of models but directly determines the upper limit of AI productivity.
It is in this context that the value of independent third - party Infra has been magnified like never before.
As Xia Lixue said, "Traditional infrastructure is designed for human engineers and programs, and tasks are initiated on a minute - or hour - level basis. Agents can initiate tasks in milliseconds, and the existing systems are simply not adaptable." This structural mismatch has left a huge value space for independent Infra manufacturers that can be redesigned for the Agent era.
02. Redefining the value of Infra: From stacking computing power to the AI productivity formula
On the surface, many people may mistakenly think that the core competitiveness of an AI Infra company is "computing power scale". This is a profound misunderstanding and one of the biggest pain points in the industry for a long time.
In the past, the criteria for measuring the quality of an infrastructure were simple and crude: How many graphics cards are there? How fast can it run? This is like evaluating a factory by its "power generation capacity" while completely ignoring whether the products produced by the factory are in demand and can be sold at a good price.
Now, a more fundamental question is emerging: How much of the Tokens produced by computing power are actually converted into real value?
Wuwen Core Dome has clearly dissected this value chain: Input → Electric energy → Tokens → Productivity → Value. In this chain, traditional Infra only focuses on the first two links - how to produce more Tokens with less electricity and at a faster speed. However, the real bottleneck often lies in the last two links: How much productivity can these Tokens drive? How much commercial value can this productivity ultimately be converted into?
Based on a profound understanding of this pain point, Wuwen Core Dome has proposed its own solution framework - the "AI productivity formula":
AI productivity = Intelligence scale × Token production efficiency × Token value conversion
The three factors in this formula redefine the value connotation of AGI Infra.
Factor one: Intelligence scale depends on the multi - heterogeneous computing power scale that can be optimized to the extreme through technology. The computing power supply and cost structure of a single chip manufacturer are restricting the large - scale implementation process of AI. With its core technology of "multi - heterogeneity", Wuwen Core Dome achieves cross - level extreme optimization between multiple model algorithms and multiple chip hardware, significantly increasing the available scale of computing power and solving the current computing power shortage problem.
Factor two: Token production efficiency is Wuwen Core Dome's specialty. Through the Agentic Infra autonomous AI base, Wuwen Core Dome has launched a large - scale model training and inference integrated platform for AI native enterprises. With software - hardware collaborative optimization, through in - depth optimization and joint design across software and hardware, it maximally exploits the application computing power of chips.
Factor three: Token value conversion is an even more crucial leap. A high - quality Token, when used for precise prompts or complex task decomposition, can generate hundreds or thousands of times more value than a low - quality Token. Wuwen Core Dome's platform has connected to leading large models such as Kimi, Zhipu, DeepSeek, Tongyi Qianwen, and MiniMax, further optimizing and leveraging the intelligence upper limit of open - source large models with trillions of parameters, and providing system - level Token productivity services to industries such as AI native enterprises, manufacturing, culture and film, and intelligent terminals.
These three factors together form a closed - loop: from energy to Tokens, and then to productivity and economic value. It marks that the industry competition has entered a new stage of calculating the economic accounts from a simple competition of stacking graphics cards.
It also explains why Wuwen Core Dome can serve leading model companies such as Dark Side of the Moon and Zhipu at the same time. When the infrastructure becomes a neutral and efficient productivity tool, it often gains the trust of all players due to its pure role as an enabler.
03. Who is making bets? Exploring the industrial ambitions behind the 'all - star' investor lineup
It is based on the above redefinition of the value of Infra that capital has recognized the long - term value of this track.
The investor lineup for Wuwen Core Dome's over 700 million yuan financing is an "all - star" one, and each type of capital has a clear industrial logic for entering the market.
First, government industrial capital has entered the market. Local funds represented by Hangzhou High - tech Golden Investment and Huiyuan Capital regard AI infrastructure as the "high - speed rail track in the digital economy era". From the perspective of government - side capital, Tokens are like electricity and data, which are basic production factors, and the infrastructure determines the efficiency of factor circulation.
Second, national - level capital has provided support. The entry of long - cycle funds such as Zhongbao Investment means that the market has started to evaluate AGI Infra from the perspective of infrastructure rather than technology projects. This type of capital values not short - term explosions but the long - term compound interest brought by sustainable Tokens.
At the same time, industrial capital has "voted with its feet". The participation of enterprises such as Qinhuai Data and Kalet shows that infrastructure capabilities have begun to be deeply integrated with the real - world industries. For data center operators, high - efficiency Token production capabilities mean higher computing power utilization; for manufacturing enterprises, it means the real activation of data and AI capabilities.
Looking at the global market, the logic behind this all - star lineup is highly consistent with the latest trends in the international capital market.
Overseas, the Neo Cloud (new - type computing power cloud) track is rapidly emerging.
Taking the North American AI Infra track as an example, after CoreWeave went public, its market value quickly soared, becoming an important part of AI computing power supply; Baseten's valuation increased several times within a year and received investments from industrial giants.
The global capital has reached a consensus: Computing power itself is not valuable. The ability to efficiently convert computing power into Tokens is valuable. As Xia Lixue, the co - founder and CEO of Wuwen Core Dome, vividly put it, it is more like a "refinery" in the petrochemical industry, converting raw energy into high - value - added "digital oil" - Tokens.
04. Conclusion: The evolution from the world's factory to the world's Token factory
The engine of China's previous round of economic growth was to convert the cost advantages of the manufacturing industry into the export of "Made in China" products. In the new round of AI wave, China is establishing a high - efficiency "Token factory" with its advantages in energy structure, a complete manufacturing system, and strong engineering capabilities.
The successful financing of Wuwen Core Dome sends an industrial signal: China is evolving from the "world's factory" to the "world's Token factory". By providing high - quality, stable, and sustainable Token services, China has the ability to contribute a unique and indispensable "Chinese solution" to the global AI development.
This article is from the WeChat official account "Zhidx" (ID: zhidxcom), written by Sanbei and edited by Moying. It is published by 36Kr with authorization.