DeepSeek nears US$7b haul in first-ever funding round, with backing from Tencent, CATL

AI Summary

Chinese AI startup DeepSeek is nearing a $7.4 billion funding round led by Tencent and CATL, pushing its valuation to nearly $60 billion, a six-fold increase since April. This marks a significant milestone in global AI competition and capital infusion strategies.

Chinese artificial intelligence start-up DeepSeek is finalising its first external fundraising round, securing over 50 billion yuan (US$7.4 billion) at a valuation of just under US$60 billion, according to people familiar with the matter – marking a six-fold leap from its US$10 billion valuation in April. The blockbuster round highlights intensifying global competition and a shifting strategy for the AI breakout star, which had previously resisted external capital. Market-oriented investors and...