DeepSeek to raise at least $12 billion in Tencent-backed funding

Chinese AI startup DeepSeek is close to securing at least 80 billion yuan, or $11.93 billion, in its latest round of funding. According to The Business Times, the company initially sought 50 billion yuan but interest outstripped expectations after the successful release of its latest AI model.

The funding round is backed by Tencent Holdings and battery pioneer Contemporary Amperex Technology, with the final tally potentially approaching 100 billion yuan, as reported by The Business Times. This sets the stage for one of the most highly anticipated Chinese market debuts in years, with DeepSeek riding high after the release of its V4 Flash model.

DeepSeek's V4 model has been praised for its performance, comparable to advanced models from OpenAI and Anthropic, while operating at a fraction of their costs. The company, founded by Liang Wenfeng, has forged a reputation for technical breakthroughs, including a 2025 model that matched the capabilities of Silicon Valley offerings at a lower cost, as per The Business Times.

Brief written by urgent.news from Economic Times Tech, The Business Times - Companies & Markets, Business Recorder, Investing.com — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.