Community platforms are currently flooded with news regarding DeepSeek's latest funding round. According to the circulating investment structure, Liang Wenfeng's investment amounts to a substantial 200 billion, securing firm control. Tencent, deeply aligned with DeepSeek, is reported to have invested a significant 100 billion in this round.
The state capital, represented by Guozhi Investment, reportedly invested only 10 billion, which has surprised many in the industry. This figure, being the sole representation of state capital, seems surprisingly low and requires verification pending official confirmation of the accurate funding details. Guozhi Investment's backers include Shanghai Guosheng, the Guodiao Fund, and Shanghai Guotou.
Furthermore, leading battery manufacturer Contemporary Amperex Technology Co., Ltd. (CATL) invested 50 billion. Top internet firms JD.com and NetEase each invested 30 billion. Prominent private equity firm Hillhouse Capital also entered with a 50 billion investment, underscoring its consistent presence in backing new tech stars.
Additionally, Sequoia Capital's influence is subtly present in DeepSeek's investor base. Firstly, Shixiang Technology, a tech investment platform, was initiated by former Sequoia China investor Li Guangmi and incubated with investment from Sequoia China. Secondly, Monolith Management, co-founded by former Sequoia China partner Cao Xi and former Boyu Capital secondary market partner Tim Wang, focuses on technology, software, life sciences, and consumer sectors driven by tech and innovation, with an emphasis on secondary market investments and some primary market growth-stage projects.
Many have expressed skepticism about this funding structure, calling it dubious at first glance. Beyond the unexpectedly low 10 billion investment from state capital, which diverges significantly from market expectations of a dominant state role, the inclusion of NetEase and JD.com in the top tier of investors has also raised eyebrows. Questions have been raised about Alibaba's absence, given its strong capabilities with its Qwen model which may compete with DeepSeek, making non-participation plausible.
Finally, previous rumors suggested a 500 billion funding round with a 3500 billion valuation. According to the current reports, DeepSeek's latest funding round is said to be 600 billion, potentially pushing its valuation toward the 4000 billion mark.
This news follows a surge on Friday where Zhipu's stock skyrocketed by 30%, pushing its market capitalization past 570 billion Hong Kong dollars, equivalent to approximately 4943 billion yuan, making its valuation larger than DeepSeek's reported figures.
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