DeepSeek is raising its first round of external funding,
seeking to raise at least $300 million at a valuation of at least $10 billion, The Information reports, citing four sources familiar with the matter.
The AI startup, owned by Chinese hedge fund High-Flyer Capital Management, has so far been funded exclusively by its parent company. High-Flyer Capital Management financed DeepSeek's operations as the company developed its AI models.
DeepSeek previously rejected numerous funding offers from leading venture capital firms and tech companies in China. Now, the startup has begun discussions with investors to raise outside capital.
The company's AI model, R1, attracted the attention of Silicon Valley and Wall Street last year. DeepSeek is seeking additional capital to compete in the development of AI models.