The National Integrated Circuit Industry Investment Fund is negotiating to lead DeepSeek’s first round of financing. This financing may bring DeepSeek’s valuation to approximately US$45 billion.
The Shanghai Securities News quoted people familiar with the matter as saying, "The two parties are indeed in talks. However, the valuation has not yet been finalized."
The person familiar with the matter also said, "There are many potential investors conducting financing negotiations at the same time, including several Internet giants and other state-owned funds." However, the attitudes of all parties are generally more cautious, and the final list of investment institutions for this round of financing has not yet been determined.
DeepSeek was founded in July 2023 by Huanquan Quantification. It is headquartered in Hangzhou, Zhejiang Province. The founder is Liang Wenfeng, an alumnus of Zhejiang University. Previously, the company's R&D funds mainly relied on Huanquan Quantification's internal support.
Industrial and commercial information shows that DeepSeek has recently completed important equity adjustments. On April 27, the company's registered capital increased from 10 million yuan to 15 million yuan. Founder Liang Wenfeng increased his direct shareholding ratio from 1% to 34% through the capital increase; the original major shareholder Ningbo Chengen Enterprise Management Consulting Partnership's shareholding ratio was diluted from 99% to 66%. After the adjustment, Liang Wenfeng controls a total of approximately 84.29% of the company's equity through direct and indirect shareholdings, further consolidating absolute control.
According to media reports, people familiar with the matter revealed that Liang Wenfeng will also invest in DeepSeek’s current round of financing in his own name.