Chinese AI developer DeepSeek closed its first round of funding, attracting more than RMB 50 billion ($7.4 billion), putting the company at over $50 billion. This is reported by The Information with reference to informed sources. Investors included the Internet giant Tencent and battery manufacturer CATL.

The deal has an unusual structure: investors were required to invest in a limited partnership led by CEO Liang Wenfeng, which allowed him to maintain absolute control over the company. In addition, under the terms of the deal, all investors' shares are frozen for five years. DeepSeek was widely recognized last year for its V3 and R1 models, which demonstrated high technical capabilities at low operating costs.