DeepSeek completes a RMB 10.55 billion Series B round at a RMB 61.55 billion valuation.

ChainCatcher report, according to The Information, details of DeepSeek’s second funding round have emerged. This round raised RMB 105.5 billion (approximately USD 15.8 billion), attracting nearly 30 investors and valuing the company at approximately RMB 615.5 billion. Tencent Holdings and CATL remain the two largest investors: Tencent invested RMB 10 billion in both rounds; CATL and its chairman Zeng Yuqun invested RMB 5 billion and RMB 10 billion respectively across the two rounds. Industrial investors including CXMT, SMIC, vivo, Meituan, Geely Auto, Midea Group, Luxshare Precision, Ctrip, and Xiaohongshu also participated, with some investing between RMB 1 billion and RMB 3 billion each. State-backed capital participation has significantly increased. The China National Artificial Intelligence Industry Investment Fund contributed RMB 1 billion in this round, matching its first-round investment. Institutions such as China Mobile, China Telecom, CICC, CITIC Securities, and China Life also invested, with individual contributions ranging from RMB 2 billion to RMB 8 billion. Sources indicated that rising prices of NVIDIA’s high-end chips and concerns over an AI industry bubble prompted DeepSeek to double its fundraising target midway. Bloomberg previously reported that DeepSeek had completed a funding round of approximately RMB 100 billion, led by CATL and Tencent.