Behind DeepSeek’s $16 Billion Funding: Chinese Tech Titans and State Players

Chinese AI star DeepSeek’s nearly $16 billion funding round this month involved not only a deluge of capital but a who’s who of Chinese tech investors—and some of the country’s most powerful state-backed institutions, according to details of the round obtained by The Information. It was only the second fundraising round for DeepSeek. The three-year-old company was the only major AI model developer to eschew external capital until its first fundraising in April. The new round included...