00:00It's Benzinga, bringing Wall Street to Main Street
00:02Chinese AI startup DeepSeq raised more than 50 billion yuan, or $7.40 billion,
00:08in its first funding round at a valuation exceeding $50 billion, according to Reuters.
00:13Investors placed their capital into a limited partnership managed by CEO Liang Wenfeng,
00:18rather than directly into DeepSeq, the information reported Tuesday.
00:22Reuters could not immediately verify the report, while DeepSeq could not immediately be reached
00:27for comment. Investors face a five-year lockup and will not receive voting rights.
00:32China's National Artificial Intelligence Industry Investment Fund is the sole exception,
00:36having invested directly in DeepSeq with voting rights and no lockup.
00:40DeepSeq became China's national AI champion early last year, after its V3 and R1 models drew
00:46widespread praise in Silicon Valley and challenged U.S. assumptions about China's AI capabilities.
00:51For all things money, visit Benzinga.com.
Comments