Chinese AI start-up DeepSeek has reportedly closed its first external funding round, using an unusual structure in which the company’s founder and chief executive, Liang Wenfeng, will retain significant control over the firm.

The start-up now has a post-investment value of about 400 billion yuan ($59bn, £44.7bn) after raising around 50bn yuan in the Series A round, the South China Morning Post reported, citing an unnamed person.

The valuation is higher than those of other Chinese start-ups such as Moonshot AI, at $30bn (£22.7bn), or Hong Kong-listed MiniMax AI, valued at around $17.7bn, but is lower than Zhipu AI, whose Hong Kong-listed shares are worth about $93bn.

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