China’s DeepSeek is set to raise about $7bn in its first funding round, with Tencent and CATL among backers, at a valuation of up to $59bn.

The fundraising could value the company after the investment at between 350 billion yuan and 400 billion yuan, or between $52 billion and $59 billion.

Tencent, CATL are set to become the largest external investors, sources say. Read more at straitstimes.com. Read more at straitstimes.com.