Chinese AI start-up DeepSeek is raising funds for the first time in a bid to retain employees being paid with stock options and ensure they are not poached by rivals.
The Hangzhou-based AI model developer is speaking to a small group of strategic investors about a fundraising that could value it at more than $20bn, according to two people with knowledge of the discussions.
While DeepSeek did not have as much free cash flow as its bigger competitors, there had not been an urgent or significant need for outside capital, said the people.
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