DeepSeek
DeepSeek is a Chinese AI company founded by Liang Wenfeng, who also leads quantitative hedge fund High-Flyer Quant (幻方量化) . The company first drew wide attention in late 2024 and early 2025 with the release of its V3 base model (671B parameters) and then DeepSeek-R1, an open-source reasoning model that practitioners described as delivering "genuinely step-function better" performance on complex multi-step tasks compared to GPT-4o, with error rates dropping roughly 30% in legal-AI contract analysis .
DeepSeek's rise has been framed as a genuine paradigm shift rather than merely an open-source victory. As BlueRun Ventures' Wang Wenyu noted, it was "the only company truly open-sourcing its core capabilities" at a performance level matching OpenAI's top models, while solving domestic data-compliance constraints and slashing costs to a fraction of OpenAI's pricing . The technical stack centers on engineering innovations including a Mixture-of-Experts architecture with 256 routed experts, Multi-head Latent Attention for memory efficiency, and FP8 mixed-precision training—approaches that significantly reduced reliance on massive compute clusters .
The company's competitive impact has been acute. FreeS Research described DeepSeek as breaking "OpenAI's monopoly on reasoning models" , while a Monolith report on rival Moonshot AI captured the industry shock: when DeepSeek hit, "everything became unimportant" and even Moonshot's own growth team faced relatives asking "Do you know DeepSeek?" as if "Kimi was a name from last century" . DeepSeek also displaced Zhipu AI's ecosystem position, per one analysis .
In mid-2026, DeepSeek completed a closely watched financing round that elsewhere reported involved roughly 100 institutions and individuals when fund structures were traced, with minimum commitments of 15 billion RMB and key investors including IDG Capital (30 billion RMB), Monolith (30 billion RMB), and Loyal Valley Capital (15 billion RMB) . Liang's central term for all parties: do not poach DeepSeek talent .
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Coverage
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Venture Capital Lens on the Two Sessions: Six Core Topics and Policy Roundup | FreeS Research --- Every March, China's "Two Sessions" — the annual meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) — draw widespread attention. For investors and entrepreneurs, the government work report and policy signals released during this period serve as a critical compass for the year ahead. In this article, the FreeS Research team examines the 2024 Two Sessions through a venture capital lens, identifying six core topics most relevant to the tech and startup ecosystem: **AI and digital economy, hard tech and advanced manufacturing, new energy and carbon neutrality, biotech and healthcare, consumption and domestic circulation,** and **capital markets and fundraising environment.** We also map out the specific policy measures and investment implications for each. --- ## 1. AI and the Digital Economy: From "Development" to "Application" AI was elevated to a new level of urgency at this year's Two Sessions. The government work report explicitly called for **"deepening R&D and application of AI"** and **"launching the 'AI+' initiative"** — a notable shift from previous years' emphasis on "development" and
Hoping this can offer a fresh perspective and some food for thought.
Making Cars Intelligent Agents: Li Auto Unveils Next-Generation Autonomous Driving Architecture MindVLA | BlueRun Ventures Portfolio Headlines
MindVLA turns cars into dedicated chauffeurs — they understand what you say, see what's around them, and find their way anywhere!
A Conversation with Haivivi's Li Yong: How to Build a Jellycat with AI and Hit Ten Million RMB in Monthly Revenue | BlueRun Ventures Family Headline
AI + Plush Toys + Emotional Value = BubblePal
An Exhibition Revisiting 30 Years of Chinese Venture Capital | WAVE's Third Anniversary
The great schools of fish have returned.
The Evolution of AI Search, the Manus Explosion, the Rise of Agents, and AI's Transformation of Education: Science Popularization Platform Guokr Founder Eric Ji's 2025 Tech Outlook
The Clear Path, Hidden Path, and Rocky Path of AI Fundraising
Where does the money come from?
How DeepSeek Is Transforming AI Application Development: 34 Insights from 7 Practitioners | Ronghui --- The past two months have been a "DeepSeek moment" for China's AI industry. From the open-source release of DeepSeek-R1 to the subsequent frenzy of adoption across the ecosystem, the model has become a focal point of discussion among developers, product managers, and investors alike. But beyond the hype, how is DeepSeek actually changing the way AI applications are built? What new possibilities does it unlock, and what limitations remain? We spoke with seven practitioners who have been working hands-on with DeepSeek across different domains — from consumer apps and enterprise software to creative tools and infrastructure. Below are 34 of their most salient observations, organized by theme. --- ## On Model Capabilities and Trade-offs 1. **"DeepSeek-R1's reasoning ability is genuinely step-function better on certain tasks."** One founder building legal AI noted that R1 outperformed GPT-4o on complex contract analysis where multi-step logical deduction was required, with error rates dropping roughly 30%. 2. **But that reasoning comes with latency costs.** Several developers emphasized that R1's chain-of-thought output makes it unsuitable for real-time applications. "You can't use it
From consumer-facing apps to vertical domains like travel, finance, and healthcare, and on to AI agents.
Decoding the Global Top 100 AI Apps Ranking: AI Video Heats Up, Vertical Apps Monetize | Yunqi Capital Tech π
DeepSeek made AI an overnight national conversation, but which AI applications have truly gained widespread adoption? And which products have already achieved the "double win" of traffic and revenue?
Hong Song Integrates DeepSeek AI, Breaking the "Dimensional Wall" in Silver-Tech Innovation | BlueRun Ventures Family Headlines
Helping seniors integrate into the digital society and narrowing the digital divide.
A Conversation with Zhaogang Group's Wang Dong: One Team, One Email, Thirteen Years of Building Zhaogang --- When Wang Dong, founder of Zhaogang Group, sent that email thirteen years ago, he didn't know he was assembling what would become one of China's most resilient B2B platform teams. The email went out to a small group of former colleagues and industry contacts. The subject line was simple, almost too simple for what it would set in motion. They were going to digitize steel trading — an industry notorious for opacity, fragmentation, and old-school relationship-based dealmaking. "We were basically a group of people who understood steel but didn't understand the internet," Wang Dong recalls. "And somehow that turned out to be an advantage." The early years were brutal. Steel is a commodity business with thin margins and entrenched middlemen. The platform model required convincing buyers and sellers — many of whom had operated through personal networks for decades — to transact online. Trust had to be built transaction by transaction. What separated Zhaogang from the wave of B2B platforms that emerged in the mid-2010s was operational discipline. While competitors burned capital on rapid geographic expansion, Wang Dong's
A Team, an Email, and Thirteen Years of Zhaogang's Startup Journey
Crank the sensitivity up. For entrepreneurship, crank it even higher.
A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
Rongbao | Generative AI and medical device companies close new funding rounds, setting domestic records in their respective sectors
The Power of Aspiration.
Alphaist: A Dollar-Denominated Fund Born in 2025, and Its Ten-Year Bet
Find the founders who create something out of nothing, who insist on pushing through when the odds are against them.
DeepSeek Fired the First Shot, but AI Democratization Is What Really Matters | A Conversation with Yu Ji of Xingyun Integrated Circuit
Where is the moat for large language model companies?
Pulnovo Medical closes nearly $100 million Series C, setting a new Asia-Pacific record for medical device financing
A pioneer in China's original medical device innovation.
Elsewhere is looking for operations interns.
We're hiring.
Mao Chengyu, Yunqi Capital: DeepSeek Accelerates AI Application Adoption — Where to Invest in AI in 2025? | Partners' Perspectives
More Challenges, More Possibilities
Stop Talking About DeepSeek R1 in the Abstract — Ten Founders Put Open-Source Models to the Test | BlueRun Ventures Perspectives
True knowledge comes from practice.
DeepSeek Is Far More Than an Open-Source Victory | BlueRun Ventures
Open source doesn't just make technology more transparent — it drives progress across the entire industry.
Shanghai's First Industrial Vertical Large Model — LingShu "Baigong" Passes Cyberspace Administration Filing | Linear Capital Portfolio Company
On February 22, the Shanghai Cyberspace Administration released its latest batch of registered generative AI services. **BaiGong Large Model**, developed by Shanghai Lingyi Artificial Intelligence Technology (a subsidiary of LingShu Intelligence), successfully obtained registration (Registration No.: Shanghai-BaiGong-202502050034), **becoming the first industrial vertical large model to pass registration in Shanghai.**
20 Questions on the Year AI Video Went Mainstream | A Conversation with Luma AI Product Manager Barkley: From Sora's Stunning Debut to a Crowded Field
The Perfect Storm Behind *Nezha 2*'s Blockbuster Success | FreeS Research FreeS Fund
*Nezha 2*: What Its Blockbuster Success Reveals About Culture, Technology, and Investment
Exclusive | Kimi Arbitration Settlement Fails, Zhang Yutong May Face Separate Lawsuit
The AI landscape has already shifted.
Deep Dive: The DeepSeek Boom — Who Hit the Jackpot? Who Took the Hit? | Yunqi Capital Attent!on Podcast
DeepSeek's open-source push keeps accelerating, and the chain reactions it set off continue to ripple through the industry. As a major focus of tech entrepreneurship and venture investment in recent years, how will AI's venture narrative shift? What changes are entrepreneurs and investors on the ground actually sensing?
Vol.06 2025 AI VC Roundtable: DeepSeek Goes Viral — Who Hit the Jackpot? Who Took the Hit?
Dialogue with Entropy Simplification Technology: Standing on DeepSeek's Shoulders, Pushing Open the Door to a New World of AI Investment Research | Gaorong Future
From AI-assisted investment research to AI-assisted investment decision-making.
A Deep Dive into 7 Core Questions About DeepSeek | FreeS Fund Report
In an era of rapid AI advancement, the DeepSeek story is only just beginning.
Elon Musk Unveils Grok 3, But Does It Live Up to the "Strongest Model on Earth" Hype? | Yunqi Tech π
The AI Race Heats Up
Inside Dalton Venture's Portfolio | As Medical AI Surges, Deepwise Health Moves First on a Trillion-Yuan Emerging Market
Deepwise's development has witnessed every major milestone in China's medical AI industry.
How Is AI Reshaping Games and Creation? We Talked to More Than a Dozen Industry Founders | 5Y Capital Tavern Vol. 26
How AI Is Reshaping Content, Gaming, and Entertainment
20 Questions to Understand DeepSeek and the "Second Half of AI" It Unleashed
Guandata ChatBI Completes DeepSeek-R1 Large Model Integration and Upgrade, Embarking on a Leap in Frontier Exploration | Linear Capital Portfolio Company
A Leap in Complex Reasoning, Reshaping Analytical Depth
The DeepSeek Butterfly Effect: How It's Reshaping the AI Ecosystem | Yunqi Capital Tech Notes
What has DeepSeek — the "Pinduoduo of AI" known for high performance and low cost — brought to the AI ecosystem?
A Deep Dive into the Beauty of DeepSeek's Creation: How Was DeepSeek R1 Forged?
AI penetration today is only 5%. For the remaining 95%, what will their first AI application be?
Luchen Tech Closes New Funding Round | BlueRun Ventures Family
Dedicated to "unleashing AI productivity."
Not text generation, not physics models — the ultimate frontier of AGI is life sciences | Xinxing PORTFOLIO
Baichuan's Chuan Wang: Toward a "Mathematical Principles of the Philosophy of Life"
What It Cost Me to Become a Real CEO | Xinxing PORTFOLIO
He Xiaopeng: To Be a CEO of a Large-Scale Manufacturing Company Pursuing Technological Innovation
Multimodal DeepSeek is here! Yang Yaodong's team collaborates with HKUST to release Align-DS-V, powering Lingchu's DS-VLA alignment and expansion | BlueRun Ventures Family Headlines
Based on Align-DS-V, the Peking University-Lingchu Joint Lab has already begun deeper exploration in the VLA (Vision Language Action Model) space.
Yunqi Capital's Back-to-Work Special: 2025 — Talking Confidence with Tech Founders and Partners
The Lunar New Year holiday just past was anything but quiet in the global tech world. DeepSeek — that "mysterious force from the East" — shattered the assumption that top-tier AI performance requires top-tier computing power, reshaping the global AI landscape through a series of technical innovations and planting a seed of confidence for the year of innovation ahead.
LuCheng x Huawei Ascend Partner to Launch DeepSeek R1 Series Inference API and Cloud Image Service Based on Domestic Compute | Z News
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Let's explore the cutting edge and discover new knowledge.
Exclusive | $200M+ Valuation in Three Months! Gen Z-Founded LLM Startup Raises Another Tens of Millions in USD Funding
"Waves" has learned that Sapient Intelligence has raised another tens of millions of dollars in a Seed+ round, less than three months after its previous eight-figure dollar funding. This round's investors include JAFCO, Japan's largest private equity investment group, along with other well-known international investment institutions. Minerva Capital continues to serve as the long-term exclusive financial advisor.
From Models to Hardware, From Applications to the Rise of Super-Individuals | A Review of China's AI Innovations in 2024
Baichuan's First AI Application Investment: Building an Investment-Focused Xiaohongshu for Gen Z
When you can have an AI Warren Buffett watching the market for you.
Colossal-AI's You Yang: What Choices Am I Making on Top of a 30 Billion Valuation Ambition?
Reasoning Becomes the Next "Battleground," AI Infra Startups "Prospect" for Video Foundation Models.
Silicon Intelligence Goes Left, Colossal-AI Goes Right | Z Talk
Colossal-AI's approach to training large models is already making money.
AI Product Growth: Before Talking PMF, First Achieve AI Market Fit | Ronghui Practical Insights
The defining feature of future AI-native products will be that the product adapts to the person, not the other way around.
Yunqi Research Select | Mid-Year AI Industry Review: Ten Hopes and Heartbreaks in the Year of Implementation
How Does the Balance Between Cost and Effectiveness Tip?
In-Depth Conversation with the vLLM Team: How to Build a Successful Open-Source Ecosystem from Scratch
Looking Back at AI's "May": The Five Most Important Little Things | Attent!on Tech Notes
The future is already here — it's just not evenly distributed.
The Wild Side of High-Flyer: An Invisible AI Giant's Path to Large Language Models
Be wildly ambitious, and be wildly sincere.
