Chinese tech giants Tencent Holdings and Alibaba Group are in talks to invest in artificial intelligence startup DeepSeek, The Information reported on Wednesday, citing four people familiar with the discussions. The Information is a website that covers technology and business news.

Owned by Chinese hedge fund High-Flyer Capital Management, DeepSeek now aims to raise funding at a valuation over $20 billion, as its initial discussions with prospective investors generated significant interest, the report said, citing one of the people.

Alibaba, Tencent, and DeepSeek did not respond immediately to requests for comment.