In-Depth Analysis of DeepWisdom's RMB 220 Million Financing: Restructuring the Landscape and Valuation Logic of China's AI Coding Track

Based on collected information, I will provide you with an in-depth analysis report on the impact of this investment on the competitive landscape and valuation logic of China’s AI Coding track.

---

DeepWisdom completed two rounds of financing totaling

in 2025, with the specific composition as follows [1][2]:

Financing Round	Time	Amount	Investors	Features
Pre-A Round	March 2025	RMB 100 Million	Ant Group	Oversubscribed 4x
Series A	June 2025	US$17 Million	Led by Cathay Capital, with co-investors including Jinqiu Fund, BV Baidu Ventures, and Concept Fund	US Dollar Fund

• Its product MGX (now renamed Atoms) reached
  1.2 million monthly visits
  within 7 months of launch [1]
• Generates over
  10,000 applications daily
  [2]
• ARR (Annual Recurring Revenue) exceeded
  US$1 million
  [1]
• Acquired
  500,000 global registered users
  (within 1 month of launch) [2]

DeepWisdom’s technical assets have significant scarcity in the industry:

Asset	Indicator	Industry Position
MetaGPT	GitHub 60k stars	Leading Multi-Agent Framework Project
OpenManus	Replicated Manus in 3 Hours by a 5-Person Team	Technical Execution Capability Verified
Academic Output	9 Submissions to NeurIPS, 5 Accepted	Academic Cycle Model Verified

---

The global AI Coding market in 2025 presents a

:

Company	Latest Valuation	Latest Financing	Core Features
Cursor (Anysphere)	~US$10 Billion	US$900 Million (Series C)	IDE-Integrated Code Generation
Windsurf	Acquired by OpenAI (US$3 Billion)	—	In-Depth Environment Understanding
Devin (Cognition)	US$2 Billion	—	Autonomous Coding Agent
DeepWisdom	~RMB 2-3 Billion (This Round)	RMB 220 Million	Multi-Agent Vibe Coding

2024-2025 Key Event Timeline:

March 2024  Devin Launched → US$2 Billion Valuation
August 2024  Cursor Series A → US$400 Million Valuation
December 2024 Cursor Series B → US$2.5 Billion Valuation  
February 2025  OpenAI Acquired Windsurf for US$3 Billion
March 2025  DeepWisdom Secured RMB 100 Million from Ant Group
May 2025  Manus Secured US$75 Million in Financing
June 2025  DeepWisdom Completed US$17 Million Series A
June 2025  Cursor's Valuation Exceeded US$10 Billion

China’s AI Coding market presents a

:

Tier	Representative Enterprises	Positioning	Competitive Advantages
Tier 1 (Valuation ≥ RMB 2 Billion)	DeepWisdom, ByteDance (AI Coding)	Full-Stack Vibe Coding	Technical Depth + Resource Advantages
Tier 2 (Valuation RMB 1-2 Billion)	Zhipu AI, MiniMax	General Agent + Coding Capabilities	Model Capabilities
Tier 3 (Valuation RMB 500 Million - 1 Billion)	Vertical Coding Tools	Niche Scenarios	Product Experience
Tier 4	Numerous Startups	Specific Functions	Differentiated Innovation

1. Open Source Ecosystem Barrier
   • MetaGPT’s 60k stars have established developer community influence
   • Open source strategy reduces customer acquisition costs, achieving “zero marketing” to acquire 500,000 users [1]

2. Multi-Agent Architecture
   • Collaborative work of multi-role agents including product managers, engineers, architects, and data analysts
   • Realizes a
     complete product closed loop
     from research, design, development to launch [1]

3. Implementation of Vibe Coding Concept
   • “Turn everyone’s idea into a profitable product” [2]
   • Upgrades from “writing code” to “starting a company”

---

Traditional software valuation adopts the

(e.g., PS valuation), but the AI Agent track is forming a new valuation logic:

Valuation Dimension	Weight	DeepWisdom’s Performance	Industry Benchmark
ARR Growth Rate	35%	US$1 Million ARR (in 7 Months)	Cursor: US$150 Million (in 24 Months)
User Scale	25%	1.2 Million Monthly Visits	Cursor: 40,000 Paid Users
Technical Barriers	25%	MetaGPT 60k Stars	Open Source Influence
Strategic Value	15%	Ant Group Investment + Ecological Synergy	Industrial Capital Endorsement

Company	ARR	Valuation	PS Multiple	Corresponding Valuation for DeepWisdom (Based on ARR Ratio)
Cursor	US$150 Million	US$10 Billion	66.7x	~RMB 67 Million (US$1 Million ARR)
DeepSeek	—	~US$500 Million	—	—
DeepWisdom	US$1 Million	~RMB 2-3 Billion	200-300x	Significantly Higher than Mature Stage Valuations

1. Strategic Positioning Premium
   • Ant Group’s investment indicates strategic recognition of the track by industrial capital
   • The RMB 220 million financing is the
     largest amount in the track
     , setting a benchmark [2]

2. Technical Path Premium
   • Multi-agent architecture is regarded as the next-generation AI Coding paradigm
   • The “academic cycle” model provides sustained innovation momentum

3. Growth Expectation Premium
   • Achieved US$1 million ARR in just 7 months
   • The Vibe Coding track is still in the early explosive stage

Traditional Valuation Model                          AI Agent Valuation Model
┌─────────────────┐                   ┌─────────────────────────────────────┐
│ Revenue × Industry Multiple  │                   │ (Technical Capability × Growth Coefficient) + Strategic Value │
│         = Valuation          │                   │                           = Valuation                          │
└─────────────────┘                   └─────────────────────────────────────┘

Key Changes:
• Revenue weight decreased: from 80% to 40%
• Technical barrier weight increased: from 10% to 30%
• Strategic synergy weight: from 10% to 20%
• Growth expectation weight: newly added 10-15%

---

Ant Group carried out comprehensive layout in the AI field in 2025 [3][4]:

Layout Direction	Core Products/Investments	Investment Logic
Foundation Models	Lark Large Model (Ling/Ring/Ming Series)	Technical Foundation
ToC Applications	Lingguang, Ma Xiaocai, Ant A Fu	User Entry Points
Enterprise Services	Agentar Full-Stack Enterprise-Grade Intelligent Agent Platform	B-End Market
Agent Frameworks	AWorld Multi-Agent Collaboration Framework	Technology Output
Industrial Investment	DeepWisdom (RMB 100 Million)	Ecological Positioning

Ant Group's AI Ecological Closed Loop:

┌───────────────────────────────────────────────────────────────────────────┐
|                  User Scenarios                                           |
|   Finance (Ma Xiaocai) → Health (Ant A Fu) → Lifestyle (Lingguang)        |
└──────────────────────────┬────────────────────────────────────────────────┘
                           │
                           ▼
┌───────────────────────────────────────────────────────────────────────────┐
|                Agent Capability Layer                                      |
|         Multi-Agent Collaboration (AWorld + DeepWisdom)                    |
└──────────────────────────┬────────────────────────────────────────────────┘
                           │
                           ▼
┌───────────────────────────────────────────────────────────────────────────┐
|                Foundation Model Layer                                     |
|            Lark Large Model Family                                        |
└───────────────────────────────────────────────────────────────────────────┘

Ant Group is building

:

• Products such as Payment MCP, AI Tipping, and AI Wallet [4]
• DeepWisdom’s AI Coding capabilities can support
  AI-native application development
• Future AI-generated applications may embed Ant Group’s payment capabilities

From the perspective of Alibaba’s overall AI strategy [3]:

• ByteDance’s AI investment in 2025 is approximately
  RMB 160 Billion
  , with its Doubao app accumulating over 100 million downloads
• Alibaba needs multi-track layout to ensure competitiveness
• AI Coding is a
  high-frequency rigid demand scenario
  with strategic importance

---

DeepWisdom’s RMB 220 million financing has set a new

for the track:

• Projects with subsequent financing below RMB 100 million will struggle to enter the radar of first-tier institutions
• Startups need to demonstrate stronger technical barriers or commercialization capabilities

Evolution of Technical Competition Dimensions:

Phase 1 (2024): Single-Agent Code Generation
                ↓
Phase 2 (2025): Multi-Agent Collaboration + Vibe Coding  
                ↓
Phase 3 (2026): Complete Product Closed Loop + Commercialization Capability
                ↓
Phase 4 (2027+): AI-Native Company Platform Construction

Industrial capital such as Ant Group, Tencent, and Baidu are deeply involved:

• Pure financial investment will struggle to obtain high-quality projects
• Strategic synergy capability
  has become a core consideration factor

Year	Core Valuation Drivers	Valuation Multiple Range
2025	Technical Path + Founding Team + Strategic Value	PS 100-300x (Early Projects)
2026	ARR Growth Rate + User Retention + Gross Margin	PS 30-80x
2027	Net Profit + Market Share + Cash Flow	PS 15-40x

• Large model companies may
  internalize
  Coding capabilities (e.g., Anthropic launched Claude Code)
• Microsoft GitHub Copilot continues to iterate, with obvious ecological advantages

• The
  willingness to pay
  for Vibe Coding still needs market verification
• The sustainability of the business model, with US$1 million ARR versus RMB 1 million customer unit price, remains to be observed

• The
  engineering complexity
  of multi-agent architecture may limit expansion speed
• Changes in foundation model capabilities may affect product competitiveness

---

1. Landscape Restructuring
   : DeepWisdom’s RMB 220 million financing marks that China’s AI Coding track has entered the
   stage of large-scale competition
   , and direct competition between leading startups and giants is inevitable

2. Valuation Paradigm Innovation
   : The AI Agent track is forming a new valuation framework centered on
   technical barriers + strategic value + growth expectations
   , and the traditional revenue multiple method is no longer sufficient for accurate assessment

3. Deepened Industrial Synergy
   : Ant Group’s investment reflects the importance of “
   ecological positioning
   ” in the AI era, and the logic of pure financial investment is shifting to strategic synergy logic

4. Intensified Differentiation
   : Significant differentiation in the AI Coding track is expected to emerge in 2026, with the valuation of leading companies possibly exceeding RMB 10 billion, while numerous small and medium-sized companies will face financing difficulties

Investor Type	Recommended Strategy
Industrial Capital	Focus on targets with ecological synergy value and secure early positioning
Financial Investors	Prioritize evaluating the durability of technical barriers and commercialization capabilities
Startups	Focus on differentiated scenarios and avoid direct competition with giants

---

[1] 36Kr - China’s Largest Coding Agent Financing Emerges

[2] Dark Waves - Raising RMB 220 Million in a Year, DeepWisdom Finally Launches Its First Product

[3] Wall Street CN - China’s Big Tech AI War Boils Down to Alibaba vs. ByteDance

[4] Xinhua News - Ant Group Debuts Multiple AI Applications at WAIC

[5] CB Insights - AI Agent Bible Report

[6] Soochow Securities - 2025: The First Year of Agents, Research Report on AI’s Development from L2 to L3

---

January 16, 2026
Jinling AI