Alibaba-backed ASR Microelectronic secures $100m in IDG Capital-led Series B

ASR Microelectronic
Photo by Alexandre Debiève on Unsplash

Shanghai-based chip maker ASR Microelectronic has raised $100 million in a Series B round co-led by IDG Capital and Wanrong Hongtu Fund, according to a China Money Network report.

The latest round brings ASR Microelectronic’s total funding to over $300 million and comes a year after it secured $100 million in a funding round backed by Alibaba Group.

Founded in April 2015, ASR provides technology development, transfer, consulting and other services. It has a US and Korean R&D team dedicated to the development of mobile intelligence communication terminals, Internet of things, navigation, and other consumer electronics platforms.

IDG Capital was one of the earliest foreign investment funds to enter the Chinese market. It has since invested in some of the nation’s biggest companies, including Baidu and Tencent.

It has previously invested in Santa Clara, California-headquartered Analogix Semiconductor, Chinese Bitcoin miner and mining chip designer Bitmain Technologies, Chinese silicon solutions provider Verisilicon and Shanghai-based semiconductor equipment company AMEC.

“IDG capital started investment in global semiconductors as early as 10 years ago,” Li Xiaojun, a partner at IDG Capital, was quoted in the CMN report as saying.

There is little information about Wanrong Hongtu Fund, which also invested in ASR’s Series A round.

ASR’s funding round comes as the Chinese government plans to raise up to RMB 200 billion ($32 billion) to invest in homegrown chip companies and accelerate its ambition of building a world-class semiconductor industry.

According to a Bloomberg report in March, the state-backed China Integrated Circuit Industry Investment Fund Co was in talks with government agencies and corporations to raise at least RMB 150 billion ($22.5 billion) for its second fund but is angling for up to RMB 200 billion.

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