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.
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.