Xi’an ESWIN Material, the integrated circuit (IC) and solutions unit of Beijing ESWIN Technology Group, has closed its Series B round of financing after raising over 3 billion yuan ($464 million), it said in a statement on Monday.
The round was jointly led by CITIC Securities and Goldstone Investment, a private investment arm of CITIC Securities.
The company roped in investors including China and Southeast Asia-focused ZWC Partners, Addor Capital, China Life Private Equity Investment, state-owned China Internet Investment Fund and a private fund backed by Shanxi, besides returning investor Xindongneng Investment Management, for its latest round.
Investment bank Lighthouse Capital facilitated the transaction.
ESWIN Material will largely invest the proceeds in advancing its production capacity.
The development comes at a time when the IC segment in China is seeing soaring demand from areas such as the internet of things (IoT), 5G networks and autonomous cars. As of 2020, China relied on imports to meet 95% of the domestic demand for 12-inch silicon wafers.
ESWIN Material’s parent company Beijing ESWIN Technology had in June last year raised more than 2 billion yuan ($309 million) in Series B round funding. Investors in the round included IDG Capital, Legend Capital, Riverhead Capital Investment Management and Lighthouse Capital.
“With the increasing demands for chips in 5G, artificial intelligence, data centres and smart manufacturing, as well as the tightening supply chain globally, Chinese industry players can aim for a bigger market presence,” said ZWC Partners venture partner Xiaolu Yu.