Chinese chip maker ESWIN nets $283m in Series B round led by IDG, Legend Capital

Source: Brian Kostiuk/Unsplash

Beijing ESWIN Technology Group, a Chinese supplier of semiconductor products and services, is collecting over 2 billion yuan ($283 million) in a Series B round of financing led by IDG Capital and Legend Capital.

Transactions of the first tranche of the funding at 1 billion yuan ($141 million) was already completed, said IDG Capital in a WeChat post on Monday.

Other investors in the Series B round include Riverhead Capital Investment Management, a Chinese private equity firm that invests using insurance money, boutique investment firm Lighthouse Capital, and two state-backed investment firms in eastern China’s Haining City, Zhejiang Province, Lighthouse Capital, also the exclusive financial adviser of the deal, announced in a separate post.

Existing shareholders, such as Chinese semiconductor fund Triniti Capital, private equity firm Broad Vision Funds, and Beijing Singularity Power Investment Fund, an investment firm backed by China’s “Big Fund,” continued to inject capital into the new round.

Established in March 2016, ESWIN operates as a semiconductor firm primarily involved in three businesses, namely integrated circuits (ICs) and solutions, silicon materials, as well as advanced packaging & testing.

The company delivers display, smart connectivity, Artificial Intelligence of Things (AIoT), and smart processing acceleration IC solutions to industries like mobile devices, smart home, smart transportation, and industrial Internet of Things (IoT).

In terms of the production of silicon materials, it focuses on the development of 12-inch monocrystalline silicon polished wafers and epitaxial wafers. It also offers the advanced packaging & testing services to IC products, chip-on-film (COF) tapes, among others.

Beijing-based ESWIN is now led by its chairman Wang Dongsheng, who joined the firm in June 2019 after he stepped down as the chairman of BOE Technology Group, a $15-billion Chinese display panel giant he created 26 years ago and is supplying Huawei and Apple.

The investment will help upgrade ESWIN into “a world-class AIoT chip design platform” with expertise in display, AI computing, and smart connectivity, said Richard Li Jiaqing, chief investment officer of Legend Capital, cited in the ESWIN post.

Proceeds of the new round will be used for product research and development, investment into intellectual property (IPO) and silicon materials production, as well as talent recruitment, among others.

It has R&D centres in Beijing, Haining, Hefei, Xi’an, Southampton in the UK, and Seoul in South Korea, as well as manufacturing sites in Xi’an, Chengdu, Hefei, and Suzhou.

In an attempt to bolster the development of its core businesses, ESWIN closed a Series A round from IDG Capital, Triniti Capital, Broad Vision Funds, and Beijing Singularity Power Investment Fund. The previous round was completed in January 2019, shows the company website.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.