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.