Chinese semiconductor firm Innostar bags nearly $100m in Pre-A round

Shanghai-based semiconductor player Innostar has raised around $100 million in a Pre-A financing round led by returning backer Shanghai Lianhe Investment.

New Alliance, an over 10 billion yuan ($1.5 billion) fund which targets TMT and healthcare investments, also re-upped in the latest round. New investors who joined the round include state-backed Atlas Capital and KQ Capital, the investee said in a WeChat post on Tuesday.

Innostar said it will deploy the proceeds for the production of resistive random-access memory (ReRAM) driven chips and storage chips.

With a team of professionals who have worked at Intel, Semiconductor Manufacturing International Corporation (SMIC) and Spreadtrum Communications, Innostar develops new generation storage chips and IPs. Its offerings can provide safe and high-performing storage applications for emerging sectors like 5G network, cloud computing, internet of things (IoT), and AI.

In the statement, Innostar said China’s market size of memory chips is forecast to reach $52.26 billion by the end of 2024, accounting for 14% of the global market.

“We hope that we can design new generation memory chip products and improve storage technology, as well as advance ecosystem in partnerships with semiconductor designers and manufacturers,” said Innostar founder and CEO Xiang Zhang. 

Hong Kong-based Crossbar Asia Pacific is the largest shareholder in Innostar holding 45% stake, followed by Shanghai Lianhe Investment with 30% equity interest.  

Innostar has also been backed by American venture capital firm Kleiner Perkins Caufield & Byers (KPCB), Lam Research, SAIF Partners China, Northern Light Venture Capital,  CBC Capital and Oriza Holdings’ Oriza Ventures. 

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.