Chinese automotive system-on-chip (SoC) product startup Nanjing SemiDrive Technology Co, Ltd has secured nearly 1 billion yuan ($154 million) in a Series B round, the investee announced on Monday.
In the statement, it said that the fresh round was co-led by state-owned China Development Bank Capital’s joint fund and smart manufacturing-focused V Fund.
The round saw participation from a slew of state-backed investors including Bank of China’s overseas investment unit BOC International, Shanghai International Group’s Shanghai Technology Innovation Investment Fund and Shanghai-based Zhangjiang Group’s sub-fund.
Existing investors – Matrix Partners China, CT Capital, Vertex Ventures China and lithium-ion battery manufacturer CATL’s Chendao Capital – made follow-on investments.
Chinese investment banks CV Capital and Fanzhuo Capital served as the financial advisors for the deal.
Matrix China, CT Capital, Vertex alongside Sequoia Capital China, Walden International, Lenovo Capital and Accurate Capital had collectively injected 500 million yuan ($77 million) for SemiDrive’s Series A round in 2020.
The company will deploy the proceeds from the latest round towards chip R&D.
Co-founded by Jason Zhang and Maggie Qiu in 2018, SemiDrive produces high-performing and ultra-low power SoCs for smart driving. Last year the company released a flagship product, 9 Series SoC, for smart cockpits, autonomous driving and central gateways. The mass production is expected to commence in the second half of 2021, according to its official website.
The company has forged partnerships with auto-makers China FAW Group Corporation and China Automotive Innovation.
Headquartered in Nanjing, SemiDrive has R&D centres in Shanghai and Beijing, besides an office in Shenzhen.
SemiDrive’s early investors also include Lanpu Capital, Vinno Capital, Shanghai-based Cantor Jungle, among others.