Chip maker Sitrus Technology has secured 200 million yuan ($27.4 million) in an extended Series C round, participated by Shanghai-based investment firm Henglu Asset.
A photonics industry development set up by a slew of state-affiliated firms including Chang An Hui Tong, and Shaanxi Finance Investment Management, among others, participated in the round.
Founded in 2012, the Shanghai-headquartered firm is engaged in the manufacturing of the digital signal processor (DPS) chip, a specialised microprocessor chip commonly used in telecom applications.
The proceeds will help finance the firm in expanding the use cases of its products, said Winsoul Capital, the sole financial advisor to the deal.
The financing round comes following a record quarter (Q2) for China’s semiconductor industry that logged almost $2.4 billion in financing, the highest quarterly deal value since Q1 2022, as investors continue to inject massive funds into semiconductor startups amid China’s attempt to attain self-sufficiency in chips.
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DealStreetAsia has also put together a table listing all prominent venture capital transactions in the Greater China region from August 21 – 25, 2023.