China-based, storage-focused chipmaker Innostar backed by semiconductor technology producer Lam Research, secured about $100m in pre-series A funding on Tuesday, DealStreetAsia reported, citing a WeChat post.
Venture capital firm Shanghai Lianhe Investment led the round, which also featured investment fund New Alliance, Atlas Capital and KQ Capital.
Innostar provides semiconductor technology that supports storage for software applications and smart systems in areas such as 5G networking, cloud computing, artificial intelligence and the internet of things.
Xiang Zhang, founder and CEO of Innostar, was quoted as saying: “We hope that we can design new-generation memory chip products and improve storage technology, as well as advance (the) ecosystem in partnerships with semiconductor designers and manufacturers.”
Although it did not report details of the company’s earlier funding, DealStreetAsia stated that Crossbar Asia Pacific owns a 45% stake while existing backer Shanghai Lianhe Investment holds 30%.
New Alliance was named as an existing Innostar backer while Lam Research, Kleiner Perkins Caufield & Byers, SAIF Partners China, Northern Light Venture Capital, CBC Capital and Oriza Holdings’ Oriza Ventures subsidiary were identified as earlier investors.
