China-based venture capital firm Allin Capital has closed its third fund, which features corporates SK Hynix, EmbedWay Technology and Huafon Group among its limited partners, DealStreetAsia has reported.
Memory chip manufacturer SK Hynix, networking technology provider EmbedWay and chemicals and advanced materials producer Huafon were joined by Guangzhou Fengshen Motor, a joint venture formed by carmakers Yulon Motor and Dongfeng Motor.
Allin Capital has not disclosed the size at which the renminbi-denominated fund closed. It will concentrate on the integrated circuit space, funding developers of technologies such as semiconductors and electronic materials, sensors and chip design.
Adjacent technology areas such as industrial intelligence, 5G networking and new energy vehicles will also be considered.
The LP list for the third fund also featured the Chinese government’s State Development and Investment Corporation and Shanghai Guofang FOF, an entity backed by government-owned financial holding group Shanghai International Group.
China announced the formation of a $28.9bn fund in October this year that is intended to stimulate the country’s semiconductor industry from the design to the manufacturing stage in order to wean itself off importing semiconductor products.
