China-based semiconductor technology developer ASR Microelectronics has closed a $119m funding round backed by TCL Capital, the investment arm of electronics producer TCL, China Money Network reported today.
Real estate group Zhangjiang also contributed to the round, which was led by state-backed investment vehicle China Internet Investment Fund.
Sequoia Capital China, Hillhouse Capital, Shanghai STVC Group, Spinnotec and Shanghai Free Trade Zone Equity Fund filled out the round, which valued ASR at more than $1.6bn.
Founded in 2015, ASR Microelectronics designs chips for consumer electronics products, such as mobile and internet of things devices, enabling functionality such as wifi and Bluetooth.
The company has raised $419m in funding to date, according to press statements.
ASR previously closed a $100m series B round co-led by IDG Capital and Wanrong Hongtu Fund in 2018, following $100m in a 2017 round backed by e-commerce group Alibaba, Shenzhen Captial and Wanrong Hongtu Fund.
The company’s shareholders also include Shanghai Pudong Nova Newstar Venture Capital, Shanghai Pudong Science and Technology Investment, Shanghai Yi Tai Venture Capital Partnership and Shanghai Wu Yuefeng Venture Capital Partnership.
