BYD Semiconductor, a smart sensor subsidiary of China-based electric vehicle manufacturer BYD, raised RMB1.9bn ($265m) yesterday in a round representing its first external funding, according to a regulatory filing.
The cash was provided by a consortium co-led by venture capital firm Sequoia Capital China, investment bank China International Capital Corporation’s CICC Capital unit and SDIC Venture Capital, a subsidiary of state-owned fund manager State Development and Investment Corp. Each contributed through multiple funds.
Consulting firm Shenzhen Xindi Consultancy, Himalaya Capital, China Merchants Capital, Zhongdianzhongjin Intelligent Industry Equity Investment, Unicom Zhongjin Innovative Industry Equity Investment Partnership, Han’er Qingya Investment Partnership and Avic Kaisheng Auto Semiconductor Investment Partnership also took part.
The investors will own a 20.2% stake in BYD Semiconductor once the round has closed, with BYD retaining a 78.5% majority share. The transaction values it at approximately $1.31bn.
Launched in 2004, BYD Semiconductor provides products such as smart sensors, integrated circuits and power semiconductors. It will use the funding to drive recruitment, purchase assets and supplement working capital.
The unit rebranded from BYD Microelectronics in January this year as part of a restructuring effort ahead of a planned listing for BYD on the Hong Kong Stock Exchange that is yet to take place.
BYD Semiconductor’s registered capital stood at RMB300m ($41.9m at current exchange rates) ahead of the funding round.
