BYD Semiconductor, a semiconductor-focused spinoff of China-based electric vehicle (EV) maker BYD, raised RMB800m ($113m) in series A-plus funding on Monday from 30 investors including several corporates, according to a stock exchange filing.
The round included SK China, a local investment vehicle for South Korea-headquartered conglomerate SK Group, as well as logistics services provider Shenzhen Galaxy Supply Chain, and electronics producers Xiaomi and Lenovo, through Changjiang Industry Fund and Changjiang Science and Technology Industry Fund respectively.
CMB International Capital’s Zhaoyin Growth III and Zhaoyin Win-Win subsidiaries also took part, as did Rongyu Investment, Hengqin Anchuang Lingxin Equity Investment, Juyuan Zhuxin Venture Capital, Anpeng Venture Capital, Shangqi Huajin Auto Industry Equity Investment, Huaqiang Industry and Yuanhao Investment.
They were joined by Meishan Bonded Port Bohua Guangcheng VC, Jiacheng IX VC, IER VC, Shenzhen Capital Group, Huaye Growth Investment, Huiyou Haochuang Technology Investment, Gongtongjiayuan Management, Country Garden VC, Small and Medium-Sized Enterprises Development Fund and Yuanzhi Huaxin Emerging Industry Equity Investment.
Bohan Vision Core Semiconductor, Huateng Investment Management, Starlight Link Investment, Yingchuangying Investment, Jianxin Yuanzhi Intelligent Manufacturing Equity Investment, Huojingshi Network Technology and Zhenghai Juyi Investment filled out the round.
BYD Semiconductor was formed in 2004 and was spun out of parent company BYD last month with $265m of funding. It produces commercial EV components including a power management chip known as an insulated-gate bipolar transistor.
The company plans to add additional backers to the round, including carmakers BAIC and SAIC through their BAIC Capital and SAIC Capital units, chipmaker Arm’s Houan Fund, electric motor technology producers V&T Technologies (VTdrive) and Shenzhen INVT Electric, and asset manager CITIC Private Equity.
Sequoia Capital China, CICC Capital and SDIC Venture Capital co-led the first series A close, investing with advisory firm Shenzhen Xindi Consultancy, Avic Kaisheng Auto Semiconductor Investment, China Merchants Capital, Han’er Qingya Investment, Himalaya Capital, Unicom Zhongjin Innovative Industry Equity Investment and Zhongdianzhongjin Intelligent Industry Equity Investment.
