Hefei Sineva, the China-based smart manufacturing equipment maker, has raised $93m in a round featuring insurance provider Ping An and electronics manufacturer Tianma Microelectronics, according to DealStreetAsia.
Financial services firm China Merchants Bank’s subsidiary CMB International co-led the round alongside Cowin Capital, while Ping An invested through Ping An Caizh, the investment arm of its securities services subsidiary Ping An Securities.
Walden International, Turing Technology and Hefei Industry Investment Group also participated.
Founded in 2013, Sineva manufactures industrial robotic and manufacturing equipment based on semiconductors. It will use the funding to bolster its R&D activity.
Going forward, the company is looking to integrate artificial intelligence (AI) into its equipment to support the drive for smarter factories.
Zhang Haitao, chief executive of Hefei Sineva, said: “We will continue to cultivate the pan-semiconductor industry and build a complete business matrix based on industrial robots, high-end equipment and smart factory solutions to provide reliable products and technical services to our global partners.
“This round of financing will help us continue to strengthen the development and expansion of high-end intelligent equipment, help customers solve industrialisation technical problems and create maximum value for our customers.”
