Semidrive, a China-based manufacturer of semiconductors for the automotive industry, has secured a nine-figure renminbi (RMB100m = $14.5m) sum in a pre-series A round featuring electronics manufacturer Lenovo.
Venture capital firm Matrix Partners China led the round, which also featured Lanpu Capital and Vertex Ventures China, a China-focused subsidiary of Singaporean government-owned investment firm Temasek.
Lenovo supplied its share of the cash through its corporate venturing and accelerator subsidiary, Lenovo Capital and Incubator Group (LCIG).
Founded in June 2018 and officially known as Nanjing Semidrive Semiconductor Technology, Semidrive produces semiconductors for use in advanced vehicle applications such as intelligent cockpit, autonomous driving and driver assistance systems.
The company, which currently has offices in the Chinese cities of Nanjing, Beijing, Shanghai and Shenzhen, will use the proceeds from the round to advance its semiconductors into mass production.
LCIG previously took part in an angel round of undisclosed size for Semidrive that closed in mid-2018 alongside venture capital firms Vinno Capital, Sequoia Capital China and Walden International, according to China Money Network.
– Image courtesy of Semidrive.