China-based automotive system-on-a-chip producer Nanjing SemiDrive Technology has closed a RMB500m ($73m) series A round featuring Lenovo Capital, the corporate venturing arm of electronics producer Lenovo, DealStreetAsia reported on Monday.
Venture capital firm CTC Capital led the round and was joined by Sequoia Capital China, Matrix Partners China and Walden International.
Founded in 2018, Nanjing SemiDrive Technology produces energy-efficient semiconductors equipped to power autonomous and connected vehicles. The series A proceeds will help enhance its offering.
SemiDrive secured an eight-figure dollar pre-series A sum in May 2019 from Lenovo Capital, plastic film supplier Nanjing Lanpu Chengxin Materials, Vertex Ventures China and Jadestone Venture Capital, according to media reports.
Lenovo Capital had already joined Sequoia, Walden and undisclosed additional investors for a $14.5m funding round in 2018.