Nanjing SemiDrive Technology, a China-headquartered system-on-chip product manufacturer backed by computing technology provider Lenovo, raised almost RMB1bn ($154m) in series B funding today, DealStreetAsia reported.
China Development Bank Capital, a subsidiary of China Development Bank, co-led the round with private equity vehicle China V Fund, and it included a sub fund for Zhangjiang Group, the operator of industrial hub Zhangjiang Science City.
Financial services firm Bank of China’s BOC International unit filled out the round with Shanghai International Group’s Shanghai Technology Innovation Investment Fund, Matrix Partners China, CT Capital, Vertex Ventures China and Chendao Capital.
SemiDrive specialises in ultra-low power system-on-chips for use in vehicles, covering both in-car electronics systems and autonomous driving systems.
The company intends to move its flagship product, the 9 Series, into full commercial production in the second half of 2021, and plans to allocate the series B proceeds to research and development activities.
Matrix Partners China led a pre-series A round for SemiDrive in the nine-digit yuan range (RMB100m = $14.5m) in mid-2019, investing with Lenovo’s Capital and Incubator Group, Lanpu Capital and Vertex Ventures China.
Lenovo Capital returned for a $73m series A round in September 2020 that was led by CTC Capital and also backed by Sequoia Capital China, Matrix Partners China and Walden International. DealStreetAsia also named Accurate Capital as an early investor today.
