An investment arm of Chinese consumer electronics producer Xiaomi, has raised RMB10bn ($1.4bn) for a new fund focused on integrated circuits and semiconductors.
The Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership received RMB970m ($133m) in the latest fundraising effort, according to a filing dated July 19 seen by DealStreetAsia, reaching the target it had set for the fund.
Semiconductor technology groups JoulWatt (Hangzhou) Technology and Southchip Semiconductor were among the limited partners that provided $34.4m, as was private equity firm China Everbright’s Jintou Jinshun Fund.
Beijing Xiaomi Enterprise Management, a wholly-owned subsidiary of Xiaomi and general partner of the fund, chipped in $82.5m while returning LP, Nano Star Ventures, part of chip producer NovoSense Microelectronics, contributed $16.5m.
Formed in 2022 and also known as Xiaomi Zhizao fund, the initiative targets companies developing integrated circuits and related areas such as AI-based manufacturing, new materials and display devices.
The fund’s portfolio companies include electromagnetic device manufacturer Yunlu New Energy and industrial laser equipment provider Gongda Laser.
In March 2023, Xiaomi Zhizao raised $388m from a group of investors led by the Beijing municipal government, featuring chipmaker Dioo Microcircuits and Kingsoft Wuhan, a regional subsidiary of software provider Kingsoft.
