Startup Funding: December 2021

Chinese startups dominated last month’s fundraising, with companies from the country comprising about two-thirds of those covered in this report. In addition to the number of companies, startups from China also drew significant amounts of funding, with a display driver company and an EV battery maker each garnering around $1B and six more companies seeing rounds over $100M.

Two particularly active areas for investment were display drivers and power semiconductors, with several companies planning to build new fabs to expand power semi manufacturing capacity. Plus, AI acceleration, a new EV brand, and a company providing autonomous solutions to the military enters the commercial market. For December 2021, we take a look at 94 companies that collectively raised more than $5B.

Semi & design

Eswin Technology raised CNY 2.5B (~$392.6M) in Series C financing led by China Internet Investment Fund and GoldStone Investment, joined by China Development Bank Capital, IDG Capital, InnoVision Capital, Legend Capital, and SAIC Capital. Eswin develops AIoT, connectivity, AI accelerator, and display interaction chips for smart home, mobile, and industrial IoT applications. It also provides 12-inch monocrystalline silicon polished wafers and epitaxial wafers under its subsidiary Eswin Material with a production capacity of 500,000 pieces per month. Additionally, it offers packaging and testing services, including wafer gold bump processing, wafer testing, grinding, cutting, packaging, and final testing. Founded in 2016, it is based in Beijing, China.

Kandou raised $75.0M in Series D funding from DC Investment Partners and Bessemer Venture Partners. The company provides high-speed chip-to-chip link solutions. Funds will be used to ramp production of Kandou’s first silicon product, a USB-C multiprotocol retimer solution with USB4 support for consumer and networking applications. Funds will also be used for ongoing development of product and technology roadmaps, including new silicon products and Chord signaling IP for ultra-short reach and long-reach signaling applications. Founded in 2011 and based in Lausanne, Switzerland, it has raised over $207M.

Analogy Semiconductor raised nearly CNY 200.0M (~$31.4M) in a Series A round led by FTZ Fund and joined by Allin Capital, Fibonacci VC, Guoce Group, Haitong Kaiyuan Investment, Long Capital, and Value Capital. The company provides analog and mixed signal components including ADCs, DACs, linear amplifiers, interface, clock, isolation, power supply, and motor drivers. Funding will be used for R&D and mass production. Founded in 2018, it is based in Shanghai, China.

Macrogiga Electronics, also known as Giant Micro IC, raised CNY 130.0M (~$20.5M) in Series A funding led by Langtai Capital. The company specializes in Bluetooth Low Energy (BLE) front-end chips for IoT devices. Funding will be used for continued R&D and potential expansion into automotive, energy, and medical fields. Founded in 2014, it is based in Shanghai, China.

SiPearl received up to €17.5M (~$19.8M) in grant and equity investment from the European Innovation Council (EIC) Accelerator. The company is developing a new high-performance microprocessor for future exascale supercomputers as part of the European Processor Initiative. Philippe Notton, CEO and founder of SiPearl, said, “This funding will help us to create sustainable economic and strategic value for Europe: economic value with 1,000 employees by 2025, and strategic value with a roadmap of high-performance and power-efficient microprocessors to restore Europe’s lead in supercomputing.” Based in Maisons Laffitte, France, it was founded in 2019.

Chuangxin Huilian Technology, also known as Innochips Tech, drew “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series C funding led by GP Capital and joined by Hundreds Capital, Shenzhen Guozhong Venture Capital Management, and others. The startup offers 5G small base station chip products, as well as analog baseband and radio frequency chips for IoT devices. Founded in 2019, it is based in Nanjing, China.

Yusur, also known as Zhongke Digital, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series A+ funding led by Kunlun Capital and Maison Capital, joined by HALO Capital Group and Lingjun Investment. The company has developed a software-defined data processing unit (DPU) for database acceleration in data centers. It expects to put its second-generation chip into production in early 2022. Founded in 2018, it is based in Haidian, China.

Yiwei Semiconductor, also known as Amicro, raised CNY 100.0M (~$15.7M) in strategic investment from Tengchuang Technology. The company provides simultaneous location and mapping (SLAM) SoCs using inertial, laser, and visual navigation as well as power management ICs and MCUs primarily for consumer and professional cleaning robots. Founded in 2014, it is based in Zhuhai, China.

Geoforce Chip raised nearly CNY 100.0M (~$15.7M) in Series A financing from Zheko Investment, Qianhai Cathay Pacific Fund, Yingdong Capital, Yanmucao Investment, and others. Geoforce Chip develops chips for consumer electronics, including fast-charging, intelligent audio, power management, and NFC. Founded in 2019, it is based in Zhejiang, China.

TIH Microelectronics, also known as Fangcun Microelectronics, raised nearly CNY 100.0M (~$15.7M) in a Series A round from GF Qianhe Investment. The company offers general-purpose security SoCs based on RISC-V. Its products include cryptographic processors, network security chips, and high-speed interface control chips. Founded in 2017, it is based in Jinan, China.

Intengine Technology, also known as Tanjing Technology and Exploration Technology, raised “tens of millions of dollars” led by Zhuoyuan Capital. Intengine develops edge AI chips for IoT applications, including for speech recognition, image recognition, and video analysis. The company says its ‘Storage First Architecture’ integrates data storage, computation, and scheduling to overcome memory bottlenecks and increase efficiency. Funds will be used for R&D and sales and marketing. Founded in 2017, it is based in Beijing, China.

Qualchip, also known as Guoqi Technology, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in pre-A funding led by Shuimu Wutong Investment. Qualchip is an SoC design services and consulting firm. It also provides IP including controllers, PHY, and verification IP. Founded in 2009, it is based in Wuxi, China.

Weixin Technology, also known as Vxin Tech, raised “tens of millions” of yuan (CNY 10.0M is ~$1.6M) in a pre-A financing round from Huaqiu Electronics. The startup provides board-level EDA tools. It currently offers tools for PCB library construction, schematic design, data management, and online review. It is working on intelligent PCB layout and routing tools and PCB packaging library building software that it expects to release later in 2022, eventually expanding to a full board-level toolchain. Founded in 2019, it is based in Shanghai, China.

Everest Semiconductor raised an undisclosed amount from Intel Capital. The company is focused on audio ADCs, DACs, and CODEC chips. Applications for its products include small consumer electronics and smart devices to TVs, soundbars, and speakers. Founded in 2007, it is based in Suzhou, China.

Hercules Microsystems raised an undisclosed amount in a Series B round from China Fortune-Tech Capital, GF Qianhe Investment, GF Venture Capital, Oriza Holdings, Shanghai Pudong Science and Technology Investment, Shenzhen Inovance Technology, Walden International, and Xiaomi Yangtze River Industry Fund. Hercules Microsystems offers FPGAs, eFPGA, heterogeneous devices combining FPGA and CPU, and design software. Founded in 2017, it is based in Beijing, China.

AI hardware

AI and video hardware startup Vastai Technologies raised CNY 1.6B (~$250.8M) in Series B financing led by Alibaba Group, Matrix Partners China, 5Y Capital, and PICC Capital, joined by Redpoint Ventures China, CoStone Capital, Glory Ventures, and Mirae Asset. Vastai focus is on AI for video processing, with its initial product a server-level inference acceleration and video processing chip and card that is going into mass production in 2022. The company is also working on a graphics GPU targeting cloud gaming and rendering. With the funding, the company will increase R&D investment in GPU and begin to deploy other smart product lines. Based in Shanghai, China, it was founded in 2018.

Kneron raised $25.0M in strategic and venture funding from LiteOn Technology as well as Alltek, PalPilot, Sand Hill Angels, and Gaingels. Kneron develops edge AI chips, with its most recent product targeting the AV and EV space and including vision transformer AI models, INT4 data support, and image signal processor. The funds will be used as part of strategic partnerships in the development of smart city technology, such as roadside AI boxes which help direct and control autonomous vehicles. “The path to L4 and L5 is not just about the vehicle, but the entire technology ecosystem and infrastructure that governs and supports transportation. We’re excited to work with our new strategic partners on developing that infrastructure, advancing smart city technology in order to support transportation of the future,” said Albert Liu, founder and CEO of Kneron. Founded 2015 and based in San Diego, California, USA, it has raised over $125M.

Expedera drew $18.0M in Series A funding led by individual investors Sehat Sutardja and Weili Dai, with other investors joining. Expedera provides high performance and energy-efficient deep learning accelerator IP with products for power-sensitive edge nodes and smartphones to performance-focused automotive and data centers. The startup’s accelerator IP is scalable up to 128 TOPS with a single core and to PetaOps with multi-core, and the company touts its TOPS/W and TOPS/mm² values achieved by lowering the amount of memory needed for neural network execution. “This financing underscores the success that Expedera has had so far and will enable us to expand our portfolio and team to meet the market needs,” said Da Chuang, CEO of Expedera. Founded in 2018, it is based in Santa Clara, California, USA.

Memory & storage

SSD maker DERA raised nearly CNY 1.0B (~$157.3M) in a Series C round led by China Reform Fund Management and CICC Capital, joined by China Unicom, CITIC New Future Investment, Shenzhen Capital Group, and others. DERA designs and manufactures enterprise-grade NVMe SSDs in a range of form factors as well as SSD controllers. The company said its customers are Internet and cloud companies including Alibaba, Tencent, Baidu, and Qingyun as well as telecom, financial services, and energy suppliers. It also claims it has developed the first enterprise SSD based on YMTC 3D NAND. Founded in 2015, it is based in Beijing, China.

Starblaze Technology, also known as Yixin Technology, drew CNY 500.0M (~$78.7M) in Series B financing from Lenovo, Orient Jiafu Asset Management, and Shanghai International Group. The company offers an enterprise NVMe SSD controller that supports PCIe Gen3x4, NVMe 1.2, and all on-shelf NAND flash. Funds will be used in developing and bringing to market controllers that support PCIe 4 and PCIe 5. Founded in 2015, it is based in Beijing, China.

Manufacturing & packaging

CIQTEK, also known as Guoyi Quantum, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series C funding from CASVC, China State-Owned Capital Venture Investment Fund, Cowin Capital, Green Pine Capital Partners, GuoChuang Software, Hefei Industry Investment Group, Hillhouse Capital Group, IDG Capital, Iflytek, and Qianhai Fund of Funds. The company provides test and measurement equipment for semiconductor, quantum, scientific, and medical applications. Its products include a high-precision pulse generator and arbitrary waveform generator for quantum control, X band pulse electron paramagnetic resonance spectrometer, scanning electron microscope, and quantum diamond atomic force microscope. Founded in 2016, it is based in Hefei, China.

IKAS Industrial Automation raised more than CNY 100.0M (~$15.7M) in Series B financing from CTC Capital, Novartis Venture Fund, and CR Capital Management. IKAS Industrial Automation provides software for managing semiconductor fab operations, including production control, yield monitoring and analysis, equipment automation, and digital twin equipment and production line modeling. Founded in 2017, it is based in Shenzhen, China.

Yuntian Semiconductor, also known as Sky Semiconductor, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in a Series B round from CICC, Delian Capital, Ginkgo Capital, GP Healthcare Capital, Teda Venture Capital, and Xiamen Venture Capital. The startup provides RF passive component manufacturing and packaging. Its main offerings include wafer-level packaging for SAW/BAW filter, high frequency millimeter wave integration, RF module integration, IPD passive components design and manufacturing, through bumping, wafer level chip scale packaging (WLCSP), through-glass via (TGV), and fan-out. Founded in 2018, it is based in Xiamen, China.

Xiaoming Industrial Internet, also known as Xmpcba, raised “tens of millions of yuan” (CNY 10.0 is ~$1.6M) in a pre-A round from Qianhai Fund of Funds. The startup offers a flexible manufacturing platform for PCBA. Targeting small batches and customization with fast turnaround time, it provides PCB prototype manufacturing, proofing, testing, and certification services. It currently has 50 SMT production lines. Funds will be used for R&D and to expand production capacity. Founded in 2018, it is based in Shenzhen, China.

Packaging startup Core Chain Technology raised CNY 6.0M (~$0.9M) in angel funding from Songshan Capital. The startup produces lead frames for packaging companies and also works with chip companies to provide specialized packaging solutions. Based in Dongguan, China, it was founded in 2018.

Chipmetrics raised an undisclosed amount in pre-seed funding from Redstone. Chipmetrics offers a test chip for advanced thin film process conformality characterization to accelerate applications of conformal 3D thin films. “The PillarHall disposable test chip can be used to compare different 3D thin film processes and reactors. The method is exceptional, as typically measurements have been made directly from the processed wafers using demanding and expensive measuring devices. The test chip can be used to accelerate process development and also monitor production in the future,” said Chipmetrics founder Mikko Utriainen. Founded in 2019 as a spin out from VTT Technical Research Centre, it is based in Joensuu, Finland.

Materials

3D Glass Solutions raised $20.0M in Series B funding led by Intel Capital with participation from CerraCap Ventures, Lockheed Martin Ventures, and Nagase & Co. The company develops glass-ceramic-based three-dimensional passive radio frequency (RF) devices for use in 5G, autonomous vehicles, military and defense, and big data applications. 3DGS says its process produces low RF material loss to minimize power consumption and high-performance integration for advanced electronics systems, resulting in passive components with optimized electrical performance and ultra-low transmission loss. It also touts intermediate coefficient of thermal expansion to minimize in-process and final product warp, precise 3D structuring of Through Glass Vias for input and output signals, and a smooth surface that enables fine-line metallization to achieve high interconnect density. Funds will be used to purchase high volume manufacturing equipment, expand its manufacturing cleanrooms, and hiring. Founded in 2006, it is based in Albuquerque, New Mexico, USA.

CrayoNano was awarded a NOK 14.0M (~$1.6M) grant from the Norwegian Research Council. CrayoNano combines aluminum gallium nitride (AlGaN) nanowires and graphene, with the resulting material having strain-free high crystal quality. The grant will be used to further work on creating UVC LEDs using the technology, which the company says should improve efficiency and reliability. UVC is often used as a light-based disinfection method. Founded in 2012 as a spin out from Norwegian University for Science & Technology, it is based in Trondheim, Norway.

Yuneng Technology, also known as Yntech, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A financing led by Delian Capital and joined by BAIC Capital, Qingsong Fund, and Shenzhen Guarantee Group. The company develops materials such as shielding films, conductive adhesive films, graphite films, and heat dissipation foil for applications such as consumer electronics, EVs, and photovoltaics. Funds will be used for R&D and capacity expansion. Based in Shenzhen, China, it was founded in 2016.

Comptek Solutions received grant and equity funding from the European Innovation Council (EIC) Accelerator. Comptek uses passivation technology to address the issue of oxidation in III-V compound semiconductor materials by promoting controlled surface crystalline oxidation and make the resulting surface more resistant. Based in Turku, Finland, it was founded in 2017.

MEMS & sensors

Lidar startup Blickfeld extended its Series A funding to $31.0M with investment from New Future Capital and all existing investors including Bayern Kapital, Continental, Fluxunit ams OSRAM Ventures, High-Tech Gründerfonds, Tengelmann Ventures, and UVC Partners. Blickfeld produces lidar sensors and software for applications including industrial, automotive, and smart city. In 2022 it will introduce perception software with features including object detection, classification, tracking, and counting. Fields of application for this new product include industry, smart traffic, security, unmanned aerial vehicles, and people analytics. Jörg Strauß, senior vice president and general manager, visualization & laser business line at ams OSRAM, said, “As a long-term partner, we have been supporting Blickfeld from the beginning. Combining their proprietary MEMS technology with our industry leading 905 nm Edge Emitting Laser components, Blickfeld’s sensors show the capabilities of scanning lidar technology in real-world use cases and in industrial scale. We are looking forward to accompany their growth path in the future.” Funding will be used to open new offices in the US and Asia and for hiring. Based in Munich, Germany, it was founded in 2017.

Speaker startup USound raised $30.0M in Series D funding led by eQventure, joined by the European Investment Bank and individual investors Hermann Hauser and Longzhong Yang. USound develops MEMS speakers for small consumer devices such as TWS earbuds, smartphones, wearables, AR/VR, and hearing aids using a design it says reduces space up to 50% and energy consumption up to 80% compared to similar speakers. Funds will be used in mass production of its second-generation product. “We are pleased to announce the launch of our second-generation MEMS loudspeakers that will further extend our product portfolio. With the steady growth of customers, USound is further extending the manufacturing network that already includes STMicroelectronics for the First Generation of MEMS loudspeaker and TSMC for the ASIC Audio Amplifier. Collaborating with world-leading manufacturing companies enables us to increase production volume, be more efficient, and improve the logistics process to reach our global customers,” said Ferruccio Bottoni, CEO at USound. Based in Graz, Austria, it was founded in 2014.

Tyrafos Semiconductor Technologies raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series A+ financing led by Yunqi Partners, joined by China Fellow Partners and Guangzhou Yuexiu Industrial Investment Fund. Tyrafos specializes in CMOS image sensors and recently announced a non-single photon direct time-of-flight (dToF) technology, which it says improves accuracy and resolution over existing solutions, as well as a digital ELISA molecular biological detection solution. It also offers optical fingerprint sensor chips and design services. Founded in 2019, it is based in Guangzhou, China.

Seetrum, also known as Yoguang Technology, raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in pre-A funding led by Wu Yuefeng Kechuang and followed by Sequoia China, Qingkong Investment, Xinxi Capital, China-US Green Fund, Inno-Chip, and SEE Fund. Seetrum develops CMOS hyperspectral imaging chips for use in spectral detection equipment as well as consumer devices, automotive, and food inspection. Founded in 2020, it is based in Beijing, China.

Micro Creative raised over CNY 100.0M (~$15.7M) in Series B funding led by Summitview Capital, joined by Shunwei Capital and Flyfot Ventures. Micro Creative develops CMOS millimeter wave/terahertz chips and radar modules for security inspection, industrial IoT, and traffic sensing. The funding will be used for mass production and promotion of security millimeter wave imaging chips and the development of its next generation automotive millimeter wave radar chips. Based in Haidian, China, it was founded in 2017.

VPS Semiconductor drew CNY 100.0M (~$15.7M) in a Series A round led by SDIC Venture Capital, joined by Bondshine Capital and Grand Yangtze Capital. The company produces CMOS imaging sensors based on single-transistor vertical charge transfer imaging. It notes that its technology is capable of sub-micron resolution for life sciences and medical equipment. Founded in 2019, it is based in Nanjing, China.

Voyant Photonics raised $15.4M in Series A funding led by UP.Partners with participation of earlier investors LDV Capital and Contour Ventures. The startup offers lidar-on-chip technology, an advancement for 3D image sensing it compares to the development of CMOS image sensors. “When you fabricate a lidar system on a chip, the fabrication cost stays the same regardless of how many components you use,” said Chris Phare, a Voyant Photonics co-founder and CSO. “We will soon be selling lidar systems for a few hundred dollars and longer-term will sell them for less than a hundred dollars at scale.” Founded in 2018, it is based in Long Island City, New York, USA.

Photonic sensing company PhotonFirst International raised €11.0M (~$12.5M) in a Series A round from Active Capital Company, PhotonDelta, and board members. PhotonFirst’s technology measures changes in the wavelength, amplitude, or phase of the light that is sent by an LED and comes back via a glass fiber to a photonic integrated circuit to determine temperature, strain, pressure, and shape. Funds will be used for R&D and commercial expansion. Based in Alkmaar, the Netherlands, it was founded in 2006 as Technobis. The company is eyeing an IPO in 2025.

One Silicon Chip Photonics (OSCP) received a CA$3.2M (~$2.5M) investment from Sustainable Development Technology Canada. The startup develops inertial navigation sensors using micro-opto-electro-mechanical systems (MOEMS, also known as optical MEMS) components integrated on a silicon-on-insulator (SOI) substrate. It says its technology enables lighter and lower-cost sensors for navigation in autonomous vehicles and drones. “Automakers have committed to a greener and more autonomous future, but that vision can’t happen without a more affordable and accurate inertial measurement unit. With the assistance of SDTC funding, we will now be able to remove the technology barriers that remain, thus enabling the autonomous future,” said Richard Williston, Director of Operations, OSCP. Founded in 2015, it is based in Montreal, Canada.

Qianmu Laser received an undisclosed amount in investment from Oppo. The company develops and manufactures semiconductor lasers including VCSEL, edge-emitting laser, and DFB laser devices. Applications include security cameras, infrared lighting, gesture recognition, depth sensing, AR/VR, and data servers. Based in Wuhan, China, it was founded in 2017.

Power devices

GTA Semiconductor raised a CNY 500.0M (~$78.5M) investment from SAIC Capital. GTA Semiconductor develops and manufactures power devices, including IGBTs and SiC power modules, as well as analog ICs. Founded in 2017, it is based in Shanghai, China. In 2018, it merged with Shanghai Advanced Semiconductor Manufacturing Corporation (ASMC) in a take-private deal.

Marching Power, also known as Core Long March, drew over CNY 500.0M (~$78.5M) led by CDH Investments and joined by BAIC Capital, CASH Capital, Gaorong Capital, Guiyang Venture Capital, Huajin Capital, Nanxi Venture Capital, V Fund Management, Walden International, and Xinchao Media. Marching Power develops power devices with IGBT, MOSFET, and module product lines. It primarily targets automotive, industrial control, and home appliance applications. Funding will be used for R&D in electric vehicle and photovoltaic products as well as production capacity expansion. Founded in 2017, it is based in Guiyang, China.

Huarui Micro, also known as HR Micro, raised CNY 300.0M (~$47.1M) in Series B and B+ rounds from a number of investors including Living Water Capital, Wanlian Guangsheng Investment, and Yida Capital. The company develops power devices with products covering low, medium, and high voltage ranges including high-voltage VDMOS, low-voltage trench MOS, super junction MOS, and SGT MOS. Funding will be used in developing IGBT and SiC power devices, and the company recently constructed a 6-inch wafer fab that it says has initial production capacity already booked. Founded in 2018, it is based in Nanjing, China.

CorEnergy Semiconductor raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series C funding led by CITIC Securities, GF Xinde Investment Management, GoldStone Investment, and Guangzhou Yuexiu Industrial Investment Fund, joined by China Capital Management and Shanjin Capital. CorEnergy Semiconductor specializes in manufacturing III-V wafers and devices such as GaN, AlN, InAlN, and AlGaN. It produces epitaxial wafers, high-voltage power switching devices (650V HEMTs and SBDs), and sub-6GHz and mmWave RF amplifier devices. The company has a 6- and 8-inch fabrication facility with a combined monthly throughput of >5000 GaN HEMT and Si MOSFET wafers. Funding will be used to establish a new manufacturing facility. Founded in 2010, it is based in Zhangjiagang, China.

Qingchun Semiconductor raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in pre-A financing led by GL Ventures. The company specializes in silicon carbide (SiC) power chips and currently offers a 1200V silicon carbide diode. Founded in 2021, it is based in China.

Senguoke received CNY 100.0M (~$15.7M) in Series C financing led by CICC and joined by Guangdong Lingxiao Pump Industry and Zhongke Haichuang. The company develops silicon carbide (SiC) power devices as well as chips for vision applications such as smart doorbells, DVR, and automotive. Founded in 2013, it is based in Shenzhen, China.

Daanaa Resolution drew $7.0M in Series A investment led by VoLo Earth Ventures. Daanaa develops chip-based wireless power modules that transfer power through electric and magnetic fields with an optional data layer. Each unit can act as both a transmitter and receiver, transmit to multiple devices, and work through wood, concrete, and plastics. The funding will be used to complete Daanaa’s first product in the solar energy vertical and move into commercialization. In the future, it plans electric vehicle and battery management applications. Founded in 2018, it is based in Vancouver, Canada.

Super Semiconductor raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A funding led by Joint Capital. The company offers power devices including super junction MOSFET, super junction IGBT, and SiC diodes. Funding will be used in developing new products such as a full line of 600V Trench FS IGBT and SJ IGBT, as well as its next generation of multilayer epitaxial super junction MOS. Founded in 2015, it is based in Shanghai, China.

Lotus Microsystems raised grant and equity funding from the European Innovation Council (EIC) Accelerator. Lotus Microsystems develops efficient and compact power converters based on a silicon interposer. The company says the smaller device allows it to fit where space is limited while also providing better thermal characteristics. Founded in 2020 based on research carried at The Technical University of Denmark, it is based in Kongens Lyngby, Denmark.

Zhenmaoji Semiconductor, also known as ZMJ Semi, raised an undisclosed amount of Series A investment from SZHTI Group. The company develops power semiconductors, including automotive MOSFETs, high-voltage MOSFETs, GaN, and SiC devices. Founded in 2016, it is based in Shenzhen, China.

Displays

Chipone Technology drew over CNY 6.5B (~$1,022.9M) in Series E investment led by Oceanpine Capital and joined by Vivo, Unic Capital, CCB Private Equity Investment Management, CDB Capital, Oriza Rivertown, GGV Capital, and CGP Investment. Previous shareholders including CPE, Singularity Power Investment Management, Silk Road Huachuang Investment Management, and Zhuhai Huajin Capital also joined. Chipone’s products include TDDI (Touch and Display Driver Integration), medium- and large-sized display driver ICs (LDDI), OLED driver ICs, and mini-LED display driver ICs. It also offers power management, timing control, and fingerprint recognition chips. “The proceeds from this new round will be used to increase our continued investment in R&D, team expansion, and new technology development. It will help the company build long-term partnerships with key suppliers and provide a stable, secure, and sustainable chip supply chain to the global display industry,” said Zhang Jinfang, chairman and CEO of Chipone. Founded in 2008, it is based in Beijing, China.

GOHI Microelectronic, also known as Guanhai Microelectronics, raised over CNY 100.0M (~$15.7M) in Series B financing. The company produces display driver chips and supporting devices including high-speed IO, mixed signal IP, and ESD protection designs. Founded in 2017, it is based in Nanjing, China.

Lochn Optics raised over CNY 100.0M (~$15.7M) in Series C financing led by Huaqiang Capital and followed by Everest VC, Haojun Capital, Guichanqing, and others. Lochn Optics develops optical waveguide modules for use in AR glasses. The funding will be used invest in customization and automation equipment of array optical waveguides. It will also be used for R&D of diffraction optical waveguide products and build semiconductor lithography equipment diffraction grating optical waveguide production lines covering products such as electron beam exposure equipment, etching equipment, and electron microscope detection equipment. Founded in 2014, it is based in Shenzhen, China.

Erised Semiconductor, also known as Yuchuang Semiconductor, raised nearly CNY 100.0M (~$15.7M) in Series A+ funding from Shenzhen Capital Group, Oceanpine Capital, and Junsan Capital. The startup produces display driver chips for LCD panels, OLED panels for smartphones and tablets, and micro-LED displays for wearables. Erised also offers power supply ICs for screen drivers as well as power management ICs, battery protection ICs, and motor drivers. It plans to use the funding to continue developing OLED products. Based in Shenzhen, China, it was founded in 2018.

Raysolve drew $10.0M in pre-A funding led by Gaorong Capital along with Glory Ventures. Raysolve is developing a full-color micro-LED micro-display using large-size epitaxial wafer bonding, which the funding will help bring to market. In particular, it targets augmented reality glasses, but the company says it has applications in head-up displays, 3D printing, and maskless lithography. “Leveraging on the advancement of GaN, Raysolve has developed a suite of world-leading technologies and solutions in single-chip, full-color, micro-LED display. Our micro-LED micro-display offers ultra-high efficiency, contrast and brightness, as well as small footprints, low energy consumption, low packaging costs, together with many other advantages,” said Wing Cheung Chong, founder and CEO of Raysolve. Based in Suzhou, China, it was founded in 2019.

Jingzhan Technology raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in a Series A round from Ying Capital. The startup produces display driver chips for tablets and laptops that integrate timing control and drive. Ji Liming, CEO of Jingzhan Technology, said, “Our research finds that nearly 60% of the screens worldwide are produced in Chinese mainland, but more than 90% of the chips are made in Korea, Japan and Taiwan (China). Chinese companies spend about $6 billion in purchasing displays chips. And less than 10% display driver chips are made in China.” It’s first laptop timing control chip features higher eDP transmission rate, supports 3K resolution and 120Hz refresh rate, and is competitive for the latest interface protocol, image quality improvement algorithm, and power saving technology, according to the company. Founded in 2019, it is based in Beijing, China.

Greatar closed a Series A+ round of financing from Xiaomi. The company provides AR diffraction optical waveguide and diffraction grating equipment. Oppo recently used Greatar’s diffractive optical waveguide lenses in its consumer AR glasses. Funds will be used to expand its production line and team. It is based in Beijing, China.

Jingtuo Semiconductor raised an undisclosed amount in strategic financing from Huawei’s Hubble Technology Investment. The company provides high-purity ozone gas and ozone water systems for semiconductor, LED, and flat-panel display manufacturing. Founded in 2020, it is based in Suzhou, China.

Quantum & photonics

Q-CTRL raised $25.0M in Series B funding led by Airbus Ventures, joined by DCVC, Horizons Ventures, In-Q-Tel, Main Sequence, Ridgeline Partners, Sequoia Capital China, Sierra Ventures, and Square Peg Capital. Q-CTRL develops quantum computer control software. It recently entered the quantum sensing market, developing space-qualified quantum sensors for acceleration, gravity, and magnetic fields. “Quantum sensing uses the fragility of quantum hardware as an asset to enable new ways to measure underground water, monitor space weather, and navigate without a global positioning system,” said Michael J. Biercuk, founder and CEO of Q-CTRL. He added that the company’s ability to counter interference and degradation in quantum computers will aid development of these sensors. Based in Sydney, Australia, it was founded in 2017.

Multiverse Computing was awarded €12.5M (~$14.2M) in grant and venture funding from the European Innovation Council (EIC) Accelerator program. The startup is focused on developing quantum algorithms for the financial industry, such as portfolio optimization and fraud detection, that can run on any quantum computer and don’t require quantum computing knowledge. Based in San Sebastian, Spain, it was founded in 2019.

Azuri Optics Technologies raised CNY 30.0M (~$4.7M) in Series B funding led by China Merchants Capital. The company provides high-speed optical communication chips, optical devices, and optical modules. Founded in 2016, it is based in Rizhao, China.

Guangte Technology, also known as GT Photonics, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series B+ funding. The company develops III-V compound semiconductor detector chips, silicon photonic integrated chips, and silicon photoactive devices, including large-scale photosensitive surface APD chips. The financing will be used to increase R&D of high-speed PD/APD chips and silicon optical chips as well as improve a series of optical chip products to for optical communications, data centers, and laser ranging. Based in Shaoxing, China, it was founded in 2016.

Autonomy & ADAS

Robotic Research raised $228.0M in Series A funding from SoftBank Vision Fund 2, Enlightenment Capital, Crescent Cove Advisors, Henry Crown and Company, and Luminar Technologies. Robotic Research provides autonomous driving solutions for commercial truck, bus, drayage, and logistics vehicles, with a focus on harsh, unstructured environments. Its vehicle-agnostic add-on autonomy kit manages on-road, off-road, or in the yard environments. The investment will help the company’s push into commercial activities; previously, it has been a supplier to the US Department of Defense for miliary applications. “This investment reflects our success in developing autonomous solutions for our U.S. government customers, and will provide the resources needed to meet our growing commercial customer demand and the expansion of our commercial efforts,” said Alberto Lacaze, CEO, Robotic Research. “Our long history and experience has enabled us to develop a proven solution that is not only rugged, safe, and reliable, but also versatile and ideal for operating across a variety of environments, weather conditions, and use cases.” Founded in 2002, it is based in Clarksburg, Maryland, USA.

Haomo.AI raised nearly CNY 1.0B (~$150.0M) in a Series A round from Meituan, GL Ventures, Qualcomm Ventures, Shougang Group, and JZ Capital Partners. The company is working on L2 assisted driving systems. “By the end of 2022, Haomo expects to make its in-house developed Level 2 autonomous driving system available in 34 vehicle models, up from the current five models,” said Haomo CEO Gu Weihao. It is also rolling out L4 self-driving low-speed vehicles for last-mile deliveries with grocery and e-commerce partners. Based in Beijing, China, it was started in 2015 as part of Great Wall Motor and became independent in 2019.

Apex.AI raised $56.5M in Series B funding led by Orillion and joined by ZF Friedrichshafen, Continental, AGCO, Canaan Partners, Lightspeed Venture Partners, Airbus Ventures, Jaguar Land Rover’s InMotion Ventures, and others. Apex.AI offers a safety-certified software development kit for automotive and mobility software and autonomous driving solutions. It will use the funds to expand into adjacent markets, such as agriculture, mining, industrial automation, and IoT. Based in Palo Alto, California, USA, it was founded in 2017.

Autonomous trucking startup Qiangua Technology drew about CNY 200.0M (~$31.4M) in Series A funding from SF Express, Baidu, XPeng Motors, and IDG Capital. The startup is developing automated driving technology for logistics and transportation services. One of the co-founders came from Pony.ai’s autonomous trucking unit. Based in Beijing, China, it was founded in 2021.

Zhuishi Technology, also known as Space Technology, raised over CNY 100.0M (~$15.7M) in a Series A round led by Yuanhe Puhua and joined by Guofang Capital. The company is currently focused on software for low-speed autonomous driving applications, primarily automatic valet parking. It plans to expand to low-speed autonomous minibuses in 2022. Eventually, it plans to develop mid-high-speed functions, with L3 ADAS also coming in 2022. The company expects full automatic driving by 2030. Founded in 2019, it is based in Shanghai, China.

Sinian Smart Driving, also known as Senior Auto, raised CNY 100.0M (~$15.7M) in Series A financing led by ByteDance and joined by Estar Capital, GF Xinde Investment Management, and Jinbang Capital. It is developing autonomous trucking solutions for use in ports by combining laser, camera, millimeter wave, and ultrasonic sensing. It currently has a presence in several ports and is planning to phase out safety drivers over the course of 2022. Founded in 2020, it is based in Beijing, China.

Serve Robotics raised $13.0M in an expanded seed round from Uber Technologies, Delivery Hero, DX Ventures, 7-Eleven’s 7-Ventures, Wavemaker Partners, Wavemaker Labs, Neo, Western Technology Investment, and individual investor Scott Banister, among others. The startup provides autonomous delivery services using small robots on sidewalks. It is currently operating in Los Angeles and San Francisco. Formed in 2017 as the robotics division of Postmates and spun out in 2021, it is based in Redwood City, California, USA.

Embotech drew CHF 10.0M (~$10.8M) in Series A funding led by ZF Friedrichshafen, alongside FuturePlay, Bystronic, and angel investors including Emilio Frazzoli. Embotech develops autonomous systems for commercial and passenger vehicles as well as smart factories. “While autonomous driving on public roads currently remains a promise of the future, applications on private grounds already offer a working business case to the end customer, be it a passenger car OEM driving cars off the production line, a logistics company transferring containers from a factory to an inland port, or a mining company covering large distances with autonomous hauling trucks. Embotech offers the autonomous systems to drive these vehicles safely and efficiently and combines it with robotics for automated charging,” said Andreas Kyrtatos, CEO of Embotech. Based in Zurich, Switzerland, it was founded in 2013.

Delivery robot startup Rino.ai, also known as White Rhino, raised CNY 50.0M (~$7.8M) in a pre-A round that included Seekdource, Chang’an Capital, Costone Capital, and Linear Capital. The company uses unmanned robots to deliver goods, initially focusing on grocery delivery. The company has an agreement with Yonghui Superstores to deliver to customers within 5 kilometers. Funding will be used to expand to more cities, increase the size of the fleet, and engage in R&D for more open road situations. Zhu Lei, CEO of Rino.ai, said, “Our goal is to realize the daily operation of 5,000 unmanned vehicles on open roads within 5 years starting in 2022.” Founded in 2019, it is based in Haidian, China.

Autonomous driving company WeRide received a strategic investment from automaker GAC Group. The two companies will jointly develop and manufacture robotaxis, with the aim of building a fleet of tens of thousands of L4 vehicles. The robotaxis will be based on GAC’s modular X-soul architecture. “With GAC’s automobile manufacturing capability and its scalable autonomous vehicle platform with redundancy systems, the cooperation will enable us to develop the best self-driving vehicles. Together we will make breakthroughs in the mass production of purpose-built L4 self-driving vehicles and lead the development of robotaxis,” said Tony Han, founder and CEO of WeRide. The partnership also includes mobility service On Time. WeRide has operated a robotaxi service in Guangzhou, China, the company’s headquarters, since 2019. It was founded in 2017.

Short-trip vehicle startup Faction received an investment from TDK Ventures. Faction develops light electric three-wheel vehicles that combine autonomous driving and teleoperation for urban trips under five miles. It is partnering with manufacturers of light electric vehicles to scale operational driverless fleets and has demonstrated both prototype and pre-production vehicle systems. Based in San Francisco, California, USA, it was founded in 2020.

AutoBrain raised an undisclosed amount in Series A funding from Shenzhen Capital Group and followed by Grains Valley Venture Capital. AutoBrain develops highway-speed automated driving solutions for both passenger and commercial vehicles. Based in Fangshan, China, it was founded in 2017.

Ducktrain raised an undisclosed amount in venture funding led by Earlybird Venture Capital and joined by be10x, NRW Bank, EIT InnoEnergy, and Wi Venture. The startup develops electric automated logistics vehicles for urban and industrial last-mile delivery. The system enables up to five driverless light cargo vehicles to follow one person without a physical attachment. The company will launch pilot projects in Aachen, Hamburg, and Cologne in 2022. Based in Aachen, Germany, it was founded in 2018.

Automotive components

NASN Automotive Electronics drew CNY 500.0M (~$78.5M) in a Series C round led by GL Ventures and joined by Bank of China Group Investment, CATL, and SDIC Capital. The company develops “X-by-wire” control technologies to replace mechanical and hydraulic systems in new energy vehicles. “X-by-wire technology is essential to the future of vehicle intelligence and electrics, as well as for safety driving, thereby leading to structural growth,” said GL Ventures managing partner Liang Li. Based in Shanghai, China, NASN was founded in 2016.

Chipways, also known as Xinlu Communication, drew CNY 300.0M (~$47.1M) in a Series A+ round led by Summitview Capital. The company develops automotive communication and control chips, including Hall sensor, 32-bit MCU, multi-cell battery monitor, and V2X chips. Founded in 2014, it is based in Shanghai, China.

Actnano raised $21.8M in Series B financing led by BMW i Ventures, joined by new investors HELLA Ventures and TDK Ventures and all Series A investors including Emerald Technology Ventures, GC Ventures America, Henkel Tech Ventures, Ireon Ventures, and Material Impact. The company provides water and environmental resistant nanocoating technology for automotive and consumer electronics, including connectors, antennas, LEDs, and high heat generating components. “Actnano has developed an innovative coating technology that has shown rapid adoption across automotive and consumer electronics markets, and can protect a wide variety of electronics components, devices, and systems. Actnano’s coatings are safe, non-toxic, and environmentally friendly while offering higher performance than incumbents’ solutions in protecting against harsh environmental conditions,” said Andrew Maywah, Investment Director at TDK Ventures. The company says its coatings are in use in over 2 million production vehicles. Based in Cambridge, Massachusetts, USA, Actnano was founded in 2012.

ChipON raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series C funding from CICC, Sailing Capital, Shuimu Wutong Investment, and Silicon Harbor Capital. ChipON develops 8-bit and 32-bit MCUs based on the company’s KungFu architecture, which uses a simplified instruction set. Applications include automotive, industrial, home appliance, and IoT applications. Funding will be used for development of multi-core ASIL-D grade chips for automotive engine and domain controllers. Founded in 2012, it is based in Shanghai, China.

Qixin Micro Semiconductor, also known as Flagchip, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in venture investment from SAIC Capital, Xiaomi Industrial Investment, Jingwei Heng Run, Shunwei Capital, CDH Investments, Glory Ventures, HiRain Technologies, and Hua Partners. The startup focuses on automotive chips, including a recently taped out 32-bit MCU series based on Arm Cortex-M4 that will be available later in 2022. It is also working on domain controller and vehicle controller units. Founded in 2020, it is based in Suzhou, China.

Yuntu Semiconductor drew CNY 100.0M (~$15.7M) in a Series A round from New Alliance Capital, Shenzhen Inovance Tech, Sunic Capital, and Xiaomi Yangtze River Industry Fund. The startup develops automotive MCUs, with its first product targeting applications such as sensor control, EPS, T-Box, TPMS, seat, electric tailgate, car window, and light control. It plans to expand to domain controller, electric drive and control system, BMS master module, and other fields. It is currently developing a domain controller series of chip products that support Gigabit Ethernet, multi-channel CAN bus, and domain control related functions. Based in Suzhou, China, it was founded in 2020.

Easyrain raised €5.0M (~$5.7M) in venture funding from Indaco Venture Partners and Progress Tech Transfer. The company has developed an anti-aquaplaning active safety system to restore grip on wet roads for all vehicles. It provides driver warnings, controls speed in autonomous modes, and alerts other vehicles using the system. Based in Milano, Italy, it was founded in 2013.

Batteries

Svolt Energy Technology raised CNY 6.0B (~$942.1M) in a Series B+ round with participation from CDH Investments, China Mobile Capital, PreIPO Capital, China Industrial Bank, PICC Capital, Taikang Asset Management, Sichuan Energy Investment, Han’s Laser Technology Industry Group, and Changzhou Xingyu Automotive Lighting Systems. Svolt makes batteries for EVs, including cobalt-free batteries and long-life solid-state batteries using a high-speed stacking process. “The company will strengthen its R&D efforts, build a global innovative brand image, and consistently implement its global production capacity plan of 600 GWh in 2025,” said Hongxin Yang, chairman and CEO of Svolt. Based in Changzhou, China, Svolt was started in 2012 as part of Great Wall Motors and spun out in 2018.

Wireless charging company Powermat raised $25.0M in Series B funding led by Foxconn Interconnect Technology (FIT) and Hudson Sustainable Group. Powermat develops Qi-certified and proprietary wireless power technology solutions for various industries based on magnetic induction. Use cases include IoT, telecom, automotive, robotics, consumer electronics, medical devices, and industrial applications. “Access to power on a wireless basis is an essential element to the new mobility ecosystem, which is a business area of increasing focus for FIT,” said Thomas Fann, special assistant to the chairman, FIT. “We view our investment in Powermat as another step in a mutually beneficial partnership that will help enable the future success of FIT’s business and lead to deeper penetration of Powermat’s revolutionary technologies across the world’s most innovative industry segments.” Based in Petah Tikva, Israel, it was founded in 2007.

Fast charging startup Exponent Energy raised $5.0M in pre-Series A funding led by YourNest VC and joined by 3one4 Capital, AdvantEdge VC, and Motherson Group. Exponent Energy developed a battery pack and charger it says can provide 15-minute rapid charging of lithium-ion batteries for electric vehicles while providing a 3000 cycle lifetime. It plans to enter the market in early 2022. Founded in 2020, it is based in Bengaluru, India.

BroadBit Batteries won a €2.5M ($2.8M) grant from the European Innovation Council and SMEs Executive Agency (EISMEA) with the possibility of receiving an additional €8M ($9M) EIC equity investment pending securing matching €8M ($9M) of third-party funds. The funding will be used to finalize the commercialization of the company’s sodium-salt batteries for EV, grid storage and other lithium-ion replacement applications. “This project, named SodiScale, is a game changer for BroadBit Batteries,” said BroadBit CEO David Brown. “This funding will allow us to rapidly complete our R&D, scale production for our first applications and get to market fast.” Founded in 2015, it is based in Espoo, Finland.

Breathe Battery Technologies raised £1.5M (~$2.0M) in seed funding led by Speedinvest and joined by individual investors. The startup develops battery management and charging software to optimize battery lifetime. It targets both EV and smartphone applications. “Our vision for Breathe is to catalyze the electrification of how we move around this planet,” said Breathe co-founder and CEO Dr Ian Campbell. “We’re beginning with automotive electrification, and on a longer timeframe we’ll move to the maritime and aerospace markets.” Founded in 2019 as a spin-out from Imperial College London’s Electrochemical Science & Engineering group, it is based in London, UK.

Golden Feather New Energy Technology, also known as Jinyu New Energy, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in pre-A funding. The startup is developing lithium metal batteries for consumer applications and water-based zinc-ion batteries. Its initial production line is expected to have an annual capacity of 200MWh. Founded in 2017, it is based in Beijing, China.

Zhi’an New Energy raised CNY 10.0M (~$1.6M) in angel funding from Oriental Fortune Capital. It develops battery control and management systems for use in small robotics, drones, and consumer products. Founded in 2020, it is based in Shenzhen, China.

Bamomas raised $1.5M in venture funding from Valkea Growth Club, Grid.VC, and JointJourney. The startup’s battery analytics solution aims to help battery fleet operators to optimize battery lifespan and implement predictive battery maintenance on a fleet level and down to a battery cell level using AI/ML-based battery predictive analytics, battery connectivity, and remote battery monitoring. It targets industrial battery fleet operations including material handling, railway, and utility. Founded in 2016 as a spin off from Tampere University, it is based in Tampere, Finland.

Aceleron, Aspire Engineering, Venture Engineering, and University College London received a £0.9M ($1.3M) grant from the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS) Energy Entrepreneurs Fund to develop a facility in which everything needed for the entire life cycle of the battery in the same place it is manufactured. “We want to create a ‘containerized facility,’ where all the equipment, tooling, and components to build, repair, upgrade and, in some cases, monitor every battery arrives and stays in one place. The same equipment will then be available, in its container, for servicing, repairing and eventually deconstructing the battery throughout its entire life cycle. Once the battery has come to the end of its life, the waste can be returned to its origins for repurposing,” said Carlton Cummins, co-founder and CTO of Aceleron.

Litai Lithium Energy received an undisclosed strategic investment from CATL. Litai Lithium Energy supplies lithium-ion battery cathode materials based on nanocrystalline 3D network porous lithium iron manganese phosphate as well as other battery materials. Founded in 2010, it is based in Liyang, Jiangsu, China.

EVs

EV automaker Niutron emerged from stealth with a $500.0M Series A round including investment from Coatue, IDG Capital, and Plum Ventures. The company’s focus is premium electric and extended-range plug-in hybrid vehicles. It plans to deliver its first model, an SUV with two powertrain options, in 2022. Based in Beijing, China, it was founded in 2018.

WM Motor raised $152.0M in Series D2 financing led by Agile Group Holdings. WM Motor produces a line of electric SUVs and will launch its first sedan, which incorporates L4 autonomous driving and automated valet parking, in 2022. WM Motor and Agile also entered into a strategic partnership agreement to cooperate in branding, sales and services network, charging facility development, automotive financing, supply chain financing, after-market services, and other auto-related projects. “With the additional funds from our recent financings, we will continue to invest in the development of cutting-edge smart EV technology as well as broadening and deepening our sales and service channels,” said WM Motor CFO John Bi. Based in Shanghai, China, it was founded in 2015.

Table: Selected companies that received funding in December 2021.

AI applications

• As ever, investment money is pouring into startups using AI in products and services. Here are some of the largest rounds from last month:
• Cars24 raised $400.0M in Series G funding for its used car marketplace that includes an AI pricing algorithm.
• Paradox raised $200.0M in Series C for its conversational AI for recruiting, hiring, and candidate screening.
• Infarm raised $200.0M in Series D for its modular vertical farms that use AI to manage growing conditions.
• Dialpad raised $170.0M in Series F for its cloud communications platform for businesses.
• Smartling raised $160.0M in Series E for its automated language translation and content localization services.
• Innovaccer raised $150.0M in Series E for its healthcare and patient data analytics platform.