Startup Funding: July 2023

Investors pump $2.8B into 123 companies. Topping the list are photonic chips and a foundry to build them, and silicon qubits.


Investors pumped more than $2.8 billion into 123 companies July. It was a particularly strong month for photonics companies, with a photonic integrated circuit foundry raising more than $100 million.

Startups this month also are using photonic technology in innovative ways. This includes an all-optical RISC processor, biomarker identification, faster fully homomorphic encryption, and more AI.

Another emerging area stood out this month. In quantum computing, there are numerous ways to create a qubit, from superconductor Josephson junctions to nitrogen vacancy centers in diamonds. Each has its own advantages and drawbacks, leading to a broad diversity in the approaches being taken by academia and industry. This month, however, one type dominated the funding — silicon spin qubits. Spin qubits encode information in the spin of a single electron. Using silicon enables quantum processor fabrication to take advantage of established CMOS manufacturing processes, and this month investors and governments both seemed eager to explore the potential benefits by backing four startups developing the technology.


Timesintelli received CNY 100.0M (~$13.9M) in Series B+ and B++ rounds from Varangian Capital, Xinshang Capital, Bangming Capital, and others. Timesintelli develops RISC-V based chips and processor IP for intelligent audio and video signal processing. It targets smart home, security, and industrial applications. Founded in 2018, it is based in Shanghai, China.

NeoLogic raised $8.0M in seed funding led by Maniv Mobility, joined by Lool Ventures and Merck’s M Ventures. NeoLogic has developed what it calls Quasi-CMOS technology that integrates standard CMOS gates/cells with reduced complexity gates/cells. The startup says the approach can cut down the transistor count of digital circuits by up to 3x and result in up to 50% reduction of power consumption as well as up to 40% area savings. It is compatible with the CMOS fabrication processes from 130nm to 2nm as well as common EDA tools. NeoLogic has used its technology to develop a processor family optimized for cloud HPC and AI/ML workloads as well as in a range of IP including arithmetic cells and macro-cells, flip flops and registers, large crossbars, and large multiplexers. Based in Netanya, Israel, it was founded in 2021.

FDMtek raised Series B+ financing led by Three Gorges Capital Holdings. FDMtek designs digital signal processor (DSP) chips for video and voice processing and high-precision real-time control. Funds will be used to accelerate development and optimize products for the industrial control and new energy markets. Based in Beijing, China, it was founded in 2018.

AI hardware

Lightstandard Technology received over CNY 50.0M (~$7.0M) in angel funding from Frees Fund, Xiaomiao Longcheng, and Miracleplus. The startup is developing optical computing and communication chips based on phase-change materials and silicon photonics. Its focus is on data center chips for large model training and inference. The startup also notes potential for other AI workloads. Funds will be used for product iteration and hiring. Founded in 2022, it is based in Suzhou, China.

AiM Future closed a multi-million-dollar Series A round from L&S Venture Capital, Hi Investment Partners, Daedeok Venture Partners, and existing investors KB Investments and We Ventures. AiM Future develops AI acceleration processor IP that can simultaneously execute multiple AI/ML models and process multiple types of sensor data. The company also offers an on-device training acceleration extension enabling iterative learning post-deployment. It is accompanied by a software suite that enables dynamic allocation of hardware resources to match the target workload for highly optimized, low-power execution. It targets applications such as consumer electronics, home appliances, artificial intelligence internet of things (AIoT), robotics, and automotive. Founded in 2020 as a spin-out of the Advanced Research Laboratory of LG Electronics, it is based in Seoul, South Korea.

Anaflash received new investment from Plug and Play. Anaflash designs neural network accelerators for edge devices based on a highly parallelized compute-in-memory architecture. The startup uses standard logic based embedded flash memory, which enables integration without any additional processing steps beyond the baseline processor manufacturing steps. Anaflash says its technology lowers both cost and power consumption for battery powered devices such as wearables, sensors, and robots. Founded in 2019, it is based in Sunnyvale, California, USA.

Denglin Technology drew new funding from the China Internet Investment Fund. Denglin develops general-purpose GPUs (GPGPUs) for acceleration of cloud-based generative AI model training and inference. Its software-defined on-chip heterogeneous computing architecture is compatible with OpenCL and CUDA. Funds will be used for R&D as well as mass production of its next-generation AI accelerator. Founded in 2017, it is based in Shanghai, China.


GWX Technology raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in financing led by Essence Capital and Guangzhou Lifeng. GWX Technology develops back-end design and verification tools, including SPICE simulation, characterization, formal equivalence checking, design for test, physical verification, optical proximity correction, and yield analysis. The company also offers IP, SoC, DFT, and package design services. Founded in 2018, it is based in Shenzhen, China.

Thalia Design Automation raised $2.7M in funding led by Mercia Ventures, joined by Deepbridge Capital and individual investor Guillaume d’Eyssautier. Thalia provides an analog, RF, and mixed-signal IP reuse platform that enables optimization and migration of existing product lines to new wafer fabs and process nodes. The company says its solution can reduce design cycle time for analog blocks such as PLLs, LDOs, and LNAs and support generation of a family of variants from a single design. The platform supports process technologies from 350nm to 22nm and is being broadened to support 12FF and smaller. Funds will be used for expansion and to drive productization. Founded in 2011, it is based in Cwmbran, Wales, UK.

ChipFlow raised £1.2M (~$1.5M) in pre-seed funding led by Fontinalis Partners, with participation from Fuel Ventures, InMotion Ventures, APX, and others. ChipFlow develops open-source chip design tools along with a platform it says enables electronic OEMs without Verilog or VHDL experience to design SoCs. Its platform uses Amaranth, a Python-based hardware description language, and provides cloud-scalable debug, test, simulation, and formal verification frameworks. ChipFlow offers a library of silicon-proven IP modules including pad-rings, analog blocks, common digital peripherals, and SoC frameworks, and works with foundry partners to provide an API for handling PDKs and ordering runs. Funds will be used for hiring, product development, and to support early commercial engagements. Founded in 2021, it is based in Cambridge, England, UK.

Manufacturing & equipment

o9 Solutions raised $116.0M in private equity financing led by General Atlantic, joined by other existing investors including Kohlberg Kravis Roberts and Generation Investment Management. The company offers an AI-powered supply chain planning and P&L data analytics platform for a range of industries, including semiconductors and electronics. Founded in 2009, it is based in Dallas, Texas, USA.

CADDi drew $89.0M in Series C funding led by existing investors Globis Capital Partners, DCM Ventures, Global Brain Corporation, World Innovation Lab, JAFCO Group, and Minerva Growth Partners, joined by new investors Green Co-invest Investment, Sumitomo Mitsui Trust Investment, SMBC Venture Capital, and Mitsubishi UFJ Capital. The company offers a procurement and supply chain management service for fabricated equipment parts, including for semiconductor equipment. Founded in 2017, it is based in Tokyo, Japan.

Motion G raised $16.0M in new funding led by Episteme Inc. The startup is developing digital twin and automation software for industrial engineering processes, starting with motion control. It is targeting a wide range of manufacturing industries, including semiconductors, consumer electronics, and batteries. Founded in 2021, it is based in Singapore.

Demark Precision Technology received CNY 100.0M (~$13.9M) in Series A financing from Great Stone Capital, Addor Capital, and others. The company offers precision milling of parts for semiconductor manufacturing equipment, wind turbines, and robotics. Founded in 2016, it is based in Huzhou, China.

XIVI Technology raised nearly CNY 100.0M (~$13.9M) in a Series A round led by Glory Ventures, joined by Ivy Capital and others. XIVI offers linear motion platforms, wafer stages, and wafer transfer systems. Funds will be used for R&D and to expand operations and production. Founded in 2015, it is based in Wuxi, China.

Saltworks Technologies received a CAD 4.8M (~$3.7M) grant from the Pacific Economic Development Agency of Canada. Saltworks Technologies provides equipment for industrial wastewater recycling and reuse. For semiconductor manufacturing, it can manage wastewater flows by reducing or removing ammonia, metals, fluoride, and other ions and recover water from reverse osmosis brine and ion exchange resin regeneration waste. Founded in 2008, it is based in Richmond, British Columbia, Canada.

FononTech raised €2.3M (~$2.5M) in seed funding with convertible loans from TTT Smart Industries Fund, SHIFT Invest, Brabantse Ontwikkelingsmaatschappij, Brabant Startup Fonds, and individual investor Sake Bosch. FononTech has developed a method for additive printing of complex 3D chip interconnects using a wide range of conductive inks. Its Impulse Printing technology starts with a custom filling system that fills grooves in a plate under high pressure. The plate, with micron-sized features made using a lithographic process, is then rapidly heated, transferring the complete pattern in under a millisecond. Selective heating makes it possible to perform local alignment between the pattern and a substrate. The method can also be used for displays. Funds will be used to further develop the technology and prepare for scale up. Founded in 2022 as a spin off from TNO, it is based in Eindhoven, the Netherlands.

Using.AI drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A financing from Legend Capital and GSR United Capital. The startup develops AI solutions for process control and yield optimization in advanced manufacturing, including displays, optics components, and semiconductors. Founded in 2017, it is based in Shenzhen, China.

Aerotech drew new financing from China Electronics Research and Investment Fund, Changsha Pilot Investment Holdings, and others. The company makes gas pipe valves and pressure reducers for semiconductor manufacturing equipment. Founded in 2008, it is based in Beijing, China.

Joysingtech Semiconductor drew investment that included automaker BYD. Joysingtech makes semiconductor manufacturing equipment, including for etch, thin film deposition, and rapid thermal annealing. Founded in 2021, it is based in Jiaxing, China.


Jiangsu IC Assembly & Test (ICAT) raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in financing led by Jintong Capital. ICAT provides assembly and test services. Its capabilities include wirebond packages (SOP/SOT, QFN/DFN, QFP, LGA) as well as flip-chip system-in-package and wafer-level chip-scale packages. Funds will be used to expand production capacity and for R&D. Founded in 2018, it is based in Xuzhou, China.

Test, measurement & inspection

Zenfocus Semiconductor Technology raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in a Series C round. Zenfocus provides test interfaces for wafers and finished products, including ATE test boards, high-speed 2D/3D MEMS probe cards, multi-layer organic substrates, multi-layer ceramic substrates, and memory probe cards.  Funds will be used for capacity expansion, equipment procurement, R&D, and market development. Based in Shanghai, China, it was founded in 2015.

Zhongan Semiconductor raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series A+ funding from Fengyuan Capital, CoStone Capital, China Fortune-Tech Capital, Oriza Holdings, and others. The company makes wafer inspection and metrology equipment, including non-contact optical interferometry for parameters such as wafer warpage, flatness, thickness, and film stress. It also offers particle defect detection equipment. Founded in 2020, it is based in Nanjing, China.

Wooptix raised €10.0M (~$11.1M) in a Series B round from Bullnet Capital, Centre for the Development of Technology and Innovation (CDTI), Danobatgroup, European Innovation Council, Fagor Automation, Intel Capital, and Mondragón Promotion, along with a €2.5M (~$2.8M) grant from the European Innovation Council Accelerator. Wooptix develops semiconductor wafer metrology equipment incorporating wavefront phase imaging. The startup says its technology enables blank and patterned wafer-shape measurement, including shape uniformity, nanotopography, and roughness, in less time and with higher resolution. It currently offers a manually operated 300mm wafer lab tool, with a fully automated fab tool expected in 2024. It also hopes to integrate the technology into existing equipment platforms from tool vendors. Funds will support manufacture, delivery, and installation of three metrology tools. Founded in 2016, it is based in Tenerife and Madrid, Spain, and San Francisco, California, USA.

Avant Semiconductor raised nearly CNY 100.0M (~$13.9M) in a Series A round led by Cornerstone Pujiang, followed by New Hope Capital, Galaxy Capital, South China Venture Capital, Honghu Capital, and others. Avant Semi provides front-end inspection and measurement equipment. Its products include an automated epitaxial film thickness and element measurement system that uses Fourier-transform infrared spectroscopy (FTIR) for non-destructive, high-sensitivity analysis. Along with epitaxial layers, it can also measure photoresist thickness, CMP polished thickness, and element concentrations. It also offers optical defect detection equipment for silicon carbide wafers. Founded in 2021, it is based in Shanghai, China.

Optics Robot Technology raised nearly CNY 100.0M (~$13.9M) in Series B funding from CICC Capital and others. The company offers automated optical inspection (AOI) and laser marking equipment for semiconductor packaging, PCBs, and displays. Founded in 2016, it is based in Nanjing, China.

LightE Technology received tens of millions of yuan (CNY 10.0M is ~$1.4M) in strategic financing from Keli Sensing Technology. LightE Technology makes spectral confocal displacement sensors for 3D optical inspection of semiconductors, PCBs, consumer electronics, photovoltaics, lenses, and other applications. The startup says the technology has higher precision, wider material adaptability, and higher stability compared to traditional lasers. It currently offers point and linear confocal sensor products. Based in Shenzhen, China, it was founded in 2014.

DKW Micro received nearly CNY 10.0M (~$1.4M) in angel funding from Weixi Capital. The company makes ATE and PCB test probes. Founded in 2010, it is based in Suzhou, China.

DeepSight Information Technology drew Series A+ financing from SND Financial Holdings and CEC Fund. DeepSight provides an automated visual inspection platform for wafers, PCBs, flexible PCBs, and high-density interconnector PCBs. It uses computer vision and reinforcement learning techniques to detect defects. Founded in 2017, it is based in Shanghai, China.


NorSun was awarded a €54.0M (~$60.4M) grant from the EU Innovation Fund. NorSun manufactures monocrystalline silicon ingots and high efficiency n-type wafers for photovoltaics. Funds will be used to expand production. Founded in 2005, it is based in Oslo, Norway.

Gao Semi raised CNY 65.0M (~$9.1M) in Series A funding from V Stone Fund, Haitong Securities, and others. The startup manufactures gallium oxide single crystal and epitaxial wafers. Funds will be used for R&D, capacity expansion, and hiring. Founded in 2021, it is based in Beijing, China.

BestGraphene raised 8,000.0M won (~$6.2M) in Series A financing from KDB Capital, L&S Venture Capital, Nau IB Capital, Seoul Investment Partners, SL Investment, Solon Investment, Hana Securities, and YMT Co. BestGraphene manufactures functionalized graphene and graphene composites for conductive inks, thermal pastes, electrostatic discharge protection, and batteries. Founded in 2017, it is based in Yeoju, South Korea.

Materials Nexus drew £2.0M (~$2.6M) in seed funding led by Ada Ventures, joined by High-Tech Gründerfonds, University of Cambridge, MD One Ventures, and individual investors. Materials Nexus develops an AI and quantum mechanics technology platform for discovery of new materials. It targets alternative materials for batteries, semiconductors, and superconductors, as well as replacements for rare-earth and precious metals used in clean energy technologies. It plans to license and produce the materials it discovers. Founded in 2020, it is based in London, England, UK.

Tanrand Technology drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel financing from CasStar and Trustino Capital. The company manufactures carbon nanotube fibers, films, and aerogels and graphene/copper composite powders for applications including conductive pastes and electromagnetic shielding. The company also makes stir friction welding equipment. Founded in 2015, it is based in Beijing, China.

PlastFormance drew a seven-figure euro (€1.0M is ~$1.1M) investment from High-Tech Gründerfonds. PlastFormance functionalizes polymers to enable tasks such as thermal management, power generation, or radiation protection through injection molded components suitable for large-scale production. Its thermally conductive plastic can be used as heatsinks for electronics without the need for an interface material to provide electrical insulation. Founded in 2018, it is based in Teisendorf, Germany.

Bolai Narun Electronic Material, also known as Planary, received new investment from Su Venture Capital and SIDVC. The company makes abrasive particles, polishing liquid, and polishing pads for chemical mechanical polishing (CMP) in manufacturing semiconductor wafers, LED sapphire substrates, and optical glass. Founded in 2021, it is based in Suzhou, China.

BYN Chemical received new financing led by CD Capital, Fortune Capital, and GAC Capital. The company manufactures various chemicals, including the solvent NMP, for the electronics, LED, battery, and other manufacturing industries. Founded in 2011, it is based in Binzhou, China.

Novel Crystal Technology received strategic financing from Mitsubishi Electric. Novel Crystal Technology manufactures gallium oxide homo-epitaxial wafers for power semiconductors. The company notes that the material has a larger bandgap than SiC or GaN, making it suited for high voltage, low resistance applications. Additionally, a single β-Ga2O3 crystal can be grown from a melt, lowering costs. Founded in 2015, it is based in Sayama, Japan.

TC Ceramic Electronics drew new funding from SDIC Venture Capital. The company makes ceramic packaging substrates for power electronics. It offers both direct bonded copper and active metal brazed ceramic copper clad laminates, including DBC zirconium-doped Al2O3, AMB-Si3N4, and AMB-AlN. Founded in 2013, it is based in Jiaxing, China.

Wylton Jinglin Electronic Material raised pre-IPO financing led by Lanhor Capital. The company provides a range of electronics-grade precursor chemicals including POCl3, BBr3, TEOS, TMA, and DCE for IC, discrete, photovoltaic, and LED thin film deposition and manufacturing. Founded in 2006, it is based in Guiyang, China.

Memory & storage

Genomika was awarded a €5.0M (~$5.5M) grant from the European Innovation Council. Genomika is developing a hard drive based on the storage of information in DNA molecules. With the goal of building the device within three years, the funding will support laboratory expansion, equipment purchases, and hiring. Founded in 2019, it is based in Kaunas, Lithuania.

Truth Memory Corporation (TMC) raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from China Internet Investment Fund, Jucheng Capital, and Jingpeng Investment. The startup develops and manufactures spin-orbit torque MRAM (SOT-MRAM) chips. It is also working on toggle spin transfer (TST-MRAM) devices. Funds will be used for R&D and production line construction. Founded in 2019, it is based in Beijing, China.

Datang Storage Technology (DATSSD) drew new funding from Guolian Securities, Sunic Capital, and others. DATSSD offers storage controller chips and security firmware for enterprise-grade, commercial-grade, and industrial-grade SSDs. Founded in 2018, it is based in Hefei, China.

Quanxing Technology drew new financing from Leaguer Capital. The company packages and tests NAND and DRAM devices, including DDR modules, SSDs, memory cards, and embedded storage for consumer and enterprise markets. Funds will be used for expansion and R&D for automotive-grade devices. Founded in 2016, it is based in Shenzhen, China.


SDSX drew hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in funding led by Beijing Financial Street Capital, joined by SDIC Venture Capital, ShanJin Capital, Shenzhen Investment Holdings, and Huaxi Securities. SDSX designs RF and power chips for communications. Its products include gallium arsenide (GaAs) and gallium nitride (GaN) power amplifiers and low noise amplifiers for 5G/6G base stations, consumer electronics, IoT, and automotive. It also offers Wi-Fi 6 RF front-end chips. Funds will be used for mass production, construction of SiP assembly lines, and R&D of RF microwave chips. Based in Shenzhen, China, it was founded in 2017.

Chipbetter Microelectronics raised nearly CNY 100.0M (~$13.9M) in new financing. Chipbetter makes radio frequency (RF) chips, including RF power amplifiers, ultra-low noise amplifiers, switches, GaAs attenuators, and integrated devices. Its product lines include Wi-Fi, 5G small cell base stations, IoT, and ultra-wideband (UWB). The company is currently developing RF front-end chips for 5G mobile phones as well as RF devices based on wide bandgap semiconductors. Funds will be used for R&D and equipment procurement. Founded in 2018, it is based in Wuxi, China.

Geo-Chip raised nearly CNY 100.0M (~$13.9M) in Series B financing from Shenzhen High-tech Investment, Z&H Investment, and others. Geo-Chip makes cellular RF transceiver chips, RF front-end chips based on a multi-mode multi-frequency power amplifier for a range of protocols, and analog signal chain chips. Target markets include 4G/5G base station equipment, industrial electronics, and IoT. Founded in 2018, it is based in Hangzhou, China.

Sappland Microelectronics drew nearly CNY 100.0M (~$13.9M) in Series B financing led by China Resources Capital Management. Sappland develops and manufactures radio frequency MEMS chips including high-performance RF filters, duplexers, and RF front-end modules. Its products include PEBAW resonators, which comprise a thin film metal-piezoelectric-metal membrane with an air cavity on either side for low insertion loss and high power durability. It targets mobile phones, 5G base stations, automotive, and IoT. Funds will be used for new product R&D and hiring. Founded in 2016, it is based in Hangzhou, China.

Cavli Wireless raised $10.0M in a Series A round led by Chiratae Ventures, with participation from Qualcomm Ventures and others. Cavli designs and manufactures cellular IoT modules with solutions incorporating integrated eSIM and a range of protocols including 4G, 5G, and cellular LPWAN technologies like NB-IoT and LTE-M. It targets smart city, Industry 4.0, transportation & logistics, energy & utility, healthcare, and agricultural markets. Founded in 2017, it is based in San Jose, California, USA.

Power devices

Meraki Integrated raised over CNY 100.0M (~$13.9M) in Series B financing from Shenzhen High-tech Investment, Lotus Lake Capital, Hui Capital, energy management companies GoodWe and AP Systems, and others. Meraki makes analog and mixed-signal power chips. Products include AC/DC pulse-width modulation controllers, DC/DC buck converters, synchronous rectifier controllers and switchers, and gate drivers for applications including power management, automotive electronics, power drive modules, motor drives and sensors. Funds will be used for R&D. Founded in 2017, it is based in Shenzhen, China.

Ruilaibo Microelectronics drew CNY 5.0M (~$0.7M) in angel financing from HSRH Venture Capital and Blue Power Capital. The startup makes digital isolator chips based on capacitive isolation. Founded in 2022, it is based in Shenzhen, China.

Daikun Semiconductor drew new financing. The company makes battery management chips for industrial and automotive markets. Founded in 2020, it is based in Shanghai, China.

Photonics & optics

SMART Photonics raised €100.0M (~$110.2M) in new debt funding from ASML, NXP, VDL Groep, ING Nederland, BOP Impact Ventures, Invest-NL, Innovation Industries, BOM, PhotonDelta, KPN Ventures, and the government of the Netherlands. SMART Photonics is a pure-play indium phosphide (InP) foundry for both discrete and integrated photonic components. It provides a generic integration process for production of photonic ICs that allows optical amplifiers, modulators, and detectors to be integrated with a variety of passive devices in a single chip. The foundry offers multi-project wafer runs on 3-inch wafers. Funds will be used to extend manufacturing capabilities and accelerate development of photonic integrated chip technology platforms and process design kits (PDKs). Based in Eindhoven, the Netherlands, it was founded in 2012.

Qianmu Laser drew nearly CNY 100.0M (~$13.9M) in Series B financing led by Shanda Capital. The company develops and manufactures semiconductor lasers including VCSEL, edge-emitting laser, and DFB laser devices. Applications include data center communications, security cameras, infrared lighting, gesture recognition, depth sensing, and AR/VR. Funds will be used for production line expansion and marketing. Based in Wuhan, China, it was founded in 2017.

Skylark Lasers received a £2.3M (~$3.1M) grant from Innovate UK. Skylark Lasers develops single-frequency diode-pumped solid-state (DPSS) lasers for a range of applications, including photomask and maskless lithography, semiconductor inspection and metrology, optical diffraction gratings, and quantum sensors. The grant will be used to develop next generation quantum-enabled navigation and time-keeping systems, particularly a portable laser system for quantum gravity gradiometry with frequency-versatile switching based on DPSS technology. Founded in 2013, it is based in Edinburgh, Scotland, UK.

Akhetonics raised €2.3M (~$2.5M) in early-stage funding led by Runa Capital, joined by Interface Capital, Rheingau Founders, and individual investors Thomas Pirschke and Marie Tai. Akhetonics is developing all-optical, general-purpose RISC processors. The startup says its NOR/NAND gate design based on nonlinear optics helps solve fan-out and cascadability issues. It has also developed design automation software for the photonic VLSI RTL-to-GDSII workflow. Founded in 2021, it is based in Berlin, Germany.

CamGraPhIC received a loan facility of up to £1.5M (~$1.9M) from existing investor Frontier IP Group. CamGraPhIC is developing graphene-based photonics technology for optical transceivers, including electro absorption modulators, photodetectors, and phase modulators. It says that current versions of the technology have indicated speeds of up to 100Gbps per lane and operation across multiple wavebands, while consuming less than 70% of the energy of equivalent technologies. It targets applications such as next generation 5G networks, 6G mmWave, high performance computing, and AI networks. Founded in 2018 as a spinoff from the University of Cambridge, it is based in Cambridge, England, UK.

Quantum computing

Silicon Quantum Computing (SQC) drew AUD $50.4M (~$34.1M) in Series A funding from the Australian Commonwealth Government, Commonwealth Bank of Australia, Telstra Corporation, University of New South Wales, and others. SQC is developing silicon-based quantum processors and computers. The funds will help the company build a logical qubit in silicon. Recently, the company demonstrated the ability to precision place phosphorus atoms in silicon to form circuit elements such as qubits and gates then observe the underlying qubit wave functions and how they are controlled by metallic gates during device operation. “SQC has a globally unique technology to manufacture processors with atomic precision,” said Michelle Simmons, CEO of SQC. It expects to deliver a programmable device based on a 100-qubit quantum processor embodying error correction by 2028. Founded in 2017, it is based in Kensington, Australia.

Quobly raised €19.0M (~$20.9M) in seed funding led by Quantonation, Bpifrance, Supernova Invest, and Innovacom, joined by Crédit Agricole Alpes Development, CEA Investment, Caisse d’Epargne Rhone Alpes, and BNP Paribas. It also received a €2.5M (~$2.8M) grant from the European Innovation Council Transition fund. Quobly is developing fault-tolerant quantum processors based on silicon spin qubits created from transistors. The startup says the approach allows it to leverage existing semiconductor manufacturing processes. The grant will be used to deliver an FD-SOI-based quantum processor demonstrator with a novel 4×4 multicore architecture. Quobly says that in the long-term, the architecture will facilitate the distribution of error correction routines over the different cores and support progress towards fault-tolerance, while in the short term, multicore architectures can support promising noisy intermediate-scale quantum (NISQ) algorithms. Founded in 2022 as a spin off from CEA and CNRS in 2022 under the name Siquance, it is based in Grenoble, France.

Quantagonia raised €4.3M (~$4.7M) in pre-seed and seed funding from Tensor Ventures, Beteiligungs-Managementgesellschaft Hessen, Fraunhofer Technology Transfer Fund, Voima Ventures, and a family office. Quantagonia offers a hybrid quantum software platform to facilitate execution of existing program code on both classical and quantum computer architectures. It focuses on computationally intensive industrial applications in the AI, optimization, and simulation sectors. Funds will be used for further product development and sales expansion. Founded in 2021, it is based in Bad Homburg, Germany.

Diraq received two grants, each AUD 3.0M (~$2.0M), from the NSW Quantum Computing Commercialisation Fund and the Australian government’s Cooperative Research Centres Projects. Diraq is building quantum processors based on electron spins in silicon quantum dots. This approach allows its processors to be fabricated using standard CMOS manufacturing technology. The startup claims its technology could scale to billions of qubits per chip. The grants will support commercialization and delivery of a 10-qubit silicon quantum processor. Founded in 2022, it is based in Sydney, Australia.

Q-CTRL added around $1.6M to its Series B round with new investment from Morpheus Ventures, bringing the B round total to $54.0M. It also received an AUD 2.3M (~$1.6M) grant from the NSW Quantum Computing Commercialisation Fund. Q-CTRL provides quantum control infrastructure software that can correct errors and autonomously stabilize hardware. The company aims to make it easier for enterprises to adopt quantum computing. Q-CTRL also offers a training and education platform for learning quantum programming. Additionally, it develops space-qualified software-defined quantum sensors for acceleration, gravity, and magnetic fields. Funds will be used for research, expanding the product portfolio, and scaling operations. Founded in 2017, it is based in Sydney, Australia.

Quantum Brilliance received an AUD 1.4M (~$1.0M) grant from the NSW Quantum Computing Commercialisation Fund. Quantum Brilliance builds quantum computers based on nitrogen vacancy centers in synthetic diamonds that can operate at room temperature in any environment with long coherence times and a small form factor. The technology does not require cryogenics, vacuum systems, or precision laser arrays, which the company says enables its systems to be deployed on site or at the edge. In addition to large-scale quantum systems, the startup sees its technology being used as quantum accelerators in applications like satellites and automotive. Quantum Brilliance also offers a software development kit that includes high performance emulators for development and testing of quantum applications. Based in Sydney, Australia, it was founded in 2019 as a spin-out from the Australian National University.

SemiQon and Qblox received a €2.5M (~$2.8M) grant from the European Innovation Council Transition fund. The grant will support building silicon-based spin-qubits and the tools to control and operate them sustainably, using a scalable quantum computing control stack. The project aims to improve qubit quality and reduce the need for cooling by implementing low-charge-noise quantum dots and monolithically integrating a cryo CMOS multiplexer. SemiQon, a developer of silicon-based quantum processors, was founded in 2023 and is based in Espoo, Finland. Qblox, a provider of scalable and modular qubit control stacks, was founded in 2018 and is based in Delft, the Netherlands.

The Duality Accelerator, which is focused on quantum technologies, accepted four startups into its latest cohort:

  • Icarus Quantum– Secure quantum internet solutions using technology that can generate quantum light reliably and efficiently. (Boulder, Colorado, USA)
  • Ingenii– Ready-to-use quantum algorithms with benchmarking and error mitigation, enhanced with automation and AI, for life and environmental science use cases. (New York, New York, USA)
  • Ki3 Photonics– Photonics hardware for the generation and processing of broadband quantum signals that solves the problem of scalability, energy consumption, and distribution efficiency of quantum photonics signals over optical fiber networks. (Montreal, Canada)
  • reOrbital– Mass microgravity manufacturing including for optics, nanomaterials, and semiconductors. (Hermosa Beach, California, USA)

The QAI Ventures Accelerator accepted five companies to its program for quantum and AI startups:

  • Anaqor– Platform for running quantum workflows and access to community-built software. (Berlin, Germany)
  • Kipu Quantum– Application and hardware-specific quantum algorithms. (Karlsruhe and Berlin, Germany)
  • Miraex– Fiber optic sensors and quantum converters and transducers to bridge the microwave and optical frequency domain. (Ecublens, Switzerland)
  • Moonlight AI– Genomic information analysis for cancer diagnosis. (Basel, Switzerland)
  • QDC– Quantum computing for large scale combinatorial optimization. (Palo Alto, California, USA)


SiPhox Health received $27.0M in seed and Series A financing from Intel Capital, Khosla Ventures, Kortex Ventures, Alumni Ventures, Metaplanet, Shorewind Capital, LongeVC, Overlap Holdings, Duke Capital Partners, Y Combinator, Massachusetts Manufacturing Innovation Initiative, Rsquared Ventures, Vituity, Longevity Tech Fund, and others. SiPhox Health is developing silicon photonic biosensor chips for at-home devices to test blood for various biomarkers related to inflammation and metabolic, hormonal, and cardiovascular health. Eventually the startup hopes to use the technology to build wearables that can measure proteins, hormones, and small molecules continuously. Founded in 2020, it is based in Burlington, Massachusetts, USA.

MEMSonics raised over CNY 100.0M (~$13.9M) in strategic financing led by Sai Microelectronics. MEMSonics designs and manufactures front-end bulk acoustic wave (BAW) filters and other radio frequency filters covering piezoelectric microphones and piezoelectric ultrasonic sensor chips. The company also started mass production on a new 8-inch BAW filter production line that is a joint effort between MEMSonics and Sai Microelectronics. Based in Wuhan, China, it was founded in 2019.

Mauna Kea Semiconductors (MKSemi) raised CNY 80.0M (~$11.2M) in Series A funding from China Merchants Capital, Ivy Capital, Gaorong Capital, and others. The startup offers a low power ultra-wideband (UWB) SoC for high-precision location sensing, ranging, and direction finding in power- and area-constrained IoT devices, smartphones, wearables, and automotive. Funds will be used for marketing, mass production, hiring, and R&D on its second generation UWB product. Based in Shanghai, China, and San Jose, California, USA, it was founded in 2019.

Nami raised $10.5M in Series A financing that included Verizon Ventures, Amavi Capital, INSPiRE Corporation, and Aconterra Capital Partners. Nami develops Wi-Fi sensing SoCs and a full-stack platform for deploying presence, motion, and situation-aware IoT services in residential and commercial buildings. Capable of detecting activity patterns through disruptions in Wi-Fi signals, applications include fall detection and energy management. Founded in 2021, it is based in Singapore.

Nomad Atomics raised AUD 12.0M (~$8.0M) in pre-Series A funding from Blackbird Ventures and Right Click Capital. Nomad Atomics develops quantum sensors such as cold-atom gravimeters, accelerometers, magnetometers, and clocks for segments including inertial navigation, underground fluid monitoring, and mineral exploration. Funds will be used for hiring and R&D. Founded in 2020, it is based in Fyshwick, Australia.

Ubicept raised $8.0M in seed funding led by Ubiquity Ventures and E14 Fund, with participation from Wisconsin Alumni Research Foundation, Phoenix Venture Partners, and others. Ubicept develops perception systems based on single-photon sensors that turn the individual photons that hit an imaging sensor into a reliable computer vision output. Combined with computer vision algorithms, the startup says the resulting system can operate in extreme lighting conditions, capture sharp images of high-speed motion, and ‘see’ around corners. It is currently capable of producing up to 500fps (equivalent) video at 100 mlux and 140dB dynamic range. Ubicept targets a price point similar to conventional camera systems. Funds will be used for hiring, to secure further intellectual property rights, and expand into new industries including 3D scanning and industrial automation. Founded in 2021 based on research from MIT and University of Wisconsin-Madison, it is based in Boston, Massachusetts, USA.

Sencure raised €5.0M (~$5.5M) in funding led by Cottonwood Technology Fund, joined by Northern Netherlands Investment Agency and Lumana Invest. Sencure develops chips for medical wearable biosensors that capture electrophysiological signals like ECG and EEG with high signal quality and minimal power consumption. It targets use both in hospitals and remote patient monitoring. Funds will be used to accelerate the industrialization process. Founded in 2021, it is based in Roden, the Netherlands.

Delta g drew around £1.5M (~$2.0M) in a pre-seed round led by Science Creates Ventures, joined by Quantum Exponential, Newable Ventures, and Bristol Private Equity Club, along with a £0.5M (~$0.6M) grant from Innovate UK. Delta g develops quantum sensors for mapping complex underground spaces. The sensors use cold-atom gravity gradiometry to measure subtle changes in the pulling strength of gravitational fields when clouds of atoms are dropped. Funds will be used to undertake real-world trials with industrial partners and reduce the size, weight, power, and cost of its hardware for commercialization. A spin out from the University of Birmingham founded in 2023, it is based in Birmingham, England, UK.

Beephoton Technology drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series B financing led by Capital X. Beephoton offers photodetector optoelectronic chips, signal processing ASICs, and X-ray detector modules for applications such as medical imaging, industrial inspection, and security. Founded in 2017, it is based in Changzhou, China.

Dito Technology received tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A financing from Nantong Innovation Xinzhi Equity Investment Partnership. The startup makes image sensor chips and camera modules for applications such as municipal transit access control and payment. Founded in 2017, it is based in Shanghai, China.

Meta Retina received tens of millions of yuan (CNY 10.0M is ~$1.4M) in financing from Qihang Capital and Xiaomi. The company develops computational optics imaging sensors for applications such as medical devices, astronomy, and smartphones. Founded in 2022, it is based in Beijing, China.

Qiu Shi Spectrum received tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A and A+ rounds from CasStar, China Fortune-Tech Capital, and others. The startup provides multispectral imaging sensor chips, modules, and cameras for spectral analysis applications in consumer electronics and smart home, such as quality inspection of consumer packaged goods through a smartphone. It plans to expand to medical, automotive, industrial, and agricultural markets. Founded in 2017, it is based in Changchun, China.

Sensview Technology drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A+ financing led by Matrix Partners China. Sensview develops and manufactures solid-state imaging chips and detector modules. The company’s products include­ CMOS flat panel detectors, X-ray detectors such as CT detectors, photon counting detectors, signal chain ASICs, and other solid-state imaging chips and detectors based on monocrystalline silicon technology. It targets medical, industrial, and security markets. Funds will be used for product development, capacity expansion, and marketing. Based in Chengdu, China, it was founded in 2019.

Dianlian Sensing received angel financing from Keli Sensing Technology. The startup makes high-precision CMOS laser measurement sensors. Founded in 2022, it is based in Shenzhen, China.

MagVision drew new funding from Yizhuang Venture Capital, Stony Creek Capital, Xinke Capital, and others. The company makes mid- to high-end CMOS image sensor chips. Founded in 2022, it is based in Beijing, China.


Optalysys received £21.0M (~$27.5M) in Series A funding from Lingotto, imec.xpand, and Northern Gritstone. Optalysys is developing an optical hardware accelerator platform for fully homomorphic encryption. FHE enables computation of encrypted data. The startup’s hybrid platform uses silicon photonic waveguides and existing modulation technology to perform free-space Fourier and number-theoretic transforms, which is combined with specialized supporting logic and memory architectures in a multi-chip module. It supports all major FHE schemes. Funds will be used to launch its technology on a cloud-based service model. Founded in 2013, it is based in Leeds, England, UK.

Quside extended its Series A round, bringing its funding to over €10.0M (~$10.9M) with the addition of the Catalan Institute of Finance and business angels. Quside offers a quantum random number generator (QRNG) based on the phase-diffusion process in semiconductor lasers. QRNGs generate randomness by measuring quantum processes. The startup’s generation process involves modulating a semiconductor laser from below to above its threshold level to produce a stream of phase randomized optical pulses, which are converted into the amplitude domain with an interferometer then into the electronic domain with a photodiode. It says its chip enables gigabit per second quantum entropy generation on a millimeter-squared footprint. Founded in 2017 as a spin off from the Institute of Photonic Sciences (ICFO), it is based in Barcelona, Spain.

Displays & AR/VR

Microoled raised €21.0M (~$23.2M) in funding led by Jolt Capital, joined by Bpifrance, Cipio Partners, and Ventech. Microoled develops high resolution, low power near-eye OLED microdisplays for AR, VR, and wearable ultra-lightweight HUDs. It also targets camera viewfinders, security, and medical devices. Its products range from 0.2″ to 0.6″ in size, with power as low as 1mW. Funds will be used for development of the next range of full color, high luminance OLED solutions, expansion of manufacturing capabilities, and international sales. Founded in 2007, it is based in Grenoble, France.

Greatar Tech raised CNY 100.0M (~$13.9M) in a pre-Series B round led by Huatai Zijin Investment, joined by F&G Venture and others. Greatar designs and manufactures diffractive optical waveguides and display modules for AR glasses. The company says its diffractive gratings enable thin and light lenses with a 50° field of view, improved color uniformity, and high brightness for outdoor viewing. It also designs diffractive gratings for applications such as spectral analysis, metrology, high-energy lasers, and optical communication. Funds will be used for product development and expansion of mass production capacity. Founded in 2019, it is based in Beijing, China.

ARknovv raised $10.0M in angel financing led by Alibaba, joined by Neeo Fund, Ultrabuttonwood Capital, and others. The startup makes consumer AR glasses aimed at providing information about the surrounding environment. It incorporates SLAM spatial positioning technology and an optical display system suitable for outdoor use. It is also developing an AR-HUD for vehicles. Founded in 2022, it is based in Beijing, China.

Espace Optoelectronics raised Series A funding from Z&Y Capital and others. The company provides chip-scale packaging (CSP) and chip-on-board (COB) packaging for mini LEDs and microLEDs. Founded in 2020, it is based in Dongguan, China.

Eternal Material Technology (EMT) closed a Series C round. The company offers OLED and color photoresist materials for display manufacturing. Founded in 2013, it is based in Beijing, China.


RoboSense raised CNY 1,190.6M (~$172.9M) in Series G financing in April 2023, with investors including BAIC Capital, GAC Capital, BYD, Xiaomi, China Renaissance, YF Capital, Oriental Fortune Capital, Greenwoods Investment, Kinzon Capital, KCH Investment, China Innovative Capital Management, and others. RoboSense makes systems incorporating lidar sensors, SoC, and AI perception software. Its automotive-grade lidar uses MEMS-based sensors and covers both near and far sensing. The company also makes a range of mechanical lidar systems for applications such as low and mid-speed robotics, blind spot detection, and roadside monitoring. Its products include a flash solid-state lidar platform that provides 360° coverage and uses the company’s in-house, custom chips that incorporate transmission, reception, and processing as well as its first 2D electronic scanning technology. The company is preparing to list on the Hong Kong Stock Exchange. Founded in 2014, it is based in Shenzhen, China.

Senasic raised over CNY 500.0M (~$70.1M) in Series D funding from the China State-owned Enterprise Mixed Ownership Reform Fund, GAC Capital, CD Capital, GGV Capital, Geely Capital, China ICV, and others. Senasic develops automotive sensors and monitoring chips, including integrated tire pressure monitors, battery pressure sensor monitors, temperature and pressure sensor interface chips, and sensor controllers. Founded in 2015, it is based in Nanjing, China.

HoloMatic raised CNY 300.0M (~$41.8M) in a Series C3 round led by Guangdong Technology Financial Group and GAC Capital. HoloMatic’s ADAS solutions include a valet parking system and L3.5 highway driving system with adaptive cruise, traffic jam pilot, active lane change and overtaking, and interchange and on/off-ramp navigation. It also offers domain controller hardware and software. Funds will be used for R&D, mass production, and commercialization. Founded in 2017, it is based in Beijing, China.

Huixi Technology, also known as Rhino Auto, raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in strategic financing led by automotive electronics company Jingwei Hirain, joined by Everest VC, TI Capital, 37 Interactive Entertainment, and Lianxing Capital. The startup is developing AI chips for autonomous driving and ADAS, targeting L2+ and above. Huixi uses what it calls a ‘data-loop defined silicon’ approach that it claims enables creation of more efficient silicon and faster algorithm iteration. It expects its first chip to enter mass production in 2024. Huixi and Jingwei Hirain plan to collaborate on automated driving technology for urban areas. Founded in 2022, it is based in Hefei, China.

Tanway Technology raised over CNY 100.0M (~$13.9M) in Series A+ funding from Cornerstone Venture Capital, Guosen H&S, WZ Group, and others. Tanway makes hybrid and solid state automotive lidar, along with lidar/camera sensor fusion systems. Funds will be used for R&D and mass production. Founded in 2017, it is based in Beijing, China.

Gint drew 16,500.0M won (~$12.7M) in Series B financing from SGC Partners, Hanwha Investment & Securities, Shinhan Asset Management, HG Initiative, JB Investment, and others. The company develops autonomous driving technology and ECUs for agricultural equipment. Founded in 2015, it is based in Suwon, South Korea.

Light Wheel Intelligence drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding that included SeeFund and VarCapital. The startup offers synthetic 3D data generation for training AI models used in applications such as autonomous driving and robotics. Founded in 2023, it is based in Beijing, China.

Fengzhi Ruilian drew CNY 10.0M (~$1.4M) in angel funding from Huayi Ventures. The startup offers an intelligent powertrain domain control unit for EVs. It comprises vehicle control unit, mattery management system, motor controller, high-voltage power distribution unit, on-board charger, and DC-DC converter. Founded in 2018, it is based in Beijing, China.

Yihang Yuanzhi Technology received investment from automaker BAIC Group. The company offers full-stack assisted and autonomous driving solutions for passenger vehicles along with domain controllers, camera modules, and driving algorithms. Founded in 2015, it is based in Beijing, China.

Senior Automation received strategic investment from NWS Holdings. The startup is developing unmanned driving solutions for use in ports by combining laser, camera, millimeter wave radar, and ultrasonic sensing. It is also working on unmanned short-range heavy trucks. Founded in 2020, it is based in Beijing, China.

Smart Your Mobility (SUM) received seed investment from Genaxis. The startup develops autonomous driving technology and services for passenger shuttles and buses. Founded in 2020, it is based in Shiheung, South Korea.


Verkor received an additional €600.0M (~$661.3M) financial commitment from the European Investment Bank. Verkor is a lithium-ion battery manufacturer that aims to reduce carbon impact by making electric vehicle batteries closer to where they’re used, implementing Industry 4.0 technologies, and automatically recycling production scrap. The funds will be used to establish a 16 GWh EV battery cell manufacturing plant in Dunkirk, France. Founded in 2020, it is based in Grenoble, France.

Hithium Energy Storage Technology raised over CNY 4,500.0M (~$622.2M) in Series C financing led by China Life Private Equity Investment and Beijing Financial Street Capital, joined by Goldstone Investment, CMG-SDIC Capital, CICC Capital, CDH Investments, Asia Green Fund, Hefei Industry Investment Group, Matrix Partners China, ABC International, and others. Hithium manufactures lithium iron phosphate (LFP) stationary energy storage battery cells, modules, and systems. It covers utility, industrial and commercial, and residential markets. It recently launched a 320Ah EES battery. Funds will be used for capacity expansion, equipment procurement, and R&D. Based in Xiamen, China, it was founded in 2019.

Vianode was awarded a €90.0M (~$100.6M) grant from the EU Innovation Fund. Vianode manufactures synthetic graphite for battery anodes using processing technology that reduces greenhouse emissions. Funds will support a large-scale plant. Founded in 2020, it is based in Oslo, Norway.

ZincFive received an $80.0M term loan from Orion Infrastructure Capital. ZincFive develops nickel-zinc batteries for high discharge rate applications such as uninterruptible power supplies in data centers, mission-critical IT, transportation infrastructure, and industrial engine starting. Founded in 2016, it is based in Tualatin, Oregon, USA.

VoltStorage received a venture debt loan of €30.0M (~$33.0M) from the European Investment Bank. VoltStorage develops redox flow battery systems for long duration stationary energy storage. It is working on both vanadium redox flow technology for commercial and agricultural use as well as a lower-cost iron salt battery technology, which could be deployed by energy utilities using wind and solar farms to bridge supply gaps. Founded in 2016, it is based in Munich, Germany.

Iontra added $29.0M to its Series B round with investment from Volta Energy Technologies, Riverstone Holdings, Flag Asset Management, and others, bringing the B round total to $67.0M. Iontra develops charge control technology for lithium-ion batteries. Its battery charger MCU protects the battery while charging and discharging to limit or eradicate plating and dendrite formation, which cause safety issues and limit battery performance. Chemistry agnostic, Iontra says the technology can concurrently increase battery cycle life and charge speed by greater than 200% and supports cold weather charging to -20°C without changing the design of battery cells or packs. It initially targets battery-powered consumer products such as power tools, smartphones, hearables, and wearables. Founded in 2013, it is based in Centennial, Colorado, USA.

Talent New Energy drew hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in pre-Series B funding led by CICC Capital and Zhengqi Holdings, joined by Legend Capital and others. Talent New Energy develops semi-solid and solid-state lithium batteries based on oxide solid electrolytes. It is gradually decreasing the liquid electrolyte content of its batteries, with its second generation ‘quasi-solid’ products, expected to begin mass production later this year, reducing the liquid electrolyte content to below 5% with a 400-500Wh/kg energy density, high safety, and long cycle life. It targets passenger, commercial, and light EVs along with energy storage. Founded in 2018, it is based in Beijing, China.

Weifang Energy Technology raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in pre-Series B financing from Newonder Special Electric and others. Weifang Energy develops and produces sodium-ion batteries. The company says its water-based sodium-ion batteries have an energy density of 100-120Wh/kg, an 8000-cycle lifetime, a capacity retention rate of more than 70% at -30°C, and cost 40% less in materials compared to lithium batteries. It is initially targeting markets such as energy storage, communication base stations, two-wheelers/tricycles, and power tools. Funds will be used in construction of battery materials and sodium-ion battery production lines, along with R&D and hiring. Founded in 2013, it is based in Shenzhen, China.

Megatech Group drew over CNY 100.0M (~$13.9M) in pre-Series A financing from Beijing State-owned Assets Management, Hua Capital, Westlake Education Foundation, and others. The startup manufactures lithium-ion battery cells and systems for commercial, industrial, residential, and grid energy storage systems. Founded in 2022, it is based in Hangzhou, China.

Peaxy received $12.0M in Series B2 funding. The company provides a cloud-based battery lifecycle analytics and digital twin platform. Its predictive analytics software consolidates data from all stages of the battery lifecycle, including research and development, manufacturing processes, integration, operations, and end of life. Founded in 2012, it is based in San Jose, California, USA.

MinTech received 14,000.0M won (~$11.1M) in pre-IPO financing from LG Energy Solution and others. The company provides EV battery inspection and diagnostics. It offers solutions for defect detection during and after battery manufacturing, health analysis and protection for in-use EV batteries, and a platform for reuse of batteries in energy storage systems. MinTech plans to list on KOSDAQ within a year. Founded in 2015, it is based in Daejeon, South Korea.

Green Mineral raised 5,000.0M won (~$4.0M) in Series A bridge financing from D3 Jubilee Partners, Daekyo Investment, Mirae Asset Capital, and others. Green Mineral uses bio-mineralization to increase the amount of lithium that can be recycled from batteries. The startup uses a genetically engineered variant of the microalgae Chlorella that is capable of absorbing lithium into its cells and producing lithium carbonate crystals, which can be more easily filtered out. It can extract lithium left in recycled battery waste as well as in waste produced during lithium processing. The startup is also working on developing Chlorella variants for cobalt and nickel. Funds will be used for pilot facility expansion and scaling up its process. Founded in 2021, it is based in Seoul, South Korea.

NEU Battery Materials closed a $3.7M seed round led by SGInnovate and joined by ComfortDelGro Ventures, Shift4Good, Paragon Ventures, and other angel investors. NEU Battery Materials is developing an electrochemical redox flow recycling process for lithium iron phosphate batteries. The startup says its recycling process utilizes regenerative chemicals to produce near-zero waste with minimal carbon emissions and results in battery-grade lithium. Funds will accelerate deployment of an automated recycling line and research into recycling of other lithium battery chemistries. It is currently building a pilot recycling plant capable of processing approximately 150 tonnes of lithium batteries a year. Founded in 2021, it is based in Singapore.

Neuron Energy drew INR 200.0M (~$2.4M) in pre-Series A financing led by Equanimity Investments and the Rajiv Dadlani Group, joined by Chona Family Office, Kayenne Ventures, and others. The company manufactures lithium-ion batteries for light EVs and drones. Founded in 2018, it is based in Mumbai, India.

UP Catalyst received €1.5M (~$1.7M) in funding from EAS-Enterprise Estonia. UP Catalyst uses a molten salt carbon capture and electrochemical transformation (MSCC-ET) method to produce high-purity carbon nanomaterials and graphite for batteries, electronics, composites, and other applications. The startup says its process can supply CO2-negative battery-grade carbon materials. The funds will be used to develop its third-generation reactor. Founded in 2019, it is based in Tallinn, Estonia.

Inna New Energy raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding from Orient Jiafu Asset Management. The startup makes phosphate-based polyanion cathode materials for sodium-ion batteries. It targets batteries for low-speed vehicles, two-wheeled vehicles, and large-scale energy storage. Funds will be used for production line construction and hiring. It expects to reach mass production this year. Founded in 2022, it is based in Huzhou, China.

Allye drew £0.9M (~$1.2M) in funding led by Elbow Beach Capital, joined by Alpha Future Funds. Allye develops mobile energy storage systems that repurpose used EV batteries for industrial power at the grid edge. Founded in 2023, it is based in London, England, UK.

Deepsmartech received 1,500.0M won (~$1.2M) from the Deep Tech TIPS accelerator. Deepsmartech develops polymeric vapor deposition process technology, equipment, and materials. Applications include manufacture of battery separators and coatings for silicon anode materials. The startup says the room-temperature process also has potential applications in semiconductors. Founded in 2022, it is based in Seoul, South Korea.

Group14 Technologies added to its Series C round with investment from Earth VC. Group14 develops composite materials for lithium-silicon batteries. The company says its micronized silicon-carbon powder for Li-ion battery anodes has five times the capacity and enables up to 50% more energy density compared to conventional graphite. The material can be dropped in to existing manufacturing processes and can either be blended with graphite in anodes or used as a replacement. Group14 recently acquired silane producer Schmid Silicon Technology. Founded in 2015, it is based in Woodinville, Washington, USA.

HeXalayer received a grant from KY Innovation. The company is developing graphene anodes for lithium-ion batteries. Based in Louisville, Kentucky, USA, it was founded in 2017.

Skeleton Technologies received strategic financing from Marubeni Corporation. The company develops supercapacitors using ‘curved graphene,’ a proprietary material it says provides increased energy density and electrical conductivity compared to activated carbon. It also builds what it calls superbatteries, which combine the fast charging of supercapacitors with the high energy and long duration of batteries for high-power applications such as heavy-duty equipment and vehicles and grid energy storage. Funds will support superbattery manufacturing expansion. Founded in 2009, it is based in Tallinn, Estonia.

Energy harvesting

Epishine raised SEK 60.0M (~$5.5M) in new funding from Jula Miljo & Energi, Philian Invest, and Beijer Ventures. Epishine develops organic photovoltaics optimized for harvesting energy in low light, indoor environments. The small, thin, and flexible light cell is printed on recyclable plastic that can be integrated into wireless sensors and IoT devices and can used alone or in conjunction with capacitors to replace batteries or prolong their lifetime in low-power applications. Founded in 2016, it is based in Linköping, Sweden.

Memsys received €0.4M (~$0.4M) in pre-seed funding from UNIIQ. Memsys develops technology for harvesting energy from the vibrations of moving assets to power IoT sensor batteries. It will incorporate it into a product for the railway sector to monitor for train and infrastructure defects. Founded in 2022 as a spin off from the Delft University of Technology, it is based in Delft, the Netherlands.

Enfoil launched with a €0.2M (~$0.2M) grant from European Research Council. The startup develops flexible but sturdy solar panels of only a few millimeters thick that can be integrated on various surfaces, such as the roof of trucks. Enfoil says its copper-indium-gallium and selenium solar foil technology is light weight and provides almost the same efficiency as standard panels. A spin off from Hasselt University, Imec, and TNO, it was founded in 2022 and is based in Genk, Belgium.

Other technologies

Atantares raised CNY 100.0M (~$13.9M) in pre-Series A and pre-A+ rounds that included Asia Green Fund, Fosun Health Capital, AliHealth, Frees Fund, Qiming Venture Partners, Neux Capital, and Next Capital. The startup develops CMOS-based chips for high-throughput DNA synthesis by combining ICs, MEMS, and microfluidics. It is also exploring chips for synthesis of RNA and proteins as well as gene sequencing. Founded in 2021, it is based in Shanghai, China.


Company Sector Amount Raised (M, USD) Funding Type HQ
Verkor Batteries $661.3 Debt France
Hithium Energy Storage Technology Batteries $622.2 Series C China
RoboSense Auto Sensors $172.9 Series G China
o9 Solutions Manufacturing $116.0 Private Equity USA
SMART Photonics Photonics $110.2 Debt Netherlands
Vianode Batteries $100.6 Grant Norway
CADDi Manufacturing $89.0 Series C Japan
ZincFive Batteries $80.0 Debt USA
Senasic Auto Sensors $70.1 Series D China
NorSun Materials $60.4 Grant Norway
HoloMatic ADAS & Autonomy $41.8 Series C+ China
Silicon Quantum Computing Quantum $34.1 Series A Australia
VoltStorage Batteries $33.0 Debt Germany
Iontra Batteries $29.0 Series B USA
Optalysys Security $27.5 Series A UK
SiPhox Health Sensors $27.0 Seed, Series A USA
Quobly Quantum $23.7 Seed, Grant France
Microoled AR/VR $23.2 Series B France
Motion G Manufacturing $16.0 Venture Singapore
Timesintelli Processors & Logic $13.9 Series B+ China
GWX Technology EDA $13.9+ Venture China
Demark Precision Technology Equipment $13.9 Series A China
XIVI Technology Equipment $13.9 Series S China
Jiangsu IC Assembly & Test Packaging $13.9+ Venture China
Zenfocus Semiconductor Technology Test & Inspection $13.9+ Series C China
Zhongan Semiconductor Equipment $13.9+ Series A+ China
Wooptix Equipment $13.9 Series B, Grant Spain
Avant Semiconductor Equipment $13.9 Series A China
Optics Robot Technology Equipment $13.9 Series B China
SDSX Wireless $13.9+ Venture China
Chipbetter Microelectronics Wireless $13.9 Venture China
Geo-Chip Wireless $13.9 Series B China
Sappland Microelectronics Wireless $13.9 Series B China
Meraki Integrated Power Semi $13.9 Series B China
Qianmu Laser Photonics $13.9 Series B China
MEMSonics Sensors $13.9 Strategic China
Greatar Tech AR/VR $13.9 Pre-B China
Huixi Technology Auto Chips $13.9+ Strategic China
Tanway Technology Auto Sensors $13.9 Series A+ China
Talent New Energy Batteries $13.9+ Pre-B China
Weifang Energy Technology Batteries $13.9+ Pre-B China
Megatech Group Batteries $13.9 Pre-A China
Atantares Processors & Logic $13.9 Pre-A, Pre-A+ China
Gint ADAS & Autonomy $12.7 Series B South Korea
Peaxy Batteries $12.0 Series B+ USA
Mauna Kea Semiconductors Sensors $11.2 Series A USA & China
MinTech Batteries $11.1 Pre-IPO South Korea
Nami Sensors $10.5 Series A Singapore
Cavli Wireless Wireless $10.0 Series A USA
ARknovv AR/VR $10.0 Angel China
Gao Semi Materials $9.1 Series A China
NeoLogic Processors & Logic $8.0 Seed Israel
Nomad Atomics Sensors $8.0 Pre-A Australia
Ubicept Sensors $8.0 Seed USA
Lightstandard Technology AI HW $7.0 Angel China
BestGraphene Materials $6.2 Series A South Korea
Genomika Memory & Storage $5.5 Grant Lithuania
Sencure Sensors $5.5 Venture Netherlands
Epishine Ambient Power $5.5 Venture Sweden
Quantagonia Quantum $4.7 Pre-Seed, Seed Germany
Diraq Quantum $4.0 Grant Australia
Green Mineral Batteries $4.0 Series A South Korea
Saltworks Technologies Manufacturing $3.7 Grant Canada
NEU Battery Materials Batteries $3.7 Seed Singapore
Q-CTRL Quantum $3.2 Series B, Grant Australia
Skylark Lasers Photonics $3.1 Grant UK
Thalia Design Automation EDA $2.7 Venture UK
Materials Nexus Materials $2.6 Seed UK
Delta g Sensors $2.6 Pre-Seed, Grant UK
FononTech Equipment $2.5 Seed Netherlands
Akhetonics Photonics $2.5 Venture Germany
Neuron Energy Batteries $2.4 Pre-A India
CamGraPhIC Photonics $1.9 Debt UK
UP Catalyst Batteries $1.7 Venture Estonia
ChipFlow EDA $1.5 Pre-Seed UK
Using.AI Manufacturing $1.4+ Pre-A China
LightE Technology Equipment $1.4+ Strategic China
DKW Micro Test & Inspection $1.4 Angel China
Tanrand Technology Materials $1.4+ Angel China
Truth Memory Corporation Memory & Storage $1.4+ Pre-A China
SemiQon Quantum $1.4 Grant Finland
Qblox Quantum $1.4 Grant Netherlands
Beephoton Technology Sensors $1.4+ Series B China
Dito Technology Sensors $1.4+ Pre-A China
Meta Retina Sensors $1.4+ Venture China
Qiu Shi Spectrum Sensors $1.4+ Series A, A+ China
Sensview Technology Sensors $1.4+ Series A+ China
Light Wheel Intelligence ADAS & Autonomy $1.4+ Angel China
Fengzhi Ruilian Auto Components $1.4 Angel China
Inna New Energy Batteries $1.4+ Angel China
Allye Batteries $1.2 Venture UK
Deepsmartech Batteries $1.2 Accelerator South Korea
PlastFormance Materials $1.1+ Venture Germany
AiM Future AI HW $1.0+ Series A South Korea
Quantum Brilliance Quantum $1.0 Grant Australia
Ruilaibo Microelectronics Power Semi $0.7 Angel China
Memsys Ambient Power $0.4 Pre-Seed Netherlands
Enfoil Ambient Power $0.2 Grant Belgium
FDMtek Processors & Logic Undisclosed Series B+ China
Anaflash AI HW Undisclosed Venture USA
Denglin Technology AI HW Undisclosed Venture China
Aerotech Equipment Undisclosed Venture China
Joysingtech Semiconductor Equipment Undisclosed Venture China
DeepSight Equipment Undisclosed Series A+ China
Bolai Narun Electronic Material Materials Undisclosed Venture China
BYN Chemical Materials Undisclosed Venture China
Novel Crystal Technology Materials Undisclosed Strategic Japan
TC Ceramic Electronics Materials Undisclosed Venture China
Wylton Jinglin Electronic Material Materials Undisclosed Pre-IPO China
Datang Storage Technology Memory & Storage Undisclosed Venture China
Quanxing Technology Memory & Storage Undisclosed Venture China
Daikun Semiconductor Power Semi Undisclosed Venture China
Dianlian Sensing Sensors Undisclosed Angel China
MagVision Sensors Undisclosed Venture China
Quside Security Undisclosed Series A Spain
Espace Optoelectronics Displays Undisclosed Series A China
Eternal Material Technology Displays Undisclosed Series C China
Yihang Yuanzhi Technology ADAS & Autonomy Undisclosed Strategic China
Senior Automation ADAS & Autonomy Undisclosed Strategic China
Smart Your Mobility ADAS & Autonomy Undisclosed Seed South Korea
Group14 Technologies Batteries Undisclosed Series C USA
HeXalayer  Batteries Undisclosed Grant USA
Skeleton Technologies Batteries Undisclosed Strategic Estonia

Funds & investors

CICC Capital closed a new CNY 4.2B (~$579.2M) fund that will invest in sectors including new energy, semiconductors, advanced manufacturing, and medical intelligence.

Vertex Ventures China closed its fifth fund at $390.0M. The VC invests in semiconductor, automotive, and deep tech companies, along with healthcare and consumer tech.

Main Sequence made the first close of its third fund at AUD 450.0M (~$303.4M) to back Australian deep tech companies, including semiconductor technology, quantum computing, climate tech, biotech, and cybersecurity.

SK Hynix, SK Square, Shinhan Financial Group, LIG Nex1, Mirae Asset, and others are teaming up to put 100.0B won (~$76.8M) into new investment company TGC Square, which will back chip component, equipment, and material companies in Japan. The fund plans to eventually branch to U.S. companies.

Radix Ventures launched a new fund with €25.0M (~$27.2M) in backing from the European Investment Fund. It plans to roughly double the amount by final close. The fund will invest in late seed to Series B stage deep tech startups based in central and eastern Europe.

Octopus Group launched an accelerator for UK and European deep tech startups developing technologies such as quantum solutions, photonics and electronics, advanced materials, robotics, agtech, and AI.

The Tel Aviv University Center for Nanoscience and Nanotechnology joined semiconductor startup accelerator Silicon Catalyst as a member of its In-Kind Partner ecosystem offering nanoscale process development and fabrication, as well as test and analysis services.

AI applications

July saw fewer huge arounds to AI startups, a shift from the last few months were generative AI companies dominated. A few of the month’s largest:

  • CloudMinds raised $138.1M in Series C for its AI robots used in applications such as delivery, patrol, and cleaning in public spaces.
  • Qianhai Yueshi Information Technology raised $85.8M in Series B for its AI-powered cold chain management platform.
  • RapidAI raised $75.0M in Series C for a health platform uses AI to help diagnose neurovascular, cardiac, and vascular diseases.


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