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Startup Funding: March 2022

Equipment companies and new battery chemistries among 132 startups that raised $3B.

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Semiconductor manufacturing, test, and inspection equipment startups did well in March. Investors funded a wide variety of equipment companies, including test equipment, materials handling, and those that make parts and components. In the manufacturing space, several companies developing manufacturing execution systems received funding, as well as a startup trying to prevent counterfeit parts from making it through the board assembly process.

Other areas that were hot last month include autonomous driving and ADAS. Three companies exceeded the $100 million mark, with one massive $400 million raise for a robotaxi company that helped the segment near $1 billion in funding.

While the total funding amount for battery companies wasn’t quite as impressive, the variety was. This month’s report features seventeen battery startups. While there is plenty of representation for lithium-ion, some of the startups are trying out new and unique chemistries, such as sodium-ion, radioisotopes, and even forest materials.

Plus, big funding for RISC-V, improved switches, and photonic AI in this look at 132 companies that collectively raised around $3 billion in March 2022.

Semi & design

SiFive raised $175.0M in a Series F round led by Coatue Management, joined by Intel Capital, Ibex Investors, and Khaira Capital. The company provides RISC-V-based processor cores, accelerators, and SoC IP for domain-specific architectures. Product families include standard, pre-defined cores that can be used as the basis for custom processor configuration; high-performance, area-optimized application processors; and high-performance control processor with scalable vector compute resources for AI/ML. The funding, which gives the company a valuation of over $2.5B, will be used to substantially accelerate the development of its RISC-V products, future roadmap, and ecosystem, as well as for hiring. Based in San Mateo, California, USA, it was founded in 2015 and has raised over $350M.

EDA and networking company Corigine, also known as Xinqiyuan, raised over CNY 100.0M (~$15.7M) in strategic financing from the National Integrated Circuit Industry Fund’s Beyond Moore Fund and Yuntai Capital. In the networking space, Corigine has developed a data processing unit (DPU) that it uses in its SmartNIC cards for handling specialized networking functions as well as a TCAM targeted for routers and switches. In the EDA space, it provides an FPGA-based prototyping platform for early software development, system validation, and regression testing. It scales up to 32 FPGAs. In addition, the startup recently debuted a PCIe card for desktop FPGA prototyping. The company also offers USB 3.2 and USB 2.0 controller IP. Funds will be used for development of its next-generation DPU and commercialization of current products. Founded in 2015, it is based in Santa Clara, California, and Shanghai, China.

GPU startup Deep Stream Micro, also known as Siroywe and Shenliuwei Intelligent Technology, raised nearly CNY 100.0M (~$15.7M) in pre-Series A funding from Xingwang Investment. Deep Stream Micro is developing high-performance GPU chips, with several lines planned for applications such as rendering, image processing, VR, AI, data centers, and edge. It expects its first product, focused on graphics processing, to be taped out in 2023. Founded in 2021, it is based in Shenzhen, China.

ZenosIC, also known as Zhuanxin Semiconductor, raised nearly CNY 100.0M (~$15.7M) in angel investment from Gaorong Capital and Hua Capital. The startup is developing high-performance programmable network chips. Funds will be used for R&D and hiring. Based in Nanjing, China, it was founded in 2021.

Jingxin Microelectronics Technology raised CNY 50.0M (~$7.9M) in pre-Series A funding from SDIC Unity Capital, Landstone Capital, Tianjin Venture Capital, and TEDA Haihe. The startup is developing high-speed switching chips and PCIe to SRIO bridges for communications. Based in Tianjin, China, it was founded in 2020.

Wireless IC startup SPARK Microsystems raised CAD $7.1M (~$5.6M) in funding from Sustainable Development Technology Canada. A fabless company, SPARK Microsystems specializes in ultra-wideband (UWB) wireless transceiver ICs for short-range wireless connectivity applications such as gaming peripherals and AR/VR headsets, smart home devices, and IoT sensors. “The accelerating proliferation of IoT sensors and personal connected devices requires a new approach to wireless connectivity that maximizes energy efficiency and reduces environmental impact, while simultaneously providing a huge leap forward in throughput and latency performance,” said Fares Mubarak, CEO, SPARK Microsystems. “This new funding and the previous SDTC funding in 2017 acknowledges SPARK’s steadfast commitment to sustainability and sets the stage for our world class team based in Quebec, Canada, to develop innovative solutions for future battery-less devices powered by energy harvesting technologies.” Founded in 2016, it is based in Quebec, Canada.

AI hardware

Luminous Computing raised $105.0M in a Series A round, with participation from Gigafund, Bill Gates, 8090 Partners, Neo, Third Kind Venture Capital, Alumni Ventures Group, Strawberry Creek Ventures, Horsley Bridge, Modern Venture Partners, and others. Luminous is using silicon photonics to build data links it says will break bottlenecks in data movement in AI supercomputers. “Most people who build hardware assume that in order to improve performance, you have to trade off against programmability and cost-efficiency, or just go to a higher-density silicon node. By introducing silicon photonics technology at the heart of computer architecture, we’re not only able to drastically improve performance and scalability, but we’re also able to make it much easier to build huge AI models,” said Marcus Gomez, CEO and co-founder of Luminous. Funds will be used in doubling the size of the engineering team, building out custom chips and software, and gearing up for commercial-scale production. Founded in 2018, it is based in Mountain View, California, USA.

Syntiant raised $55.0M in venture funding from Renesas Electronics, Millennium Technology Value Partners, Mirae Asset Capital, Microsoft’s M12, Robert Bosch Venture Capital, Atlantic Bridge Capital, Alpha Edison, and others. Syntiant provides always-on AI voice and sensor solutions for edge devices in the form of its microwatt-power Neural Decision Processors (NDPs) and an edge-optimized data platform and training pipeline. “We are at a pivotal point of our company’s growth and development, having shipped more than 20 million of our Neural Decision Processors as global market demand for edge AI rises among device manufacturers,” said Kurt Busch, CEO at Syntiant. “We have built a strong customer pipeline that represents the leading suppliers, from earbuds to automobiles and most everything in between. This new round of funding will help us expedite full production deployments among more than 50 current customer engagements, as our technology continues to make edge AI accessible to any battery-powered device.” The startup anticipates introducing its third-generation architecture next year. Based in Irvine, California, USA, and founded in 2017, it has raised over $100M.

Quadric raised $21.0M in Series B investment led by Denso’s NSITEXE, joined by MegaChips and existing investors Leawood Venture Capital, Pear VC, Uncork Capital, and Cota Capital. Quadric develops architectures, processor chips, development boards, and software for on-device AI at the network edge. It says its scalable and configurable solution can handle both neural backbones and classical dynamic data-parallel algorithms in a unified architecture, rather than relying on a combination of CPU and NPU. “The market is saturated with rigid accelerators. Our product fills the void with a fully programmable multi-kernel processing architecture,” said Veerbhan Kheterpal, co-founder and CEO of Quadric. Funds will be used to release the next version of its processor architecture, improve SDK performance, and roll out IP products for integration in SoCs. Samples of second-generation silicon products will be available at the end of this year. Based in Burlingame, California, USA, it was founded in 2016.

Reconfigurable AI chip startup Tsing Micro, also known as Qingwei Intelligent Technology, raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in Series B funding led by ProCapital, joined by SenseTime Investment, Prime Pacific Capital, Beijing Integrated Circuit Cutting-Edge Chip Fund, and existing investors SL Capital and ZY Capital. Tsing Micro is developing AI chips for a variety of applications using what it calls a Coarse-Grained Reconfigurable Architecture (CGRA). “Its data-driven spatial domain computing and dynamic programmable characteristics have subversive application potential in the scene of high-performance computing, high concurrency, and multitasking represented by artificial intelligence,” said Xu Chenhao, executive partner of ProCapital. It has launched a line of chips for wearable devices and another for edge computing. It plans to bring its architecture to data center chips this year. Founded in 2018 based on work from the reconfigurable computing team of Tsinghua University, it is based in Beijing, China.

EDA

BTD Technology, also known as Bioncore Technology, drew nearly CNY 100.0M (~$15.7M) in angel funding led by Innoangel Fund and joined by Fosun Capital, Shanghai Lingang Innovation Center, and Oriza Holdings. BTD Technology provides several EDA tools, including a high-speed RF circuit simulator and a platform for mixed-signal signoff, advanced packaging design, and multi-physics simulation. It recently agreed to establish an open API with two other Chinese EDA companies, Lixin Software Technology and Semisight, to promote interoperability. Based in Shenzhen, China, it was founded in 2020.

Semisight, also known as Xinsi Information Technology, drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in angel financing led by Hui Capital and joined by Plum Ventures. Semisight offers logic simulation and logic synthesis EDA tools. A core component of its tools is functional safety and reliability, with companies that develop automotive, medical, and aerospace chips a target for its products. Its SSIM logic simulation tool has received IEC61508 T2 and ISO26262 TCL3 certification. Semisight next plans to expand to mixed-signal circuit simulation. Founded in 2020, it is based in Shanghai, China.

Manufacturing

Paragraf drew $60.0M in Series B funding led by New Science Ventures, joined by Parkwalk Advisors, Amadeus Capital Partners, IQ Capital, Molten Ventures, and new investors British Patient Capital and In-Q-Tel. Paragraf developed a process for depositing single-atom thick, two-dimensional materials, including graphene, directly onto silicon, silicon carbide, sapphire, gallium nitride, and other semiconductor-compatible substrates. The process is contamination-free, scalable, and compatible with existing electronic device manufacturing production processes, according to the startup, and has applications in sensor, energy harvesting, and semiconductor markets. Using its technology, it has produced graphene Hall effect sensors for measuring magnetic fields for both ambient conditions and cryogenic temperatures. Founded in 2015 as a spin out from Cambridge University, it is based in Somersham, UK.

Xinxiang Technology raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in a Series A+ round led by Bohai Industrial Investment Fund Management, joined by Guolian Xinchuang, South China Venture Capital, Fangdao Fund, and existing shareholders Sequoia Capital, Hillhouse Capital, and Walden International. Xinxiang Technology provides computer-integrated manufacturing (CIM) systems for semiconductor factories, including manufacturing execution systems (MES), equipment automation platforms (EAP), and real-time multiprocessor systems (RTS). It also offers customized CIM solutions, including software, hardware, and on-site implementation. Funds will be used for R&D, hiring, and developing products for front-end wafer and advanced packaging markets. Based in Wuxi, China, it was founded in 2018.

BSG Technology drew nearly CNY 100.0M (~$15.7M) in Series A financing led by Xiaomi. BSG Technology provides manufacturing operations management (MOM) and supply chain collaboration solutions, including manufacturing execution system (MES), quality management system (QMS), maintenance and repair operations system (MRO), advanced planning and scheduling (APS), and product lifecycle management (PLM). It offers solutions for a wide range of manufacturing industries, including electronics assembly. Founded in 2012, it is based in Wuhan, China.

Cybord raised $4.0M in seed funding led by IL Ventures, joined by NextLeap Ventures and Israel Innovation Authority. Cybord aims to prevent the use of counterfeit electronic components with its AI and big data software that inspects, qualifies, and tracks each component and electronic board during the board assembly process. “The need to acquire components in the free market and not only from well-established suppliers increases manufacturers’ exposure and vulnerability to significant quality issues. These issues can have direct, sudden, and costly effects on their ability to produce quality products,” said Zeev Efrat, CEO at Cybord. Funding will be used for R&D, product development, and expanding into additional verticals such as telecom, automotive, defense, and healthcare. Founded in 2019, it is based in Herzliya, Israel.

Omniply Technology received a CAD $2.0M (~$1.6M) grant from Sustainable Development Technology Canada. Omniply has developed a delamination technology that facilitates the separation of flexible circuits from their rigid carrier without compromising device performance. The startup says it is compatible with current manufacturing infrastructure. Spun out of Stanford and Purdue University in 2018, it is based in Montreal, Canada.

Eyelit received growth investment from Banneker Partners. Eyelit provides manufacturing execution systems (MES), quality management systems (QMS), and factory automation solutions for aerospace & defense, battery technology, electronics, medical device, semiconductor, and solar industries. “The next wave of solutions will focus on industry Internet of Things,” said Salil Jain, CEO of Eyelit. “We have built Eyelit to be a versatile platform that enables disparate systems to easily exchange timely information, ultimately providing proactive insight to adverse manufacturing situations. Using the information collected, Eyelit’s event manager and graphical scenario manager allow companies to sense and automatically respond, preventing expensive operations disruption.” Founded in 1997, it is based in Mississauga, Canada.

Jiepei Technology raised an undisclosed amount of Series B++ funding led by Shangtang Guoxiang Capital. The company manufactures PCBs, SMTs, and components and provides prototyping and assembly services through several brands, including AllPCB. At the same time, it announced a merger with PCB manufacturer Jieduobang Technology, which owns the brands PCBWAY and PCBGOGO. Based in Hangzhou, China, Jiepei was founded in 2015.

Middle-end-of-line foundry SJ Semiconductor fully closed its $300.0M Series C round, originally reported last October. The funding comes from Walden CELCCB PECCB TrustCountry Garden Venture CapitalHuatai International Private Equity, and GP Capital, with participation from existing investors Oriza RivertownCCIC Capital, and Oriza Hua Capital. SJSemi is a 300mm MEOL foundry that specializes in advanced bumping, 3D multi-die integration technology, and wafer-level packaging, including for DRAM. In February, the company broke ground on its J2B fab for its 3D multi-die packaging project. After completion of the J2B, SJSemi will have a monthly capacity of 120K wafer-level packaging and 20K 3D multi-die integration packaging. Based in Jiangyin, China, it has raised $630M since its founding in 2014.

Inspection & test

Winrobs, also known as Weidazhi Electronic Technology, received nearly CNY 100.0M (~$15.7M) in a Series A round that included Oriza Holdings and SR Capital. Winrobs provides functional test, inspection, measurement, and assembly equipment. Its primary market is consumer electronics, for which it offers touch pad function test, accelerometer calibration, glass laminate assembly, and cell phone frame assembly equipment. It also supplies probe card, tester, wafer detector, and test socket for final semiconductor test. Funds will be used for R&D, hiring, and capacity expansion. Founded in 2016, it is based in Suzhou, China.

Enmicro Precision Electronic, also known as Rongwei Precision, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A financing. Enmicro provides complete IC testing solutions and key connecting parts for IC wafer level testing up to IC final testing. Its products include test probe cards, final test sockets, burn-in test sockets, precision probes, and conductive adhesives. Based in Shenzhen, China, it was founded in 2012.

PowerValue, also known as Pengwu Electronic Technology, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in angel financing led by Cowin Capital, joined by Dynamic Balance Capital and Jolmo Capital. PowerValue provides wafer-level and package-level automatic test equipment (ATE) for digital, mixed signal, and high-precision analog devices. Funds will be used for marketing, R&D, and hiring. It plans to extend capabilities in system-level testing and expand its product line. Based in Shanghai, China, it was founded in 2015.

Wafertest, also known as Weifu Semiconductor, drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series B funding from Dahua Group. The company provides wafer test, finished product test, reliability testing, and grinding services. Along with SoCs and MCUs, it tests memory, sensor, PMU, and analog devices. Based in Jiaxing, China, it was founded in 2017.

Sandtek Corporation received investment from Tsinghua Holdings Capital, China Fortune-Tech Capital, Shanghai International Group, Legend Capital, HuNan Hi-Tech Investment Group, Estar Capital, GP Capital, Long Capital, Hidea Investment, and Teda VC. Sandtek provides automatic test equipment (ATE) with a flexible and scalable architecture covering digital, analog, and mixed signal. It offers a specialized ATE for RF, covering DC to 87GHz RF signal testing. It also provides consulting services. Founded in 2016, it is based in Shanghai, China.

Equipment

MeetFuture, also known as Mifei Technology, raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in Series B funding led by Genertec Investment, joined by Haitong Innovative Securities Investment, Bojiang Capital, and Qiming Venture Partners. MeetFuture offers automated material handling systems (AMHS) for semiconductor fabs. Its products include transfer equipment, wafer cassettes, mask package storage equipment, purification equipment, and material control systems. Based in Shanghai, China, it was founded in 2014.

Raintree Scientific Instruments Corporation (RSIC) raised CNY 108.0M (~$17.0M) in strategic investment from equipment maker AMEC. RSIC makes inspection and metrology equipment. It currently offers thin film thickness measurement equipment, optical critical dimension and shape measurement systems, automatic optical inspection equipment, and automatic macro defect inspection tools. Based in Shanghai, China, it was founded in 2005.

Sprint Precision Technologies (SPT), also known as Pioneer Semiconductor Technology, raised “hundreds of millions” of yuan (CNY 100.0M is ~$15.7M) in equity financing led by China Fortune-Tech Capital and joined by Shenzhen Capital Group, Shang Qi Capital, SAIC Venture Capital, FTZ Fund, Guotai Junan Securities Assets Management, Wuxi New District Investment Group, and others. SPT manufactures precision metal parts for semiconductor equipment manufacturers. Offering CNC machining and surface treatment of metallic components, its products include vacuum reaction chambers, liners, and in-chamber cooling and heating parts for etching, MOCVD, and other equipment. It also provides inspection, cleaning, and refurbishment services. Founded in 2008, it is based in Jingjiang, China.

Gaoxin Zhongke, also known as HCUT, raised over CNY 100.0M (~$15.7M) in Series B funding from CTC Capital and others. The startup manufactures vacuum chamber components and provides surface treatments for semiconductor equipment and LCD panel manufacturing. It also has a rare earth ceramics business. Founded in 2020, it is based in Suzhou, China.

Tianjin ANT-FA, also known as A&T Precision Machinery, drew “several hundred million yuan” (CNY 100.0M is ~$15.7M) in Series B financing led by Cowin Capital and Buhuo Venture Capital, joined by Shenzhen Capital Group. ANT-FA sells parts for factory automation equipment, including to semiconductor, liquid crystal, electronics, and new energy equipment manufacturers. Based in Tianjin, China, it was started as a subsidiary of parts manufacturer Sade Automation in 2014.

Vigor Gas Purification Technology drew “hundreds of millions” of yuan (CNY 100.0M is ~$15.7M) in venture financing from Addor Capital, China Fortune-Tech Capital, BOE Technology Group, Oriza Holdings, and others. Vigor Technology manufactures inert atmosphere gloveboxes and large-scale gas purification systems for a range of applications. It currently offers products for OLED and lithium-ion battery development, as well as chemical, laser welding, and nuclear applications. With the funding, it is planning to expand to the semiconductor cleanroom market. Founded in 2005, it is based in Suzhou, China.

DeepSight Information Technology raised $10.0M in a Series A round from China Creation Ventures, SND Financial Holdings, and Shunwei Capital. DeepSight provides an automated visual inspection platform for 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.

DexForce raised nearly $10.0M in angel funding that included Green Pine Capital Partners and ZhenFund. DexForce develops 3D vision products, providing cameras, algorithms, and integrated solutions of software and hardware. Its solutions have been applied to industrial manufacturing scenarios including semiconductors, 3C (computer, communication, and consumer electronics), automobiles, and metal processing. The technology can guide industrial robotics using 3D digital twinning and mixed AI, which integrates data generated by simulation rendering, geometric depth learning, and domain adaptive model training. Based in Guangzhou, China, it was founded in 2021.

Goldenscope Tech, also known as Jinjing Technology, received “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in a Series A round from Founder H Fund and others. The startup builds cathode fluorescence imaging systems and spectral detection systems. Alongside uses in numerous scientific fields, they can be used in the semiconductor industry to detect device defects, improve raw material processes, and conduct IC failure analysis. In the future, it plans to expand to electron microscope peripheral products such as an ultrafast cathode fluorescence system, transmission electron microscope cathode fluorescence system, and low-temperature electron microscopy. Based in Beijing, China, it was founded in 2018.

Simetric Semiconductor, also known as Xinju Semiconductor, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in angel funding from Oriental Fortune Capital. The startup manufactures large-scale wet process equipment for semiconductor packaging substrates. Founded in 2020, it is based in Shenzhen, China.

Linkwise Technology, also known as Chengchuan Technology, raised angel funding from Sharewin Investment. Linkwise Technology produces automated materials handling systems (AMHS) for the semiconductor industry. It focuses on packaging and testing facilities. It also provides production line automation system planning and design services. Based in Suzhou, China, it was founded in 2020.

Materials

Bright Semiconductor Technology, also known as Bolante Semiconductor Technology, received a CNY 365.0M (~$57.4M) strategic investment. The company manufactures sapphire wafers, patterned sapphire substrates, and conductive and semi-insulating silicon carbide substrates. It plans to set up a subsidiary and establish a GaN/SiC R&D center and MEMS packaging line. Founded in 2012, it is based in Jinhua, China.

Best Compound Semiconductor raised CNY 300.0M (~$47.1M) in a Series A round led by Hangshi Asset Management and joined by Addor Capital, Meridian Capital, Yonghua Capital, GP Capital, and others. Best Compound Semiconductor produces silicon carbide and gallium nitride epitaxial wafers, including GaN-on-Silicon, GaN-on-SiC, and SiC-on-SiC in 4-, 6-, and 8-inch sizes. Funds will be used to expand production and purchase equipment. Founded in 2019, it is based in Nanjing, China.

Enkris Semiconductor raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in Series B+ financing led by Goermicro, joined by GL Ventures, Huiyou Capital, Sinovation Ventures, Hechuang Zhiyuan, Gongqing Cheng Junhe, SEE Fund, 37Games, CITIC Securities, and existing shareholders Suzhou Oriza Holdings and Shanghai Allin Capital Management. Enkris Semiconductor offers GaN epitaxial materials for microwave RF, power electronics, and micro-LED applications. Its products include GaN-on-Silicon, GaN-on-SiC, GaN-on-Sapphire, and GaN-on-GaN epi wafers in various sizes. Funds will be used in the construction of a new headquarters, R&D center, and production base for gallium nitride power electronics, RF electronics, and micro-display materials. Based in Suzhou, China, it was founded in 2012.

Supply chain management startup Sourcemap raised $10.0M in Series A funding led by Energize Ventures with participation from E14 Fund. Sourcemap provides due diligence software for mapping and monitoring of supply chains down to raw materials, including for identification and avoidance of conflict minerals. Among a wide range of materials for many industries, it tracks those used in electronics industries including tantalum, tin, tungsten, gold (3TGs), cobalt, copper, neodymium, palladium, and platinum. Funds will be used to expand its operations. Founded in 2011, it is based in New York, New York, USA.

Avantama received a CHF 2.0M (~$2.2M) grant from the European Innovation Council and Switzerland’s State Secretariat for Education, Research and Innovation (SERI). Avantama produces perovskite quantum dots, nanoparticles, and formulations for OLEDs, QD displays, and solar cells. Founded in 2008, it is based in Stafa, Switzerland.

Hashen Smart Materials Technology (HST) received “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A+ investment. The startup produces composite metal conductive ink materials and processes for flexible electronics printing, focusing on antennas and RFID. It expects to have an annual output of more than 1 billion RFID antennas. Based in Shenzhen, China, it was founded in 2019.

Soft Carbon Electronics drew CNY 10.0M (~$1.6M) in pre-Series A funding from DJ Capital and others. The startup is a manufacturer of graphene films, with a particular focus on graphene film coils and the development of graphene-based flexible electronic devices. Funds will be used to expand production and enter new markets. A spin out from the Ningbo Institute of Materials Technology and Engineering at the Chinese Academy of Sciences, it was founded in 2016 and is based in Ningbo, China.

Bozhi Golden Diamond Technology raised Series A financing. The company produces semiconductor packaging heat sink materials, including aluminum nitride heat sinks, single crystal silicon carbide heat sinks, diamond copper heat sinks, and custom heat sinks. Based in Suzhou, China, it was founded in 2020.

Engineering simulation

TenFong Technology, also known as Shifeng Technology, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series A and A+ financing rounds from GL Ventures, China Development Bank Capital, Green Pine Capital Partners, Shenzhen Angel Fund of Funds, R-Z Capital, CoStone Venture Capital, and Oceanpine Capital. TenFong offers engineering simulation software, including computational fluid dynamics (CFD), particle flow simulation, micro-flow simulation, explicit dynamics simulation, structural mechanics analysis, and a range of industry-specialized software products. Its capabilities include thermal analysis and cooling simulation for electronic components. Founded in 2020, it is based in Shenzhen, China.

Neural Concept raised a $9.1M Series A round led by Alven with the participation of Aster Capital and prior investors Constantia New Business and High-Tech Grunderfonds. Neural Concept uses deep learning and raw CAD and CAE data to assist industrial engineering R&D by providing prediction of simulation results and design optimization. Its main target markets thus far are automotive and aerospace. It supports electromagnetic, RF, and optics simulation and can use outputs from Ansys and Dassault Systèmes tools for training neural network models. Founded in 2018 as a spin-off from EPFL, it is based in Lausanne, Switzerland.

Power devices

Menlo Micro raised $150.0M in Series C investment led by Vertical Venture Partners and Future Shape, joined by Fidelity Management and Research Company, DBL Partners, and Adage Capital Management along with existing investors Standard Investments, Paladin Capital Group, Piva Capital, and PeopleFund. Menlo Micro uses electromechanical and solid-state technologies to create what it claims is the ‘Ideal Switch’ that can provide a 99% or more reduction in key system-level metrics such as performance, size, weight, power consumption, and cost over standard electromechanical relays and solid-state switches. “Today’s funding milestone underscores the confidence our investors have in Menlo Micro’s transformative technology to fuel the electrification of everything and modernize the $100+ billion market for RF communications, power switching, and protection devices in the 21st century,” said Russ Garcia, Menlo Micro CEO. “It will enable us to expand our manufacturing in the U.S. and accelerate the development of our power roadmap to solve some of the world’s most pressing challenges.” Based in Irvine, California, USA, and founded in 2016, it has raised over $225M to date.

JSAB Technologies, also known as Anjian Semiconductor, raised CNY 180.0M (~$28.3M) in Series B financing from Lanhor Capital, Junsan Capital, and others. A developer of power semiconductors, JSAB has product lines for low-voltage split gate metal MOSFET, high-voltage super junction MOSFET, trench field-stop IGBTs, and SiC diodes. The company targets a wide range of applications, including industrial control, EVs, home appliances, and consumer electronics. Founded in 2016, it is based in Hong Kong.

Liown Semiconductor raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series A funding from IDG Capital. Liown Semiconductor is a power semiconductor IDM. Its products include thyristors, SGT MOSFET, super junction MOSFET, IGBT, silicon carbide diodes, and SiC MOSFET. Alongside design and manufacturing, the company’s operations include wafer manufacturing, packaging, and testing. Funding will be used to further expand production capacity and for R&D. Based in Yuhuan, China, it was founded in 2018.

Xingan Technology received over CNY 100.0M (~$15.7M) in a Series A round led by Bluerun Ventures and joined Boyu Capital, Tsinghua Capital, and others. The startup develops silicon carbide (SiC) power semiconductor chips and modules. Founded in 2020, it is based in Beijing, China.

Maplesemi Semiconductor, also known as Mapleson Semiconductor, raised nearly CNY 100.0M (~$15.7M) in a Series A investment led by CDF Capital and joined by H&T Intelligent Control. Maplesemi produces power semiconductors, with products including high, medium, and low voltage power MOSFETs, trench MOSFETs, super junction MOSFETs, SiC MOSFETs, and SiC diodes. Funds will be used to expand its product offerings, adding split gate technology MOSFETs, IGBTs, and more SiC devices, as well as investing in test and analysis capabilities. Based in Shenzhen, China, it was founded in 2014.

UniSiC Technology, also known as Chenxin Technology, drew nearly CNY 100.0M (~$15.7M) in a pre-Series A round from Dongfang Jiafu and Atom Ventures. UniSiC develops test and analysis systems for silicon carbide (SiC) devices, from SiC wafers to power modules. Alongside test equipment, it offers a SiC CT high-voltage generator, integrated X-ray source, and MRI gradient power amplifier, as well as SiC power modules for applications including automotive and medical devices. Funds will be used for R&D and preparing for mass production. Founded in 2020, it is based in Shanghai, China.

Genoptic received a CAD $5.0M (~$4.0M) grant from Prairies Economic Development Canada. Genoptic develops nano-optoelectronic technologies including smart IC power chips for applications like LED billboards. Combining power circuitry, RF communication, and control system into a single microchip, the company says it eliminates the need for LED drivers and MOSFETs. It also develops industrial, commercial, and horticultural lighting. The grant will be used to establish a manufacturing operation to mass produce its hybrid solar panel and battery storage technology. Founded in 2003, it is based in Calgary, Canada.

Si-Power Microelectronics raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series B financing from Addor Capital. Si-Power develops power management ICs, including AC/DC, DC/DC, multi-cell lithium battery protection chips, and high-precision analog detection control switches. Applications include smartphone fast chargers, 5G communication adapters, smart meters, small appliances, smart homes, industrial, and automotive electronics. Founded in 2003, it is based in Wuxi, China.

Sirius Semiconductor closed a Series A+ financing round from Shenzhen Capital Group. Sirius Core is a fabless startup that designs power semiconductor chips. Its products include ultra-low voltage microprocessors, GaN devices, SiC MOSFETs, trench/SGT MOSFETs, IGBTs, and power management ICs. Based in Shenzhen, China, it was founded in 2020.

Vergiga Semiconductor, also known as Wei Zhao Semiconductor, received a strategic investment from Intel Capital. A supplier of power semiconductors, its products include low-voltage, medium-voltage, and high-voltage MOSFETs, IGBT discrete devices, and modules. Founded in 2012, it is based in Shenzhen, China.

Analog & mixed signal

Atom Semiconductor raised CNY 100.0M (~$15.7M) in pre-Series A funding led by Qiming Venture Partners, joined by Venus Medtech and Alibaba Entrepreneurs Fund. Atom Semiconductor develops signal chain analog chips. Its first product is a highly integrated 24-bit Sigma-delta analog-to-digital converter (ADC) for portable consumer electronics sensor products such as temperature sensors and pressure sensors. The startup plans to release two more products in Q2 this year, and will offer sensor, ADC, and microcontroller product lines. It eventually plans to enter the industrial market. Funds will be used for R&D and to expand sales and marketing teams. Based in Shenzhen, China, it was founded in 2020.

Starshine Semiconductor drew CNY 100.0M (~$15.7M) in Series A financing that included Walden International, Huaqin Technology, and Tinno Mobile. Starshine Semiconductor develops RF front-end filters and modules, including SAW, TC-SAW and BAW filter, duplexer, quadplexer, and other products. It has several chips in mass production. Funds will be used for R&D, hiring, equipment purchase, and product tape-out, packaging, and testing. Founded in 2022, it is based in Wenzhou, China.

JeliComm, also known as Huajie Zhitong, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in pre-Series A financing from Oriental Fortune Capital. JeliComm develops 5G millimeter wave (mmWave) RF chips and transceivers. Based in Shenzhen, China, it was founded in 2019.

Lisi Semiconductor raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in angel financing that included Join Hands Capital. Lisi Semiconductor develops configurable mixed-signal ICs (CMIC) and IP primarily for consumer and automotive markets. Funds will be used for mass production and hiring. Founded in 2018, it is based in Suzhou, China.

Pinnacle Microwave closed a Series C round. The company develops high-performance, high-index RF filters, duplexers, multiplexers, and modules for mobile communications. Based in Chengdu, China, it was founded in 2018.

Photonics

Lumiphase received a CHF 2.7M (~$2.9M) grant from the European Innovation Council and Switzerland’s State Secretariat for Education, Research and Innovation (SERI). Lumiphase builds silicon photonic light control engines using barium titanate (BTO). The company is targeting a range of communications applications including data center, telecom, and computing. Founded in 2020 as a spin out from ETH Zurich, it is based in Zurich, Switzerland.

Miraex received a CHF 2.7M (~$2.9M) grant from the European Innovation Council and Switzerland’s State Secretariat for Education, Research and Innovation (SERI). Miraex focuses on photonic and quantum sensing. It currently offers a photonic accelerometer for in situ monitoring of assets and processes that is capable of operating in harsh environments. It is working on solutions to bridge the microwave and optical domains with a quantum converter that would enable distant quantum computers to be connected together by converting between stationary microwave photons and flying optical photons. Its other project is a quantum ultra-low noise direct microwave photon to optical photon transducer for single-photon detection and sensing. Founded in 2019, it is based in Ecublens, Switzerland.

Pilot Photonics received a €1.8M (~$2.0M) venture investment from Kernel Capital. Pilot Photonics offers an optical comb source using a gain switching technique that allows it to generate and manipulate waves of light with precision and effectively creates multiple lasers from a single device. Gain switching involves turning a laser on and off in quick succession to create coherent pulses of light, which manifest as discrete wavelengths in the frequency domain. The technology is deployed in photonic integrated circuits, which the company makes available in multiple form factors from bare chips to complete opto-electronic modules. Applications include communications, spectroscopy, sensing, and metrology. Founded in 2011 as a spin out from Dublin City University, it is based in Dublin, Ireland.

Zhongke Xintong Microelectronics raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) from Zhongguancun Development Group. The startup develops photonic chips and systems and is preparing to build a multi-material photonic chip production line. It is currently working on products for a range of applications, including medical detection, lidar, quantum computing, and data communications. Based in Beijing, China, it was founded in 2020.

Pixel Photonics received a €1.5M (~$1.6M) seed round from High-Tech Grunderfonds, Quantonation, and individual investor Hendrik Sabert. Pixel Photonics develops highly scalable integrated-optical single-photon detectors that the startup says could be used to boost performance of photonic quantum computing, quantum key distribution, microscopy, or other sensing applications that require highly efficient detection of light at single photon level. “The seed funding provides us with much needed capital to expand our team and to shorten our time-to-market in the rapidly evolving market for single photon detectors. With the financial support and commitment of our investors we can leverage national and international research programs in quantum technologies effectively,” said Nicolai Walter, CEO and co-founder of Pixel Photonics. It has released detectors with four channels for research purposes and plans to introduce systems with 32 or more channels in the near future. Based in Münster, Germany, it was founded in 2020 as a spin out from the WWU Münster.

Quantum computing

Alice&Bob drew a €27.0M (~$29.9M) Series A investment led by Elaia, Bpifrance, and Supernova Invest, joined by Breega. Alice&Bob is working to build large-scale fault-tolerant quantum computers. The startup uses ‘superconducting cat qubits,’ which it says can automatically correct errors and lead to universal gate-based quantum computing. Raphaël Lescanne, Alice&Bob founder, said that recent research showed that “a cat qubit resists bit-flips for several minutes, nearly 100,000 times the previous state of the art. This result confirms our choice of superconducting cat qubits as the building block for our quantum computer. It also consolidates our roadmap, the next step being removing the phase-flip error.” Based in Paris, France, it was founded in 2020.

TuringQ raised over CNY 100.0M (~$15.7M) in Series pre-A+ financing led by Oriza Holdings, joined by Wuxi Capital and existing investors Legend Capital and Ambrum Capital. TuringQ is developing optical quantum computer chips that integrate large-scale photonic circuits based on lithium niobate on insulator (LNOI) photonic chips and femtosecond laser direct writing technology. Thus far, it has released a fully integrated scientific research-grade optical quantum computer for commercial use, a 3D optical quantum chip, an ultra-high-speed programmable optical quantum chip, as well as optical quantum computing simulation software for commercial use. It has also begun construction on a photonic chip pilot line. Based in Shanghai, China, it was founded in 2021 and has raised over $79M.

Terra Quantum added $15.0M to its Series A round, bringing the round to a total of $75.0M. Terra Quantum offers quantum technology as a service that includes a library of algorithms such as quantum-based optimization and quantum-based neural networks, new algorithm development, cloud access to quantum computers, and quantum secure communication and quantum key distribution (QKD) solutions. One of the company’s efforts involves exploring the nontrivial physics of ferroelectricity, and a recent journal article it described the practical design of a ferroelectric nanodots-based negative capacitance field-effect transistor. “Our research is another giant leap towards ushering in the next generation of technology. Harnessing negative capacitors and leveraging them in electronic circuits paves the way for a new generation of transistors and optoelectronic resonators,” said Valerii Vinokur, CTO of Terra Quantum. Funds will be used to strengthen its data cryptography and cybersecurity offering. Founded in 2019, it is based in Roschach, Switzerland.

QunaSys raised $10.0M in a Series B round led by JIC Venture Growth Investments with participation from ANRI, Fujitsu Ventures Fund, Global Brain, HPC Systems, JST SUCCESS Program, MUFJ Capital, Shinsei Corporate Investment Limited, and Zeon Corporation. QunaSys develops algorithms and software for quantum computers, with a particular focus on chemistry and chemical calculations. Last year, the startup introduced a cloud-accessible quantum computing development platform. “This fundraising will help accelerate the development of more usable quantum computing chemical software and expand current business overseas to open a European base,” said Tennin Yan, QunaSys CEO. Founded in 2018, it is based in Tokyo, Japan.

CAS Cold Atom, also known as Zhongke Kuyuan, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A funding. CAS Cold Atom offers quantum precision measurement instruments including a cold atom absolute gravimeter. The startup is currently working on developing a neutral atom quantum computer. Founded in 2020 based on research from the Chinese Academy of Sciences, it is based in Wuhan, China.

Sandbox AQ spun out from Alphabet with a “nine figure” financing round that included Breyer Capital, First Light Capital Group, T. Rowe Price Associates, Guggenheim Investments, TIME Ventures, Section 32, Parkway Venture Capital, and individual investors Eric Schmidt and Thomas Tull. Sandbox AQ is developing hardware, applications, and services that leverage AI and machine learning alongside quantum technologies for telcom, financial services, healthcare, government, computer security, and other computationally intensive sectors. One product it mentions is post-quantum cryptography modules. “The gravity of the geopolitical climate necessitates that we develop stronger cybersecurity platforms for companies and governments. In addition to cybersecurity, quantum tech and AI working together have a powerful compound effect we call AQ, which can impact areas such as drug development, clean energy, and data security,” said Jack D. Hidary, CEO of Sandbox AQ. The company says it already has numerous customers. Based in Palo Alto, California, USA, it started as part of Alphabet (Google’s parent company) in 2016 before being spun out in 2022.

Next Generation Quantum received accelerator investment from Techstars Los Angeles Accelerator. The startup has developed an interconnect to link multiple quantum computers in one network, providing increased computation acceleration and reduced energy consumption. Founded in 2019, it is based in New York, New York, USA.

Sensors

Allystar Technology, also known as Huada Beidou Technology, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in a Series C round from TusHoldings, China Development Bank Capital, and Greater Bay Area Homeland Investments. Allystar Technology develops GNSS and BeiDou Navigation Satellite System positioning chips, algorithms, modules, and antennas for a range of applications including automotive and consumer electronics. Started in 2013 as part of the satellite navigation and positioning chip design business of China Electronics Corporation (CEC), it was spun out as an independent company in 2016. It is based in Shenzhen, China.

ZITN Micro-Electronics, also known as Qingdao Zhiteng Technology, raised over CNY 100.0M (~$15.7M) in pre-Series B funding from Hongta Innovation, Shaanxi Growth Fund, and Junyuan Capital. The company produces a range of sensors for industrial robotics, energy drilling, and automotive. Its products include health monitoring and fault diagnosis sensors, acceleration sensors, orientation sensors, positioning and navigation systems, and DAS/DTS fiber optic sensors. Founded in 2002, it is based in Qingdao, China.

Microparity, also known as Yuzheng Electronics, raised nearly CNY 100.0M (~$15.7M) in pre-Series A funding from Nanjing Jucheng, Qianhai Pengchen, Hechuang Zhiyuan, and Koala Fund. Microparity develops high-performance direct time-of-flight (dToF) single photon detection devices, including single-photon avalanche diodes (SPAD), silicon photomultipliers (SiPM), and SiPM readout ASICs for consumer electronics, LIDAR, medical imaging, industrial inspection, and other applications. Funds will be used for mass production and R&D. Founded in 2017, it is based in Hangzhou, China.

Smart Sensor, also known as Zhixin Sensing Technology, raised CNY 70.0M (~$11.0M) in a Series A+ round led by Amphora Capital, joined by Founder H Fund and BeeTech. The startup develops MEMS pressure sensor chips, sensor signal conditioning chips, and sensor modules. Applications include atmospheric and gas sensing in industrial, medical, consumer electronics, and automotive. Funds will be used to build new production lines with an annual production capacity of more than 50 million pieces. Founded in 2018, it is based in Beijing, China.

Zero Point Motion received £2.6M (~$3.4M) in a seed round led by Foresight Williams Technology with participation from Verve Ventures and U‑blox. A fabless startup, Zero Point Motion is developing hybrid MEMS and photonic inertial sensor chips that use optical sensing techniques known as cavity optomechanics. “With proven capability to detect motion smaller than the size of a single electron, cavity optomechanical sensing has already had extraordinary benefits for fundamental physics research. Now, we are harnessing this power to improve the inertial sensing devices we’ve come to rely on, bringing untold new potential to drones, VR/AR, indoor navigation, and imaging stabilization,” said Ying Lia Li, CEO of Zero Point Motion. Funds will be used for a new R&D lab and hiring. Based in Bristol, UK, it was founded in 2020.

Hypernano Optics received “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A financing from Kunlun Capital and others. Hypernano develops hyperspectral MEMS chips. Its first-generation product entered mass production this year. The company says the technology has a wide range of applications, including medical devices, water quality testing, food inspection, biometrics, and security. Founded in 2019, it is based in Shanghai, China.

Phosense Technology, also known as Fuaoxing Electronic Technology, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in a Series A round from Juntong Capital and others. Phosense designs microwave radar chips. It currently offers 10GHz radar chips for IoT applications such as motion sensing, proximity and gesture interaction, and presence detection. The startup plans to expand its product line to 24GHz, 60GHz, and 77GHz radar chips. Based in Beijing, China, it was founded in 2015.

PossumIC, also known as Zhenghe Microchip, drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in angel funding from Delta Capital and Hengqin Financial Investment. The startup develops millimeter wave radar chips, photoelectric sensing technology, high-performance mixed-signal circuits, and sensor and radar algorithms. Target markets include smart home, industrial robotics, and automotive. Its first product, a 60/77G FMCW radar chip using antenna-in-package technology, will be released later this year. Based in Zhuhai, China, it was founded in 2020.

Sensview, also known as Shansiwei Technology, drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A funding from Huimei Capital, Red Hill Capital, and others. 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, and other solid-state imaging chips and detectors based on monocrystalline silicon technology. Funds will be used for R&D, production capacity, and supply chain optimization. Based in Chengdu, China, it was founded in 2019.

Microtube Technologies raised SGD 1.1M (~$0.8M) in seed funding led by Oriza Greenwillow Technology Fund. Microtube develops soft, stretchable sensors woven into normal fabric that track motion, forces, and pressure and can be incorporated into wearable controllers for gaming, fitness, healthcare, training, and metaverse interactions. The startup offers a development kit comprising fabric sensors, sensing board, and software. Funds will be used to expand its management team and develop new products. “Beyond sensing, the company has its eyes on building haptic wearables for the metaverse, allowing a more immersive environment for the user with the virtual world,” said Yeo Joo Chuan, CEO of Microtube. Based in Singapore, it was founded in 2018 as a spin out from the National University of Singapore.

New Degree Technology received investment from Shunwei Capital, Xiaomi Group, and China Merchants Capital. NDT specializes in force touch sensors for mobile, consumer, IoT, and industrial markets. It provides a micro strain gauge, drive circuit, and control and application software. Supporting metal, glass, and plastic contact surfaces and displays, the company says force touch overcomes limitations of capacitive touch sensors while having high sensitivity, low power consumption, and customizability. Founded in 2011, it is based in Shenzhen, China.

SGR Semiconductors, also known as Sijie Microelectronics, closed a Series B+ round of funding. SGR Semiconductors develops millimeter wave radar chips. It currently offers a 24GHz product line and has 77GHz and 60GHz products in development. Applications include automotive as well as industrial and consumer IoT. Based in Shanghai, China, it was founded in 2016.

Vertilite, also known as Zonghui Xinguang Semiconductor Technology, received a strategic investment from drone maker DJI. Vertilite develops and manufactures high power and high speed vertical-cavity surface-emitting lasers (VCSEL) and module solutions for a wide range of applications from high-speed optical communication to optical sensing in biomedical, industrial, automotive and consumer products. Based in Changzhou, China, it was founded in 2015.

Security

Runjet IC raised nearly CNY 100.0M (~$15.7M) in Series A+ financing from Dahua Holdings. The company designs security and encryption chips, low-power security MCUs, and NFC and RFID control chips. Funds will be used for R&D, mass production, and hiring. Founded in 2015, it is based in Wuhan, China.

Cornami received a strategic investment from Applied Ventures as part of its Series C round. Cornami aims to bring fully homomorphic encryption (FHE) to market. FHE would allow computation and analytics to happen on data that is encrypted, without the need to decrypt it, but it is computationally expensive. The startup says its software compiler technology and parallel reconfigurable computational fabric architecture make the task possible. Based in Campbell, California, USA, it was founded in 2012.

QuintessenceLabs raised new venture funding led by Chevron Technology Ventures. QuintessenceLabs is developing quantum-safe data protection capabilities and offers a secure key management platform that incorporates the security of a FIPS 140-2 Level 3 hardware security module (HSM) with advanced key and policy management and a fast quantum random number generator (QRNG). Based in Canberra, Australia, it was founded in 2008.

AR/VR

Rokid raised $160.0M in two Series C rounds. The company produces AR/XR glasses focused at industrial and commercial markets, including an explosion-proof AR headband compatible with safety helmets. Other areas it targets include training and virtual exhibits. The company is also beginning to sell AR sunglasses that dock with a smartphone for the consumer market. Based in Hangzhou, China, it was founded in 2014.

Nreal raised $60.0M in Series C funding led by Alibaba. Nreal sells AR sunglasses for the consumer market. It currently offers two models, with the primary aim to act as a portable movie screen. It can show multiple virtual screens with additional content. To make them more lightweight, the sunglasses connect to Android smartphones that provide the power and content. Based in Beijing, China, it was founded in 2017.

Lingxi AR raised CNY 100.0M (~$15.7M) in Series B financing from Xiamen Meiya Wutong Investment Management, FIH Mobile Limited, Hangzhou MDK Opto, Beijing Tianhe Venture Capital, and Shenzhen Wudao Capital. Lingxi AR develops arrayed optical waveguides for AR glasses. It has produced a number of different lenses and modules, which it says are light and thinner than typical eyeglass lenses. Funds will be used for R&D, automatic production of arrayed waveguides, developing holographic waveguide technology, and mass production. Based in Beijing, China, it was founded in 2014.

Huynew Technology drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A+ financing that included Granary Capital and Zelos Megatrends. Huynew designs and manufactures AR/VR optical display modules that is says are lightweight, high-definition, and reduce vergence-accommodation conflict (VAC), a cause of VR-induced dizziness. It two primary products are AR coaxial air guide lenses (which it says are used in above-mentioned Rokid’s Air glasses) and VR ultra-thin display modules based on fast-LCD and micro-OLED. It recently established a new production line for its optical modules, giving the company a capacity of 30K sets/month. Based in Shenzhen, China, it was founded in 2017.

AjnaLens raised ₹120.0M (~$1.6M) in pre-Series A funding from LetsVenture, JITO Angel Network, and other angel investors. AjnaLens offers AR/VR/XR glasses and software for military, enterprise, training, and security and surveillance applications. It is currently working with the Indian military to upgrade its man-portable air-defense systems (MANPAD) by providing operators with an enhanced vision to engage targets. Founded in 2014 based on research at IIT Bombay, it is based in Thane, India.

ADAS & autonomy

WeRide raised over $400.0M in Series D funding from GAC Group, Bosch, China Arab Investment Funds, and Carlyle Group. The company develops L4 autonomous driving hardware and software. It has operated a robotaxi service in Guangzhou since 2019 and earlier this year launched a fully driverless robobus service in the same city. The funding follows a strategic investment from automaker GAC in December that will have the two companies jointly developing a fleet of robotaxis. Based in Guangzhou, China, it was founded in 2017.

Soterea drew over CNY 1300.0M (~$204.1M) in a Series B round led by Ping An Capital, joined by SK China, Harvest Capital Management, and Henan Investment Group. Soterea develops safety systems for large commercial vehicles, including advanced emergency braking (AEB), blind spot active safety, driver monitoring, brake-by-wire, and adaptive cruise control. Based in Tianjin, China, it was founded in 2014.

Zongmu Technology drew over CNY 1000.0M (~$156.9M) in a Series E investment led by Dongyang State-Owned Assets Investment, joined by Caitong Capital, Sunic Capital, Zuoyu Capital, Cosco Shipping Development, and China Cinda Asset Management. Zongmu Tech provides ADAS systems for autonomous valet parking and other ADAS applications through a full stack of sensors, controllers, mapping, and cloud services. The company is working with manufacturers, including Xiaomi’s EV efforts, on integrating its technology. Funds will be used for R&D and on setting up a production line that can produce 2 million units of its ADAS systems a year. It is reportedly considering a listing on the Shanghai STAR market. Founded in 2013, it is based in Shanghai, China.

Beep received $25.0M in Series A1 financing led by ABS Capital, with participation from Intel Capital, Blue Lagoon Capital, TDF Ventures, and Hidden Creek Management. Beep offers driverless, electric multi-passenger vehicles targeted for cities, business districts, campuses, and similar complex geo-fenced environments. The company’s system, which is already deployed at several locations, uses a combination of machine learning, contextual traffic data, and existing centralized command center data. The funding will be used to further develop the platform, with the company aiming for Level 4+ autonomous public transit. Founded in 2018, the startup is based in Orlando, Florida, USA.

Autobrains drew an additional $19.0M, bringing its Series C total to $120.0M. The round was led by Temasek, joined by existing partners Continental and BMW i Ventures as well as new investors Knorr-Bremse AG and VinFast. Autobrains has developed a self-learning AI system for ADAS and autonomous vehicles. Instead of large amounts of labeled data, it “maps raw, real-world data to compressed signatures to identify concepts and scenarios for optimal decision-making.” The startup says this approach leads to improved performance in challenging edge cases by understanding contextual elements of driving scenarios. Funding will be used to refine its self-learning AI learning technology capabilities and expand into new domains such as trucks. A spin out from AI company Cortica as a joint venture with Continental in 2019, it is based in Tel Aviv, Israel.

iMotion Automotive Technology, also known as Zhixing Technology, raised CNY 100.0M (~$15.7M) in Series C+ financing led by iFlytek Ventures and China Merchants Startup Capital, joined by Suzhou Industrial Park Fund and Afond Group. iMotion is designs and manufactures factory-installed ADAS and autonomous driving systems that include hardware, software, cameras, domain controllers, and system integration verification. It currently has L2 and L2++ solutions for assisted driving in mass production and is working on smart parking and L4 unmanned driving in low speed closed areas such as industrial parks. The company says it is planning to start pre-IPO financing in preparation for a listing on Shanghai’s STAR market. Based in Suzhou, China, it was founded in 2016.

Novauto, also known as Chaoxing Future Technology, raised CNY 100.0M (~$15.7M) in Series A+ financing. Novauto develops intelligent driving computing platforms for applications including L2 and unmanned low-speed driving. It also offers automatic model optimization software, point cloud algorithm optimization tools, customized acceleration IP library, and high-reliability system middleware. Founded in 2019 as a spin out from Tsinghua University, it is based in Beijing, China.

Pix Moving drew CNY 72.0M (~$11.3M) in pre-Series A financing. Pix Moving sells skateboard-type electric vehicle chassis for drive-by-wire and autonomous vehicles. Skateboard chassis contain batteries, drive units, and other components. It has a software-defined modular design that allows different types of vehicles, such as passenger cars, vending kiosks, delivery, and sanitation vehicles to be built on top of it. Based in Guiyang, China, it was founded in 2014.

Serve Robotics raised $10.0M in venture funding from Nvidia. 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.

Solo Advanced Vehicle Technologies received $7.0M in seed funding led by Trucks VC with participation from Maniv Mobility and Wireframe Ventures. Solo AVT is developing a heavy truck platform designed for autonomous driving. Contrasting it to current vehicles that must be retrofitted to enable autonomous software, Solo AVT founder and CEO Graham Doorley said, “By delivering a purpose-built heavy truck platform that is software agnostic we will materially change the future of the freight transportation sector and enable the growth and efficiency that the global supply chain demands.” The company says the platform will combine active aerodynamics coupled with a battery-electric powertrain and stabilized and optimized placement of sensors. Funds will be used to finalize the design and build the first test vehicle, a battery-electric Class 8 truck that will begin testing in 2022. Founded in 2021, it is based in Fremont, California, USA.

Whale Dynamic, also known as Whirlpool Intelligence, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in a pre-Series A round. The startup develops autonomous driving systems for passenger cars and is moving to L4 systems for unmanned small delivery vehicles. Its full stack of technologies includes multi-sensor pre-fusion algorithms and related spatiotemporal synchronization hardware, wire-based debugging and control of passenger cars, multi-sensor fusion positioning, and high-precision map modules. Founded in 2015, it is based in Shenzhen, China.

Embotech received a CHF 0.6M (~$0.6M) grant from the European Innovation Council and Switzerland’s State Secretariat for Education, Research and Innovation (SERI). 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.

May Mobility received a strategic investment from tire manufacturer Bridgestone. May Mobility operates autonomous shuttle services that have been deployed in cities as well as corporate and university campuses. Its system combines lidar, radar, and cameras with its ‘Multi-Policy Decision Making’ technology for simulating the behavior of other road users. The partnership will include the future integration of Bridgestone’s digital and predictive tire-centric technologies into May Mobility autonomous vehicles, as well as providing Bridgestone with data to improve its products. May Mobility plans to deploy its technology in the Toyota Sienna Autono-MaaS vehicle in 2023. Founded in 2017, it is based in Ann Arbor, Michigan, USA.

Pony.ai closed the first tranche of its Series D funding. The company is waiting for the close of the full round to disclose investors or amount, but said it brought the company to an $8.5B valuation. Pony.ai uses a combination of lidar, radar, and cameras in its autonomous driving solution and has a fleet of over 100 L4 robo-taxis currently being testing in Guangzhou, Shanghai, and California. “From 2020 to the end of 2021, our key safety metrics increased tremendously, such that in most circumstances Pony.ai’s virtual driver is now equal to or superior to a human driver,” said Tiancheng Lou, Pony.ai co-founder and CTO. Funds will be used for hiring, R&D, global testing of robotaxi and robotrucking, strategic partnerships, and development toward mass production and mass commercial deployment. Based in Fremont, California, USA, and Guangzhou, China, it was founded in 2016.

StradVision received an investment from automotive systems company ZF, giving ZF a 6% stake in the company. StradVision develops software that allows vehicles to accurately detect and identify objects even in harsh weather conditions or poor lighting. The software supports a wide variety of hardware platforms and can also be customized and optimized for other hardware systems. “The partnership with StradVision considerably extends our autonomous driving perception and sensor fusion capabilities,” said Marc Bolitho, head of engineering of the Electronics and ADAS division at ZF Group. “Together with our sensors, middleware platform and high-performance computing solutions, this vision perception software expertise from StradVision can provide a key component of our environmental sensor fusion for shuttles, commercial and light vehicles that can be optimized for centralized electrical architectures.” Based in Seoul, South Korea, it was founded in 2014.

Auto components

Telematics company Pateo raised CNY 300.0M (~$47.1M) in venture funding led by Guosheng Group. Pateo offers in-vehicle infotainment and HMI hardware and software. Its products include primary navigation and entertainment displays, instrument cluster, and rear seat entertainment systems. The company is reportedly preparing for an IPO on the Shanghai STAR market. Founded in 2009, it is based in Shanghai, China.

Nebula Link raised nearly CNY 200.0M (~$31.4M) in a Series B round led by Tsinghua Holdings Capital and joined by Guoyuan Capital, Hefei Industry Investment Group, and Woofoo Capital. Nebula Link develops vehicle-to-everything (V2X) communications hardware and software. It also offers a suite of tools for testing and analysis of V2X systems and automotive messaging. The company is active in V2X standardization efforts in China. Founded in 2015, it is based in Beijing, China.

SiEngine Technology, also known as Sinking Technology, raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in strategic financing from automaker China FAW Group. SiEngine develops automotive SoCs. It currently offers a smart cockpit SoC for in-vehicle infotainment and multimedia based in a 7nm process. Mass production is expected to begin later this year. It plans to expand to autonomous driving chips and central computing chips. Founded in 2018, it is based in Wuhan, China.

Chuhang Tech raised CNY 100.0M (~$15.7M) in a Series B round led by China Creation Ventures. The startup is developing 77 GHz to 79 GHz millimeter wave radar for ADAS functions such as blind spot detection system, forward collision warning, adaptive cruise control, and automatic emergency braking. It also offers radar for applications such as occupant monitoring and drone obstacle avoidance. Funding will be used for product development, hiring, and construction of a smart factory. Based in Nanjing, China, it was founded in 2018.

SemiMent, also known as Saizhuo Electronic Technology, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in a Series A+ round from China Fortune-Tech Capital, Oriza Holdings, and Addor Capital. The company develops automotive sensor chips and modules. Its products include inductive encoders, magnetic encoders, Hall gear sensors, linear Hall sensors, switch Hall sensors, and single-phase motor driver ICs. In automotive, they can be used for things such as gear speed, ABS, camshaft and crankshaft position, throttle valve, headlight position, electronic accelerator, and gear switch sensing. They also have applications in industrial control for switch, flow, angle, and displacement sensing. Based in Shanghai, China, it was founded in 2011.

AI Micron received an investment from Hubei Xiaomi Yangtze River Industrial Fund and others. AI Micron develops chips for the smart car market. It developed its own Automotive High-Definition Link (AHDL) video transmission protocol, as well as a series of SerDes chips based on the AHDL protocol. Based in Shanghai, China, it was founded in 2017.

Batteries

Phylion Battery, also known as Xingheng Power, drew CNY 950.0M (~$149.1M) in financing led by Shenzhen Capital Group. Phylion manufactures lithium-ion battery packs primarily for light electric vehicles such as scooters, e-bikes, and low-speed four-wheelers like ATVs. It also makes battery packs for the EV and energy storage markets. It expects production capacity to reach 10.2 GWh by the end of the year. The company ultimately plans to raise CNY 1.5B (~$235.4M) in the round. Based in Suzhou, China, it was founded in 2003 as a collaboration between the Physics Research Institute of the Chinese Academy of Sciences and Lenovo Group.

Our Next Energy raised $65.0M in Series A financing led by BMW i Ventures, joined by Coatue Management and existing investors including Breakthrough Energy Ventures, Assembly Ventures, Flex, and Volta Energy Technologies. The startup is developing a battery system that aims to boost the range of EVs. Its first product uses a lithium iron phosphate chemistry in a ‘structural cell-to-pack’ architecture designed to improve energy density. It will go into production at the end of 2022. Its second, currently in R&D, is a dual chemistry battery in a range extender architecture that uses an energy management system to distribute power. A proof-of-concept of this battery recently powered an electric sedan 752 miles without recharging. Funding will be used to expand its operations, including site selection for its first US-based factory. It was founded in 2020 and is based in Novi, Michigan, USA.

Beijing WeLion New Energy Technology raised “hundreds of millions” of yuan (CNY 100.0M is ~$15.7M) in financing from Hubei Xiaomi Changjiang Industrial Investment Fund Management, Shunwei Capital, and Zhejiang Geely Holding Group. WeLion New Energy manufactures hybrid solid-liquid electrolyte lithium-ion batteries and all solid-state lithium batteries in both pouch cell and module form factors. It targets applications including EVs, large-scale energy storage, and drones. Founded in 2016, it is based in Beijing, China.

Summit Nanotech Corporation drew $14.0M in Series A funding led by Xora Innovation and Capricorn Investment Group, joined by BHP Ventures. Summit Nanotech has developed a modular platform for extraction of lithium, which the company says can double yield, reduce climate pollution, minimize the use of chemicals and freshwater, and cut waste by 90% compared to traditional lithium extraction methods. Currently targeting mining activities, it is also working on adapting it to recover lithium from battery recycling streams. Founded in 2018, it is based in Calgary, Canada.

Coreshell Technologies raised $12.0M in Series A funding led by Trousdale Ventures, Industry Ventures, and Helios Capital Ventures, joined by Entrada Ventures, Foothill Ventures, and Asymmetry Ventures. Coreshell has developed a nanolayer battery coating that prevents electrode surface instability, which the company says can extend capacity of lithium-ion batteries by 30% or more and heat tolerance by 200%. The process can be applied in existing manufacturing processes and could have uses in other chemistries such as silicon anode, high Mn cathodes, and solid-state batteries. The company is currently focusing on electric vehicles. Funding will be used to accelerate commercialization. Founded in 2017 and based in San Leandro, California, USA, it has raised $19M to date.

Altris drew €9.6M (~$10.6M) in a Series A round from Molindo Energy, Northvolt, and EIT InnoEnergy. Altris produces a sustainable cathode material for rechargeable sodium-ion batteries. The Prussian white cathode uses sodium, iron carbon, and nitrogen materials and does not include any cobalt, nickel, or copper. It can be used in existing lithium-ion manufacturing processes and equipment to produce sodium-ion batteries. “With our new financial backing we stand ready to provide customers with the knowledge and materials they need to fulfil their sodium-ion battery aspirations, at a time where interest in this technology has never been greater,” said Adam Dahlquist, Altris CEO. “Our new industrial manufacturing unit will ensure that Fennac-based batteries become a reality within 2 years.” Funds will be used to scale up production of its cathode material to 2,000 tonnes, which the company says enables 1 GWh of batteries. Founded in 2017, it is based in Uppsala, Sweden.

GTC Power raised more than CNY 50.0M (~$7.9M) in Series A financing from investors including Cowin Capital, CICC Capital, and battery maker Sunwoda. GTC Power develops solid-state batteries with high energy density for EVs, consumer electronics, and energy storage applications. It says it has completed sample production of 1Ah, 5Ah, and 20Ah all-solid-state lithium batteries. Founded in 2020, it is based in Zhuhai, China.

AlumaPower received CAD $5.2M (~$4.1M) in a grant from Sustainable Development Technology Canada. AlumaPower has developed an ‘aluminum-air galvanic generator,’ a portable long-life energy source that runs on recycled aluminum as fuel. It produces zero emissions at point of use while delivering over four times the energy density of lithium-ion batteries, the startup says, with simple replacement of fuel. Applications include EVs, portable generators and heaters, and long-haul rail, aviation, and marine travel. Founded in 2017, it is based in Sarnia, Canada.

Blue Line Batteries raised $3.1M in seed funding led by the company’s contract manufacturing partner MCL Industries and joined by Milwaukee Venture Partners, Wisconsin River Business Angels, G Angels, Tundra Angels, BrightStar Wisconsin Foundation, and Grey Collar Ventures. Blue Line Batteries develops modular lithium-ion batteries for industrial materials handling equipment such as forklifts. The funding will be used for hiring and for getting UL certification. Founded in 2017, it is based in Beloit, Wisconsin, USA.

Ligoo New Energy Technology raised “tens of millions” of yuan (CNY 10.0M is ~1.6M) in a venture round from Puhua Capital. Ligoo provides battery management systems, motor controller systems, and charging equipment for electric vehicles. Based in Hefei, China, it was founded in 2010.

Ligna Energy received €1.3M (~$1.4M) in Series A funding from Klimatet Invest and others. Ligna Energy make batteries and energy storage products from forest materials based on organic electronic polymers and biopolymers with a water-based electrolyte. At the end of the battery’s life, it can be burned for biofuel. The batteries have a lower energy density compared to li-ion, making it more suited to non-portable applications. Its first product, which it expects to bring to market later this year, is a flat, flexible battery for IoT and sensor devices. It is also working on stationary applications such as grid storage, residential solar, and EV charging stations. Founded in 2017 based on research from Linköping University, it is based in Norrköping, Sweden.

BeePlanet Factory drew €0.5M (~$0.6M) in venture funding from Enion Partners. The startup uses second-life lithium-ion batteries from electric vehicles for stationary energy storage. Its products cover residential, commercial and industrial, microgrids, and EV charging stations. Founded in 2018, it is based in Noáin, Spain.

StoreDot received a “multi-million dollar” strategic investment from Ola Electric, an Indian two-wheeler EV manufacturer and subsidiary of ride-hailing company Ola. StoreDot develops fast charging battery technologies for EVs. The company says the combination of its unique cell materials and AI optimization enables full EV charging in five minutes, while being compatible with standard lithium-ion battery manufacturing processes. It also developed technology to extend battery lifetime and self-repair cells. As part of the deal, Ola plans to manufacture StoreDot’s battery cells for its electric scooters and will have exclusive rights to manufacture batteries integrating StoreDot’s fast charge technology in India. StoreDot is also working on high energy density solid state cells with planned mass production in 2028. Founded in 2012, it is based in Herzeliya, Israel.

Voltfang raised a “seven-figure sum” from Pirate Impact and a number of individual investors. Voltfang reuses electric vehicle batteries in stationary energy storage modules for industrial and commercial applications. It plans to introduce a system for the home market next year. Founded in 2021, it is based in Aachen, Germany.

Direct Kinetic Solutions (DKS) received funding from the U.S. Department of Defense’s National Security Innovation Capital. DKS develops what it calls Persistent Power Sources, a radioisotopic battery solution that harnesses the high energy density of beta-emitting isotopes and utilizes their continuous and steady emission of energy to generate current that can directly power devices, charge chemical batteries, or work as complements to other power sources. The company says the technology can be used as a standalone power source that lasts much longer than lithium-ion batteries, making it suitable for applications in IoT sensors and CubeSats. It could also be used to power devices while in idle states. Founded in 2019, it is based in El Paso, Texas, USA.

Tailan New Energy closed a Series A+ round from Country Garden Venture Capital. Tailan New Energy is developing solid-state lithium batteries and key lithium battery materials, with a 200MWh battery production line slated to break ground later this year. Founded in 2021, it is based in Chongqing, China.

Zoolnasm Energy Technology, also known as Zhongna Energy, received a new round of financing from Country Garden Venture Capital. Zoolnasm is developing sodium-ion batteries and materials. It expects mass production of its sodium iron sulfate batteries to being this year. Based in Suzhou, China, it was founded in 2021.

EVs

EEZI Technology, also known as Light Orange Times, raised “tens of millions” of dollars in a pre-Series A round led by China Merchants Capital and joined by Guiyang Industrial Development Holding, Yogao Capital, Haojun Investment, Edge Ventures, and existing investors Linkconn and DLH Capital. EEZI Tech is an electric vehicle seller. The company says its first model, which will be built by BAIC Ruixiang, has fast charging technology that provides a 200km range with eight minutes of charging time. Based in Shenzhen, China, it was founded in 2021.

Table: Selected companies that raised funding in March 2022.

Company Sector Amount Raised
(M, USD)
Funding Type Headquarters
WeRide ADAS & Autonomy $400.0 Series D China
Soterea ADAS & Autonomy $204.1 Series B China
SiFive CPU $175.0 Series F USA
Rokid AR/VR $160.0 Series C China
Zongmu Technology ADAS & Autonomy $156.9 Series E China
Menlo Micro Power Semi $150.0 Series C USA
Phylion Battery Batteries $149.1 Venture China
Luminous Computing AI HW $105.0 Series A USA
Sandbox AQ Quantum $100.0+ Venture USA
Our Next Energy Batteries $64.0 Series A USA
Paragraf Manufacturing $60.0 Series B UK
Nreal AR/VR $60.0 Series C China
Bright Semiconductor Technology Wafers $57.4 Strategic China
Syntiant AI HW $55.0 Venture USA
Best Compound Semiconductor Wafers $47.1 Series A China
Pateo Auto Components $47.1 Venture China
Nebula Link Auto Components $31.4 Series B China
Alice&Bob Quantum $29.9 Series A France
JSAB Technologies Power Semi $28.3 Series B China
Beep ADAS & Autonomy $25.0 Series A1 USA
Quadric AI HW $21.0 Series B USA
Autobrains ADAS & Autonomy $19.0 Series C Israel
Raintree Scientific Instruments Corporation Inspection $17.0 Strategic China
Corigine DPU, EDA $15.7+ Strategic USA & China
Tsing Micro AI HW $15.7+ Series B China
Xinxiang Technology CIM/MES $15.7+ Series A+ China
MeetFuture Equipment $15.7+ Series B China
Sprint Precision Technologies Equipment $15.7+ Equity China
A&T Precision Machinery Equipment $15.7+ Series B China
Vigor Technology Equipment $15.7+ Venture China
Enkris Semiconductor Wafers $15.7+ Series B+ China
TenFong Technology Engineering Simulation $15.7+ Series A, A+ China
Liown Semiconductor Power Semi $15.7+ Series A China
Allystar Technology Sensor $15.7+ Series C China
ZITN Micro-Electronics Sensor $15.7+ Pre-B China
SiEngine Technology Auto Components $15.7+ Strategic China
WeLion New Energy Batteries $15.7+ Venture China
Deep Stream Micro GPU $15.7 Pre-A China
ZenosIC Semi & Design $15.7 Angel China
BTD Technology EDA $15.7 Angel China
BSG Technology CIM/MES $15.7 Series A China
Winrobs Test $15.7 Series A China
HCUT Equipment $15.7 Series B China
Xingan Technology Power Semi $15.7 Series A China
Maplesemi Semiconductor Power Semi $15.7 Series A China
UniSiC Technology Equipment $15.7 Pre-A China
Atom Semiconductor AMS $15.7 Pre-A China
Starshine Semiconductor AMS $15.7 Series A China
TuringQ Quantum $15.7 Pre-A China
Microparity Sensor $15.7 Pre-A China
Runjet IC Security $15.7 Series A+ China
Lingxi AR AR/VR $15.7 Series B China
iMotion Automotive ADAS & Autonomy $15.7 Series C+ China
Novauto ADAS & Autonomy $15.7 Series A+ China
Chuhang Tech Auto Components $15.7 Series B China
Terra Quantum Quantum $15.0 Series A Switzerland
Summit Nanotech Batteries $14.0 Series A Canada
Coreshell Technologies Batteries $12.0 Series A USA
Pix Moving ADAS & Autonomy $11.3 Pre-A China
Smart Sensor Sensor $11.0 Series A+ China
Altris Batteries $10.6 Series A Sweden
EEZI Technology EVs $10.0+ Pre-A China
DeepSight Equipment $10.0 Series A China
DexForce Equipment $10.0 Angel China
Sourcemap Supply Chain $10.0 Series A USA
QunaSys Quantum $10.0 Series B Japan
Serve Robotics ADAS & Autonomy $10.0 Venture USA
Neural Concept Engineering Simulation $9.1 Series A Switzerland
Jingxin Microelectronics Semi & Design $7.9 Pre-A China
GTC Power Batteries $7.9 Series A China
Solo AVT ADAS & Autonomy $7.0 Seed USA
SPARK Microsystems Wireless $5.6 Grant Canada
AlumaPower Batteries $4.1 Grant Canada
Cybord Security $4.0 Seed Israel
Genoptic Power Semi $4.0 Grant Canada
Zero Point Motion Sensor $3.4 Seed UK
Blue Line Batteries Batteries $3.1 Seed USA
Lumiphase Photonics $2.9 Grant Switzerland
Miraex Photonics $2.9 Grant Switzerland
Avantama Display $2.2 Grant Switzerland
Pilot Photonics Photonics $2.0 Venture Ireland
Semisight EDA $1.6+ Angel China
Enmicro Precision Test $1.6+ Series A China
PowerValue ATE $1.6+ Angel China
Wafertest Test $1.6+ Series B China
Goldenscope Tech Equipment $1.6+ Series A China
Simetric Semiconductor Equipment $1.6+ Angel China
Hashen Smart Materials Technology Materials $1.6+ Series A+ China
Si-Power Microelectronics Power Semi $1.6+ Series B China
JeliComm Wireless $1.6+ Pre-A China
Lisi Semiconductor AMS $1.6+ Angel China
Zhongke Xintong Microelectronics Photonics $1.6+ Venture China
CAS Cold Atom Quantum $1.6+ Series A China
Hypernano Optics Sensor $1.6+ Series A China
Phosense Technology Sensor $1.6+ Series A China
PossumIC Sensor $1.6+ Angel China
Sensview Sensor $1.6+ Series A China
Huynew Technology AR/VR $1.6+ Series A+ China
Whale Dynamic ADAS & Autonomy $1.6+ Pre-A China
SemiMent Auto Components $1.6+ Series A+ China
Ligoo New Energy Technology Batteries $1.6+ Venture China
Omniply Technology Manufacturing $1.6 Grant Canada
Soft Carbon Electronics Materials $1.6 Pre-A China
Pixel Photonics Photonics $1.6 Seed Germany
AjnaLens AR/VR $1.6 Pre-A India
Ligna Energy Batteries $1.4 Series A Sweden
StoreDot Batteries $1.0+ Strategic Israel
Voltfang Batteries $1.0+ Venture Germany
Microtube Technologies Sensor $0.8 Seed Singapore
Embotech ADAS & Autonomy $0.6 Grant Switzerland
BeePlanet Factory Batteries $0.6 Venture Spain
Eyelit CIM/MES Undisclosed Venture Canada
Jiepei Technology Manufacturing Undisclosed Series B++ China
Sandtek Corporation ATE Undisclosed Venture China
Linkwise Technology Equipment Undisclosed Angel China
Bozhi Golden Diamond Technology Materials Undisclosed Series A China
Sirius Semiconductor Power Semi Undisclosed Series B China
Vergiga Semiconductor Power Semi Undisclosed Strategic China
Pinnacle Microwave AMS Undisclosed Series C China
Next Generation Quantum Quantum Undisclosed Accelerator USA
New Degree Technology Sensor Undisclosed Venture China
SGR Semiconductors Sensor Undisclosed Series B+ China
Vertilite Sensor Undisclosed Strategic China
Cornami Security Undisclosed Strategic USA
QuintessenceLabs Security Undisclosed Venture Australia
May Mobility ADAS & Autonomy Undisclosed Strategic USA
Pony.ai ADAS & Autonomy Undisclosed Series D China
StradVision ADAS & Autonomy Undisclosed Strategic South Korea
AI Micron Auto Components Undisclosed Venture China
Direct Kinetic Solutions Batteries Undisclosed Venture USA
Tailan New Energy Batteries Undisclosed Series A+ China
Zoolnasm Energy Technology Batteries Undisclosed Venture China

Funds & investors

Atos, Dassault Systèmes, Orange, Renault Group, STMicroelectronics, and Thales launched the Software République incubator, which will focus on startups in the areas of energy, new mobility services, and connected vehicles. Incubated for a period of six to 18 months, startups are expected to build a project with at least two members of the Software République. In return, the members will provide startups with their resources as well as a tailor-made support program. As a dual purpose, it aims to foster collaboration between the six members. The first startups in the program have been announced: Angoka (secure machine-to-machine communications), Geoflex (improved GPS/GNSS), Parcoor (threat detection), Vianova (road safety algorithm), and Wattpark (rentable EV charging).

Nio Capital closed an approximately $400.0M fund that will be used to invest in early- and mid-stage startups in China, focused on the energy, automotive, and deep tech industries. The investment firm was started by Nio, a Chinese EV automaker. It has previously made investments in companies in the self-driving and battery areas.

Cloudview Capital raised CNY 2.0B (~$321.3M) in a fund targeting growth-stage and mature startups in China. The fund will invest in advanced manufacturing & semiconductor, environmental & new energy, healthcare, and consumer. Cloudview has previously in a number of semiconductor and electronics companies.

Rockets Capital raised more than $200.0M for its first fund, which will invest in venture and growth stage companies in the electric vehicle supply chain. The fund investment was led by EV maker Xpeng and included IDG Capital, eGarden, Sequoia China, 5Y Capital, and GGV Capital.

Imec.xpand closed the first round of its second fund at €150.0M (~$166.0M). The fund focuses on early-stage startups with “hardware-based nanotechnology innovations where Imec technology, expertise, network, and infrastructure will play a differentiating role.” It has previously invested in semiconductor, photonics, quantum, and medical companies.

Triniti Capital closed the first round of its third RMB fund at CNY 1.0B (~$157.2M). The fund will focus on investments in China’s semiconductor industry.

Wavemaker Partners closed its fourth fund at $136.0M. The fund focuses on early-stage seed and pre-A enterprise, deep tech, and sustainability startups in Southeast Asia.

UC Berkeley SkyDeck closed its SkyDeck Fund II at $60.0M. SkyDeck is an accelerator program that offers a dedicated investment fund, mentorship, and the resources of its research university. The program is open to startups in all industries, but there are specialized tracks in biotech, chip, aerospace, and crypto.

Inter-university venture capital fund Qbic made the first close of its third fund at €49.0M (~$54.2M). It invests in spin-offs from multiple partner institutes, including Imec and numerous Belgian universities and hospitals, with a focus on seed and early-stage startups in the deep tech, software, biotech, and medtech sectors. It also offers support to companies in the 12-18 months before they’re incorporated.

AI applications

Companies offering AI-powered products didn’t see rounds quite as large when compared to some of the mega-deals in recent months, but there were still significant investments among the hundreds of startups that received new funding. Here are some of last month’s largest rounds garnered by companies using AI in products and services.

  • Astronomer raised $213.0M in Series C for its data orchestration platform powered by Apache Airflow.
  • ConcertAI raised $150.0M in Series C for its software and data solutions for life sciences and biopharma companies, including AI SaaS clinical trial management.
  • CommerceIQ raised $115.0M in Series D for its e-commerce management platform that uses AI to boost sales.
  • OpenSpace raised $102.0M in Series D for that maps video taken while walking around to job site plans to create navigable photo representations.
  • Snappt raised $100.0M in Series A to detect fraudulent documentation for property managers.
  • Aibee raised $100.0M in a venture round for its speech recognition, computer vision, natural language processing, and big data analysis platform.
  • Builder.ai raised $100.0M in Series C for its low-code app development platform.
  • Swiftly raised $100.0M in Series B for digitally-connected shopping and personalized advertising in brick-and-mortar retail stores.

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