Startup Funding: May 2023

Photonics, sustainability, and AI chips draw investment; 157 companies raised over $2.4 billion.


Photonic interconnects were an area of activity in May, with two companies raising funds for what could be much faster chip-to-chip and chiplet-to-chiplet links. Microstructured optics and metasurfaces also drew investment, with four companies creating products for a range of applications from flexible LEDs to multi-wavelength spectral imaging.

The large language models that power many generative AI applications are also an attractive area, with two companies in this report designing chips specifically for LLMs and transformers. Several other companies raised funds for edge AI and AIoT-focused chips.

Sustainability was also a feature in May. One of the month’s largest rounds went to a company that aims to help the semiconductor industry use less water through treatment and purification, while another sizeable investment went to recycled rare-earth magnets. And the U.S. Department of Energy put $40 million behind 15 projects working on energy efficient cooling solutions for data centers.

Plus, CXL, MEMS clock, metal inkjet printing, ATE, photoresists, and automotive Ethernet feature in this look at 157 companies that collectively raised over $2.4 billion in May 2023.

Chip design

Advans Group raised €50.0M ($54.4M) in private equity investment from Azulis Capital and company managers. Advans Group is an outsourced engineering group specializing in embedded electronics, application software, and mechanics. It offers a range of engineering services, including ASIC, SoC, FPGA, IP, and PCB design as well as verification. Founded in 2000, it is based in Paris, France.

Beizhong Wangxin (BZWX) received CNY 100.0M (~$14.3M) in financing from Beijing Zuojiang Technology and others. The startup is developing data processing units (DPUs) for smart network cards and programmable network security chips. Based in Chengdu, China, it was founded in 2020.

MetisX raised 8.5M won (~$6.9M) in seed funding in January from Mirae Asset, IMM Investment, Tony Investment, Wonik Investment Partners, and SBI Investment Korea. MetisX is a fabless company developing a memory and memory-centric data domain specific architecture based on CXL. The startup says its intelligent memory accelerates large-scale data processing applications, such as database analytics, AI data preprocessing, and next-generation sequencing (NGS) DNA analysis. Founded in 2022, it is based in Yongin, South Korea.

InCore Semiconductors raised $3.0M in seed funding from Sequoia Capital India. InCore designs RISC-V processor IP, SoCs, and domain-specific hardware accelerators. Its cores are modular and extensible, enabling them to be tailored for specific industries with its core generator software tools that provide a way to configure the processor’s microarchitecture at a high level of abstraction using Bluespec System Verilog, adding or removing features such as pipeline stages, caches, and ports to optimize performance, reduce power consumption, and minimize area. Currently, it offers core generators for embedded and real-time applications and for Linux-capable application-class cores. InCore also employs automated test generation tools to create a wide range of test scenarios for the generated cores. Its lineup of IP includes products tuned specifically for safety critical, security, and AI/ML verticals. Funds will be used to expand its portfolio of generators and reference SoC platforms. Founded in 2018, it is based in Chennai, India.

Cluster Systems raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding from Hundreds Capital. Cluster Systems develops high-speed interconnects for data centers, with a focus on PCIe/CXL switching algorithms, chips, modules, and complete low-power hardware solutions. Founded in 2022, it is based in Shanghai, China.

TSN Technology raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A financing led by Yongxin Capital and Nachuan Capital. The startup offers time-sensitive networking Ethernet chips and IP for industrial applications. It also provides design services. Funds will be used for tape out and hiring. Founded in 2021, it is based in Suzhou, China.

ICube Corporation raised funding from Zhongying Chuangtou and others. The company develops GPU, general-purpose GPU (GPGPU), and CPU core IP. The processors use ICube’s Multi-thread Virtual Pipeline (MVP) ISA that combines features from both CPUs and GPUs for high parallelization. It also offers SoCs based on its IP for a range of applications from desktop graphics to servers. An affiliate of China Electronics Corporation founded in 2009, it is based in Shenzhen, China.

AI hardware

Axelera AI added $23.0M to its Series A round with investment from Innovation Industries, CDP Venture Capital, Verve Ventures, and Fractionelera (a consortium of investors created specifically to fund Axelera AI). This brings the Series A to $50.0M. Axelera AI is designing an edge AI hardware and software platform. The acceleration platform utilizes in-memory computing and a RISC-V controlled dataflow architecture, giving the AI processing unit chip a peak performance of up to 214 TOPS with an energy efficiency of 15 TOPS/W at INT8. The integrated software stack will allow customers to run their neural networks on the accelerator without any model retraining. The startup claims its platform can provide the AI computational power of a server in a single chip with lower power consumption and price. Funds will be used to support mass production and launch of its first-generation AI platform, as well as global expansion. Based in Eindhoven, the Netherlands, it was founded in 2021.

Zhonghao Xinying Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in pre-Series B financing led by Kingswood Printing Ink, joined by Insigma Technology, Riverhill Fund, and others. The startup designs large model AI training chips. Funds will be used for R&D. Founded in 2020, it is based in Hangzhou, China. raised $5.4M in seed funding led by Primary Venture Partners, joined by individual investors Michael Kohen and Devin Wenig. Etched is developing chips specialized for transformer and large language model (LLM) inference. Its architecture does not include things LLMs don’t use, such as conventional caches or high precision datatypes, which the startup claims allows it to outperform GPUs. Founded in 2022, it is based in Menlo Park, California, USA.

ChipIntelli drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series B++ funding from Watere Capital, Zijue Capital, and Surbana Jurong Capital. ChipIntelli offers intelligent voice recognition chips and algorithms for artificial intelligence IoT (AIoT) devices and home appliances. Its chips support offline neural network acceleration, noise reduction, far-field speech recognition, and speech synthesis. The startup also offers modules with communications interfaces such as Wi-Fi, Bluetooth Low Energy, and Zigbee. Founded in 2015, it is based in Chengdu, China.

NeuronBasic raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in funding from MicroBT. The startup develops CMOS image sensors (CIS) with integrated image recognition algorithms for low power edge AI. The startup says it can perform image recognition, object detection, and object tracking without an internet connection or peripheral components. Founded in 2021, it is based in Nanjing, China.

Weeteq received £0.1M (~$0.1M) from the Scottish Edge startup competition. The company develops what it calls circuit-level artificial intelligence technology for predictive maintenance and improved performance of closed-loop control systems in manufacturing. Founded in 2022, it is based in Glasgow, UK.


Easylogic Technology raised Series A+ funding from Panlin Capital, Sensegain Investment, and Skyworth Angel. Easylogic develops automated functional engineering change order (ECO) solutions. Its software considers subsequent design impacts such as scan chain stitching, low power constraints, clock trees, and routing delays in a single job flow. It offers solutions for both pre- and post-place & route ECO as well as for functional changes requiring extensive modifications to the RTL across a significant portion of a design. Funds will be used for R&D and hiring. Founded in 2014, it is based in Hong Kong, China.

Optima Design Automation received a strategic investment from EDA company X-Epic. Optima has developed a fault injection and fault analysis technology for functional safety verification of automotive semiconductors. Its platform supports hard and soft error analysis as well as automated static analysis. Certified for ISO 26262 ASIL-D, the platform includes technology to speed up analysis of permanent faults in a device while maximizing coverage. Additionally, it focuses on improving resistance to transient faults with a minimal number of modified components, minimizing device power consumption and silicon area. It can also verify security mechanisms designed to protect against fault-injection side-channel attacks. Founded in 2014, it is based in Nazareth, Israel.

Manufacturing & equipment

Gradiant raised $225.0 in the first close of a Series D round led by BoltRock Holdings and Centaurus Capital. Gradiant provides advanced water and wastewater treatment facilities to a range of industries, with a focus on purification of water from less than ideal sources, water reuse, resource recovery, brine concentration for minimum and zero liquid discharge (MLD/ZLD), and plant performance optimization. For fabs, it enables a supply of ultrapure water, which is needed to rinse away residual chemicals during production of semiconductors. It says is also able to recover and reuse a high percentage of the wastewater produced during semiconductor processing. Katherine Derbyshire takes a closer look at the company. Funds will be used for expansion in strategic markets, growth in locations such as the Middle East and Europe, and R&D. Founded in 2013 as a spin out from MIT, it is based in Woburn, Massachusetts, USA, and has raised over $400M to date.

Semi-Tech raised over CNY 500.0M (~$72.4M) in Series C financing led by Matrix Partners China, joined by Skyview Fund, G60 Science & Technology Fund, RFIC and power semi maker Li-On Microelectronics, and others. Semi-Tech offers computer integrated manufacturing (CIM) and manufacturing execution system (MES) software for semiconductor manufacturing, from front-end to back-end packaging and testing for both 8-inch and 12-inch wafer fabs. Its products cover production management, quality management, and logistics management. It also offers manufacturing software for industries such as electronic packaging, medical equipment, batteries, rail transportation, and auto parts. The company plans to add further big data and AI analytics capabilities and pursue M&A possibilities. Founded in 2017 as the result of a merger, it is based in Shanghai, China.

Prewave raised €18.0M (~$19.7M) in a Series A+ round from Creandum and existing investors Kompas, Ventech, Seed+Speed Ventures, Segnalita, Speedinvest, Working Capital Fund, and Xista Science Ventures. Prewave offers a platform for managing supply chain risks and raw materials availability for a wide range of industries including electronics and automotive. Founded in 2017, it is based in Vienna, Austria.

Hong Hu Semiconductor Technology received hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in Series A+ funding led by SDIC Venture Capital, joined by Shenzhen High-tech Investment, Oriza Holdings, Zhidao Investment Management, Teda VC, and Yongxin Capital. The company produces sorter, equipment front end module (EFEM), and vacuum transfer wafer transfer equipment for 8/12-inch front, middle, and back-end processes. It also offers various equipment parts and consumables, along with equipment repair and refurbishment services. Funds will be used for R&D, business expansion, and marketing. Founded in 2016, it is based in Suzhou, China.

Elephantech raised about 900.0M yen (~$6.7M) in funding from Mitsubishi Electric’s ME Innovation Fund, Shinsei Venture Partners, Daishi Hokuetsu Regional Vitalization Investment, Japan Green Investment Corp, Mizuho Growth Fund, and others. Elephantech offers a metal inkjet printing-based printed circuit board manufacturing technology that it claims is environmentally friendly and can reduce CO2 emissions by 77% and water consumption by 95% compared to conventional manufacturing methods. The startup says its technology, which allows metal to be printed on a substrate only where necessary, can be applied to almost all PCB types. It currently focuses on single-sided flexible substrates and plans in the future to produce multi-layered and rigid PCBs. It also aims to add the capability to print on biomass substrates and use recyclable materials. Mitsubishi Electric and Elephantech will together promote metal inkjet printing technology and explore sustainable manufacturing processes. Founded in 2014, it is based in Tokyo, Japan, and has raised around 9B yen to date.

MRG Semiconductor Technology received tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding led by Yihua Capital, joined by String Capital, Yufu Holding, and semiconductor pick & place equipment supplier Accuracy Equipment. The startup is building wafer coater and developer equipment. It plans to expand to offer a range of front-end and back-end equipment. Funds will be used for R&D and production. Founded in 2022, it is based in Nanjing, China.

Mubyte received tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A funding. The company provides cloud-based manufacturing execution management, digital production line, and equipment lifecycle management software. It targets a range of industries, including semiconductors, electronics, and new energy. Founded in 2015, it is based in Shanghai, China.

Zhejiang Sineva received tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding. The company makes autonomous mobile robots (AMR) and composite mobile robots for precision manufacturing environments and logistics, including semiconductors, electronics, flat panel displays, and pharmaceuticals. It provides robots capable of wafer handling. A subsidiary of Sineva Group founded in 2018, it is based in Jiaxing, China.

ABTR Automation & Robotics raised angel funding from Z&Y Capital. The company develops automated guided vehicles (AGV), robotic systems, and a smart factory cloud platform for photovoltaic, lithium battery, and semiconductor manufacturing facilities. Founded in 2011, it is based in Changsha, China.

Kaixin Semiconductor drew new investment from Qianrong Investment Holding Group and others. The company makes silicon carbide ceramic parts for semiconductor equipment. Founded in 2022, it is based in Suzhou, China.

Resilinc received strategic growth investment from Vista Equity Partners. Resilinc offers a supply chain risk data platform, including a validated supplier network that has been mapped down to the sub-tier, part-site, and commodity level, for AI-powered prediction of delivery delays, price movements, and supply constraints for raw materials and commodities. Along with semiconductor and high tech, it also covers the automotive and industrial, aerospace and defense, and healthcare and life sciences industries. The company recently joined the SEMI Supply Chain Management Initiative as a strategic partner. Funds will be used for product development, hiring, and go-to-market activities. Founded in 2010, it is based in Milpitas, California, USA.

Youlun Vacuum Equipment (YLVAC) received funding from SIDVC and Su Venture Capital. The company makes semiconductor thin film deposition equipment, including evaporation coating machines, vacuum sintering furnaces, and sputtering systems. Funds will be used for new product development, marketing, and hiring. Founded in 2016, it is based in Suzhou, China.


SZLQ Intelligence (Suzhou Lieqi Intelligent Equipment) raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series B funding from Addor Capital, GF Qianhe, and Jucheng Capital. The company offers packaging and test equipment for optical chips and modules, semiconductor, lidar, and consumer electronics.­ Its products include equipment for eutectic bonding of CoC and CoS, burn-in and aging test, optical inspection, laser diode chip test, and mounting. Founded in 2012, it is based in Suzhou, China.

Capcon Semiconductor received Series B2+ investment from Shenzhen Capital Group. Capcon provides equipment for advanced packaging and assembly. Its products include bonders for fan-out wafer-level packages, panel-level packages, system-in-package, multi-chip module, embedded multi-chip packages, flip-chip, and stacked die. Funds will be used for R&D, market expansion, and operations. Founded in 2014, it is based in Hong Kong, China.

Test, measurement & inspection

TwinSolution Technology raised CNY 160.0M (~$23.2M) in Series B funding from Shang Qi Capital, Jucheng Capital, GT Capital, and Fudan Venture Capital. TwinSolution offers a range of wafer and package test interface devices. Its lineup includes ATE test sockets for various package types, package-on-package and wafer-level chip-scale package test sockets, cantilever and vertical probe cards, burn-in sockets, MEMS probe cards, system-level test sockets, and in-strip test handler machines. Funds will be used for R&D of 2D/3D MEMS probe cards and LTCC test substrates as well as to support operations and sales. The company is also preparing for an IPO. Founded in 2006, it is based in Shanghai, China.

Nearfield Instruments received a €11.0M (~$11.9M) investment from Invest-NL, with additional funding from Innovation Industries and TNO. Nearfield Instruments supplies a semiconductor scanning probe microscopy (SPM) system that can measure 3D surfaces. The company says its Feedforward Trajectory Planner imaging mode can be used for non-destructive in-line process monitoring of 3nm and below gate-all-around FETs (GAA FETs), while a parallel architecture of miniature SPMs increases throughput. Nearfield Instruments CEO Hamed Sadeghian said of the funding, “It will allow us to enhance our series production capabilities following the successful completion of our customer’s assessment of our first in-line process control product QUADRA. Furthermore, this investment enables us to speed up bringing our second product to the market, being non-destructive subsurface nanoscale metrology.” Founded in 2016 as a spin-off from research organization TNO, it is based in Rotterdam, the Netherlands.

Chotest Technology received CNY 78.0M (~$11.1M) in funding from Richland Capital, with additional investment from Eastern Bell Capital. Chotest provides measurement and calibration instruments at a range of scales for semiconductor, electronics, and other industries. Its products include 3D optical surface profilometers that use white light interferometry for sub-nanometer resolution. Founded in 2005, it is based in Shenzhen, China.

Gazer Technology raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Xiaomiao Langcheng Venture Capital and SND Financial Holdings. Gazer provides front-end semiconductor wafer inspection equipment, including Fourier-transform infrared (FTIR) spectroscopy for film thickness measurement and element concentration measurement, energy dispersive X-ray fluorescence (EDXRF) spectrometers, and equipment front end module (EFEM) wafer handling equipment. Its products support wafers of silicon, silicon carbide, gallium nitride, gallium arsenide, indium phosphide, and other materials. It also offers industrial sensing products such as high-precision edge measurement sensors, reflective edge measurement sensors, coaxial optical edge measurement sensors, and laser displacement sensors for industries including lithium batteries, renewable energy, consumer electronics, and medical. Funds will be used for hiring, new product development, and supply chain development. Founded in 2021, it is based in Shanghai, China.

Luxet drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Baoding Investment. Luxet provides emission microcopy equipment for wafer, package, and circuit board failure analysis. Its products include cooled phase-locked infrared microscopes (thermal EMMI), uncooled phase-locked infrared microscopes (thermal EMMI), and low-light microscopes (InGaAs EMMI). Founded in 2021, it is based in Suzhou, China.

Matrix System raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding led by Addor Capital. Matrix System offers RF test equipment for chips, modules, and systems. Its product lineup includes an RF chip tester with support for wafer-level, package-level, and system-level testing; benchtop tester; hybrid tester for wafer-level, package-level, and system-level testing of various multifunctional RF/analog/mixed-signal SoCs; switch matrix; millimeter wave radar simulator; microwave component test system; antenna test system; network analyzer; and test software. Founded in 2008, it is based in Shanghai, China.

Time-Tech Spectra drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel financing from Legend Capital. Time-Tech Spectra offers inspection equipment for silicon carbide (SiC) wafers and photovoltaic panels, as well as LED and laser chip failure analysis equipment. It also provides spectroscopy equipment such as transient absorption spectroscopy systems, fluorescence spectroscopy systems, and spectral imaging systems. Funds will be used for development of new equipment and mass production. Founded in 2016, it is based in Dalian, China.

Elevate Semiconductor received continuation funds from Presidio Investors and Kline Hill Partners. Elevate designs SoCs for automated test equipment (ATE). Its lineup includes high density integrated pin electronics; multiple channel wide voltage pin electronics; device under test power supplies with digital interface, control, and I/O; parametric measurement units (PMU) that provide both voltage and current source/measurement capability with density as high as 8 channels per chip and voltage up to 26V; and various integrated solutions. Its products support multiple end user segments such as SoC test, memory test, test during burn-in (TDBI), and in-circuit test (ICT). Funds will be used to support ongoing growth. Founded in 2012, it is based in San Diego, California, USA.


Noveon Magnetics raised $75.0M in Series B funding led by NGP Energy Capital Management and Aventurine Partners. Noveon produces rare earth neodymium magnets using a manufacturing process that enables the magnets to be made either from mined rare earth elements or directly from recycled end-of-life magnetic materials. The company claims the process is over 90% more energy efficient than traditional manufacturing and results in a stronger, more durable magnet while reducing the amount of heavy rare earth elements, such as dysprosium, required by at least 20%. Funds will be used for expansion of manufacturing facilities. Founded in 2014, it is based in San Marcos, Texas, USA.

NexWafe received €30.0M (~$32.1M) in financing from existing investors including Reliance New Energy Limited, Aramco Ventures, and ATHOS Venture, as well as new investors including Keshik Capital and former Australian PM Malcolm Turnbull. NexWafe produces high-efficiency monocrystalline silicon wafers using in-line epitaxy, a process the company says provides a 30% reduction in wafer cost and a 70% reduction in energy consumption during manufacturing. The wafers are designed as a drop-in replacement for Cz-Si wafers in solar cell production. Funds will be used to start construction of its first commercial-scale facility in Bitterfeld, Germany. The company plans to raise further funds this year. Spun out from Fraunhofer Institute for Solar Energy Systems ISE in 2015, it is based in Freiburg, Germany.

Impact Nano raised $32.0M across multiple rounds from Goldman Sachs Asset Management, Intel Capital, and others. Impact Nano supplies patterning photoresists, deposition organometallics, and etching gases for semiconductor manufacturing. It also makes materials for the energy storage and healthcare markets. “Impact Nano plays a critical role by manufacturing materials with precisely controlled chemical fingerprints, enabling atomic level control in advanced semiconductor fabrication,” said Matthew Stephens, CEO and co-founder of Impact Nano. The funding will be used to expand its North American manufacturing capacity, materials development pipeline, storage and distribution capabilities, and increase hiring. Intel Capital managing director Sean Doyle will join the board of directors. Founded in 2019, it is based in Devens, Massachusetts, USA.

Aricen Electronic Materials raised CNY 200.0M (~$28.5M) in Series B and B+ rounds from China Merchants Capital, Wens Investment, Qianrong Investment Holding Group, and others. Aricen produces a range of high-purity electronic gases and chemicals used in manufacturing semiconductors, flat panel displays, and photovoltaics. It also offers on-site production and supply system engineering.  Founded in 2010, it is based in Zhangjiagang, China.

Yuehai Gold Semiconductor Materials raised over CNY 100.0M (~$14.3M) in pre-Series A funding. The company manufactures silicon carbide (SiC) substrates. It expects to enter mass production soon. Founded in 2022, it is based in Chengdu, China.

Lianshi New Materials received CNY 100.0M (~$14.3M) in strategic financing from Sinochem Capital. The company provides electronic wet chemicals for semiconductor, photovoltaic, LED, and flat panel display manufacturing. Its products include acids and bases, etchants, and solvents. Founded in 2017, it is based in Kunshan, China.

Socially Kind Synthesis (SKS) raised CNY 100.0M (~$14.3M) in funding from Shaanxi Venture Capital, Lianhu Science and Technology Innovation Fund, and others. SKS manufactures organic chemicals and fine chemicals, including semiconductor photoresist monomer materials. Its primary business is chemicals for the pharmaceutical and pesticide industries. Founded in 2016, it is based in Xi’an, China.

MI-6 raised JPY 650.0M (~$4.8M) in Series A funding from JAFCO, Deepcore, Mizuho Capital, and SMBC Venture Capital. The company provides a material informatics platform to streamline and optimize experiments in materials design and research. The platform integrates with robotics for automated experiment cycles. It supports a range of materials, including those used in the semiconductor, display, photovoltaic, and battery industries. Founded in 2017, it is based in Tokyo, Japan.

iSabers Materials added around CNY 20.0M (~$2.9M) to its Series A++ round, bringing the round to CNY 220.0M (~$31.5M) with funding from Beijing Integrated Circuit Advanced Chip Fund, SunGrow Power Supply, CCB Trust, Wofo Capital, Tianjin Venture Capital, Jucheng Capital, and others. iSabers makes silicon carbide (SiC) substrates for advanced packaging and heterogenous integration. The company says its technology can help improve silicon carbide yield and reduce costs. iSabers also provides bonding equipment. Funds will be used for construction of a bonded integrated substrate mass production line. Founded in 2020, it is based in Beijing, China, and has raised nearly CNY 600M to date.

Graphenest raised €1.8M ($2.0M) in funding from GED Ventures Portugal and Portugal Ventures. Graphenest develops graphene-based EMI shielding solutions it says is light weight compared with a metal-based alternative, flexible, and requires less material for the same performance. It is targeting a range of applications, including automotive, where it can be used for components such as cables and wires, batteries, electronics housings, and printable electronics for radar and lidar. Funds will be used to expand production capabilities and accelerate growth. Founded in 2015, it is based in Sever do Vouga, Portugal.

Coryes Polymer raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A+ funding from Yongchangsheng Capital. Coryes Polymer makes benzoxazine resins for use in copper clad laminates for PCBs and flexible electronics, along with numerous other applications. Founded in 2007, it is based in Chengdu, China.

Sequential Technology drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A+ financing from Oriza Holdings. The startup provides epoxy resin materials for adhesive films used in wafer grinding and dicing, potting adhesives for chip packaging, and vacuum boxes for die storage and transport. It can also be used as battery thermal insulation materials and high-voltage potting adhesives for new energy vehicles. Founded in 2022, it is based in Beijing, China.

Zillion Ultrapure Epoxy Resin drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding led by Shaanxi Investment Group, joined by China Capital Management, ZTE Capital, and others. Zillion Ultrapure makes electronics grade epoxy resins, including low-chlorine, low-viscosity, modified, and custom epoxy resins. Its products can be used in applications such as electronics packaging materials, copper clad laminates, electronic adhesives, coatings, and in other industries. Funds will be used for R&D and construction of production lines. Founded in 2022, it is based in Xi’an, China.

Dechuang High-tech Materials drew funding from Huawei’s Hubble Investment, BOE Technology, and others. The startup develops materials such as conductive adhesives and polymer resins. Founded in 2020, it is based in Changzhou, China.

Lyten received a strategic investment from Stellantis Ventures. Lyten develops 3D graphene materials. The startup says the 3D graphene is more chemically and electrically reactive than 2D graphene while also being highly tunable for specific properties such as strength, hardness, and electrical conductivity due to its three-dimensional morphology. The production process, which uses methane as a feedstock, is carbon neutral at scale. It uses the material in its lithium-sulfur batteries, which the company says has over 2X the energy density of lithium-ion while being lightweight, resistant to thermal runaway, and made without nickel, cobalt, or manganese. Additionally, Lyten uses the 3D graphene material in sensor arrays with high sensitivity and selectivity for use in automotive, industrial, health, and safety applications, as well as in lightweight graphene-infused thermoplastics. Funds will be used to accelerate commercialization of Lyten’s products for the mobility industry. Founded in 2015, it is based in San Jose, California, USA.

Samcien Semiconductor Materials raised new funding led by SDIC Venture Capital. Samcien offers materials used during packaging, including temporary bonding and adhesives, cutting protection layers, electroless nickel gold and electroless nickel palladium gold surface treatments, and custom ceramic substrates. Founded in 2016, it is based in Shenzhen, China.

Shining Materials drew angel funding from Zhuhai Hi-tech Investment. Shining Materials offers photoresists for PCBs and flexible printed circuits. It plans to expand to display panels and semiconductor chips. Founded in 2021, it is based in Zhuhai, China.

Sico Semiconductor received pre-Series A funding led by CD Capital and TTGG Asset Management, joined by Vision Capital. Sico Semiconductor manufactures silicon carbide (SiC) epitaxial wafers for power semiconductor devices. It currently offers 6-inch n-type and p-type 4H-SiC wafers. Founded in 2021, it is based in Suzhou, China.

Zhongrong Technology drew Series B investment from CMB International, Fuzhou Financial Holdings, and HCH Ventures. Zhongrong Tech offers electronic wet chemicals for semiconductor, flat panel display, LED, and photovoltaic manufacturing, including etchants, photoresist strippers, thinners, and NMP solvents. It also provides lifecycle management for wet electronic chemicals, including waste liquid recovery and purification. Founded in 2015, it is based in Fuzhou, China.

Memory & storage

Shichuangyi Electronics (SCY) raised CNY 280.0M (~$39.6M) in Series A funding. SCY provides memory and storage devices. For the mobile market, it has a range of embedded memory, including eMMC, LPDDR4/4X, eMCP, uMCP, UFS, eSSD, and NAND flash. It also offers DRAM and SSDs in various form factors. In addition to consumer electronics, it targets IoT, automotive, and industrial automation. Funds will be used for hiring, equipment, and R&D. Founded in 2008, it is based in Shenzhen, China.

Inston Tech raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding led by Qianrong Holdings, joined by Creation Venture Partners and chipmakers C*Core Technology and Triductor Technology. Inston develops voltage-controlled magnetoresistive RAM (VC-MRAM). The startup says its technology enables a small voltage to have a large impact on the characteristics of the magnetic tunnel junction to achieve effective switching, which it claims provides faster write speeds, no read interference, and lower power consumption compared to spin torque transfer MRAM (STT-MRAM). The technology is compatible with existing MRAM process platforms. It is targeting a range of applications, including automotive, mobile and IoT, and high-performance computing. Inston has also developed a VC-MRAM-based true random number generator. Funds will be used to accelerate commercialization. Founded in 2021, it is based in Suzhou, China.

Analog & mixed signal

Stathera raised $15.0M in a Series A round led by BDC Capital’s Deep Tech Venture Fund and Celesta Capital, with participation from strategic investors including MediaTek, Seiko Epson, and TXC Corporation. Stathera develops MEMS-based timing solutions that provide both MHz and kHz reference clock, enabling it to replace two quartz oscillators. Along with a low-jitter packaged MEMS oscillator, Stathera also offers an embedded MEMS resonator that can be integrated into an MCU/SoC/PMIC for system control, power-moding, and Real Time Clock (RTC), or into communication ICs. The startup says its technology is resistant to temperature changes, vibration, and shock with low power consumption and area, making it suitable for applications such as wearables, IoT, smartphones, and other wireless connected devices. Funds will be used for commercialization, development of its second-generation product, and hiring. Founded in 2018 based on technology that originated at McGill University and was further developed by Nxtsens Microsystems, it is based in Montreal, Quebec, Canada.

Gwanak Analog raised $6.0M in Series A funding led by Mirae Asset with participation from Kiwoom Investment, GU Equity Partners, Company K Partners, and KDB Capital. Gwanak Analog develops analog and power SoCs and ICs for the industrial, consumer, and automotive markets. The startup offers a CMOS readout IC with low noise instrumentation amplifier and a 24-bit delta-sigma ADC with support for various digital interfaces. Other products include an OLED power management IC, ultrasonic sensor IC, and sensor signal conditioning IC. Funds will be used to expand operations, develop next generation products, and enhance existing products. Founded in 2018, it is based in Seoul, South Korea.

Pai Microelectronics drew new funding led by CR Capital Management, joined by audio chip company Actions Technology and Yonghong Ruixiang Equity Investment. Pai develops low-power mixed signal 32-bit and 8-bit MCUs for applications such as industrial control, motor control, automotive, medical devices, smart meters, IoT, consumer electronics, and small home appliances. It also offers 24-bit high-precision ADCs. Funds will be used for R&D and market expansion. Founded in 2019, it is based in Xiamen, China.

Original Tech drew angel funding from Rising Investments. The startup offers a range of analog and mixed signal chips, including RF amplifiers, broadband power amplifiers, clock generators, and converters. Founded in 2018, it is based in Chengdu, China.


AccelerComm closed a £21.5M (~$27.1M) Series B round from Parkwalk Advisors, Swisscom Ventures, and Hostplus with participation from existing investors Bloc Ventures, IP Group, and IQ Capital. AccelerComm designs 5G channel coding IP, also known as forward error correction, to correct mobile transmission errors caused by noise, interference, and poor signal strength. The startup says its IP is highly configurable and can be optimized for the specific needs of both terrestrial and satellite communications. The company’s product lineup can be realized as software, in programmable logic, or custom silicon accelerators and includes channel coding IP with reduced latency and power consumption for 5G radio baseband processing as well as a complete layer 1 PHY that incorporates the technology for low-earth orbit 5G satellite communications. Funds will be used to hire, drive U.S. and global expansion, and develop the technology further. Founded in 2016 as a spin out from the University of Southampton, it is based in Southampton, UK.

BlueWave Semiconductor raised hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in pre-Series A funding from Oriental Fortune Capital, Oceanpine Capital, Z&Y Capital, Probing VC, Huaou Venture Capital, IoT platform company Tuya Smart, and others. BlueWave Semiconductor develops 5G chips for IoT, industrial IoT, and internet of vehicles (IoV). It plans to initially offer products supporting the 5G reduced capability (RedCap) and enhanced Mobile Broadband (eMBB) specifications, with later expansion to other IoT/IoV specifications. Founded in 2021, it is based in Hangzhou, China.

Bonsai Micro drew seed financing led by Vanedge Capital with participation by BDC Capital’s Deep Tech Venture Fund. Bonsai Micro is a fabless company that combines RF/mmWave, mixed signal, and machine learning design techniques to create chips for energy efficient next-generation wireless networks. Founded in 2018, it is based in Vancouver, British Columbia, Canada.

Iravic Technology received Series B financing from Tai Zhong He Capital, Harmony Investment, and Dunhong Assets. The company offers analog RF design services. It focuses on transceiver chips for markets such as IoT, smart home, smart agriculture, and mobile payment. Founded in 2017, it is based in Chengdu, China.

Power devices

HestiaPower raised over CNY 500.0M (~$70.9M) in a Series B round led by CCB Trust. HestiaPower offers silicon carbide (SiC) power devices. Its product lineup includes SiC Schottky diodes, MOSFETs, and 650V, 1200V, and 1700V power modules. It targets new energy vehicles, photovoltaics, industrial power supplies, rail transit, telecommunications, medical equipment, and other industries. Founded in 2019, it is based in Shanghai, China.

iDEAL Semiconductor raised $40.0M in Series C funding. iDEAL Semiconductor has developed a new architecture for silicon power devices. The architecture combines an asymmetrical charge-balanced trench, thinner epitaxy, and higher doping concentration to lower resistance per unit area (RSP) and reduce power loss. Initially targeting voltages up to 850 V, the technology can be used in a range of power semiconductor devices such as diodes, MOSFETs, IGBTs, and ICs. The company claims its SuperQ-based 200V MOSFETs deliver 6x lower resistance than existing silicon and 1.6x lower resistance than GaN, while motor drive inverters designed with the technology can save up to 50% of power losses. While focusing on the benefits it can bring to silicon and the compatibility with existing CMOS fabrication, iDEAL says the architecture is also forward compatible with future power semiconductor materials. Funds will be used to expanding its hiring, product lines, and U.S. manufacturing capacity. Based in Bethlehem, Pennsylvania, USA, it was founded in 2017 and has raised over $75M to date.

Cloud Child Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in Series A funding from Yufu Holding, China Capital Management, Jolmo Capital, and Ori-mind Capital. Cloud Child produces power semiconductors, including IGBT single tubes and modules, high/low voltage MOSFETs, and gate driver ICs. It targets automotive, photovoltaics, industrial control machines, and power supplies. Funds will be used for construction of a new production line and R&D. Founded in 2018, it is based in Shenzhen, China.

Liaojing Electronics raised over CNY 100.0M (~$14.3M) in financing from Jie Chuang Capital, joined by China Aerospace Science and Industry Corporation, Ginkgo Valley Capital, Haolan Capital, and others. The company makes a range of power discretes and ICs, including diodes, triodes, Darlington transistors, and MOSFETs as well as integrated voltage regulators, current-mode PWM controllers, voltage reference sources, DC/DC power supplies, LDO regulators, and three-phase bridge modules. Funds will be used for production line upgrades and new product development. Founded in 2007, it is based in Jinzhou, China.

Vensum Power raised €3.8M (~$4.1M) in seed funding led by Lifeline Ventures with participation from, Harjavalta Oy, and Business Finland. Vensum Power develops a software-defined power converter that utilizes zero voltage switching and zero current switching techniques to reduce power losses during voltage conversion along with higher switching frequencies to provide a small footprint for applications such as EV charging, DC microgrids, energy storage, and renewables. It plans to offer the technology in a 25kW isolated DC-DC converter module. Founded in 2018, it is based in Espoo, Finland.

Power-Micro Semi raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A funding led by Wuxi Haichuang Investment. The startup develops LED drivers and power management chips for IoT devices. Funds will be used for marketing and new product development. Founded in 2017, it is based in Wuxi, China.

Ookuma Diamond Device drew JPY 140.0M (~$1.0M) in seed funding led by Coral Capital and joined by Globis Capital Partners. Ookuma Diamond Device is developing diamond semiconductor amplifiers and power electronics. It is specifically developing devices to be used in the Fukushima Daiichi Nuclear Power Plant decommissioning project, as diamond-based devices can withstand the high temperatures and radiation of that environment. The startup is also exploring applications in next-generation high-speed wireless communications infrastructure. A spin out from Hokkaido University founded in 2022, it is based in Sapporo, Japan.

Xinke Semiconductor closed a Series A+ round that included Zhongying Capital. Xinke Semi makes silicon carbide (SiC) MOSFETs and Schottky diodes. Funds will be used for construction of production lines and infrastructure. Founded in 2021, it is based in Hangzhou, China.

Photonics & optics

Lightmatter raised $154.0M in a Series C round from SIP Global, Fidelity Management & Research Company, Viking Global Investors, Google Ventures, HPE Pathfinder, and existing investors. Lightmatter develops silicon photonic chips and systems for AI inference and HPC workloads, along with photonic interconnects and enabling software. It is offering its general-purpose machine learning accelerator chips in a server that combines 16 chips in a 4-U server configuration with 3kW power consumption. It is designed as a building block for a rack-scale system. This is enabled by its wafer-scale interconnect that integrates photonics and transistors side-by-side for dynamic reconfiguration of the communications topology. Lightmatter says the interconnect has 40 passage lanes that fit in the space of a single optical fiber to provide over 800 Tbps I/O bandwidth from each chiplet site for full reticle and up to 250 Tbps per chiplet site edge with less than 2 nanosecond chiplet-to-chiplet latency and single hop connectivity between every site. The approach also removes the need for fiber-to-chip attach. Its software automates deployment of existing models to Lightmatter hardware and optimizes neural network performance. Funds will support delivery of its products to customers. Founded in 2017 and based in Boston, Massachusetts, USA, it has raised over $270M to date.

Ayar Labs added $25.0M to its Series C round with investment led by Capital TEN, joined by VentureTech Alliance and previous investors Boardman Bay Capital Management, IAG Capital Partners, Nvidia, and Tyche Partners. This brings the round to $155.0M. Ayar Labs offers a chip-to-chip optical interconnect solution it says eliminates the bottlenecks associated with system bandwidth, power consumption, latency, and reach for AI, HPC, cloud, telecommunications, aerospace, and remote sensing applications. The solution pairs optical I/O chiplets with multi-wavelength light sources to drive tens of Tbps of bandwidth directly out of an ASIC/CPU/FPGA package. The chiplet’s modular multiport design can carry eight light channels, while the light source provides up to 16 wavelengths of light and powers up to 16 ports. Funds will be used to accelerate the implementation and commercialization of its optical I/O solutions, expand product offerings and development efforts, and hire. Based in Santa Clara, California, USA, it was founded in 2015.

North Ocean Photonics received hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in Series C funding led by Intel Capital, joined by CITIC Zhengye, Chenhui Venture Partners, Future Capital, Haiwang Capital, and Yangtze River Delta Digital Fund. North Ocean Photonics produces wafer-level optics, including micro-nano optics for 3D mobile phone cameras, diffractive optical waveguides for AR glasses, lidar components, and high-speed optical links. Founded in 2016, it is based in Shanghai, China.

Sitrus Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in Series C funding led by Xinchao Group, joined by Dingxin Capital and Lanshi Venture Capital. Sitrus Technology develops DSP chips for high-speed optical modules used in data centers and telecommunications. It has also developed a DSP chip with integrated driver. Founded in 2017, it is based in Shanghai, China.

Shine Optoelectronics (SOE Tech) raised over CNY 100.0M (~$14.3M) in a Series A round led by SBCVC and LH Ventures, joined by Kunshan High-tech Venture Capital. SOE Tech offers embedded nano-printing, micro-injection molding, and micro-extrusion casting for creating 2D or 3D surface microstructures on a variety of materials. It targets applications such as flexible mini-LED substrates, optical waveguides for AR glasses, transparent antennas, touchscreen films, solar panels, decorative and anti-counterfeit patterning, and biomedical devices. Funds will be used for equipment, expansion of production capacity, and R&D. Founded in 2015, it is based in Kunshan, China.

Heguang Microelectronics Technology received nearly CNY 10.0M (~$1.4M) in seed funding from Hefei Industry Investment Group and HRG International Institute. The startup focuses on optical metasurface devices that can control the amplitude, phase, spectrum, and polarization of light and are compatible with CMOS. It recently produced a spectral imaging chip. Future efforts will include multi-wavelength spectral imaging, integration of metasurfaces with vertical-cavity surface-emitting lasers (VCSEL) for dynamic beam steering, and integration of metasurfaces with liquid crystal on silicon devices. Funds will be used for new chip tape out and marketing. Founded in 2022, it is based in Hefei, China.

Apollo Optical Systems (AOS) drew private equity investment from Pike Street Capital. AOS provides design, prototyping, and final manufacturing and assembly of custom optical components and systems for OEMs in the industrial metrology, VR, commercial, LED lighting, medical instrument, automotive sensor and lidar, and defense markets. Its capabilities include diamond turning, polymer injection molding, and evaporative coatings for creation of diffractive optics, microlens arrays, and optical diffusers. “We’re excited to expand the solutions we can offer our customers with the additional investment and operational support from Pike Street,” said AOS founder and CEO G Michael Morris. Founded in 2002, it is based in West Henrietta, New York, USA.

Quantum computing

Sparrow Quantum received DKK 31.0M (~$4.6M) in seed funding led by 2xN, joined by LIFTT and the European Innovation Council. Sparrow Quantum is developing deterministic light-matter interfaces for quantum communications, photonic quantum computers, and quantum repeaters. Its first product is an on-chip single-photon source that can provide long strings of more than 100 single photons without deteriorating quality and at a rate of more than 20 million single photons per second into fiber that can be directly deployed in applications such as multi-photon quantum simulations or quantum key distribution experiments. Funds will be used to accelerate the development of products and services and to expand its team. “This funding will allow us to advance our development of light-matter interfaces for commercial quantum technologies and bring our next-generation products to market faster. We firmly believe that photonic quantum technologies have the potential to revolutionize how we process and communicate information in the future, and we are excited to be providing the specialized components that will drive this field forward,” said Kurt Stokbro, CEO of Sparrow Quantum. Founded in 2016 based on research from the Niels Bohr Institute, it is based in Copenhagen, Denmark.

VeriQloud raised €1.9M (~$2.1M) in funding led by Quantonation and joined by WinEquity. VeriQloud has developed a quantum communication architecture that can distribute keys between several parties connected on a single optical fiber. The startup says its technology has low hardware requirements and doesn’t rely on trusted repeaters, making it suited to interconnect with large-scale Quantum Key Distribution (QKD) networks for the last mile of key distribution. It can also be deployed at the metropolitan-area scale to secure communication and storage in cloud infrastructures. Funds will be used to accelerate development of its hardware and software solutions. Founded in 2017, it is based in Paris, France.

Quantum Bridge received a CAD 0.9M (~$0.7M) grant from the National Research Council of Canada (NRC). Quantum Bridge is developing technologies for quantum networking, including quantum repeaters that can channel entanglement over very long distances and symmetric key distribution technology to make current networks quantum-resilient. Its key exchange fully automates the creation and distribution of symmetric keys, without relying on computational complexity or asymmetric encryption. Quantum Bridge CEO Mattia Montagna said the collaboration with NRC will “leverage our combined know-how in quantum optics and quantum communication, with their experience related to quantum dots. Our goal being to build a deterministic cluster state generator that can have multiple uses in the quantum industry.” Founded in 2019, it is based in Toronto, Ontario, Canada.

QRCrypto received a $0.5M convertible loan. The startup is developing symmetric and asymmetric quantum-resistant cryptography for 5G that is compatible with existing server infrastructure. The solution works coherently up to a 512-bit symmetric encryption level using a cryptographically strong pseudo-random generator and number of transformation rounds. Founded in 2019, it is based in Lausanne, Switzerland.

LQUOM received Series A extension funding from Toshiba Corporation. LQUOM is developing long-distance quantum communication technology for a secure quantum internet. Its current focus is a quantum repeater, which it expects to demonstrate this year, that includes an entangled photon source, quantum memory, and frequency stabilization. Along with sending quantum information without destroying it, the startup’s repeater includes a routing function that will allow multiple devices to communicate and divert communications to a safe route when eavesdropping is detected. Funds will support commercialization of quantum repeaters and creation of a quantum communications ecosystem. A spin out from Yokohama National University founded in 2020, it is based in Yokohama, Japan.

Quantum Motion received investment from Sony Innovation Fund, adding to the £42.0M round announced in February. Quantum Motion is developing quantum processors based on silicon spin qubits. The startup’s fault tolerant quantum architecture uses a scalable array of qubits that can be manufactured using standard CMOS foundry processes. Quantum Motion says it has isolated a single electron in a silicon transistor and shown that its spin retains its state for a period of up to nine seconds. It has also designed and validated integrated circuits capable of generating, routing, and processing signals at deep cryogenic temperatures, operating down to a few tenths of a degree above absolute zero. Founded in 2017, it is based in London, UK.

QunaSys received an investment from IBM Ventures. QunaSys develops algorithms and software for quantum computers, with a particular focus on chemistry and chemical calculations. It provides a cloud-accessible development platform that interprets chemistry problems into quantum circuits, allowing calculations on simulators and quantum devices without the need for expertise in quantum algorithms. “The future practical use of quantum computing will require close collaboration of hardware and software. Therefore, this investment will enable us to accelerate our research and development efforts and bring us closer to achieving practical applications of quantum computing,” said Tennin Yan, CEO of QunaSys. Founded in 2018, it is based in Tokyo, Japan.


e-con Systems received a $13.0M investment from GR 2022 Holdings. The company manufactures cameras for embedded vision systems. Its product lineup includes Time of Flight cameras, MIPI camera modules, GMSL cameras, FPD Link III cameras, USB 3.1 Gen 1 cameras, stereo cameras, and low light cameras. Funds will be used to expand operations and construction of imaging laboratories. Founded in 2003, it is based in Riverside, California, USA, and Chennai, India.

Delta Diagnostics drew €5.3M (~$5.8M) in a Series A round from i&i Biotech Fund, Oost NL, InnovationQuarter, and PhotonDelta. Delta Diagnostics creates chips and devices for label-free biosensing using photonic integrated circuits. The chip’s waveguides carry laser light to numerous integrated refractive index sensors. The binding of biomolecules on the sensor surface leads to a local change in refractive index proportional to the density of bound biomolecules. Each sensor can be functionalized with a different capture molecule, enabling multiplexing to analyze multiple biomolecules at once. It currently supports 16-plex detection. It targets life science research and development of new diagnostics. Funds will be used to develop next-generation biosensor systems for real-time biomolecule detection in samples. Founded in 2018 as a spin off from TNO, it is based in Rotterdam, the Netherlands.

AI Silk raised JPY 320.0M (~$2.4M) in the first close of its Series A from Global Brain Corporation, Epson X Investment, Fukuda Denshi, Mizuho Capital, and Tohoku University Venture Partners. AI Silk makes conductive textiles using printing and dying methods that attach the polymer PEDOT-pTS to a range of different fabrics. The company says its conductive textiles can withstand repeated washings and reduce skin irritation. AI Silk is turning its textiles into wearable sensors that can measure vitals such as ECG and heartrate. A spin off from Tohoku University founded in 2015, it is based in Sendai, Japan.

Analog Sensing Information Technology received tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A funding from the Beyond Moore Fund. The startup makes electronic measurement modules and circuit boards for field instruments that incorporate technologies such as low-noise links and temperature drift suppression. It currently offers an ultrasonic gas flow meter and intends to expand to instruments for testing new energy vehicles, batteries, power chips, and aerospace power systems. Founded in 2020, it is based in Xi’an, China.

Zhongke Hangxin Technology received tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Cowin Capital and others. The startup develops high-precision inertial navigation technology for extremely harsh environments. It currently offers solid-state resonant gyroscopes, quartz flexible accelerometers, MEMS, and other inertial sensors. It targets industries such as energy exploration, space, military, commercial aerospace, seismic monitoring, and rail transit. Founded in 2021, it is based in Beijing, China.

CAST Inc raised JPY 150.0M (~$1.1M) in financing from Real Tech Holdings, Higin Capital, and TOA Nondestructive Inspection. The company develops heat-resistant and flexible thin piezoelectric sensors that use ultrasonic reflections to monitor pipe wall thinning. Funds will be used to obtain explosion-proof certification. Founded in 2019, it is based in Kumamoto, Japan.

Revopoint drew Series C+ funding from Haitong Innovation. The company makes micro-structured light 3D cameras as standalone units and for integration into products such as consumer electronics, industrial robotics, and security cameras. Along with micro-structured light projection technology, it includes image processing chips and 3D vision algorithms. Founded in 2014, it is based in Xi’an, China.

Tendo Technologies raised seed funding from Rhapsody Venture Partners and Tyche Partners. Tendo Technologies offers semiconductor-based flow sensors for high-precision measurement of gas and liquid flow rates. The technology is capable of measuring highly viscous fluids and low flow rates, with applications in industries ranging from food and beverage to pharmaceuticals to chemical processing. Funds will be used to expand commercialization. Founded in 2017 based on research from Princeton University, it is based in Princeton, New Jersey, USA.

Displays & AR/VR

VoxelSensors raised €5.0M (~$5.4M) in seed funding led by Capricorn Partners and Qbic, with participation from Finance&, existing investors, and the team. VoxelSensors develops a 3D perception architecture and sensors for XR devices. The startup’s Switching Pixels Active Event Sensor (SPAES) for laser beam scanning-based 3D perception uses single photon sensitive sensors to localize the tip of a laser beam with high temporal resolution and generate ultra-low latency depth data using scanning triangulation. The startup claims the SPAES technology provides precise segmentation, spatial mapping, anchoring, and natural interaction for XR devices with less than 10 milliwatts power consumption and less than 5 milliseconds latency while being resistant to outdoor lighting at distances over 5 meters and being immune to crosstalk interferences. Funds will be used to develop the roadmap and hire. Founded in 2020, it is based in Brussels, Belgium.

Doublepoint emerged from stealth with €3.0M (~$3.3M) in seed funding from FOV Ventures, Superangel VC, Superhero Capital, Business Finland, individual investors Sune Alstrup and Timo Rein, and others. Doublepoint develops a machine learning algorithm that uses a mechanically-based inertial measurement unit and bio-acoustic sensors in a smartwatch wristband to detect movement, position, and microvibrations, enabling detection of touch-based microgestures such as pinch and surface interactions. It aims to turn smartwatches into gesture input devices for XR and consumer electronics. The startup is marketing it as a software-based solution that is improved with custom hardware. Founded in 2020, it is based in Helsinki, Finland.

Boya Poly Advanced Materials drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in a Series A round led by consumer electronics company Skyworth Group. Boya Poly offers materials for flexible displays. Its colorless and transparent polyimide (PI) slurries, pastes, and films can be used in OLED, LCD, LED, and other flexible electronics. It also has applications in new energy vehicles as a winding wire insulating varnish. Funds will be used for commercialization and purchasing production equipment. Founded in 2020, it is based in Ningbo, China.

GOHI Microelectronics raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in a Series B+ round led by ZJ Innopark. The company produces display driver chips and supporting devices including high-speed IO, mixed signal IP, and ESD protection designs. Its product lineup includes drivers for small displays, medium and large displays, display drivers integrated with touch controllers (TDDI), AMOLED drivers, and power management chips. Funds will be used for R&D, mass production, and expanding product lines. Founded in 2017, it is based in Nanjing, China.

Hypervision received strategic funding led by Somnium Space, joined by Lynx Mixed Reality and Vrgineers, all VR companies. Hypervision develops optics and lenses for VR/XR headsets. Its sunglasses-size multi-element optical system combines multiple 140° pancake lenses to provide a 240° horizontal field of view using an architecture that stitches together central and peripheral visual modules. The company is targeting a range of VR applications, particularly those where peripheral vision awareness is important, such as driving/flight simulators, remote supervision of autonomous robots/vehicles, military training, and augmented intensification of visual stimuli for people with vision disorders. Founded in 2020, it is based in Yokneam Illit, Israel.


CelLink received a conditional commitment for a $362.0M loan from the U.S. Department of Energy Loan Programs Office. CelLink manufactures electrically and thermally conductive flexible circuits for automotive electrical distribution systems. It says its flexible wire harness products can reduce traditional wire harness weight by more than 70%, spatial volume by more than 90%, and can be pre-integrated with other vehicle electronics such as ECUs, sensors, and modules. The loan will be used to finance construction of a manufacturing facility in Georgetown, Texas, to develop lighter and more efficient flexible circuit wiring harnesses for automotive and other industries, such as aviation, space, consumer electronics, and appliances. It is expected to begin production in mid-2023. Based in San Carlos, California, USA, it was founded in 2012.

Mogo Auto raised CNY 580.0M (~$83.9M) in Series C2 funding from Tencent Investment, Chengdu Science and Technology Investment Group, Zhuhai Haidou Science and Technology Investment Group, and Yixin Group. Mogo Auto provides L4 autonomous driving, V2X, and teleoperation solutions for robotaxis, shuttles, buses, and various public service vehicles. It also offers a roadside monitoring and V2I system. Founded in 2017, it is based in Beijing, China.

Ethernovia closed a $64.0M Series A round from Porsche SE, Qualcomm Ventures, VentureTech Alliance, AMD Ventures, Western Digital Capital, Fall Line Capital, Taiwania Capital, ENEA Capital, and others. Ethernovia is developing automotive network architectures and highly integrated Ethernet chips with high bandwidth and advanced security solutions for the energy-efficient processing of large amounts of data in software-defined vehicles. In combination with software, the startup says its data transport and acceleration technology helps enable consolidation of numerous single-domain ECUs into a smaller number of higher performance multi-domain ECUs, along with providing benefits for ADAS, autonomous driving, and over-the-air software updates. Founded in 2018, it is based in San Jose, California, USA.

Foretellix raised $43.0M in the first close of a Series C round led by 83North, with participation from Toyota’s Woven Capital, Nvidia, Artofin VC, and existing investors including MoreTech Ventures, Nationwide Insurance, Volvo Group VC, and Jump Capital. Foretellix offers a safety verification and validation platform for automated driving systems and ADAS. Its products include a virtual test generation and execution engine based on the company’s constrained random test generator that is pre-integrated with several simulators; a scenario and test development and debug tool; a management and big data analytics tool; an automated drive log analysis tool that identifies scenarios of interest and detects edge cases and anomalies; and ready-to-use verification and validation libraries including scenarios, verification plans, maps, coverage metrics, and KPIs. Foretellix solutions cover consumer, trucking, and mining vehicles. Funds will be used to accelerate development of its product portfolio and fuel expansion across new geographies. Founded in 2018, it is based in Tel Aviv, Israel, and has raised over $93M to date.

ClearMotion raised $32.0M in financing from NIO Capital, NewView Capital, Acadia Woods Partners, BAI Capital, Liberty Street Funds, and others. The company creates software-centric electro-hydraulic active suspension technology that provides motion control to mitigate unwanted vibrations inside the vehicle. It also offers a platform that maps road surfaces and provides predictive road surface guidance to ADAS systems. Funds will be used to bring its product to market. Founded in 2009, it is based in Billerica, Massachusetts, USA.

Adasky received $30.0M in Series B investment led by Gentex Corporation. Adasky develops long-wave infrared (LWIR) thermal sensors for automotive. Using a solid-state shutterless design, the thermal camera is aimed at augmenting automotive vision systems, including for detection of pedestrians in low light and all-weather situations. The company says its camera can detect objects up to 300 meters (984 ft) and classify living beings at over 200m (656 ft) in all visibility conditions. It also targets smart city and roadside V2I applications. Gentex plans to help bring Adasky’s technology to market. Founded in 2016, it is based in Yokneam Illit, Israel.

New Vision Electronics drew CNY 200.0M (~$28.8M) in a Series D round from Bridge Capital, Longding Investment, Changjiang Capital, Huatai Zijin Investment, Xin Ding Capital, and AI company iFlytek’s Xunfei Capital. New Vision Electronics provides AR-HUD display technology as well as transparent A-pillar and cabin side window displays. Its latest generation AR-HUD has a display area of up to 50 inches. Funds will be used for product iteration, market expansion, and hiring. Founded in 2015, it is based in Yizheng, China.

Ingeek drew CNY 200.0M (~$28.3M) in a Series B+ round led by Security Capital and Tsinghua Holdings Capital, joined by Bojiang Capital and Hefang Capital. Ingeek provides integrated software and hardware security solutions and digital keys for connected vehicles. It also offers automotive security assessment and testing services. Founded in 2008, it is based in Shanghai, China.

U Power Technology drew hundreds of millions of yuan (CNY 100.0M is ~$14.3M) in Series B financing led by Hefei Industry Investment Group, joined by Matrix Partners China, China Creation Ventures, ZhenFund, and others. U Power makes skateboard-style chassis for smart electric vehicles. The chassis-by-wire system integrates E-propulsion, suspension, braking, steering, smart driving, and thermal systems, along with a cell-to-chassis battery system. Funds will be used for R&D, including development of commercial and off-road EV designs. Founded in 2021, it is based in Hefei, China.

Ingin Smart Closure raised over CNY 100.0M (~$14.3M) in Series C+ financing from Xiaomi Investment, Sunic Capital, and others. The company makes electronic control modules for smart car doors, locks, and tailgates, along with user recognition software for automatic unlocking. Founded in 2017, it is based in Shanghai, China.

Jin Tech raised CNY 100.0M (~$14.3M) in Series A financing from ZJ Innopark, Jinbang Capital, China Taiping Insurance Group, and others. Jin Tech provides consulting and design services for automotive OEMs and Tier 1s. Its services include E/E architecture design, electronics and controller design, middleware, basic software design, hardware-in-the-loop testing services, and software testing. Funds will be used for R&D and marketing of its middleware platform. Founded in 2016, it is based in Shanghai, China.

KiSilicon Technology raised nearly CNY 100.0M (~$14.3M) in Series B financing led by Harvest Capital and joined by Everest VC. KiSilicon develops high-precision positioning chips that combine GNSS with inertial navigation system (IMS) sensors. It targets automotive and unmanned aerial vehicles (UAVs). Funds will be used for R&D and market expansion of automotive chips. Founded in 2021, it is based in Beijing, China.

Voyager Technology raised nearly CNY 100.0M (~$14.3M) in Series B1 funding from Oriental Fortune Capital, Shenzhen Capital Group, and Shenzhen High-tech Investment. Voyager Tech offers a full stack of L2+ ADAS and smart cabin hardware, software algorithms, and high-level domain control systems that support features including cruise, lane change, traffic jam assist, warnings, automatic parking, and driver and cabin monitoring. It targets both passenger and commercial vehicles. Funds will be used for product iteration, mass production, and expansion into overseas markets. Founded in 2013, it is based in Shanghai, China.

Hong Jing Drive, also known as Hyperview, raised CNY 70.0M (~$9.9M) from Aramco’s Properity7 Ventures. The startup provides full-stack L1-L4 autonomous driving and ADAS solutions for heavy trucks and passenger vehicles. Its product lineup includes integrated domain controllers, smart camera modules, and software. Funds will be used developing its next-generation ADAS system and automated driving solutions, as well as expanding production capacity. Based in Hangzhou, China, it was founded in 2018.

Newtwen raised a €7.0M (~$7.5M) investment led by 360 Capital with participation from Vertis SGR, CDP Venture Capital, Plug and Play Tech Center, and Join Capital. Newtwen provides embedded digital twin technology for multiphysics monitoring, model predictive control, and diagnostics of electromechanical and electronic systems, primarily electric motors and power electronics in electric powertrains. The digital twin model is small enough to be embedded in the system’s firmware to replicate in real-time the physical behavior of the power modules or the motor and predict temperatures and other critical operating parameters in physically inaccessible locations. It targets electric vehicles and manufacturing equipment. Founded in 2020 as a spin-off of the University of Padua, it is based in Padua, Italy.

Eco EV drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A funding led by Oriza Holdings, joined by Suzhou Industrial Park Science and Technology Fund and AutoCapital. Eco EV makes ADAS systems and domain controllers that support L2+ functions such as automatic parking, traffic jam assist, and lake keep assist. It also offers a code generation tool for automotive MCUs and SoCs. Funds will be used for R&D of products for low-speed L4 unmanned driving systems. Founded in 2015, it is based in Suzhou, China.

JHETECH received tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series B financing from Bojiang Capital. The company makes automotive LED modules, drivers, and lighting domain controller ECUs. It is also developing an in-cabin monitoring system. Funds will be used for R&D and putting new products into production. Founded in 2011, it is based in Shanghai, China.

LFC Semiconductor received tens of millions of yuan (CNY 10.0M is ~$1.4M) in a Series A round led by Fosun Capital and Shique Investment, joined by TXC Corporation. LFC has developed a non-PLL phase modulation architecture and noise suppression algorithms that it uses in high-precision, programmable clock frequency chips and crystal oscillators for automotive. Later this year, it plans to release an ASIL-B power management chip for automotive cameras and sensor modules using its technology. The fabless company also plans to expand to high-speed SerDes and broaden target markets to include mobile phones, servers, communications, and industrial. Funds will be used for R&D, business expansion, and to expand its product portfolio to ADAS and related sensor modules. Founded in 2018, it is based in Ningbo, China.

BOS Semiconductors was awarded up to 1,100.0M won (~$0.8M) over three years from the Korean Ministry of SMEs and Startups through the Super Gap Startup 1000+ Project. BOS designs Arm-based SoCs for a range of automotive applications, including ADAS and autonomous driving, automotive gateways, and infotainment systems. The funds will be divided between product commercialization efforts and R&D. Founded in 2022, it is based in Pangyo, South Korea.

Büyütech Camera Technology raised $0.6M in financing from APY Ventures and Bilisim Vadisi. The company makes camera-only ADAS systems with L2/L2+ features such as automatic emergency braking, lane keep, and adaptive cruise. It also offers side mirror, rear, and surround cameras as well as driver and occupant monitoring systems. Founded in 2011, it is based in Ankara, Turkey.

Lamuda Night Vision received millions of yuan (CNY 1.0M is ~$0.1M) in angel funding from thermal imaging company Xintai Instrument. The startup makes far-infrared thermal cameras for automotive, combined with algorithms capable of identifying pedestrians and other vehicles. Founded in 2021, it is based in Shenzhen, China.

Advanchip received angel funding from Teda VC, Z&Y Capital, and others. The startup makes motor controller, compressor controller, and PFC controller MCUs for automotive and industrial applications. Its products include energy-saving technology for variable frequency motors, which it says can reduce peak load on the power grid. Funds will be used for product iteration. Founded in 2021, it is based in Zhuhai, China.

AutoCore received Series A+ funding led by Bosch Ventures and Bosch’s Boyuan Capital, joined by GL Ventures. AutoCore provides an automotive middleware platform that supports deterministic and secure communication, transmission, scheduling, and planning of data across all vehicle domains. It supports various EE architectures, silicon platforms, and vehicle applications, including traditional and autonomous passenger vehicles, trucks and buses, and robotics. Its distributed operating system abstracts the underlying hardware and individual ECUs for cross-domain application development, while the in-vehicle networking solution supports all physical vehicle buses and various communication protocols such as DDS, TSN, IPC, PCIe, and ring network. Bosch Group and AutoCore plan to work together on new technologies and products. Founded in 2018, it is based in Nanjing, China.

Faction Technology received a strategic investment from light EV maker Arcimoto. Faction offers a self-driving and teleoperation platform for fleets that combines cameras, thermal IR, and radar. The two companies plan to collaborate on integrating Faction’s technology into Arcimoto’s vehicles for the logistics and transportation sectors. “Developing a scalable driverless vehicle system requires a fundamental reimagining of the engineering design, starting from the chassis up,” stated Ain McKendrick, CEO of Faction. “The collaborative efforts of our engineering teams have resulted in a plan for the mass production of scalable driverless vehicles with minimal configuration changes to the Arcimoto production line.” As part of the deal, Faction also received an equity stake in Arcimoto, a public company. Founded in 2020, Faction is based in San Francisco, California, USA.

FastCTR Technology raised pre-Series A funding from Shenzhen Credit Guarantee Group. FastCTR Technology develops automotive middleware and Ethernet hardware products for time-sensitive networking. It can be adapted to a variety of domain control and centralized E/E architectures. Funds will be used for business expansion, hiring, and mass production. Founded in 2019, it is based in Shenzhen, China.

GPR raised Series A funding led by Rhapsody Venture Partners. GPR develops ground positioning radar technology that provides centimeter-level vehicle localization in all visibility circumstances. The approach uses ultra-wide band radar to scan the ground below the road and create a 3D map of the road’s unique subsurface signatures for precise localization to help ADAS and autonomous vehicles navigate even with poorly marked roads and in unstructured environments such as mining sites, sidewalks, ports, or tarmacs. Funds will support commercialization and industrialization, with the system expected to be in vehicles in 2024. Founded in 2017 as WaveSense, it is based in Somerville, Massachusetts, USA.

J2 Semiconductor received investment from Xiaomi, China Fortune-Tech Capital, Leading Capital, and Sunic Capital. The company makes automotive power semiconductor and analog chips, including motor drivers and silicon carbide (SiC) MOSFETs. Founded in 2021, it is based in Shanghai, China.

Senior Automation drew new funding from Yonghua Capital. 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. Funds will be used for product optimization and market development. Founded in 2020, it is based in Beijing, China.

Spartan Radar received Series B investment from Wipro Ventures. Spartan Radar develops software for automotive radar that mimics human perception processes for enhanced focus and context, which the company says makes its performance competitive with lidar. It supports most hardware and can be deployed on existing radar systems. It targets ADAS L2+ applications. As part of the agreement, Wipro will use Spartan Radar’s software-defined 4D imaging radar technology to build its next-generation ADAS on the Wipro Cloud Car platform. Founded in 2020, it is based in Los Alamitos, California, USA.


Qingtao Energy Development raised up to CNY 2700.0M (~$382.6M) in strategic financing from SAIC Motor. The company manufactures solid-state lithium batteries using nano ceramic fiber separators. It targets a range of applications from consumer electronics to transportation and automotive. The two companies previously established a joint solid-state battery development laboratory. Qingtao Development recently broke ground on a new manufacturing facility that it expects will reach an annual installed capacity of 10GWh when completed. Based in Kunshan, China, it was founded in 2016.

GruEnergy raised tens of millions of dollars in Series A+ funding led by Rockets Capital, joined by 5Y Capital, Baidu Ventures, and Yiyuan Capital. GruEnergy produces silicon/carbon composite anode materials for lithium-ion batteries used in electric vehicles, power tools, consumer electronics, and other consumer products. It is also working on silicon-dominant anode materials. The startup says its technology can produce silicon that doesn’t fracture during charging and discharging, enabling up to 10X the capacity of graphite. GruEnergy says it also provides fast charging and doesn’t require pre-lithiation. The anode can be dropped into existing cell manufacturing processes. Funds will be used to accelerate production. Founded in 2017, it is based in San Jose, California, USA.

Chemix drew $10.0M in seed funding from Mayfield Fund, Ibex Investors, and Radical Ventures. Chemix offers an AI-driven platform for battery design. Its software helps optimize battery chemistries for specific performance metrics, such as ultra-high energy and power, high safety, and cobalt and nickel-free designs. The startup says its machine learning models are trained on experimental data from thousands of commercial-format prototype cells to autonomously design and run experiments, predict battery materials performance, and forecast cycle life. Chemix has used its platform to design several battery prototypes, including for off-road electric motorbikes. Founded in 2021, it is based in Sunnyvale, California, USA.

Sicona Battery Technologies received an AUD 10.3M (~$6.7M) strategic investment from Himadri Speciality Chemical. Sicona develops a silicon-graphite-carbon composite battery anode material for lithium-ion batteries. It claims its anode material delivers 50% to 100% higher specific capacity than conventional graphite-only anodes and more than 50% higher cell energy density than current Li-ion batteries. It has also developed a hydrophilic-based binder which has a 3D network structure, improved electroconductivity, and self-healing properties. Funds will be used to accelerate product and technology development, including a commercial-scale production plant. Founded in 2019, it is based in Sydney, Australia.

Voltfang raised €5.0M (~$5.5M) in new funding led by PropTech1 Ventures, joined by Helen Ventures, Aurum Impact, Eviny Ventures, and existing investor AENU. Voltfang reuses electric vehicle batteries in stationary energy storage modules for industrial and commercial applications. It uses AI-based software and continuous monitoring to evaluate and manage battery longevity. The company claims its system enables second-life batteries to perform for another 10 years. Funds will be used to scale production. Founded in 2020 as a spin-off from RWTH Aachen, it is based in Aachen, Germany.

Altris drew €4.8M (~$5.3M) in bridge financing from current investors and employees. Altris develops components for sodium-ion batteries, such as Prussian white cathodes, electrolytes, hard carbon anodes, battery cells, and production blueprints. The Prussian white cathode is made up of sodium, iron, carbon, and nitrogen and does not include any cobalt, nickel, or copper. It can be used in existing lithium-ion manufacturing processes. The funding will enable Altris to complete its new industrial grade battery manufacturing facility in Uppsala, Sweden. The company also plans to raise Series B funds this year. Founded in 2017 based on research from Uppsala University, it is based in Uppsala, Sweden.

i-TES drew €1.4M (~$1.5M) in funding led by Eureka Venture and CDP Venture Capital. i-TES develops thermal batteries and storage systems using bio-based phase-change materials. Funds will be used for hiring and development of new products such as thermochemical materials. Founded in 2016, it is based in Turin, Italy.

Hona New Energy Technology drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding from Yueda Investment and others. The startup develops manganese-based layered cathode materials for sodium-ion batteries. Funds will be used for construction of a production line, construction of experimental lines, and R&D. Founded in 2022, it is based in Yancheng, China.

Lucky Sodium Storage received tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel investment. The startup is developing hard carbon anodes for sodium-ion batteries. It is targeting low-speed vehicles and large-scale energy storage. Founded in 2023, it is based in Shanghai, China.

Taogent Intelligent Equipment raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A+ funding led by Keli Sensing Technology. Taogent develops automated production lines for manufacturing of lithium-ion battery electrode materials. It also offers systems for handling of powder materials and food additives. Funds will be used to further develop its production line focused on battery anode materials, adding real-time dynamic data and whole-line automation control. Founded in 2014, it is based in Changzhou, China.

EMO Energy raised $1.2M in a seed round led by Transition VC and Gruhas Proptech. EMO has developed a battery packaging technology and management system it claims provides complete protection against battery fires while enabling 20-minute charges and extended battery life. The cell-agnostic platform is initially targeted at electric 2- and 3-wheelers. Founded in 2022, it is based in Bangalore, India.

Abtree Energy Technology received angel funding from Rising Investments and Cowin Capital. The startup manufactures all-vanadium flow batteries for long-term energy storage. Founded in 2023, it is based in Suzhou, China.

China Sodium-ion Times drew angel funding led by Goldport Capital and joined by Shenzhen High-tech Investment. The startup is developing sodium-ion batteries and cathode materials. It is targeting applications such as energy storage and micromobility. Funds will be used for construction of a cathode material production line and a sodium-ion battery pilot line. Founded in 2022, it is based in Shenzhen, China.

Exum Instruments received Series A investment from FortySix Venture Capital. Exum builds instruments and software for materials development and analysis. It offers a Laser Ablation Laser Ionization Time of Flight Mass Spectrometer (LALI-TOF-MS), which it says can perform precise and rapid analysis of materials for a wide range of applications. The company notes its ability to measure both lithium and metallic elements makes it suitable for battery research. Based in Denver, Colorado, USA, it was founded in 2017.

Golden Feather New Energy received new funding from Hongnuo Venture Capital. The company manufactures high energy density solid-state and semi-solid lithium metal batteries as well as water-based zinc-ion batteries for consumer electronics, mobility, and custom use cases. Funds will be used for R&D and production capacity expansion. Founded in 2017, it is based in Beijing, China.

The UK’s Advanced Propulsion Centre Technology Developer Accelerator Programme awarded £0.17M (~$0.2M) in grants to 14 startups developing clean automotive technologies. Companies include:

Anaphite: Composite materials for cathodes for lithium-ion batteries and new low-energy electrode manufacturing processes.

Beacon Battery Design: Bespoke lithium-ion batteries.

Global Nano Network: Conductive coating that acts as an interface between the current collector and the active materials inside a lithium-ion battery.

Infyos: ESG platform for the battery supply chain.

OXLiD: Lithium-sulfur batteries for the aerospace, maritime, and electric vehicle markets.

Sention Technologies: Advanced battery diagnostic techniques for battery manufacturers and cell integrators.

StreetDrone: Autonomous yard logistics and teleoperation.

Other technologies

Golioth received $4.6M in seed funding led by Blackhorn Ventures and Differential Ventures with participation from Zetta Venture Partners, MongoDB Ventures, and Lorimer Ventures. Golioth provides a commercial IoT development platform. With a focus on making it easier to connect sensors and devices to the internet, its platform has tooling and workflows for securing devices, sending software updates over the air, and routing data to the web. Funds will be used to expand operations. Founded in 2020, it is based in San Francisco, California, USA.

Flexnode received a $3.5M grant from the U.S. Department of Energy as part of the ARPA-E COOLERCHIPS program. Flexnode is developing a prefabricated, modularly designed micro data center that will combine a novel manifold microchannel heatsink, a chassis-based hybrid immersion cooling approach, a cost-effective additive manufacturing-enabled dry cooling heat exchanger system, and a topology optimized container housing the entire system. Founded in 2019, it is based in Bethesda, Maryland, USA.

Zhiqing Cloud raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding led by Zhencheng Capital and joined by Tailun Capital. Zhiqing Cloud offers CAE simulation software based on the company’s general-purpose unstructured hybrid mesh generation technology. Its initial focus is computational fluid dynamics (CFD) software for simulation of high-speed flow problems in aviation, aerospace, and military industries. It is currently working on structural and electromagnetic simulation software, which are expected to be available in 2024 and 2025, respectively. Funds will be used for R&D and hiring. Founded in 2022, it is based in Beijing, China.

JetCool received a $1.3M grant from the U.S. Department of Energy as part of the ARPA-E COOLERCHIPS program. JetCool develops a microconvective liquid cooling technology that uses arrays of fluid jets to cool high-power electronics. Its offerings range from fully sealed cold plates and direct liquid-to-chip products to hotspot-targeted embedded liquid cooling and complete turnkey cooling systems. The startup claims its liquid-to-chip solution provides a heat transfer coefficient 10x greater than competing approaches and removes the need for thermal pastes and interface materials, while its on-chip cooling solution embeds directly into the chip substrate to circulate coolant and target the die’s hotspots, providing TDP cooling of more than 1,000W. Founded in 2019 as a spin off from MIT, it is based in Littleton, Massachusetts, USA.

Mobius Materials raised $0.7M in pre-seed funding led by Undeterred Capital, joined by Trolley Ventures and others. The company operates a marketplace to buy and sell excess chips and electronic components. Parts are checked for authenticity and quality. “With our new platform release, we are able to predict pricing for components over time, get quotes to sourcers within 2 business days and add additional authentication to the platform,” said Margaret Upshur, Mobius Materials CEO and founder. Based in Richmond, Virginia, USA, it was founded in 2020.


Company Sector Amount Raised (M, USD) Funding Type HQ
Qingtao Energy Development Batteries $382.6 Strategic China
CelLink Auto Components $362.0 Loan USA
Gradiant Manufacturing $225.0 Series D USA
Lightmatter Photonics $154.0 Series C USA
Mogo Auto ADAS & Autonomy $83.9 Series C2 China
Noveon Magnetics Materials $75.0 Series B USA
Semi-Tech Manufacturing $72.4 Series C China
HestiaPower Power Semi $70.9 Series B China
Ethernovia Auto Components $64.0 Series A USA
Advans Group Processors & Logic $54.4 Private Equity France
Foretellix ADAS & Autonomy $43.0 Series C Israel
iDEAL Semiconductor Power Semi $40.0 Series C USA
Shichuangyi Electronics Memory & Storage $39.6 Series A China
NexWafe Materials $32.1 Venture Germany
Impact Nano Materials $32.0 Venture USA
ClearMotion Auto Components $32.0 Venture USA
Adasky Auto Sensors $30.0 Series B Israel
New Vision Electronics Auto Components $28.8 Series D China
Aricen Electronic Materials Materials $28.5 Series B, B+ China
Ingeek Auto Components $28.3 Series B+ China
AccelerComm Wireless $27.1 Series B UK
Ayar Labs Photonics $25.0 Series C USA
TwinSolution Technology Test & Inspection $23.2 Series B China
Axelera AI AI HW $23.0 Series A Netherlands
Prewave Manufacturing $19.7 Series A+ Austria
Stathera AMS $15.0 Series A Canada
Beizhong Wangxin Processors & Logic $14.3 Venture China
Zhonghao Xinying Technology AI HW $14.3+ Pre-B China
Hong Hu Semiconductor Technology Equipment $14.3+ Series A+ China
Yuehai Gold Semiconductor Materials Materials $14.3 Pre-A China
Lianshi New Materials Materials $14.3 Strategic China
Socially Kind Synthesis Materials $14.3 Venture China
BlueWave Semiconductor Wireless $14.3+ Pre-A China
Cloud Child Technology Power Semi $14.3+ Series A China
Liaojing Electronics Power Semi $14.3 Venture China
North Ocean Photonics Photonics $14.3+ Series C China
Sitrus Technology Photonics $14.3+ Series C China
Shine Optoelectronics Photonics $14.3 Series A China
U Power Technology Auto Components $14.3+ Series B China
Ingin Smart Closure Auto Components $14.3 Series C+ China
Jin Tech Auto Components $14.3 Series A China
KiSilicon Technology Auto Sensors $14.3 Series B China
Voyager Technology ADAS & Autonomy $14.3 Series B1 China
e-con Systems Sensors $13.0 Private Equity India
Nearfield Instruments Equipment $11.9+ Venture Netherlands
Chotest Technology Equipment $11.1+ Venture China
GruEnergy Batteries $10.0+ Series A+ USA
Chemix Batteries $10.0 Seed USA
Hong Jing Drive ADAS & Autonomy $9.9 Venture China
Newtwen Auto Components $7.5 Venture Italy
MetisX Processors & Logic $6.9 Seed South Korea
Elephantech Manufacturing $6.7 Venture Japan
Sicona Battery Technologies Batteries $6.7 Strategic Australia
Gwanak Analog AMS $6.0 Series A South Korea
Delta Diagnostics Sensors $5.8 Series A Netherlands
Voltfang Batteries $5.5 Venture Germany AI HW $5.4 Seed USA
VoxelSensors AR/VR $5.4 Seed Belgium
Altris Batteries $5.3 Venture Sweden
MI-6 Materials $4.8 Series A Japan
Sparrow Quantum Quantum $4.6 Seed Denmark
Golioth EDA Adjacent $4.6 Seed USA
Vensum Power Power Semi $4.1 Seed Finland
Flexnode Thermal Management $3.5 Grant USA
Doublepoint AR/VR $3.3 Seed Finland
InCore Semiconductors Processors & Logic $3.0 Seed India
iSabers Materials Materials $2.9 Series A++ China
AI Silk Sensors $2.4 Series A Japan
VeriQloud Quantum $2.1 Venture France
Graphenest Materials $2.0 Venture Portugal
i-TES Batteries $1.5 Venture Italy
Cluster Systems Processors & Logic $1.4+ Angel China
TSN Technology Processors & Logic $1.4+ Series A China
ChipIntelli AI HW $1.4+ Series B++ China
NeuronBasic AI HW $1.4+ Venture China
MRG Semiconductor Technology Equipment $1.4+ Angel China
Mubyte Manufacturing $1.4+ Series A China
Zhejiang Sineva Equipment $1.4+ Pre-A China
SZLQ Intelligence Equipment $1.4+ Series B China
Gazer Technology Equipment $1.4+ Pre-A China
Luxet Equipment $1.4+ Pre-A China
Matrix System Equipment $1.4+ Pre-A China
Time-Tech Spectra Equipment $1.4+ Angel China
Coryes Polymer Materials $1.4+ Series A+ China
Sequential Technology Materials $1.4+ Series A+ China
Zillion Ultrapure Epoxy Resin Materials $1.4+ Angel China
Inston Tech Memory & Storage $1.4+ Pre-A China
Power-Micro Semi Power Semi $1.4+ Series A China
Heguang Microelectronics Technology Photonics $1.4 Seed China
Analog Sensing Information Technology Sensors $1.4+ Series A China
Zhongke Hangxin Technology Sensors $1.4+ Pre-A China
Boya Poly Advanced Materials Displays $1.4+ Series A China
GOHI Microelectronics Displays $1.4+ Series B+ China
Eco EV ADAS & Autonomy $1.4+ Series A China
JHETECH Auto Components $1.4+ Series B China
LFC Semiconductor Auto Chips $1.4+ Series A China
Hona New Energy Technology Batteries $1.4+ Angel China
Lucky Sodium Storage Batteries $1.4+ Angel China
Taogent Intelligent Equipment Batteries $1.4+ Series A+ China
Zhiqing Cloud EDA Adjacent $1.4+ Angel China
JetCool Thermal Management $1.3 Grant USA
EMO Energy Batteries $1.2 Seed India
CAST Inc Sensors $1.1 Venture Japan
Ookuma Diamond Device Power Semi $1.0 Seed Japan
BOS Semiconductors Auto Chips $0.8 Grant South Korea
Quantum Bridge Quantum $0.7 Grant Canada
Mobius Materials Manufacturing $0.7 Pre-Seed USA
Büyütech Camera Technology ADAS & Autonomy $0.6 Venture Turkey
QRCrypto Quantum $0.5 Convertible Loan Switzerland
Anaphite Batteries $0.2 Grant UK
Beacon Battery Design Batteries $0.2 Grant UK
Global Nano Network Batteries $0.2 Grant UK
Infyos Batteries $0.2 Grant UK
OXLiD Batteries $0.2 Grant UK
Sention Technologies Batteries $0.2 Grant UK
StreetDrone ADAS & Autonomy $0.2 Grant UK
Weeteq AI HW $0.1 Accelerator UK
Lamuda Night Vision Auto Sensors $0.1+ Angel China
ICube Corporation Processors & Logic Undisclosed Venture China
Easylogic Technology EDA Undisclosed Series A+ China
Optima Design Automation EDA Undisclosed Strategic Israel
ABTR Automation & Robotics Equipment Undisclosed Angel China
Kaixin Semiconductor Equipment Undisclosed Venture China
Resilinc Manufacturing Undisclosed Private Equity USA
Youlun Vacuum Equipment Equipment Undisclosed Venture China
Capcon Semiconductor Equipment Undisclosed Series B2+ China
Elevate Semiconductor Test & Inspection Undisclosed Private Equity USA
Dechuang High-tech Materials Materials Undisclosed Venture China
Lyten Materials Undisclosed Strategic USA
Samcien Semiconductor Materials Materials Undisclosed Venture China
Shining Materials Materials Undisclosed Angel China
Sico Semiconductor Materials Undisclosed Pre-A China
Zhongrong Technology Materials Undisclosed Series B China
Pai Microelectronics AMS Undisclosed Venture China
Original Tech AMS Undisclosed Angel China
Bonsai Micro Wireless Undisclosed Seed Canada
Iravic Technology Wireless Undisclosed Series B China
Xinke Semiconductor Power Semi Undisclosed Series A+ China
Apollo Optical Systems Photonics Undisclosed Private Equity USA
LQUOM Quantum Undisclosed Series A Japan
Quantum Motion Quantum Undisclosed Venture UK
QunaSys Quantum Undisclosed Venture Japan
Revopoint Sensors Undisclosed Series C+ China
Tendo Technologies Sensors Undisclosed Seed USA
Hypervision AR/VR Undisclosed Strategic Israel
Advanchip Auto Chips Undisclosed Angel China
AutoCore Auto Components Undisclosed Series A+ China
Faction Technology ADAS & Autonomy Undisclosed Strategic USA
FastCTR Technology Auto Components Undisclosed Pre-A China
GPR Auto Sensors Undisclosed Series A USA
J2 Semiconductor Auto Chips Undisclosed Venture China
Senior Automation ADAS & Autonomy Undisclosed Venture China
Spartan Radar Auto Sensors Undisclosed Series B USA
Abtree Energy Technology Batteries Undisclosed Angel China
China Sodium-ion Times Batteries Undisclosed Angel China
Exum Instruments Batteries Undisclosed Series A USA
Golden Feather New Energy Batteries Undisclosed Venture China

Funds & investors

Intel selected 30 startups for the spring 2023 cohorts of the Intel Ignite accelerator. The program provides mentorship and resources to accelerate R&D for companies in technology sectors including AI/ML, cybersecurity, hardware, and Web3. Among the selected companies:


  • Akhetonics: All-optical, general-purpose CPU/GPU for ultra-low power high performance computing.
  • Deep Render: AI-powered video and image compression codec, enabling up to 5x reduction of data volume compared to HEVC/H.265 while preserving the video quality for human perception.
  • Enlightra: Chipscale multicolor laser engine for optical communications enabling 100x faster data rates and up to 10x more energy efficient optical systems.
  • InCirT: Digital-analog converter and analog-digital converter technology for the next generation of wireless communication, satellites, and radar.
  • Qilimanjaro Quantum Tech: Analog quantum devices and application-specific quantum chips (QASIC) to bring practical applications of quantum computing to the market in a shorter timeframe.

Tel Aviv:

  • Phononics: Developing the use of synthetic diamonds in chip packaging for improved heat dissipation.
  • VOCAI: Battery safety and performance enhancement on a chip.

United States:

  • Axoft: Synthesizes novel materials for brain implants from raw materials for nanofabrication, ASIC chip design, electrophysiological recordings, and neural data analysis.
  • Ubicept: Combining next-generation image sensors with advanced computer vision algorithms.

Silicon Catalyst is partnering with Arm on a contest for early-stage startup companies designing an SoC based on Arm processor IP. There is no restriction on the target application. The winner will receive commercialization and technical support, along with a credit toward Arm IP. The deadline to apply is June 23.

The Korean Ministry of SMEs and Startups launched the Super Gap Startup 1000+ Project to invest up to 1,100.0M won (~$0.8M) each in 150 deep tech startups in industries spanning systems and semiconductors, biotech and health, future mobility, eco-friendly and energy, robotics, big data and AI, cybersecurity and networks, aerospace and marine, next generation nuclear power plants, and quantum technology. The funding will be split between commercialization efforts and R&D. The Korean government intends to invest 2.0T won (~$1.5B) in startups over the next five years.

Mayfield raised $955.0M for two new funds. Mayfield XVII, at $580.0M, will focus on seed and Series A startups, while Mayfield Select III, at $375.0M, is for follow-on rounds of portfolio companies along with primarily Series B investments in outside portfolio companies. The firm invests in semiconductor and deep tech startups alongside the cybersecurity, consumer, health, and enterprise sectors.

Qiming Venture Partners closed its RMB Fund VII at CNY 6.5B (~$925.0M). The firm focuses on early and growth stage companies in semiconductor, autonomous driving, AI, robotics, industrial automation, consumer, and medical sectors.

SAIC Motor investment subsidiaries set up a CNY 5.0B (~$711.5M) fund to invest in the automotive industry ecosystem.

Harvest Capital closed the second phase of its High-End Manufacturing Fund at CNY 1.2B (~$173.5M). The fund will invest in technology companies in the big data and information systems, automobile and new energy, semiconductor, and electronic components sectors.

The Changshu Wuyue Angel Fund was established by several Changshu-area funds, investors, and the Changshu National University Science and Technology Park. The CNY 500.0M (~$70.7M) fund will invest in startups developing semiconductor materials and devices, new energy materials, automated driving and smart cockpits, advanced industrial equipment, and medical equipment.

American Axle & Manufacturing Holdings put $10.0M into EnerTech Capital’s Global Strategic Mobility Fund. The fund will support mobility and automotive startups in the electrification, connectivity, autonomy, and digitization sectors.

AI applications

Generative AI remained a hit for investors in May, and an AI-focused cloud provider followed up a big round in April with a significant amount of additional funding. Companies are getting in on the action, too: Baidu launched a CNY 1.0B (~$143M) fund to back generative AI startups, while OpenAI reportedly raised $175.3M for its own AI startup investment fund, exceeding its initial $100M target.

  • Anthropic raised $450.0M in Series C funding. It is building explainable and steerable AI systems, including the recently released Claude chatbot that tries to avoid answering harmful prompts.
  • OpenAI reportedly raised $300.0M in a share sale. The company develops the ChatGPT text generator, DALL-E image generator, and other generative AI engines.
  • raised $250.0M in Series D for its AI-powered no-code app development platform.
  • Cohere raised $250.0M in funding. It develops large language models along with an API to embed them in other software.
  • CoreWeave added $200.0M to its Series B round, following up the $221.0M funding announced in April. It offers specialized cloud infrastructure for GPU-accelerated compute-intensive workloads such as artificial intelligence and machine learning, visual effects and rendering, batch processing, and pixel streaming.
  • LendBuzz received $125.0M for its platform to assess the creditworthiness of consumers with limited credit history for vehicle loans.
  • Insider raised $105.0M in funding for its cross-channel marketing platform that uses AI to connect and predict consumer behavior.
  • UVeye raised $100.0M in Series D for its fully-automated suite of vehicle-inspection systems that combine AI and sensors to detect external or mechanical flaws in cars.
  • Runway raised $100.0M in Series D for its video and image generative AI tools.


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