Startup Funding: November 2021

There’s nothing virtual about the level of interest in AR/VR startups. As the concept of the ‘metaverse’ becomes more widespread with Nvidia’s recent GTC announcements and Facebook’s rebranding, investors poured money into startups with enabling technology for augmented, virtual, and extended reality. Most of those are developing waveguides and other display technology that is light enough to be comfortable to wear regularly. Two companies are focused on touch interaction, while another aims to make it easier for those with communication and motor disabilities to interact with everyday tech.

Autonomous driving was another hot area last month, with two companies raising $500 million or more each and several others seeing rounds over $100 million. Plus, a Chinese GPU startup saw a flood of new funding and a truly massive chip drew investors’ attention. Here is a look at 100 companies that collectively raised over $4 billion in the month of November.

Semiconductor & design

Moore Threads raised CNY 2,000.0M (~$313.1M) in Series A funding led by Shanghai Guosheng Group, 5Y Capital, and Bohai Sheng (Hubei) Industrial Fund Management, joined by institutions including CCB International, China Merchants Securities, Hubei Hongtai High-Quality Development Fund, Qianhai FOF, ByteDance, and Tencent. The startup is focused on GPU R&D, design, and manufacturing and hopes to form the base of a complete GPU ecosystem in China. It has completed a first-generation GPU. In addition to graphics, the company is targeting AI and high-performance computing tasks. Founded in 2020, Moore Threads is based in Beijing and Shanghai, China.

Unicmicro, also known as Guangxin Microelectronics and Broadchip Microelectronics, raised nearly CNY 200.0M (~$31.3M) in a Series B round that included Huiyou Investment and Sunic Capital. Unicmicro designs chips targeted at low-power IoT applications, including both Arm and RISC-V based microcontrollers, RF and analog front-end chips, power management, and complete wireless SoCs. Based in Guangzhou, China, it was founded in 2017.

Ascenium raised $23.0M in venture funding for its general-purpose processor without an instruction set. By redefining the interface between the architecture and the compiler, Ascenium says its Aptos processor and LLVM backend can reduce performance bottlenecks and power consumption. Founded in 2019, it is based in Campbell, California, USA, and has raised $48M to date.

Primo1D received €15.0M (~$17.4M) in venture funding from Bpifrance, Innovacom, and previous investors. Primo1D offers embedded RAIN RFID tags in a plastic-free thread form factor that can be integrated into products during manufacturing. The E-Thread tag can be used in applications from clothing to tires and electrical cables for identification, authentication, and traceability. “With this latest funding round, we are entering a phase of strong industrial growth to meet booming customer demand,” said Emmanuel Arène, CEO and founder of Primo1D. “By providing a non-intrusive digital ID in a miniaturized, unique form factor, our disruptive E-Thread technology transforms products into smart objects. As such it enables new use cases in multiple industry sectors and supports corporate social responsibility initiatives.” Based in Grenoble, France, it was founded in 2013 as a spin out from CEA-Leti.

Tauren Semiconductor raised “hundreds of millions of yuan” (CNY 100.0 is ~$15.7M) in Series B funding led by Hillhouse Ventures and Shenzhen Venture Capital. It develops analog and mixed-signal chips and IP including high-performance ADC/DAC, transceivers, SerDes, and vehicle battery management system chips. It is based in Shanghai, China, and was founded in 2015.

Sappland Microelectronics raised CNY 100.0M (~$15.7M) in Series A financing led by Ren Capital. Sappland develops and manufactures radio frequency MEMS chips including high-performance RF filters, duplexers, and RF front-end modules. Founded in 2016, it is based in Hangzhou, China.

HPMicro, also known as Xianji Semiconductor, drew nearly CNY 100.0 (~$15.7M) in pre-Series A financing. The startup develops MCUs and MPUs based on RISC-V for embedded applications such as IoT, industrial automation, and consumer electronics. Founded in 2020, it is based in Shanghai, China.

Letuo Technology drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in angel financing led by Chuangxiang Huanju Investment and joined by Lichuang Mall. The startup designs high-performance MCUs, analog IP, and custom SoCs for consumer electronics, industrial control, and medical applications with automotive-grade chips in development. Founded in 2016, it is based in Shanghai, China.

Westberry Technology drew “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A financing. Westberry designs low-power MCUs, including general-purpose and reprogrammable lines. It also offers EEPROM, high-density parallel flash, and LDO. It targets applications such as IoT, wearables, and motor control. Founded in 2012, it is based in Changzhou, China, and Sunnyvale, California, USA.

Aichuangwei Microelectronics raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A funding. The company, which develops analog and mixed-signal chips, will use the funding to develop a new line of smart-home appliance power-management chips, aerospace-grade radiation-resistant chips, and wide-bandgap semiconductor power chips. Founded in 2015, it is based in Hefei, China.

Chip Wealth Technology, also known as Xinying Technology, drew CNY 10.0M (~$1.6M) in venture funding. The startup designs and manufactures display driver chips with a focus on PMOLED and AMOLED for a wide range of applications from smartphones and wearables to industrial equipment. Spun out of Zhongying Electronics’ display driver division in 2016, it is based in Shanghai, China.

YunSilicon received an undisclosed amount of angel financing from Biren Technology, IDG Capital, and ByteDance. YunSilicon is developing data processing units (DPU) based on the concept of end-network convergence for cloud data center network chips. Founded in 2021, it is based in Shanghai, China.

Yuntu Semiconductor received an undisclosed amount in strategic investment from Baolong Automotive. Yuntu is a fabless company developing automotive MCUs and says it has also created its own IC design and verification platform. It’s first MCU targets applications such as sensor control, tire pressure monitoring, and light and window control. Founded in 2020, it is based in Suzhou, China.

AI hardware

Cerebras Systems raised $250.0M in a Series F round led by Alpha Wave Ventures and Abu Dhabi Growth Fund. Cerebras is known for its wafer-scale AI chips. It’s second generation, the Wafer-Scale Engine 2, includes 850,000 cores in a single processor optimized for tensor-based, sparse linear algebra operations used in neural networks along with 40GB on-chip SRAM and high-bandwidth, low-latency communication fabric. The WSE-2 is part of the CS-2 system that supplies power, cooling, and connectivity for data center deployment. Funding will be used to expand globally and deploy its systems to new users. Founded in 2016 and based in Sunnyvale, California, USA, it has raised $720M.

Power devices

GaN Systems raised $150.0M in venture funding led by Fidelity Management and Research Company and joined by existing investors including BMW i Ventures along with strategic investors including Vitesco Technologies. GaN Systems develops gallium nitride (GaN) power transistors using an island structure that it says can reduce the size and cost of devices while transferring more current. “The demand for higher performing, more efficient power electronics is growing exponentially, and traditional silicon solutions cannot keep up. Gallium nitride takes the baton from legacy silicon to enable smaller platforms to run cooler and use fewer materials,” said Jim Witham, CEO of GaN Systems. The new strategic investment agreement with Vitesco Technologies will include joint development work to make the GaN technology usable in EV applications. Founded in 2008 and based in Toronto, Canada, it has raised $170M to date.

Archimedes Semiconductor raised CNY 300.0M (~$47.1M) in angel financing led by Hefei Industrial Investment Holding and joined by Hefei Hi-Tech Venture Capital, Anhui Chuanggu Equity Investment Fund Management, Navtech, and SG Micro Corp. The startup’s focus is power semiconductors, and it is establishing a SiC/IGBT packaging production line and an automotive-grade SiC module production line. Founded in 2021, it is based in Hefei, China.

InventChip Technology raised “tens of millions of US dollars” in Series A+ and A++ rounds led by Lightspeed China Partners, CMC-SDIC Capital, and Xiaomi Industry Investment, joined by CATL, GAC Capital, GF Xinde Investment, and Sunic Capital. InventChip specializes in power devices based on silicon carbide, including SiC SBD, SiC MOSFET, modules, drivers, and controllers. It is based in Shanghai, China and was founded in 2017.

Leapers Semiconductor raised “tens of millions” CNY (CNY 10.0M is ~$1.6M) in Series A. Leapers Semiconductor develops power devices including silicon carbide and IGBT modules for applications such as electric vehicles, smart grid, industrial motors, and medical equipment. Founded in 2019, it is based in Wuxi, China.

Guangdong Xinjuneng, also known as AccoPower, received an undisclosed investment from SDIC Ventures. AccoPower specializes in automotive-grade IGBTs, MOSFETs, and silicon carbide power devices and modules. Based in Guangzhou, China, it was founded in 2018.

Memory & storage

Storage startup Nyriad raised $28.0M in venture funding primarily from existing investors, including Guy Haddleton, the company’s Chairman of the Board. Nyriad proposes a new architecture for data storage and management that combines the power of GPUs and CPUs to enable massive amounts of data and multiple data types to be managed in a single storage system and improve performance, resilience, and efficiency. “We’re reimagining storage with an architecture that delivers an entirely new way to control and manage storage devices at scale. This new round of funding ensures that solutions based on our new architecture will be available to customers early in 2022,” said Herb Hunt, Nyriad CEO. Based in San Jose, California, USA, it was founded in 2014 and has raised $58M.

Powev, also known as Jiahe Jinwei, completed a Series B round with “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M). The company produces memory modules including DDR5 as well as SSDs and embedded storage devices. It uses a self-developed flash memory test system. Based in Shenzhen, China, it was founded in 2012.

DNA memory startup Iridia drew $6.0M in venture funding. The company is focused on technology to integrate the writing, storage, and read back of data in a microchip format using synthetic DNA as the storage media. Iridia says this approach can lead to increased data density and durability, using an enzyme-based chemistry to add DNA-based bits representing “0s” and “1s” in a programmable fashion that can be read back without lab sequencing. Founded in 2016 and based in Carlsbad, California, USA, it has raised $40M.

Gencun Technology, also known as Smartnvy, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in a pre-Series A round. The startup develops magnetorisitive RAM (MRAM) chips, covering both STT-MRAM and SOT-MRAM. It also has two MRAM-based near-memory and in-memory computing projects underway. Founded in 2019, it is based in Shenzhen, China.

Sensors

North Ocean Photonics raised nearly CNY 400.0M ($62.7M) in Series B+ financing from CITIC Zhengye Xinye Industry Fund, YF Capital, Haiwang Capital, CCB Investment Funds Management, Future Capital, Source Code Capital, and Winsdom Capital, along with co-investors Kinzon Capital, Walden International, Lingang Sc-inovation Invest, Vision Plus Capital, Oriza FoFs, and Chenhui Venture Partners. The startup develops and manufactures optical chips for 3D sensing in smartphones and plans to expand into applications such as sweeping robots, door locks, and biometrics. A micro-nano optical module for vehicle-mounted lidar will enter mass production next year, and the company is also working towards mass production capabilities of AR diffraction optical waveguides. Based in Shanghai, China, it was founded in 2016.

CMOS image sensor startup Tyrafos raised “several hundreds of million” yuan (CNY 100.0M is ~$15.7M) in a Series A+ round led by Yunqi Partners. Alongside offering CMOS image sensor design services, Tyrafos recently introduced CMOS-based non-single photon Direct Time of Flight (dToF) technology, which it says improves the accuracy, resolution, and power consumption compared to SPAD solutions. It also released a digital ELISA molecular biological detection solution. Based in Guangzhou, China, it was founded in 2019.

Lanxin Technology raised over CNY 100.0M (~$15.7M) in Series B funding. The company provides complete visual sensor solutions for mobile robots and intelligent logistics solutions for manufacturing industries, combining medium to long distance and short distance sensors with an AI algorithm. Based in Hangzhou, China, it was founded in 2016.

Ainstec raised “tens of millions” of yuan (CNY 10.0M is ~$1.6M) in venture funding. The startup combines MEMS sensors with an ultra-low power AI processor for 3D vision sensing. It currently offers a structured light module and solid state lidar. Founded in 2018, it is based in Suzhou, China.

Wireless

Sofant Technologies received a €7.3M (~$9.5M) grant from the European Space Agency and UK Space Agency to complete the commercialization of a satellite communication terminal that would allow users to connect to the cloud via low-latency broadband satellite networks. Sofant Technologies develops RF MEMS antennas for both 5G applications as well as satellite phased arrays. The company says its platform avoids the need for expensive cooling while operating at a much lower power. A spin out from the University of Edinburgh in 2011, it is based in Edinburgh, UK.

Maxic Technology received an undisclosed amount of venture funding from Sharewin Investment. The company produces wireless charging chips that also enable reverse wireless charging, as well as a wide range of LED drivers. Founded in 2008, it is based in Beijing, China.

EDA

EDA startup Hejian Industrial Software, also known as Univista, raised CNY 700.0M (~$109.6M) in a funding round that included China Internet Investment Fund, Shenzhen Capital Group, and Summitview Capital. Hejian provides design and verification tools that include FPGA prototyping, simulation, an advanced packaging design environment, and design data management, as well as verification consulting services. Founded in 2020, it is based in Shanghai, China.

Rescale closed a $105.0M expanded Series C round with funding from Fort Ross Ventures, Gaingels, Gopher Asset Management, Hitachi Ventures, Initialized Capital, Keen Venture Partners, Microsoft M12, Nautilus Venture Partners, Nvidia, Prometheus Capital, Republic Capital, Samsung Catalyst Fund, Solasta Ventures, and Yield Capital Partners, as well as individual investors Sam Altman, Jeff Bezos, Richard Branson, Paul Graham, and Peter Thiel. Rescale provides a platform for scientific and engineering simulation using public cloud providers. It optimizes performance of high-performance computing workloads across different compute clusters, including for EDA and electronics simulation software.  Founded in 2011, it is based in San Francisco, California, USA.

EDA and networking company Corigine raised “several hundred million yuan” (CNY 100.0M is ~$15.7M) in pre-A4 funding led by China Internet Investment Fund and joined by China Resources Capital, Xingwang Investment, Yuntai Capital, Zhenghai Capital, and Yimei Investment. In the networking space, Corigine has developed a data processing unit (DPU) that it uses in its SmartNIC cards for handling specialized networking functions as well as a TCAM targeted for routers and switches. In the EDA space, it provides an FPGA-based prototyping platform for early software development, system validation, and regression testing. It scales up to 32 FPGAs. In addition, the startup recently debuted a PCIe card for desktop FPGA prototyping. The company also offers USB 3.2 and USB 2.0 controller IP. Funding will be used to further R&D in DPU chips for 5G and cloud data centers. Founded in 2015, it is based in Santa Clara, California, and Shanghai, China.

Yun Pai Technology raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A funding. Yun Pai Technology offers 3D electromagnetic simulation and thermal multiphysics software for radio frequency, microwave, and semiconductor microsystems. The startup also provides high-performance integrated phased array microarrays and RF micromodules as well as design services. Founded in 2021, it is based in Guangzhou, China.

Manufacturing, test & equipment

Packaging and test company TRS Microelectronics raised CNY 1,000.0M (~$157.0M). TRS provides packaging including QFN, DFN, SOP, and SOT, as well as test services. It is working on deploying advanced packaging technologies such as flip-chip, system-in-package, and wafer-level packaging. Founded in 2012, it is based in Ningbo, China.

Wastewater treatment company Gradiant raised over $100.0M in Series C funding led by Warburg Pincus and Schlumberger New Energy. Gradiant provides advanced water and wastewater treatment facilities to a range of industries, with a focus on 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 98% of wastewater produced from semiconductor processing. Founded in 2013 as a spin out from MIT, it is based in Boston, Massachusetts, USA.

Glorysoft, also known as Gerui Liye, raised CNY 300.0M (~$47.0M) from China Merchants Capital and Guoxin Fund. Glorysoft offers software for managing semiconductor fabrication. Its product line includes manufacturing execution system (MES), factory automation, production planning and scheduling, quality management, defect detection, and yield management. Founded in 2007, it is based in Shanghai, China.

Equipment marketplace Moov raised $41.0M in Series A funding led by Tiger Global Management with participation from Valor Equity Partners, Avenir Growth Fund, individual investor Gavin Baker, and existing investors. Moov provides an online platform for buying and selling of used and idle semiconductor manufacturing equipment. It also offers logistics and asset management services. It plans to use the funding to expand its domestic and global presence, hire executives, purchase inventory, and R&D. “This round of funding will allow Moov to achieve critical mass and propel us to beyond $1 billion in gross merchandise value in the next several years,” said Steven Zhou, co-founder and CEO of Moov. Founded in 2018 and based in San Francisco, California, USA, it has raised $47M.

Semitech raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in Series A+ financing from GP Capital and Shenzhen Capital Group. Semitech 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. Founded as the result of a merger, it is based in Shanghai, China.

Xinqiyuan Technology raised “several hundred million yuan” (CNY 100.0 is ~$15.7M) in pre-A4 Series financing from China Internet Investment Fund, CR Capital Management, Prosperity Investment, and Yimei Capital. Xinqiyuan Technology produces test and measurement equipment for digital TVs, GPS equipment, and wireless communication devices. Founded in 2015, it is based in Shenzhen, China.

Jieyanxin Electronic Technology, also known as Suzhou Quick-solution Electronics, raised nearly CNY 50.0M (~$7.8M) in a Series A round led by Infotech Ventures and joined by JiangSu QianRong Assets Management. Jieyanxin provides packaging and testing services and system integration solutions for MEMS sensors, RF filters, and system-in-package modules. Founded in 2015, it is based in Suzhou, China.

Rocsole received a €5.0M (~$5.7M) Series A investment led by Springvest. Rocsole offers equipment for tomographic imaging systems and analytics solutions. While a major focus of its business is on the oil and gas industry, it says its sensor technology is suitable for measuring deposition in pipelines for semiconductor manufacturing. Founded in 2012, it is based in Kuopio, Finland.

Jiazhao Electronics, also known as Giantest, received “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in Series A financing. The company performs IC wafer-level testing and memory chip testing. Funding will be used in development of test equipment. Founded in 2018, it is based in Jiangsu, China.

Yunmao Technology raised “tens of millions” yuan (CNY 10.0M is ~$1.6M) in Series A funding from Sequoia Capital China. Yunmao Technology provides nano-coating equipment for semiconductor and electronics manufacturing, including atomic layer deposition, electron beam evaporation, and magnetron sputtering. It is based in Xiamen, China, and was founded in 2018.

Weiju Intelligent Control raised CNY 10.0M (~$1.6M) in angel financing from Amphora Capital. Weiju Intelligent Control produces equipment for manufacturing RFID tags as well as for tag reading, writing, and testing. Based in Beijing, China, it was founded in 2020.

IONA Tech received a $0.3M grant from Colorado’s Advanced Industries Accelerator Program to further develop its wireless electrostatic discharge (ESD) protection solution that allows its users to have complete mobility, while providing in situ electrostatic monitoring for quality control managers. It targets ESD protection in both electronics manufacturing and hazardous environments. Founded in 2020, IONA Tech is based in Telluride, Colorado, USA.

Materials

Huaqing Electronic Material Technology raised CNY 180.0M (~$28.2M) in venture funding from SDIC. The company develops and manufactures electronic ceramic substrates using tape-casting manufacturing processing. It currently produces AlN and Al2O3, which it says are useful in applications such as HBLEDs, power devices, TECs, and optical communications. Founded in 2004, it is based in Jinjiang, China.

IVWorks raised $17.4M in a Series C round from YG Investment, Korea Investment & Securities, WONIK Investment Partners, Log Investment, Wooshin Venture Investment, Deslaube PEF, Hyundai Venture Investment, and others. IVWorks manufactures gallium nitride (GaN) epitaxial wafers using what it says is a highly efficient and eco-friendly epitaxy system and AI-based production platform. Its offerings include 6-8 inch GaN-Si epitaxial wafers for use in power devices and 4-6 inch GaN-SiC epitaxial wafers for use in RF devices. “Expectations towards the GaN power device market has entered the growth phase amid global technological trends such as digital transformation and energy paradigm shift,” said IVWorks CEO Young-Kyun Noh. The company is in the process of going public on Korea’s KOSDAQ. Founded in 2011, it is based in Daejeon, South Korea.

Hypersics Semiconductor drew “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in a Series A+ round led by CMB International and joined by Cowin Capital, Hua Partners, and SBCVC. Hypersics produces 6-8 inch silicon carbide substrates and also offers SiC testing services. Founded in 2019, it is based in Nanjing, China.

Bondlink Touch Technology, also known as Brthrborder, raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in pre-Series A funding from Galaxy Capital and others. The startup manufactures silver nanowire photoresists and photoresistive organic transparent conductive film for touch displays. Funds will be used to set up pilot production lines. Based in Shenzhen, China, it was founded in 2018.

Graphene startup Hanene Technology drew about CNY 10.0M (~$1.6M) in angel financing. The company manufactures high-conductivity macro graphene films for thermal interfaces, antennas, electromagnetic shielding, and lithium-ion batteries. Founded in 2019, it is based in Wuhan, China.

Quantum computing

Quantum hardware startup QuEra Computing emerged from stealth with $17.0M in funding from Rakuten, Day One Ventures, Frontiers Capital, and individual investors including Serguei Beloussov and Paul Maritz. QuEra has constructed a 256-qubit quantum computer based on neural atoms. The approach uses arrays of hundreds of atoms cooled to just above absolute zero and arranged by laser fields in a small vacuum chamber. The company says this allows them to pack hundreds of atoms into sub-millimeter arrays, denser than other existing technologies. QuEra also recently received a DARPA award. Based in Boston, Massachusetts, USA, it was founded in 2018 based on research conducted at Harvard University and MIT.

Quandela raised €15.0M (~$16.9M) in venture funding led by Omnes Capital, joined by Bpifrance and Quantonation. Quandela developed a photonic qubit generator and entanglement system based on a chain of single photons contained in an optical fiber loop. “Given the recent technological advances in the development of solid state quantum light emitters, it is time to explore the full potential of this technology for large-scale quantum computing,” said Niccolo Somaschi, CTO and co-founder of Quandela. It will use the funds to make a complete photonic quantum computer available, with online access planned in 2022. Founded in 2017 based on research from the CNRS Centre for Nanoscience and Nanotechnology, it is based in Paris, France.

Photonics startup Qutronix drew “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in pre-Series A funding led by Legend Capital and joined by Ambrum Capital and China Fortune-Tech Capital. Qutronix is focused on integrating quantum computing with photonics. Alongside a quantum computer based on its photonic chips, the company’s products include a photonics filter module for denoising, a high-resolution multicolor beam splitting system, a multi-channel coincidence module, and quantum encryption software. Founded in 2021, it is based in Shanghai, China.

A consortium led by Universal Quantum has been awarded a £7.5M (~$10.1M) grant from Innovate UK to build a scalable quantum computer that can correct its own errors and apply this technology to high-impact problems in the aerospace industry. The Quantum Error Correction (QEC) consortium includes end-user Rolls-Royce, supported by the Science and Technology Facilities Council Hartree Centre, Riverlane, Edwards, TMD Technologies, Diamond Microwave, Sia Partners, Qureca, and groups from Imperial College London and the University of Sussex.

A consortium led by Seeqc UK was awarded a £6.9 (~$9.2M) grant from Innovate UK to build a commercially scalable application-specific quantum computer designed for pharmaceutical drug development. The program is focused on developing high-value simulation tools to support photodynamic therapies for cancer treatment, and the resulting quantum computer will be delivered to Merck. Other members of the consortium include Riverlane, Oxford Instruments, University of Oxford, Medicines Discovery Catapult, and members from the Science and Technology Facilities Council, including the UK’s National Quantum Computing Centre.

A consortium led by sureCore received a £6.5M (~$8.7M) grant from Innovate UK to jointly develop advanced cryogenic semiconductor IP. The aim is to create a suite of CMOS IP that can operate at near absolute zero for the control circuits that manage the qubits. The project will involve modeling how transistors work at these temperatures, refine TCAD tools, create a foundry PDK for cryogenic temperatures, develop memory, and characterize test chips. Along with sureCore, the consortium is comprised of SemiWise, University of Glasgow, Synopsys, Oxford Instruments, Universal Quantum, and SEEQC.

Maybell Quantum Industries received a $0.5M grant from Colorado’s Advanced Industries Accelerator Program to develop quantum computing hardware. MQI is based in Denver, Colorado, USA, and was founded in 2021.

Quantum cooling startup Kiutra received an undisclosed amount of venture financing led by TRUMPF Venture and Verve Ventures, joined by existing investors High-Tech Gründerfonds, APEX Ventures, and the Initiative for Industrial Innovators. Kiutra specializes in cryostats for cooling quantum computer hardware and materials to sub-Kelvin temperatures. Its cooling systems utilize magnetic refrigeration and can run without requiring cryogenic liquids, namely the expensive helium-3. Its systems are also used for investigating materials at sub-Kelvin temperatures. Founded in 2018 as a spin-off from the Technical University of Munich, it is based in Munich, Germany.

AR/VR

Ultraleap completed a £60.0M (~$82.0M) Series D round from new investors including Tencent, British Patient Capital, and CMB International, alongside existing shareholders Mayfair Equity Partners and IP Group. Ultraleap offers hand tracking and mid-air haptics solutions for AR/VR/XR applications and touchless interactive displays. The company’s hand tracking software is available across multiple platforms, camera systems, and third-party hardware. “Our aim with this Series D raise is to accelerate the transition to the primary interface – your hands – because there are no physical controllers, buttons or touchscreens in anyone’s vision of the metaverse,” said Tom Carter, Ultraleap CEO. Founded in 2013, it is based in Bristol, UK.

DigiLens drew over $50.0M in the first round of its Series D led by Samsung Electronics and joined by Samsung Electro-Mechanics, Diamond Edge Ventures (the strategic investment arm of Mitsubishi Chemical Holdings Corporation), Alsop Louie Partners, 37 Interactive Entertainment, UDC Ventures, Dolby Family Ventures, and others. DigiLens develops head worn holographic display and waveguide technology for AR/XR smart glasses using a photopolymer and holographic contact copy manufacturing process that is says is cost-effective and scalable, enabling thin and light lenses. “Bringing smartglasses to market will require an ecosystem approach in order to hit the timelines, volumes, and cost structure required for consumer devices. This funding round puts the necessary pieces in place to finally bring enterprise and consumer smartglasses to market at a realistic price point,” said Chris Pickett, DigiLens CEO. Based in Sunnyvale, California, USA, it was founded in 2003.

Dispelix raised $33.0M in a Series B round led by Atlantic Bridge alongside new investors CCB Trust and Flashpoint. All existing investors including Lifeline Ventures, VTT Ventures, Finnish Industry Investment, and 3M Ventures also participated. Dispelix has created a see-through display for augmented reality devices such as smart glasses using diffractive single layer, full color waveguides. “Our patented see-through display technology is the key enabler for augmented reality devices such as smart-glasses where weight, display quality and form factor are key attributes. These can be best realized by feather-weight single-layer optics which is our unique forte and we are now gearing to scale these capabilities for mass production for our customers forthcoming consumer offerings,” said Antti Sunnari, co-founder and CEO of Dispelix. Its product range includes ultralight, 30-50 degree field of view, and wide field of view lenses. Based in Espoo, Finland, it was founded in 2011 and has raised $50M to date.

RealWear raised CNY 120.0M (~$18.8M) in Series A+ financing from Cosonic Intelligent Technologies and JiangSu QianRong Assets Management. RealWear offers head-mounted computers for industrial AR applications. It was founded in 2018 and is based in Shanghai, China.

Jade Bird Display raised “hundreds of millions of yuan” (CNY 100.0M is ~$15.7M) in a Series A round led by Cowin Capital. JBD designs and fabricates active matrix inorganic microLED display chips and panels with wavelengths ranging from UV to visible to IR. Applications include AR/VR headsets, heads-up displays, projectors, and 3D printing. It also offers control boards, custom panels, and development kits. Based in Shanghai, China, it was founded in 2015.

Guangli Technology drew over CNY 100.0M (~$15.7M) in a Series A+ round from Full Harvest Asset Management, Ivy League Capital, Linear Capital, and Vertex Ventures. Guangli Technology currently offers a holographic resin optical waveguide and AR holographic smart goggles for use while swimming. Next year, it plans to debut consumer-grade AR smart glasses based on binocular diffraction optical waveguides. It is also preparing for a new round of financing. Founded in 2017, it is based in Hangzhou, China.

LLVision raised CNY 100.0M (~$15.7M) in Series C financing from Essence Securities, Scale Venture Partners, and UMC Capital. LLVision develops modular augmented reality glasses and software targeted at enterprise and industrial applications. Based in Beijing, China, it was founded in 2014.

Neural interface startup Cognixion received $12.0M in seed funding led by Prime Movers Lab and joined by Northwell Health, Amazon Alexa Fund, and Volta Circle. Cognixion developed a non-invasive, wireless brain-computer interface with an integrated augmented reality display that aims to assist people with communication and motor disabilities in interacting with technology such as smart home devices through hands-free, voice-free control of AR applications. “We believe that technology should be inclusive and universally accessible to every individual, and everyone deserves a solution that can adapt to their needs – and that it’s possible to build one solution that can be personalized for communication, information access, interacting with smart devices, and everything else life has to offer,” said Andreas Forsland, Cognixion founder and CEO. Based in Santa Barbara, California, USA, it was founded in 2014.

OQmented drew $9.3M in an extension of its seed funding round from IT-Farm, Leblon Capital, Deeptech-A, Vsquared Ventures, Salvia GmbH, Baltic Business Angels, and several angel investors. The company makes and develops MEMS-based Laser Beam Scanning (LBS) systems for lightweight, power efficient consumer AR/VR glasses and 3D sensing products. Funds will be used to expand its location, R&D, and partnerships. OQmented was founded in 2018 as a spin-out from the Fraunhofer Institute for Silicon Technology ISIT and is based in Itzehoe, Germany. It has raised over $20M.

HaptX received a $4.0M credit facility from Crescent Cove Advisors. The company offers haptic feedback gloves for use with virtual reality headsets and robotics. Funding will be used to expand production and accelerate development of new products. Based in Redmond, Washington, USA, it was founded in 2012 and has raised $35M.

Spectralics received $2.0M in venture funding from Volvo Cars Tech Fund. Spectralics offers a multi-layered thin combiner (MLTC), a thin optics film that can be applied to see-through surfaces of all shapes and sizes and used to overlay imagery. Volvo sees potential in the ability to integrate it into a car’s windshield or windows to support heads-up displays and AR applications. It could also be used in things such as smart glasses. Founded in 2017, the startup is based in HaDarom, Israel.

INMO raised “tens of millions of yuan” (CNY 10.0M is ~$1.6M) in pre-Series A financing led by Matrix Partners, followed by Unity Ventures, Junsan Capital, and existing shareholders. INMO develops consumer-grade AR smart glasses for daily wear that can be used without a mobile phone. It utilizes vertical array optical waveguide display technology and has battery for 4 hours continuous use or 72 hours standby. The funds will be used for used for mass production and brand building. Based in Shenzhen, China, it was founded in 2020.

ADAS & autonomy

Self-driving delivery startup Nuro raised $600.0M in Series D funding led by Tiger Global Management with participation from Baillie Gifford, Fidelity Management and Research Company, Gaorong Capital, Google, Kroger, SoftBank Vision Fund, T. Rowe Price Associates, Woven Capital, and other existing investors. The company’s fully autonomous, low speed electric vehicle targets delivery of things such as groceries, takeaway food, and retail goods and has operated in California, Texas, and Arizona without occupants or chase cars. “The arrival of ubiquitous on-demand ecommerce is changing the way we access goods. Demand for local deliveries is exploding. Nuro is the bridge to an era of sustainable, low cost, autonomous local delivery,” said Griffin Schroeder, Partner at Tiger Global. It recently started investment on new manufacturing facilities and a test track. Based in Mountain View, California, USA, it was founded in 2016 and has raised over $2B.

Momenta drew $500.0M in Series C+ funding from SAIC Motor, Yunfeng Capital, IDG Capital, General Motors, Temasek, Bosch, and Toyota. Momenta offers driving systems with varying levels of autonomy, from ADAS to full self-driving. It uses cameras, millimeter wave radar, and lidar as part of its solution for both private vehicles and robotaxis. It uses data from a network of vehicles using its solution to refine and iterate its algorithms. Based in Beijing, China, it was founded in 2016 and has raised over $1B.

Applied Intuition raised $175.0M in Series D financing led by Addition, Coatue Management, and individual investor Elad Gil with participation from existing investors Andreessen Horowitz, General Catalyst, Lux Capital, and individual investor Semil Shah. Applied Intuition provides tools for autonomous vehicle development, including products for simulation of scenarios and perception systems, verification/validation, drive data management, and map editing. Based in Sunnyvale, California, USA, it was founded in 2017 and has raised over $350M.

Autonomous trucking startup Kodiak Robotics raised $125.0M in a Series B round from SIP Global Partners, Lightspeed Venture Partners, Battery Ventures, CRV, Muirwoods Ventures, Harpoon Ventures, StepStone Group, Gopher Asset Management, Walleye Capital, Aliya Capital Partners, and others. Kodiak Robotics focuses on self-driving technology for long-haul trucks using a modular and discrete sensor approach. It owns a fleet of self-driving trucks and uses them to haul freight for customers. In 2025, it plans to offer a subscription service where its software and hardware can be integrated into trucks owned by other companies. “The supply chain challenges we have seen over the last 18 months only underscore the importance of autonomous trucking to the future of America’s economy. With the Series B, we will further accelerate towards launching our commercial self-driving service with our partners in the coming years to help address these critical challenges,” said Don Burnette, founder and CEO, Kodiak Robotics. The funding will be used to expand its fleet and team. Based in Mountain View, California, USA, it was founded in 2018.

Autobrains drew $101.0M in Series C financing led by Temasek and joined by new investors Knorr-Bremse and VinFast along with existing investor BMW i Ventures and strategic partner Continental. Autobrains has developed a self-learning AI system for ADAS and autonomous vehicles up to L4. Instead of large amounts of labeled data, it “maps raw, real-world data to compressed signatures to identify concepts and scenarios for optimal decision-making.” The startup says this approach leads to improved performance in challenging edge cases by understanding contextual elements of driving scenarios. A spin out from AI company Cortica as a joint venture with Continental in 2019, it is based in Tel Aviv, Israel.

TriEye drew $74.0M in venture funding led by M&G Investments and Varana Capital, with the participation of Samsung Ventures, Strategic Development Fund, Deep Insight, Allied Group, and Discount Capital along with follow-on investors Intel Capital, Porsche Ventures, Grove Ventures, and individual investor Marius Nacht. TriEye has developed a CMOS-based HD Short-Wave Infrared (SWIR) sensor for ADAS and autonomous vehicle applications. The company says its technology, which it calls SEDAR (Spectrum-Enhanced Detection And Ranging), can provide both HD image-data and a detailed depth-map in all visibility conditions. “We are proud to be the first to offer the advantages of SWIR sensing technology to multiple industries at a highly disruptive price point. Indeed, we believe SEDAR will change the automotive perception market as we know it today,” said Avi Bakal, CEO and co-founder of TriEye. While initially targeting ADAS and autonomous vehicles, it plans to expand to industrial and biometric applications. Based in Tel Aviv, Israel, it was founded in 2017 and has raised $96M.

Hesai Technology raised $70.0M in an extension of its Series D round from Xiaomi. Hesai makes hybrid solid-state lidar sensors for short, medium, and long-range applications. The funds will be used for mass production of its hybrid solid-state lidar for ADAS applications, the construction of a new manufacturing center, and further development of automotive-grade lidar chips. Founded in 2014, Hesai is based in Shanghai, China.

Maxieye drew CNY 300.0M (~$47.0M) in a Series B round led by Desay SV and joined by Yonghua Capital, People’s Daily, and Shanghai FTZ Fund. Maxieye focuses on developing ADAS and automated driving systems, as well as imaging and visual perception systems for both passenger and commercial vehicles. Its recently released intelligent cruise system is set to be included in two passenger car brands. Founded in 2016, it is based in Shanghai, China.

Helm.ai raised $26.0M in Series B funding led by Amplo with participation from JM Partners, Base Capital Funding, Freeman Group, ACVC Partners, OneWay Ventures, and Binnacle Partners as well as individual investors Nicolas Berggruen, Nadia Asoyan, Vlad Tenev, Mark Leslie, Jeff Rothschild, and Neil King. Helm.ai develops AI software for ADAS and L4 autonomous driving in both commercial and consumer vehicles. Its software covers perception, intent modeling, path planning, and vehicle control and uses an unsupervised learning method using mathematical modeling that the company says allows it to train on large scale datasets quickly and cost-effectively with little to no human intervention.  “We are well positioned at this stage to expand our product line and continue to deliver market-leading ADAS and L4 solutions to OEMs and fleets, as well as to form additional partnerships with Tier 1s, sensor, and chip companies,” said Vlad Voroninski, CEO of Helm.ai. Based in Menlo Park, California, USA, it was founded in 2016 and has raised a total of $44M.

Metoak Technology, also known as Yuanxiang Technology, drew nearly CNY 100.0M (~$15.7M) in Series A+ funding led by CTC Capital and joined by returning investors including Shenzhen Capital Group and Tendance Capital. Metoak produces stereoscopic visual sensing chips and modules for applications such as ADAS, service robots, and drones. Founded in 2017, it is based in Beijing, China.

Spartan Radar received a $15.0M Series A investment led by Prime Movers Lab and joined by 8VC and Mac Venture Capital. 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. “After billions of dollars in investments and several AV companies going public, the industry is finally ready to move beyond R&D to commercialize at scale in defined use-cases like last mile delivery, trucking, and robo-taxi. OEMs and AV developers need safe, robust sensor solutions that are ready to go to market next year and we’re prepared to meet that need,” said Spartan Radar founder and CEO Nathan Mintz. Funding will be used for hiring and further productization. Founded in 2020, Spartan Radar is based in Los Alamitos, California, USA, and has raised $25M to date.

Automotive collision detection startup PreAct Technologies raised $13.0M in Series A funding led by State Farm Ventures with participation from Elev8.VC, Gotham Partners, Traylor Capital, Stargazer Ventures, and others. PreAct Technologies uses a near-field sensor system to detect when a collision is imminent and provide the vehicle information that can be used to protect passengers. The startup says its near-field sensors and software can enable a vehicle to angle car seats away from the impact of a crash, deploy airbags earlier, and raise the suspension. “This system will not only help prevent millions of serious injuries and fatalities, but will also save the economy around $120 billion each year,” said PreAct CEO Paul Drysch. Its sensors also can be used for parking assist and ADAS features. It plans to establish a manufacturing base in New York state. Based in Portland, Oregon, USA, it was founded in 2018 and has raised $27M to date.

Beijing Trunk Technology (TrunkTech) raised “tens of millions of US dollars” in financing led by Zhongwei Capital, Bohai Capital, and Yuexiu Industrial Fund. TrunkTech produces L4 autonomous heavy trucks for both port and highway operations. It is currently operating vehicles in Tianjin Port and Ningbo Port. Based in Beijing, China, it was founded in 2017.

Comma raised $10.0M in venture funding. The startup sells hardware kits to consumers that can be integrated into recent passenger vehicles alongside an open-source software package to enable enhanced ADAS functionality and driver attention monitoring. Based in San Francisco, California, USA, it was founded in 2015.

Autotalks drew a $10.0M strategic investment from Foxconn Interconnect Technology. Autotalks provides V2X (Vehicle-to-Everything) chipsets including a communications processor, add-on hardware, and RF transceiver. It also recently released a platform for use with bikes and scooters. The two companies will work together to increase V2X penetration. “V2X is a critical safety sensor, the only one that can see behind corners, protect micro-mobility users, and can also increase the range of electrical vehicles,” said Hagai Zyss, CEO of Autotalks. Founded in 2008, it is based in Kefar Neter, Israel.

MooVita raised $1.5M in Series A funding from 1Derlife Growth and SEEDS Capital. MooVita is developing component-based driverless software solutions that convert regular vehicles into autonomous vehicles, as well as self-driving mini buses and shuttles. It targets urban environments and closed campuses with applications such as first/last mile transportation, logistic transportation, and utility solutions. Based in Singapore, it was founded in 2016.

Holomatic, also known as Heduo Technology, raised an undisclosed amount from GAC Capital in a Series C1 round. The company’s ADAS solutions include a L4 valet parking system and a L3.5 highway driving system. As part of a strategic partnership, Holomatic’s ADAS will be included in a number of GAC’s models starting in 2022. Founded in 2017, it is based in Beijing, China.

EVs

Tevva drew $57.0M in a private placement for its electric trucks with hydrogen range extenders. Focusing on the medium to heavy-duty range, the company plans to begin mass production of its 7.5-tonne class vehicle with first customer deliveries expected in Q3 2022. The funds will be used to fit out its new London-based production facility and rapidly scale up manufacturing. Based in Tilbury, UK, it was founded in 2012.

Qianchen Automobile, also called Newrizon, raised nearly $50.0M in a Series B round that included China Creation Ventures and Lightspeed China Partners. The company designs electric light logistics and commercial vehicles, and funding will be used for R&D into large-scale batteries and autonomous driving technology. It also says it is working on hydrogen-powered self-driving heavy trucks. Founded in 2020, it is based in Shanghai, China.

Batteries

Beijing WeLion New Energy Technology raised CNY 500.0M (~$78.6M) in strategic investment from Huawei Technologies, Shunwei Capital, and Xiaomi. WeLion New Energy manufactures hybrid solid-liquid electrolyte lithium-ion batteries and all solid-state lithium batteries in both pouch cell and module form factors. It targets applications including EVs, large-scale energy storage, and drones. Founded in 2016, it is based in Beijing, China.

Titan Advanced Energy Solutions raised $33.0M in Series B financing led by HG Ventures and joined by H+ Partners, GS Futures, GS Energy, and Doral Energy-Tech Ventures along with existing investors Energy Innovation Capital and SE Ventures. Titan Advanced Energy Solutions uses ultrasound to monitor lithium-ion batteries’ health, capacity, and state of charge. “Our ultrasound-based technology spans the battery life cycle. From manufacturing and first use to second life and recycling,” said Shawn Murphy, CEO and co-founder of Titan. Its primary focus is automotive and stationary storage markets. Based in Salem, Massachusetts, USA, it was founded in 2016.

Battery materials startup Mitra Chem received $20.0M in Series A funding led by Social Capital and joined by Fontinalis Partners, Integrated Energy Materials, Earthshot Ventures, and individual investor Richard Tsai. Mitra Chem manufactures materials for lithium-ion batteries, with iron-based cathodes its first core product category. “The lack of North American based production and distribution of key battery materials represents a significant gap in our ability to lead in climate innovation. Mitra Chem has the ability to upend the balance of power within the complicated global battery supply chain, supporting the explosion in electrification and disrupt the marketplace for these vital materials,” said Mitra Chem CEO and co-founder Vivas Kumar. Funding will be used to invest in product R&D and expand North American pre-pilot production capacity. Based in Mountain View, California, USA, it was founded in 2021.

Sepion Technologies raised $16.0M in Series A funding led by Fine Structure Ventures with participation from Solvay Ventures and ACVC Partners. The startup focuses on developing batteries with lithium-metal anodes and liquid electrolytes, using a polymeric membrane to prevent the growth of dendrites. Founded in 2015, it is based in Emeryville, California, USA.

Nanoscale Components raised $15.0M in venture funding for its cost-effective process to prelithiate lithium-ion battery electrodes. This process enables cell manufacturers to use high-specific capacity materials such as silicon to make cells with higher energy density and improve the cycle life of those materials. It is compatible with roll-to-roll manufacturing. Founded in 2007, it is based in Hudson, New Hampshire, USA.

Eatron Technologies raised $11.0M in a Series A round led by MMC Ventures with participation from Aster Capital and Vinfast. Eatron provides software for electric vehicles. Its primary current products are a battery management system that includes predictive diagnosis, balancing, and remaining useful life estimation, as well as motion control software for comfort and handling. “Mobility, and automotive in particular, is in the middle of a dramatic transformation and as part of this change needs to become a software-driven industry. Intelligent automotive software platform, embedded at the edge and connected to the cloud, will play a critical role in this transformation,” said Umut Genc, co-founder and CEO at Eatron. Based in Warwick, UK, it was founded in 2018.

Knano Graphene Technology (also known as Xiamen Kaina Graphene Technology) raised CNY 70.0M (~$11.0M) in venture funding. The company produces graphene powder, graphene paste for lithium-ion batteries, and graphene nanoplatelets to improve electrical and thermal conductivity. Founded in 2010, it is based in Xiamen, China.

LionVolt drew €4.0M (~$4.5M) in seed funding led by Innovation Industries and joined by Brabantse Ontwikkelings Maatschappij (BOM) and individual investor Sake Bosch. LionVolt is developing solid-state lithium-ion batteries using a 3D architecture. The architecture is comprised of pillars with thin layers of functional material, creating a large surface area with short distance between electrodes. The company says its design requires no heavy metals and removes the first of explosion or battery fires as well as providing better performance with lower weight. It is first targeting wearable applications with plans to expand to automotive and other markets. Founded in 2020 as a spin out from research organization TNO at Holst Centre, it is based in Eindhoven, The Netherlands.

Conamix drew $4.0M in venture funding for its sulfur cathodes to be used in lithium sulfur batteries. The company says its multifunctional materials act together to improve power capability, energy density, and cycle life. Founded in 2014, it is based in Ithaca, New York, USA.

Moment Energy closed a CA$3.5M (~$2.8M) seed round led by Version One Ventures with participation from Fika Ventures, Garage Capital, and MCJ Collective. The startup builds off-grid energy storage systems by repurposing retired electric vehicle batteries. “This investment allows us to deploy even more up-cycled EV batteries to industries in need of clean and reliable energy through our partnerships with the world leading automakers for electric vehicles,” said Edward Chiang, co-founder and CEO of Moment Energy. It plans to expand to on-grid and industrial applications. Founded in 2020, it is based in Vancouver, Canada.

Johnson Energy Storage raised $0.1M in seed funding. The startup develops solid-state lithium-metal batteries using a glass-ceramic electrolyte separator. The electrolyte separator suppresses lithium dendrites and is stable in contact with lithium metal and metal oxide cathode materials. The startup has also developed a lithium-air battery. Based in Atlanta, Georgia, USA, it was founded in 2021.

Table: Selected companies that received funding in November 2021.

AI applications

AI and machine learning techniques are now used in every industry. This selection of companies with large funding rounds shows where investors think it can have major impacts.

• Socure raised $450.0M in Series E for its predictive analytics platform for digital identity verification of customers.
• Collibra raised $250.0M in Series G for its data analytics and management platform for enterprises.
• Shift Technology raised $220.0M in Series D for its decision automation and optimization solutions for the insurance industry.
• Grammarly raised $200.0M in venture funding for its AI-powered writing assistant.
• Gaussian Robot raised $187.9M in Series C for its commercial automatic sweeping robots.
• Owkin raised $180.0M in corporate funding for its platform that uses federated learning and collaborative AI to analyze medical data for drug development.

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