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Quantum computing may seem like a futuristic technology, but computation based on superposition and entanglement is here and investors are eager to get behind it. Two of July’s rounds that passed the $100 million mark were for superconducting quantum processor companies, one of which is also developing EDA software to assist in designing quantum circuits. And it’s not just mega-rounds. Two quantum companies emerged from stealth this month, both focused on the issue of noise and errors in quantum systems. One has a photonic technology that could lead to large-scale error-corrected systems, while the other uses new types of noise-protected qubits to improve coherence times. Also worth noting is the vast geographic diversity. Each of the seven quantum startups featured hail from a different country.
Speaking of mega-rounds, the two largest investments this month went to battery companies, including an over $1 billion raise to expand cathode production in Europe. Investors also picked startups developing batteries that don’t use rare earth and conflict materials, an issue of growing concern.
In the realm of chip design, chiplets are hot. Three companies that are either aiming to create chiplets or creating flows for chiplet-based design received funding last month, including one with a reprogrammable interposer. Additionally, numerous chipmaking startups included in this report are focused on ICs for wireless communications and automotive electronics. Plus, photonic processors and assembly, PCB design, and 3D printing also feature.
There has been talk of a pullback in venture investment in the larger market landscape. Excluding the two largest rounds, total reported investment by companies mentioned in this report exceeded $2 billion. Whether a funding drought will hit the semiconductor industry remains to be seen. For now, here is a look at 106 startups that collectively raised nearly $4 billion in July 2022.
Semi & design
MetaX Integrated Circuits raised CNY 1000.0M (~$149.1M) in pre-Series B funding led by CCTV Financial Media Industry Investment Fund and Chaos Investment, joined by Shanghai Guosheng Group, Hermitage Capital, Puchao Capital, and others, including existing shareholders China Internet Investment Fund and Matrix Partners China. MetaX designs high-performance GPUs and GPGPUs based on its own architecture. It targets heterogeneous computing applications including AI inference and training, data center, scientific computing, and cloud gaming. Based in Shanghai, China, MetaX was founded in 2020.
M2 Semi received more than CNY 100.0M (~$14.9M) in pre-Series A funding led by Delta Capital. M2 Semi develops high-performance CPUs using a chiplet-based design for the cloud server market. It has also designed die-to-die interconnect IP for chiplet integration that uses a fusion architecture and can support a variety of interface protocols, multiple package types, and mainstream process nodes. Based in Beijing, China, it was founded in 2021.
Hangshun Chip raised CNY 100.0M (~$14.9M) in a Series E round from China Electronics Technology Group CLP Fund. The company develops 32-bit Arm-based and RISC-V-based MCUs, with products for mainstream, low cost, low power, high performance, and special purpose applications. It also offers ultra-low power SoCs combining 2.4GHz Bluetooth Low Energy and 32-bit Cortex-M0 processor. The company primarily targets IoT and automotive markets. Based in Shenzhen, China, it was founded in 2013.
Haawking raised nearly CNY 100.0M (~$14.9M) in Series A funding from BYD, Megmeet, and others. Haawking designs digital signal processors (DSPs) using the RISC-V ISA. Its first family of DSPs targets markets such as white goods, motor drivers, digital power supply, photovoltaics and energy storage, and new energy vehicles. Funds will be used for R&D, hiring, and chip production. Based in Beijing, China, it was founded in 2019.
JoinSilicon Microelectronics raised nearly CNY 100.0M (~$14.9M) in pre-Series A financing led by Chongqing Venture Capital and Cornerstone Capital, joined by Boulder Ventures. JoinSilicon provides ASIC design services, including front-end and back-end design, verification, package design, and ATE test design. Funds will mainly be used for R&D of high-speed interface IP products. The startup also intends to develop chiplets. Based in Nanjing, China, it was founded in 2021.
Integrated Reasoning raised $0.5M in pre-seed funding as part of Y Combinator’s accelerator program. The startup develops superscalar FPGA cores for ultra-high throughput numerical computation, such as logistics optimization problems. Its first product, which it calls the Knapsack Processing Unit, targets Xilinx VU9P and Z7020 FPGAs and is available through AWS. Founded in 2021, it is based in San Francisco, California, USA.
Chipuller received Series A investment from Oriental Fortune Capital. Chipuller has developed an active, reprogrammable interposer used to assemble chiplets into packages. The interposer provides reconfigurable routing and integrated power management to aid in power gating, including integrated power/load switches with slew rate control, high-efficiency low-Iq DC-DC converters, and support for multiple power domains and embedded level shifters. The company uses this interposer as the basis for its chiplet integration platform, which gives customers access to design software with floorplanning, schematic capture, and layout capabilities along with a library of chiplets including sensors, memories, microprocessors, and RF. It says its platform enables designs to be built quickly and with the flexibility to change the design during testing. Founded in 2021, it is based in Shenzhen, China.
CIX Technology closed pre-Series A financing led by NIO Capital and Qiming Venture Partners, joined by BAI Capital, Cornerstone Capital, Casstar, Oriza Holdings, and Harvest Investments. CIX is developing intelligent CPU SoCs and computing solutions compatible with the Arm instruction set and focused on performance and efficiency for high-end tablet computers, notebooks, desktops, AR/VR, and automotive cockpits. Its first product is expected to be released in 2023. Funds will be used for R&D and market expansion. Based in Shanghai, China, it was founded in 2021 and has raised $100M to date.
Intelligence Silicon, also known as Zhiduoji Microelectronics, raised Series C+ financing from Xiamen Torch Group and others. The company designs FPGAs. Its latest, built on a 28nm process, scales from 30K to 325K logic cell devices each with 6 LUTs. Target markets include LED drivers, video surveillance, image processing, industrial control, 4G/5G communication networks, and data centers. Based in Xi’an, China, it was founded in 2012.
Ysemi (also called Yuxian Microelectronics) raised pre-Series A financing from Innovation Works and others. The startup is developing high-performance server CPUs based on the Arm architecture. It says its upcoming chip will use a 4nm process and integrate 160 Arm v9 Neoverse N2 cores. Founded in 2020, it is based in Shenzhen, China.
AI hardware
Iluvatar CoreX raised over CNY 1000.0M (~$148.8M) in Series C+ and Series C++ rounds led by Beijing Financial Street Capital, HOPU Investments, and HOPU-ARM Innovation Fund, joined by ZGC Science City Technology Growth Fund, Shanghai Guosheng Group, Vista Investment, Ding Xiang Capital, Greater Bay Investment Group, and Shanghai Free Trade Zone Equity Fund Management. Iluvatar CoreX develops general-purpose GPU (GPGPU) SoCs for AI applications. It has released a cloud training GPU on a 7nm process. It currently has a cloud inference chip in development, which the new investment will help bring to mass production. Funds will also be used to develop the second and third generations of its training GPU and expand its software platform. Iluvatar CoreX was founded in 2015 and is based in Nanjing, China.
Rebellions extended its Series A round with an additional 30.0B won (~$22.8M) in financing from telecom KT Corp, adding to the startup’s $50.0M round announced in June. Rebellions develops domain-specific AI processors along with optimized software. It says it re-architects AI processors to incorporate sophisticated deep learning features through silicon-dedicated DL kernels. Its first product targets the financial industry and aims to improve trading speeds and reduce latencies for high-frequency trading. Funds will be used for mass production of its second AI chip, which targets the cloud sector and data centers. KT plans to use hardware developed by Rebellions in its upcoming cloud service. Founded in 2020, it is based in Seoul, South Korea.
Shenzhen Qiyang drew pre-Series A+ financing from SASAC and others. Qiyang develops AI IoT chips and products for applications such as smart cameras, base stations, and smart city applications like streetlights, signs, and pedestrian crossings. Based in Shenzhen, China, it was founded in 2017.
EDA
Celus raised €25.0M (~$25.6M) in Series A funding led by Earlybird Venture Capital, with participation from 2xN Venture, DI Capital, existing investors Speedinvest and Plug and Play, and numerous individual investors. Celus provides a cloud-based platform for automating circuit board design. Its tool takes a design’s defined requirements and automatically finds components, generates a bill of materials, then creates schematics and PCB floorplans based on those components. The resulting files are compatible with other EDA tools. The startup also has a data management platform. “Engineers spend far too much time relying on their memories, or manually searching parts that might serve a certain function. Celus changes the game, providing engineers with the digital tools to dramatically speed up this process and automate much of the hard work,” said Celus CEO Tobias Pohl. Funds will be used in opening a U.S. office. Founded in 2018, it is based in Munich, Germany.
Wuhan Yuwei Optical Software raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A funding from Zhidao Capital, Wuhan Optics Valley Industrial Investment, and Fiberhome Venture Capital. Yuwei Optical develops optical proximity correction (OPC) software for photomask optimization. Funds will be used for commercialization as well as testing and calibration of software parameters. Based in Wuhan, China, it was founded in 2020.
Max Optics Information Technology received angel funding from Huawei’s Hubble Investment. Max Optics develops design automation tools for optoelectronics. Its cloud-based software includes optoelectronic device simulation, electromagnetic field simulation, optical waveguide mode analysis, chip layout, and process simulation. It also offers design services. Founded in 2018 based on research from Shandong University, it is based in Shanghai, China.
Manufacturing
Arch Systems drew $15.0M in new funding led by Two Bear Capital and joined by new and existing investors including Uncork Capital. Arch Systems offers a factory predictive analytics platform for electronics and discrete manufacturers. Handling both factory-wide and multi-factory operations as well as new and legacy machines, it provides operational guidance to improve productivity, quality, and maintenance. “This new funding will accelerate our go-to-market motion both in our core area, electronics manufacturing, and in the adjacent area of high-tech manufacturing including defense and medical manufacturing,” said Arch Systems CEO Andrew Scheuermann. Founded in 2015, it is based in Palo Alto, California, USA.
Paltech Precise Electronic received pre-Series A investment. The company manufactures PCBs, including double-sided and multi-layer boards. It supports prototypes, mid-volume, and high-volume manufacturing. It is currently expanding is manufacturing facilities and is planning on a public listing within three years. Founded in 1999, it is based in Jiangmen, China.
Packaging, test, inspection
Raintree Scientific Instruments (RSIC) drew over CNY 160.0M (~$23.9M) in Series C funding. RSIC makes inspection and metrology equipment. It currently offers thin film thickness measurement equipment, optical critical dimension and shape measurement systems, automatic optical inspection equipment, and automatic macro defect inspection tools. Funds will be used for development of other optical testing equipment and expanding production. Based in Shanghai, China, it was founded in 2005.
CAS Microelectronics Integration Technology, or Casmeit, raised over CNY 150.0M (~$22.4M) in Series B financing from Xin Ding Capital, New Hope Capital, and Xiamen Hengxing Group. Casmeit provides advanced packaging services, including fan-out, fan-in, flip-chip, 2.5D/3D stacked packaging, wafer-level chip scale packaging, and through-silicon vias. It also provides test services, including reliability, thermal, and failure analysis. Based in Xuzhou, China, it was founded in 2018.
Luntek Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in Series C funding led by Addor Capital. Luntek provides IC test services, including for SoCs, storage, sensors, and RF. It services include 12-inch, 8-inch, 6-inch wafer testing and finished product testing for SOP, QFN, QFP, BGA, and other packages. Based in Hangzhou, China, it was founded in 2010.
Unity Technology raised CNY 100.0M (~$14.9M) in a Series A round from CDH Investments, Living Water Investment, ZSVC, and the Beyond Moore Fund. Unity Technology develops semiconductor test, inspection, and handling equipment. It offers product lines in several different configurations. Based in Jiaxing, China, it was founded in 2021.
BGFRM Technology raised CNY 10.0M (~$1.5M) in pre-Series A financing that included Baika Ventures. BGFRM produces machine vision-powered 3D defect inspection systems for consumer electronics, automotive electronics, semiconductor, batteries, and photovoltaics. It also offers core components to third-party system equipment manufacturers. Funds will be used for development of MEMS structured light 3D cameras, white light interference 3D cameras, and AI detection technology. Founded in 2021, it is based in Suzhou, China.
Equipment
Boston Micro Fabrication (BMF) raised $43.0M in a Series C round led by Shenzhen Capital Group. BMF provides microscale 3D printing systems using its Projection Micro Stereolithography (PµSL) technology that enables parts to be produced with resolutions down to 2μm. Its system can be used for additive manufacturing of electronic components and MEMS, as well as applications such as medical devices, optics/photonics, microfluidics, and research. Based in Maynard, Massachusetts, USA, it was founded in 2016.
Micromach raised nearly CNY 200.0M (~$29.8M) in Series B funding that included the National Manufacturing Transformation and Upgrading Fund. The company manufactures laser micromachining equipment that utilizes femtosecond lasers, compound beam scanning, adaptive positioning, and small cavity wall protection. Applications include PCB and flexible printed circuit board processing and etching of complex microstructures such as filters. Based in Xi’an, China, it was founded in 2015.
Akusense raised nearly CNY 10.0M (~$1.5M) in Series A+ funding led by Shunwei Capital and joined by Yiheda. Akusense develops photoelectric, fiber optic, proximity, and other sensors for a wide range of applications. In semiconductor manufacturing, its products can be used for wafer position detection, chip warpage detection, and measuring wafer thickness and flatness. Other industries include consumer electronics inspection, battery manufacturing, and automotive manufacturing. Founded in 2010, it is based in Shenzhen, China.
Eulitha drew new venture funding from AGIC Capital. Eulitha provides photolithography systems and patterning services for photonics, electronics, optoelectronics, displays, biotechnology, and other areas. Its products include photolithography equipment based on the company’s Displacement Talbot Lithography (DTL) technology for low-cost production of periodic structures over large areas with a non-contact exposure. It features overlay alignment capabilities and is offered for wafer sizes between 100mm to 200mm in both manual and automatic versions. For Extreme Ultraviolet Interference Lithography (EUV-IL), the company provides transmission diffraction gratings with periods down to 50nm patterned on thin silicon or silicon nitride membranes. It also offers standard and custom patterning services using its lithography technology and electron beam (e-beam) lithography. Founded in 2006, it is based in Kirchdorf, Switzerland.
UpNano received new funding from IGO Industries and other existing investors. UpNano makes high-resolution two-photon polymerization (2PP) 3D printing systems. Capable of creating structures with a minimum horizonal feature size of 170nm and minimal vertical feature size of 550nm, it has applications in creating electronics, microoptics, micromechanics, and microfluidics. Another system targeted at biomedical applications is capable of printing with living cells. Funds will be used for R&D, including further increasing printing speeds, and U.S. expansion. Founded in 2018 based on research from TU Wien, it is based in Vienna, Austria.
Materials
Vulcan New Materials drew CNY 130.0M (~$19.4M) in Series D funding from the National Small and Medium Enterprise Development Fund, Hefei Industrial Investment, Jinpu Intelligent, Jiawo Capital, Wuxing Industrial Investment, Shanghai Nuoyi, Houhe Capital, and Zhejiang Science and Technology Investment. The company manufactures high-purity carbon materials for applications that include semiconductor wafer crystal growth, SiC crystal growth, and photovoltaic crystal growth. Based in Hangzhou, China, it was founded in 2017.
Taisic Materials received a strategic investment of about $16.8M from Hon Hai Precision Industry (Foxconn), giving the electronics giant a 10% stake in Taisic in a bid to boost its production of electric vehicle components. Taisic manufactures 4- and 6-inch semi-insulating silicon carbide (SiC) substrates and N-type SiC substrates. It plans to expand to 8-inch products in 2023. Established in 2020, it is a subsidiary of Kenmec Group and is based in Taoyuan, Taiwan.
Hymn Materials Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in Series B funding from CICC Capital, CMB International, and PricewaterhouseCoopers. Hymn Materials manufactures thermal interface materials for electronics. Its products include thermal pads, thermal gels, thermal conductive phase change materials, and silicone grease. Funds will be used to pursue M&A deals and for R&D. It also plans to expand into the battery and EV markets. Founded in 2019, it is based in Shenzhen, China.
Didao Microelectronics (Didaomat) raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A funding from Shuimu Wutong Investment. The company produces photoresists for flat panel display and semiconductor manufacturing, as well as materials for back-end and advanced package cleaning. Founded in 2020, it is based in Shenzhen, China.
Epiworld International raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series B financing from Qingda Strait Equity Investment. Epiworld manufactures silicon carbide (SiC) epitaxial wafers. It currently offers 3-, 4-, and 6-inch wafers for Schottky diodes, MOSFETs, JFETs, and BJTs, as well as customized wafers for IGBTs, GTO thyristors, and R&D devices. Founded in 2011, it is based in Xiamen, China.
Hashen Smart Materials Technology (HST) received tens of millions of yuan (CNY 10.0M is ~$1.5M) in new funding from Mingdao Investment. The startup produces composite metal conductive ink materials and processes for flexible electronics printing, focusing on antennas and RFID. It uses silver-coated copper particles as conductive fillers in its RFID antennas, which it says improves weather resistance and service life. Based in Shenzhen, China, it was founded in 2019.
Weixin New Materials closed a Series B financing round led by CDH Investments. The company produces KrF high-end photoresist resins and monomers. Funds will be used for R&D and capacity expansion. Based in Ningbo, China, it was founded in 2018.
Memory & storage
Hosin Global Electronics, also known as Hongxinyu Electronics, raised hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in a Series A round led by China Fortune-Tech Capital, joined by Hefei Industry Investment Group and others. Hosin Global offers a range of storage and memory devices, including USB flash drives, eMMC/UFS, DRAM, SPI NAND, SSD, and SD cards. Funds will be used for new product development. Founded in 2018, it is based in Shenzhen, China.
Analog & mixed signal
Digital Enhancement received nearly CNY 100.0M (~$14.9M) in a pre-Series A round led by GRC SinoGreen Fund and Legend Capital, joined by FutureCap. Digital Enhancement develops digital front-end RF chips with CFR (Crest Factor Reduction) and DPD (Digital Pre-Distortion) algorithms it says improve key RF indicators such as bandwidth, linearity, efficiency, and output. It targets applications such as power amplifiers, 5G base stations, and mobile equipment. The startup recently collaborated with Intel on a DFE solution over FPGA for 5G base stations. Based in Hangzhou, China, it was founded in 2019.
Inbisen Semiconductor drew nearly CNY 100.0M (~$14.9M) in a Series A+ round led by Golden China Fund and Huoyan Capital. Inbisen develops high-performance analog and mixed-signal chips for applications including power communication and sensor modules. Its products include transceivers, analog-to-digital converters (ADCs), power management ICs, and amplifiers. Funds will be used for product development, hiring, and implementing quality control systems. Based in Shanghai, China, it was founded in 2019.
Siliconway Technology raised CNY 10.0M (~$1.5M) in angel funding led by Thoth Medical Strategy. Siliconway develops signal chain chips, including data converters and analog front-end, for medical, communications, and industrial control applications. Based in Chengdu, China, it was founded in 2021.
Power devices
Senko Microelectronics, also known as Xinggan Semiconductor, raised CNY 200.0M (~$29.8M) in a Series B round that included Summitview Capital. Senko Micro develops current sensor chips, linear magnetic sensor chips, and magnetic switches for applications such as transformers, series resistance detection, isolators, and battery power monitoring optimization in automotive, industrial, and consumer electronics. Founded in 2013, it is based in Shanghai, China.
Gatesea raised nearly CNY 100.0M (~$14.9M) in a Series A round that included Zhongsu Capital, Oriza Holdings, ZHJ Group, WOFO Capital, and PH Capital. Gatesea develops chips and modules for new energy and grid power applications, including broadband power line carrier chip, HPLC/HRF dual-mode chip, wireless transceiver, photovoltaic fast shutter module, and photovoltaic optimizer module. Based in Suzhou, China, it was founded in 2018.
X-Signal Integrated, also known as Chipnor Microelectronics, raised nearly CNY 100.0M (~$14.9M) in Series A funding led by Everest Venture Capital and China National Automobile Investment, joined by IDG Capital and Meituan Longzhu Capital. The startup produces mixed-signal and power devices, including brushless DC motor controllers, power management ICs, battery management ICs, and mini-LED backlight driver chips. It recently debuted a 4-channel active matrix (AM) mini-LED backlight driver chip. Founded in 2020, it is based in Beijing, China.
HyAsic received new funding from Beijing Xiaomi Zhizao Equity Investment Fund. The company develops digital power management chips, with products including AC-DC controllers, mini-LED drivers, power management ICs (PMIC), and visible light sensors for applications such as TVs, chargers and power adapters, and mobile devices. Founded in 2018, it is based in Shenzhen, China.
Shanghai Eagtop Electronic Technology received new funding from Loyal Valley Innovation Capital. The company designs and manufactures passive power electronics devices including film capacitors, laminated busbars, liquid cooling plates, composite superconducting flat heat pipes, 3D phase change heat sinks, reactors, resistors, braking units, and EMC filters. Founded in 2003, it is based in Shanghai, China.
Super Semiconductor received Series A financing from Wanan Investment. The company specializes in high-voltage power semiconductors, with products including high-voltage superjunction MOSFETs, silicon carbide power devices, and superjunction IGBTs with multi-layer epitaxy. Applications include power adapters, LED drivers, communication power supplies, audio power supplies, and welding machine power supplies. Founded in 2013, it is based in Shanghai, China.
Winsemi Microelectronics drew Series A investment from Yichuang Touzi, Guolian Capital, and others. Winsemi manufactures power devices, including AC-DC controllers and converters, battery management systems, LED drivers, and high voltage, low voltage, double gate, and super-junction MOSFETs. It targets consumer electronics, communications, industrial, and general-purpose and automotive lighting. Founded in 2000, it is based in Shenzhen, China.
Photonics
PHIX Photonics Assembly raised a total of €23.0M ($23.4M) in new financing from the National Growth Fund and existing investors. PHIX offers assembly services and contract manufacturing for photonic integrated circuits (PICs) and MEMS. It builds optoelectronic modules based on all major PIC technology platforms, including indium phosphide, silicon photonics, silicon nitride, and planar lightwave circuit, with specialization in chip-to-chip hybrid integration, coupling to fiber arrays, and interfacing of DC and RF electrical signals. “PHIX has the people and the technology needed to integrate different photonic and electronic technologies in an efficient way. These back-end activities are essential to scale up the industry,” said Ewit Roos, CEO of PhotonDelta. €3.0M ($3.1M) will go towards short term financing of new equipment and to further develop its automated photonic packaging capabilities, with €20.M ($20.3M) for long term scaling and growth. Based in Enschede, the Netherlands, it was founded in 2017.
Quantifi Photonics raised $15.0M in Series C funding led by Intel Capital, joined by existing investors Pacific Channel, Nuance Connected Capital, Simplicity, K1W1, NZ Growth Capital Partners, UniServices, and Punakaiki Fund. Quantifi Photonics offers high-density photonics test and measurement instruments for optical transceivers, silicon photonics, and co-packaged optical devices. “Intel Capital’s investment will help us carry out our strategy and seize the market for the high-value test instruments required to support the rapidly growing transceiver market,” said Andy Stevens, CEO and co-founder of Quantifi Photonics. “We’re rapidly developing a new generation of high-density test solutions that are critical to unlocking the potential of 800G technologies.” Founded in 2012 as Coherent Solutions, it is based in Auckland, New Zealand.
iPronics raised €3.7M (~$3.8M) in seed investment led by Amadeus Capital Partners, with participation from Caixa Capital Risc. iPronics has developed a general-purpose photonic processor that is reconfigurable by software through a mesh of on-chip waveguides and tunable beam couplers. It notes that the processor is programmable by software engineers without expertise in hardware or photonics, and says it enables faster time to market with lower total cost and risk mitigation compared to current methods of developing photonic devices for specific applications. “We know that photonic computing is the answer to many of the bottlenecks of new killer applications, but designing and building one photonic chip for each of those applications is not practical,” said Jose Capmany, co-founder of iPronics and Fellow of the IEEE and Optical Society of America. “Reconfigurability of photonic chips with software is the answer.” Funds will be used to expand the engineering team and bring to market the company’s Field Programmable Photonic Gate Array (FPPGA) chip. A spinoff of the Technical University of Valencia founded in 2019, it is based in Valencia, Spain.
Wireless
Cmind Semi raised hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in Series A funding led by Legend Capital, joined by Junke Danmu Investment and Huashan Capital. The startup designs 4G and 5G advanced wireless chips for IoT, cellular vehicle-to-everything (C-V2X), and smartphones. Based in Zhuhai, China, it was founded in 2021.
Mlink Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in a Series C round led by SDIC Ventures and joined by Eastern Spring Capital, ShanJin Capital, Enlight Growth Partners, and others. Mlink Technology develops communications chips for IoT devices, including NB-IoT, 4G LTE Cat.1bis, and 5G NR ICs. Based in Beijing, China, it was founded in 2013.
Kaiconn Innovative Technology drew nearly CNY 100.0M (~$14.9M) in a Series A round from Huiyou Capital and Artemisia Capital. Kaiconn provides a passive IoT platform using NFC/BLE and RF energy harvesting chips. It targets products such as smart switches, locks, packaging, and displays. Founded in 2021, it is based in Shenzhen, China.
Finwave Semiconductor raised a $12.2M Series A round led by Fine Structure Ventures with participation from Citta Capital, Soitec, Safar Partners, and Alumni Ventures. Finwave develops 3DGaN finFET technology. Targeting 5G mmWave applications, the startup says gallium nitride-on-silicon (GaN-on-Si) power amplifiers outperform Si RFSOI MOSFETs, GaAs pHEMTs, or SiGe devices at mmWave frequencies, improving linearity, output power, and efficiency. It says its devices can be manufactured in standard 8-inch Si CMOS fabs. “The company combines best-in-class power amplification efficiency with high-volume manufacturing to overcome the performance and cost limitations that have together stymied widespread adoption of mmWave,” said Jennifer Uhrig, senior managing director at Fine Structure Ventures. Funds will be used for hiring, product development, and lab facilities. Based in Waltham, Massachusetts, USA, it was founded under the name Cambridge Electronics in 2012 based on research from MIT.
Kuailaidian Electric Power Design Institute, also known as Niu, raised CNY 15.0M (~$2.2M) in Series B funding. The company develops chips for wireless charging devices. It is targeting both small Qi-enabled consumer devices as well as larger devices such as e-bikes and e-scooters. Founded in 2021, it is based in Beijing, China.
SDSX raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series B+ financing led by Guangxi Investment Group and joined by Shanjin Capital. SDSX designs RF and power chips for communications. Its products include gallium arsenide (GaAs) and gallium nitride (GaN) power amplifiers and low noise amplifiers for 5G/6G base stations, consumer electronics, IoT, and automotive. It also offers Wi-Fi 6 RF front-end chips. Based in Shenzhen, China, it was founded in 2017.
AIC Semiconductor received new funding from investors including Beijing Xiaomi Zhizao Equity Investment Fund. The startup develops Wi-Fi 6 chips, including dual frequency chips with Bluetooth, for consumer electronics, IoT, and headphones. Founded in 2018, it is based in Shanghai, China.
Longsailing Semiconductor raised pre-Series A investment from Skyworth Venture Capital, Dingxin Capital, Haier Hai Chuanghui Fund, Vertex Ventures, Redpoint China Ventures, Zijin Hi-tech Venture Capital, GP Capital, and others. Longsailing develops short range wireless chips, including for Wi-Fi routers, access points, and small cells. Based in Shenzhen, China, it was founded in 2021.
Quantum computing
Origin Quantum raised nearly CNY 1000.0M (~$148.2M) in Series B funding led by Shenzhen Venture Capital, joined by numerous investors including CITIC Securities, CICC Capital, Bank of China Group Investment Limited, Zhongtian Fortune, Gaolin Capital, Infinity Equity, Grandway Capital, CCB International, Hit Venture Capital, Hongfu Investment, Meridian Capital, Prosperity Investment, and Tianjin Biotechnology Innovation and Incubation Center. Origin Quantum is a full-stack quantum computing company offering both superconducting and semiconducting quantum processors and complete systems with cloud access. Its current superconducting system is capable of 24 qubits, while the semiconductor system has 2 qubits. Additionally, the company provides quantum EDA tools for chip layout design and quantum circuit simulation. It also offers control system hardware, operating system, and programming tools. It has worked with numerous banks on development of quantum algorithms specifically targeting the financial industry. Founded in 2017, it is based in Hefei, China.
IQM Quantum Computers raised €128.0M (~$128.0M) in a Series A2 funding led by World Fund, joined by Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino, and Varma, as well as existing investors Maki.vc, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared. IQM focuses on developing superconducting quantum processors and the co-design of application-specific quantum hardware. With the funding, IQM plans to dedicate resources towards processors specialized for climate modeling, energy grid optimization, battery material design, and other applications that play a role in tackling climate change. Based in Espoo, Finland, it was founded in 2018 as a spin-out from Aalto University and VTT Technical Research Centre of Finland.
Oxford Quantum Circuits (OQC) raised £38.0M ($46.5M) in the first close of an ongoing Series A round led by Lansdowne Partners and University of Tokyo Edge Capital Partners, joined by British Patient Capital and existing investors Oxford Science Enterprises and Oxford Investment Consultants. OQC designs quantum computers using superconducting circuits with a three-dimensional architecture that brings key components off-chip, which the company says increases simplicity, flexibility, and scalability. It launched an 8-qubit processor on Amazon Bracket earlier this year. Funds will be used to further scale the company’s quantum systems and its private quantum computing as-a-service offering, as well as expand into the Asia-Pacific market. Based in Shinfield, UK, it was founded in 2017.
Quantum Source emerged from stealth with $15.0M in seed funding led by Grove Ventures, Pitango First, and Eclipse Ventures. Quantum Source is developing large-scale error-corrected photonic quantum computers. “The difference between small quantum computers that are developed today, with tens or hundreds of qubits, and building efficient, large-scale quantum computers with millions of qubits is huge. The photonic quantum technology that Quantum Source is developing will enable a dramatic leap forward and the realization of quantum computer systems with millions of qubits,” said Oded Melamed, CEO and co-founder of Quantum Source. Founded in 2021, it is based in Rehovot, Israel.
Atlantic Quantum launched with $9.0M in seed funding led by The Engine, with participation from investors including Glasswing Ventures, Future Labs Capital, E14 Fund, and individual investor Thomas Tull. Atlantic Quantum is developing fault-tolerant superconducting quantum systems. The startup will use new types of noise-protected qubits, which it says can improve coherence times by an order of magnitude compared to conventional approaches. They expect this, together with extensible control schemes, will allow for scaling the quantum processor to the size required for real-world applications. A spin out from MIT’s Engineering Quantum Systems Lab in 2022, it is based in Cambridge, Massachusetts, USA.
QuiX Quantum raised €5.5M (~$5.6M) in seed investment from PhotonDelta, FORWARD.one, and Oost NL. QuiX is developing low-loss photonic quantum processors. The processors are universal multimode tunable interferometers made up of a series of optical waveguides which contain the light and define the optical modes, allowing the user to perform arbitrary, controlled interference between a number of optical channels in the classical or quantum domain. The startup expects to launch a full photonic quantum system based on its 20 qumode processor (qumodes are the optical equivalent of qubits) in early 2023 and launch a new generation 50 qumode processor in 2023. “QuiX Quantum will play a vital role in the adoption of quantum computing because of its scalability and stable plug and play systems,” said Paul Pruijmboom, partner at FORWARD.one. Founded in 2019 as a spin out from the University of Enschede, it is based in Enschede, the Netherlands.
BosonQ Psi drew $0.5M in pre-seed funding led by 3to1 Capital and joined by numerous angel investors. BosonQ Psi is developing engineering simulation software designed to run on quantum computers and take advantage of hybrid quantum-classical approaches. Its software currently provides structural mechanics, thermal sciences, and design optimization capabilities. Future versions will incorporate fluid mechanics, electrochemistry, electromagnetics, and acoustics. “Large-scale engineering simulations are vital in developing engineering-heavy products, from cars to aircraft or from drug discovery to additive manufacturing. Quantum computing, with its unimaginable power, will unlock the new realm of such simulations which previously couldn’t be performed accurately or were cost and time prohibitive,” said Abhishek Chopra, co-founder and CEO of BosonQ Psi. It is planning to launch alpha and beta versions of its software later this year, with a full release planned for next year. Based in Bhilai, India, it was founded in 2020.
Sensors
Blickfeld received €15.0M (~$15.0M) in venture debt from the European Investment Bank. Blickfeld produces solid-state lidar sensors using large-aperture silicon MEMS mirrors with dynamic control and a 905 nm laser source. It also provides perception software with features including object detection, classification, tracking, and counting. Funds will be used to accelerate development of lidar products for automotive and industrial markets, as well as international expansion. Based in Munich, Germany, it was founded in 2017.
Kankan Intelligent Technology drew nearly CNY 100.0M (~$14.9M) in Series A1 funding from Beijing Jingxi Culture & Tourism Fund and others. The company focuses on imaging sensors and solutions, including hardware, software, and vision algorithms. Its current products include time-of-flight (ToF) depth camera modules, vehicle cameras and driver monitoring system, and visual simultaneous localization and mapping (VSLAM) modules for mobile phone, automotive, and IoT applications. Founded in 2019, it is based in Beijing, China.
Realmagic Semiconductor drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A financing led by Shenzhen High-tech Investment Venture Capital. Realmagic Semiconductor develops user interface chips, including passive piezoelectric sensing processors, piezoelectric haptic engine drivers, active ultrasonic haptic sensing processors, and low-power voice wake-up and recognition processors. It targets applications such as TWS earbuds, wearables, and smart home appliances. Based in Shenzhen, China, it was founded in 2020.
VicoreTek received tens of millions of yuan (CNY 10.0M is ~$1.5M) new funding from ShanJin Capital and others. The startup develops image processing and sensor fusion chips, AI algorithms, and modules for object avoidance in sweeping robots. It plans to expand to other types of service robots next year and eventually to automotive. Founded in 2019, it is based in Nanjing, China.
Delta Diagnostics received seed funding from TNO and PhotonDelta. The startup develops photonic sensors capable of detecting up to 16 biomolecules simultaneously. It says its photonic integrated circuits are extremely sensitive refractive index sensors, and biomolecules binding on the sensor surface leads to a local change in refractive index. The refractive index change is proportional to the density of surface-bound biomolecules and can be used to determine the concentration of biomarkers in the sample. Each sensor can be functionalized with a different capture molecule, such that many biomarkers can be detected simultaneously even in small and complex samples. “This investment enables us to further develop and validate our photonic biosensor system. The next step is to move from prototype to serial-producible product. We believe that our technology will ultimately result in new, more reliable, diagnostic tests that are developed at reduced time and cost,” said Bart de Boer, CTO and co-founder of Delta Diagnostics. A spin out from TNO founded in 2018, it is based in Rotterdam, the Netherlands.
Security
Hua Kong Tsingjiao raised nearly CNY 200.0M (~$29.8M) in Series B+ financing from investors including China Prosperity Capital, Fosun Capital, Galaxy Capital, Greater Bay Area Homeland Development Fund, Guoke Zhengdao Investment, and Ultrabuttonwood Capital. The startup is developing cloud-deployable hardware and systems to enable homomorphic encryption, which allows for computation to happen on encrypted data. Founded in 2018 as a spin out from Tsinghua University, it is based in Beijing, China.
Emproof closed a €2.0M ($2.0M) seed round led by TIIN Capital, joined by High-Tech Gründerfonds and Cyber Impact. Emproof develops security technology it says can protect resource constrained IoT, IIoT, and embedded devices against cyber threats and IP theft. The startup’s software suite, which is integrated as a post-compiler step in any firmware development pipeline, aims to prevent reverse engineering and firmware tampering for Arm and Intel architectures, with RISC‑V support coming shortly. It can also be applied via over-the-air updates. Based in Bochum, Germany, it was founded in 2017.
Displays
Nanosys raised over $50.0 in Series B and debt financing from Fortress Investment Group, Centerbridge Partners, and Kilonova Capital. Nanosys develops quantum dot materials for displays and microLED technologies that make use of quantum dots. Funds will be used to expand its quantum dot technologies for LCDs and drive commercialization of its microLED technology platform as well as the development of next-generation nanoLEDs. Founded in 2001, it is based in Milpitas, California, USA.
Atapex raised over CNY 100.0M (~$14.9M) in Series A+ financing led by CMB International and Changjiang Securities, with participation from Haichaungtou, Pingyang Qianjia, New Alliance Capital, Yunjin Capital, and Linglong Capital. Atapex produces fine metal masks (FMM) and open masks for OLED and AMOLED manufacturing. It currently has a production capacity of 30,000 to 50,000 pieces per year, with an anticipated increase to 200,000 to 250,000 in the next four years when the next stage of its plant is constructed. Based in Jiaxing, China, it was founded in 2020.
Digital Optical Core Technology, also known as Light Chip, raised nearly CNY 100.0M (~$14.9M) in a pre-Series A round that included Fibonacci VC. The company develops display controller chips including for liquid crystal on silicon (LCoS), micro OLED, micro LED, and digital micromirror device (DMD). Based in Beijing, China, it was founded in 2019.
Erised Semiconductor received new funding from the Nanshan Little Giant Fund. The startup produces display driver chips for LCD panels, OLED panels for smartphones and tablets, and micro-LED displays for wearables. Erised also offers power supply ICs for screen drivers as well as power management ICs, battery protection ICs, and motor drivers. Based in Shenzhen, China, it was founded in 2018.
ADAS & autonomy
May Mobility raised $111.0M in Series C financing from Mirai Creation Fund, Tokio Marine, Toyota Tsusho, Bridgestone Americas, Toyota Ventures, Millennium Technology Value Partners, Cyrus Capital Partners, LG Technology Ventures, Maven Ventures, State Farm Ventures, SoftBank, Next Century Ventures, SAIC, Wanxiang Group, Karma Ventures, 10x Group, and others. May Mobility operates autonomous shuttle services that have been deployed in cities as well as corporate and university campuses. Its system combines lidar, radar, and cameras with its ‘Multi-Policy Decision Making’ technology for simulating the behavior of other road users. Of the new funding, May Mobility CEO Edwin Olson said, “Our additional investors, as well as our continued strategic collaboration with Toyota and others, will enable us to march toward driver-out commercial operations in 2023 and enable our expansion into new markets as we roll out more Toyota Sienna Autono-MaaS vehicles now and look to next generation platforms, such as the e-Palette.” Founded in 2017, it is based in Ann Arbor, Michigan, USA.
Autowise.ai raised $30.0M in Series B funding that included Shanshan Venture Capital, Op Capital, and SkyChee Ventures. Autowise.ai develops autonomous street sweeper and sanitation vehicles capable of operating both in controlled environments such as ports and in open locations with other vehicles and pedestrians. It plans to expand its technology to other autonomous driving applications. Based in Shanghai, China, it was founded in 2017.
Pix Moving received a nearly $10.0M Series A investment from IT consulting company TIS. Pix Moving sells skateboard-type electric vehicle chassis for drive-by-wire and autonomous vehicles. Skateboard chassis contain batteries, drive units, and other components. It has a software-defined modular design that allows different types of vehicles, such as passenger cars, vending kiosks, delivery, and sanitation vehicles to be built on top of it. The investment agreement will see Pix Moving working with TIS to develop autonomous robovans that can deliver food, grocery, and medical equipment to residents of retirement communities. Based in Guiyang, China, it was founded in 2014.
Toramon drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A financing from Green Pine Capital Partners. Toramon develops ADAS software and algorithms based on human visual perception. It combines object recognition with motion perception and spatial perception, which it says enables collision detection and avoidance based on movement signals alone even if an object is not identified. Its algorithm doesn’t directly measure spatial distance, instead predicting collision time on each pixel based on the motion characteristics of the object on the image plane. It offers its technology as IP that can be integrated into smart cameras or autonomous driving domain controllers, as well as in aftermarket solutions. Founded in 2016, it is based in Chongqing, China.
Ecar Tech, also known as Eka Smart Car, raised strategic investment from fresh food distributor New Hope Group. Eka Smart Car develops L4 autonomous driving platforms and wire-controlled skateboard-style chassis for low-speed urban applications such as delivery and mobile kiosks. The companies will cooperate on cold chain, agricultural, and related applications. Based in Shanghai, China, it was founded in 2018.
Auto components
SiEngine Technology raised nearly CNY 1000.0M (~$148.2M) in Series A financing led by Sequoia Capital China and joined by Bosch’s Boyuan Capital, China Fortune-Tech Capital, Vision Knight Capital, Shanghai Guosheng Capital, Hundreds Capital, Cedarlake Capital, YUEXIU Industrial Investment Fund Management, ICBC International, and Neusoft Capital. SiEngine develops automotive SoCs. It currently has developed a smart cockpit SoC for in-vehicle infotainment and multimedia based on a 7nm process. Funds will be used for mass production of the chip, which is expected to begin later this year. The startup will also enter its next phase of R&D, which will focus on autonomous driving, ADAS, and central computing chips. It plans to launch a L2+ to L5 autonomous driving chip in 2024. Founded in 2018 as a collaboration between Arm China and Geely-affiliated Ecarx Holdings, it is based in Wuhan, China.
JLSemi drew nearly $100.0M in Series C funding led by CITIC Capital and SummitView Capital, joined by Inno-Chip, GP Capital, and Xinchao Group. JLSemi develops Ethernet PHYs and SoCs for automotive and industrial IoT applications. Funds will be used for R&D, including of a high-speed 10G in-vehicle T1 PHY, in-vehicle time-sensitive networking (TSN) switches, and high-speed automotive SerDes. The company aims to provide full-stack high-speed in-vehicle network communication technology. Last year, it established a joint venture with Will Semiconductor to develop automotive data transmission, processing, and network communication chips. Founded in 2009, it is based in Shanghai, China.
Aurora Labs raised $63.0M in Series C funding led by Moore Strategic Ventures, joined by Porsche Automobil Holding and Colmobil Corp. Aurora Labs provides software that enables auto companies to continuously collect data and understand line-of-code software behavior. The company says this level of understanding helps software development teams streamline the processes of development, testing, integration, WP.29 compliance, continuous certification, and on-the-road over-the-air (OTA) updating. Aurora Labs says the solution also keeps software safe and secure from faults and cybersecurity attacks. Based in Tel Aviv, Israel, and founded in 2016, it has raised around $100M to date.
BDStar Intelligent & Connected Vehicle Technology (BICV) raised hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in Series A financing led by CICC Capital. BICV develops vehicle cockpit electronics, including domain controller, in-vehicle infotainment system, telematics box, antennas, digital instrument cluster, and heads-up display. It also provides engineering services and software. Funds will be used for R&D and hiring. Founded in 2019, it is based in Chongqing, China.
Qixin Micro Semiconductor, also known as Flagchip As Flagship, received hundreds of millions of yuan (CNY 100.0M is ~$14.9M) in Series B and strategic financing that included Intel Capital, Glory Ventures, GAC Capital, and Kington Capital. Some of the financing was reported in June without disclosure of the amount. The startup focuses on developing AEC-Q100 and ISO 26262 certified automotive chips, including a 32-bit MCU series based on Arm Cortex-M4. It is also working on domain controller and vehicle controller units. Funds will be used for R&D and mass production of a new generation of power chassis domain controllers. Founded in 2020, it is based in Suzhou, China.
YTMicro, also known as Yuntu Semiconductor, raised several hundred million yuan (CNY 100.0M is ~$14.9M) in Series A+ financing from investors including Hubei Xiaomi Changjiang Industrial Investment Fund Partnership, New Alliance Capital, Jinbang Capital, BAIC Capital, Beijing Kinetic Energy, China Universal Asset Management, and Yongxin Capital. YTMicro develops 32-bit automotive MCUs. It has two products currently in mass production. The first targets applications such as sensor control, lights, windows, seats, and electric tailgates, while the second is a domain controller with higher performance and wider range of applications. It plans to expand to electric drive and control systems as well as battery management system modules. Based in Suzhou, China, it was founded in 2020.
Autoroad Technology received nearly CNY 100.0M (~$14.9M) in Series C+ funding from CITIC Capital and Beijing Yizhuang Xinchuang Fund. Autoroad Technology develops automotive radar systems, with products including 77GHz automotive millimeter-wave short-, medium-, and long-range radar, 77/79GHz automotive short-range synthetic aperture radar (SSAR) imaging systems, and 77GHz intelligent traffic medium- and long-range radar. It also offers custom radar development, testing, and verification services. Funds will be used for hiring and mass production. Based in Beijing, China, it was founded in 2014.
Senmol Electronics raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in a Series A+ round that included High-Tech Venture Capital, Yonghua Capital, and Yuze Capital. The company develops MEMS pressure sensors and chips, primarily for the automotive industry. Founded in 2018, it is based in Wuxi, China.
Ecarx received a strategic investment from lidar company Luminar. The company provides automotive hardware and software, including a smart cockpit product with 4G/5G connectivity, infotainment, and voice assistance. It is currently building a full-stack automotive computing platform using SoCs developed with SiEngine (also mentioned in this report). Ecarx is closely affiliated with automaker Geely, and the investment is expected to provide Luminar with greater exposure to Geely brands. Ecarx is planning to go public on Nasdaq later this year through a merger with special-purpose acquisition company COVA Acquisition Corp. Based in Hangzhou, China, Ecarx was founded in 2017.
Xinling Semiconductor closed a pre-Series A financing round led by AAC Technologies, joined by Rev Capital and Jingwei Capital. Xinling Semiconductor primarily focuses on mixed-signal power amplifiers for automotive applications, including entertainment systems, external audio for EVs, and acoustic vehicle alerting systems (AVAS). Funds will be used for development and mass production of auto-grade Class D power amplifier chips as well as hiring. Founded in 2021, it is based in Shanghai, China.
Batteries
Northvolt received a $1100.0M convertible note from AMF, 4 to 1 Investments, ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital, and Volkswagen Group. Northvolt makes lithium-ion batteries for electric vehicles, grid storage, and industrial applications with a focus on recyclability and greener manufacturing. The company plans to expand to 150 GWh of deployed annual production capacity in Europe by 2030 and is also targeting 50% recycled material in new cells by 2030. Funds from the note will be used for expansion of battery cell and cathode material production in Europe. Based in Stockholm, Sweden, and founded in 2016, Northvolt has raised nearly $8B so far.
RT Advanced Materials raised over CNY 5000.0M (~$739.5M) in Series D funding led by automaker SAIC Motor’s Shang Qi Capital and joined by numerous investors including SDIC Unity Capital. RT Advanced Materials produces and recycles cathode material for lithium iron phosphate batteries. Funds will be used to expand its manufacturing and recycling lines, targeting an annual production capacity of 300,000 tons. Based in Huangshi, China, it was founded in 2016.
Wildcat Discovery Technologies raised $90.0M in a Series D round led by Koch Strategic Platforms, joined by Eastman Kodak and Fifth Wall Climate. An R&D company that specializes in providing materials exploration services, Wildcat is developing several battery materials including a cobalt- and nickel-free high energy cathode, a composite solid-state electrolyte, and a lithium metal anode. It plans to incorporate these elements into an electric vehicle battery that the startup says will provide a more than 90% increase in energy density compared to current batteries. It also notes that the battery will be made entirely without conflict materials. Funds will be used for further development of the battery cell, including adding staff, research capacity, and scale-up capabilities with the goal of having the battery cell ready for commercialization in two years. Wildcat will also work with Kodak to develop and scale substrate coating technologies for EV battery manufacturing. Founded in 2006, it is based in San Diego, California, USA.
Nyobolt closed a £50.0M (~$59.1M) Series B round led by tungsten supplier H.C. Starck Tungsten Powders and joined by existing investor IQ Capital. Nyobolt develops ultra-fast charging battery anodes using niobium and tungsten. It says its anode enables 90% charging in less than 5 minutes, while having a high input power density, long cycle life, and wider temperature operating range with reduced fire risk. It initially targets the high-performance racing EV market, with plans to expand to mass-market EVs later this decade. “We are excited to move our technologies from development to deployment in the market. We founded Nyobolt following the discovery of new anode technologies containing tungsten with remarkable fast charging capability to bring these properties to the market in applications touching all aspects of daily life,” said Clare Grey, Nyobolt co-founder and chief scientist. The funds will allow the startup to build its first materials manufacturing plant in the UK and expand its U.S. cell engineering facility. The deal will also enable Nyobolt to take advantage of H.C. Starck’s recycling capabilities. Founded in 2019 as a spin out from the University of Cambridge, it is based in Cambridge, UK.
VoltStorage raised €24.0M (~$24.5M) in Series C financing from engine manufacturer Cummins. VoltStorage develops redox flow battery systems for long duration stationary energy storage. It is working on both vanadium redox flow technology for commercial and agricultural use as well as a lower-cost iron salt technology, which could be deployed in wind and solar farms. Founded in 2016, it is based in Munich, Germany.
Hengtron Nanotech raised over CNY 100.0M (~$14.9M) in a pre-Series A round led by Jiangsu Yueda Investment, with additional investment by WOFO Capital, GL Ventures, Skyworth Investment, Ningbo Exciton Technology, RichLand Capital, and Vstone Capital. Hengtron Nanotech manufactures lithium-ion batteries and battery materials for applications such as EVs, two-wheeled electric vehicles, and energy storage systems. Funds will be used for R&D and construction of a plant to produce lithium ferromanganese phosphate cathode material. It expects it to be operational at the end of the year at an initial 5,000 annual ton production capacity, with plans to eventually expand to 150,000 annual tons. It is also completing work on a material R&D lab. Based in Yancheng, China, it was founded in February 2022.
Jiecheng New Energy drew over CNY 100.0M (~$14.9M) in Series A financing that included Bank of China, Everbright Financial Holding, and Xinyi Capital. The company provides a range of recycling services for used lithium-ion batteries. It first reuses batteries that have reduced capacity in applications where it is less important, such as stationary energy storage and low-speed electric vehicles. For batteries that can’t be reused, the company disassembles and recovers useful metals using hydrometallurgy. Additionally, it is working on battery material repair research. Founded in 2012, it is based in Shenzhen, China.
Brill Power raised $10.5M in Series A financing led by Legal & General Capital and Barclays Sustainable Impact Capital Programme, joined by new investors Shell Ventures and Climate KIC, and all existing investors including Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University Innovation. Brill Power offers a battery management system for both static energy storage and the automotive sector, which it claims increases battery life by up to 60% and allows used batteries to discharge up to 46% more energy through a combination of hardware and intelligent software. Funds will be used for hiring, to expand its product range, and to support the next phase in the development of the company’s data platform that monitors and predicts battery safety, health, and performance data remotely. A spin out from the University of Oxford in 2016, it is based in Oxford, UK.
Natron Energy received a $7.0M strategic investment from drilling equipment company Nabors Industries. Natron Energy manufactures sodium-ion batteries based on a Prussian blue electrode chemistry. The company says it says provides higher power density, faster recharge, and longer cycle life than lithium-ion without requiring rare earth or conflict materials. The battery is aimed at a variety of industrial power applications ranging from critical backup power systems to EV fast charging and behind-the-meter applications. The deal will enable Nabors to expand carbon reduction initiatives in the oilfield and provide Natron the funds to accelerate bringing its Michigan factory online. Founded in 2012, it is based in Santa Clara, California, USA.
Revterra raised $6.0M in a Series A round led by Equinor Ventures and joined by SCF Ventures. Revterra is developing a kinetic battery that can act a drop-in solution to enable rapid DC-Fast EV charging stations and provide grid stability in regions with high renewable power penetration. It uses a passively stable magnetic bearing technology to provide flywheel energy storage, which it says has longer equipment lifetime, higher power output, and a lower environmental impact than traditional chemical battery solutions. Funds will be used for product development, hiring, and commercialization. Founded in 2017, it is based in Houston, Texas, USA.
Enzinc closed a $4.5M seed round led by 3×5 Partners. Enzinc is developing high-powered nickel zinc batteries that use a microsponge anode and target both mobility and stationary uses. Its batteries can be manufactured using existing lead acid battery plants, and the company says they have no risk of thermal runaway. “It’s crucial that the supply of batteries keep up with the demand coming from electrifying buildings, transportation, and the grid. We have to diversify the types of batteries used and not risk betting the whole energy transition on a single chemistry such as lithium ion,” said Michael Burz, founder and CEO of Enzinc. Funding will be used to finalize its prototype testing and automated anode production line design. Founded in 2009, it is based in Richmond, California, USA.
SiTration drew $2.4M in pre-seed funding led by Azolla Ventures with participation from E14 Fund. SiTration developed a filtration membrane technology it says can reduce the energy required to extract materials such as lithium, cobalt, and nickel from recycled electric vehicle batteries by up to 95%. “By replacing the chemical and thermal separation methods used in battery recycling today with an electrified approach, SiTration is unlocking ultra-efficient recovery of materials foundational to a more sustainable future,” said Brendan Smith, co-founder and CEO of SiTration. A spin-out from MIT founded in 2020, it is based in Cambridge, Massachusetts, USA.
Dinho Technology raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A financing from Changxing Financial Holdings. Dinho Technology manufactures functional materials for batteries, including lithium-ion battery isolation paper, current collectors, and carbon-coated aluminum foil. Funds will be used in building out new production lines. Founded in 2013, it is based in Shanghai, China.
Summit Nanotech Corporation received a CAD $1.8M (~$1.4M) grant from Sustainable Development Technology Canada. Summit Nanotech has developed a modular platform for extraction of lithium, which the company says can double yield, reduce climate pollution, minimize the use of chemicals and freshwater, and cut waste by 90% compared to traditional lithium extraction methods. Currently targeting mining activities, it is also working on adapting it to recover lithium from battery recycling streams. Founded in 2018, it is based in Calgary, Canada.
Green Graphite Technologies received a CAD $1.1M (~$0.9M) grant from Sustainable Development Technology Canada. The company has developed a process to transform natural flake graphite into high purity lithium-ion battery grade graphite that it says is cost effective and environmentally sustainable. Founded in 2021, it is based in Montreal, Canada.
Integrated Graphene raised Series A+ funding led by Par Equity and Archangels. The startup manufactures 3D graphene foam. It says its manufacturing process is scalable and cost effective, allowing graphene to be produced on a range of substances at ambient room temperature. It also produces products based on its graphene foam: electrodes, used in point-of-care medical diagnostics, and supercapacitors, which can be used in applications such as drones, mobility, satellites, and wearables. Additionally, the startup designs manufacturing processes for other companies. Funds will be used to scale up its manufacturing. Based in Stirling, Scotland, it was founded in 2016.
Table
Selected startups that received venture funding in July 2022.
| Company | Sector | Amount Raised (M, USD) | Funding Type | Headquarters |
|---|---|---|---|---|
| Northvolt | Batteries | $1,100.0 | Convertible Note | Sweden |
| RT Advanced Materials | Batteries | $739.5 | Series D | China |
| MetaX Integrated Circuits | GPU | $149.1 | Pre-B | China |
| Iluvatar CoreX | AI HW | $148.8+ | Series C+, C++ | China |
| Origin Quantum | Quantum | $148.2 | Series B | China |
| SiEngine Technology | Auto Components | $148.2 | Series A | China |
| IQM Quantum Computers | Quantum | $128.0 | Series A2 | Finland |
| May Mobility | ADAS & Autonomy | $111.0 | Series C | USA |
| JLSemi | Auto Components | $100.0 | Series C | China |
| Wildcat Discovery Technologies | Batteries | $90.0 | Series D | USA |
| Aurora Labs | Auto Components | $63.0 | Series C | Israel |
| Nyobolt | Batteries | $59.1 | Series B | UK |
| Nanosys | Displays | $50.0+ | Series B, debt | USA |
| Oxford Quantum Circuits | Quantum | $46.5 | Series A | UK |
| Boston Micro Fabrication | Equipment | $43.0 | Series C | USA |
| Autowise.ai | ADAS & Autonomy | $30.0 | Series B | China |
| Micromach | Equipment | $29.8 | Series B | China |
| Senko Microelectronics | Power Semi | $29.8 | Series B | China |
| Hua Kong Tsingjiao | Security | $29.8 | Series B+ | China |
| Celus | EDA | $25.6 | Series A | Germany |
| VoltStorage | Batteries | $24.5 | Series C | Germany |
| Raintree Scientific Instruments | Equipment | $23.9+ | Series C | China |
| PHIX Photonics Assembly | Photonics | $23.4 | Venture | Netherlands |
| Rebellions | AI HW | $22.8 | Series A | South Korea |
| Casmeit | Packaging | $22.4+ | Series B | China |
| Vulcan New Materials | Materials | $19.4 | Series D | China |
| Taisic Materials | Wafers | $16.8 | Strategic | Taiwan |
| Arch Systems | CIM/MES | $15.0 | Venture | USA |
| Quantifi Photonics | Photonics | $15.0 | Series C | New Zealand |
| Quantum Source | Quantum | $15.0 | Seed | Israel |
| Blickfeld | Sensors | $15.0 | Debt | Germany |
| M2 Semi | CPU | $14.9+ | Pre-A | China |
| Luntek Technology | Test | $14.9+ | Series C | China |
| Hymn Materials Technology | TIM | $14.9+ | Series B | China |
| Hosin Global Electronics | Memory | $14.9+ | Series A | China |
| Cmind Semi | Wireless | $14.9+ | Series A | China |
| Mlink Technology | Wireless | $14.9+ | Series C | China |
| Atapex | Displays | $14.9+ | Series A+ | China |
| BDStar Intelligent & Connected Vehicle Technology | Auto Components | $14.9+ | Series A | China |
| Flagchip As Flagship | Auto Components | $14.9+ | Series B | China |
| YTMicro | Auto Components | $14.9+ | Series A+ | China |
| Hengtron Nanotech | Batteries | $14.9+ | Pre-A | China |
| Jiecheng New Energy | Batteries | $14.9+ | Series A | China |
| Hangshun Chip | MCU | $14.9 | Series E | China |
| Haawking | DSP | $14.9 | Series A | China |
| JoinSilicon Microelectronics | Design Services | $14.9 | Pre-A | China |
| Unity Technology | Equipment | $14.9 | Series A | China |
| Digital Enhancement | AMS | $14.9 | Pre-A | China |
| Inbisen Semiconductor | AMS | $14.9 | Series A+ | China |
| Gatesea | Power Semi | $14.9 | Series A | China |
| X-Signal Integrated | Power Semi | $14.9 | Series A | China |
| Kaiconn Innovative Technology | Wireless | $14.9 | Series A | China |
| Kankan Intelligent Technology | Sensors | $14.9 | Series A1 | China |
| Digital Optical Core Technology | Displays | $14.9 | Pre-A | China |
| Autoroad Technology | Auto Components | $14.9 | Series C+ | China |
| Finwave Semiconductor | Wireless | $12.2 | Series A | USA |
| Brill Power | Batteries | $10.5 | Series A | UK |
| Pix Moving | ADAS & Autonomy | $10.0 | Series A | China |
| Atlantic Quantum | Quantum | $9.0 | Seed | USA |
| Natron Energy | Batteries | $7.0 | Strategic | USA |
| Revterra | Batteries | $6.0 | Series A | USA |
| QuiX Quantum | Quantum | $5.6 | Seed | Netherlands |
| Enzinc | Batteries | $4.5 | Seed | USA |
| iPronics | Photonics | $3.8 | Seed | Spain |
| SiTration | Batteries | $2.4 | Pre-Seed | USA |
| Kuailaidian Electric Power Design Institute | Wireless | $2.2 | Series B | China |
| Emproof | Security | $2.0 | Seed | Germany |
| Wuhan Yuwei Optical Software | EDA | $1.5+ | Series A | China |
| Didao Microelectronics | Photoresist | $1.5+ | Pre-A | China |
| Epiworld International | Wafers | $1.5+ | Series B | China |
| Hashen Smart Materials Technology | Materials | $1.5+ | Venture | China |
| SDSX | Wireless | $1.5+ | Series B+ | China |
| Realmagic Semiconductor | Sensors | $1.5+ | Pre-A | China |
| VicoreTek | Sensors | $1.5+ | Venture | China |
| Toramon | ADAS & Autonomy | $1.5+ | Pre-A | China |
| Senmol Electronics | Auto Components | $1.5+ | Series A+ | China |
| Dinho Technology | Batteries | $1.5+ | Pre-A | China |
| BGFRM Technology | Equipment | $1.5 | Pre-A | China |
| Akusense | Equipment | $1.5 | Series A+ | China |
| Siliconway Technology | AMS | $1.5 | Angel | China |
| Summit Nanotech Corporation | Batteries | $1.4 | Grant | Canada |
| Green Graphite Technologies | Batteries | $0.9 | Grant | Canada |
| Integrated Reasoning | FPGA | $0.5 | Accelerator | USA |
| BosonQ Psi | Quantum | $0.5 | Pre-Seed | India |
| Chipuller | Interposer | Undisclosed | Series A | China |
| CIX Technology | CPU | Undisclosed | Pre-A | China |
| Intelligence Silicon | FPGA | Undisclosed | Series C+ | China |
| Ysemi | CPU | Undisclosed | Pre-A | China |
| Shenzhen Qiyang | AI HW | Undisclosed | Pre-A | China |
| Max Optics Information Technology | EDA | Undisclosed | Angel | China |
| Paltech Precise Electronic | PCB | Undisclosed | Pre-A | China |
| Eulitha | Equipment | Undisclosed | Venture | Switzerland |
| UpNano | Equipment | Undisclosed | Venture | Austria |
| Weixin New Materials | Photoresist | Undisclosed | Series B | China |
| HyAsic | Power Semi | Undisclosed | Venture | China |
| Shanghai Eagtop Electronic Technology | Power Semi | Undisclosed | Venture | China |
| Super Semiconductor | Power Semi | Undisclosed | Series A | China |
| Winsemi Microelectronics | Power Semi | Undisclosed | Series A | China |
| AIC Semiconductor | Wireless | Undisclosed | Venture | China |
| Longsailing Semiconductor | Wireless | Undisclosed | Pre-A | China |
| Delta Diagnostics | Sensors | Undisclosed | Seed | Netherlands |
| Erised Semiconductor | Displays | Undisclosed | Venture | China |
| Eka Smart Car | ADAS & Autonomy | Undisclosed | Strategic | China |
| Ecarx | Auto Components | Undisclosed | Strategic | China |
| Xinling Semiconductor | Auto Components | Undisclosed | Pre-A | China |
| Integrated Graphene | Batteries | Undisclosed | Series A+ | Scotland |
Funds & investors
Oxford Science Enterprises (OSE) brought in £250.0M ($300.0M) to its investment fund. The investor partners with the University of Oxford to create new spinouts across life sciences, health tech, and deep tech by providing initial funding, support, and access to expert networks and start-up infrastructure. In addition, it will use the funds to support its existing portfolio and deploy larger amounts of capital in later-stage funding rounds. OSE has funded numerous quantum computer and photonics startups from the University of Oxford.
Quantonation Ventures closed its first fund at €91.0M (~$91.9M). The fund will invest in early-stage quantum computing startups, including quantum systems, networking, sensing, and deep physics. It is also launching a fund to support scale-up of European quantum companies.
Goertek, a supplier of acoustic components and development platforms for consumer electronics, partnered with Chinese gaming firms HoYoverse and 37 Interactive Entertainment on a new CNY 556.0M (~$82.4M) fund to invest in consumer electronics, VR, AR, semiconductors, and advanced manufacturing companies.
Private equity company KKR is aiming to raise a $1.5B fund to invest in high-growth companies in Asia. Target markets include security, semiconductors, consumer electronics, and IoT.
AI applications
Advertising is big business, and investors were eager to put money behind companies that promise to improve personalized ad delivery using AI. The other area seeing big investment this month was medical and biotech, with three companies featuring in this quick look at July’s top funding rounds for startups using AI in products and services.
- Contentsquare raised $600.0M in Series F and debt for an analytics platform that lets businesses track online customer behavior.
- Seedtag raised $255.0M in private equity funding for its contextual advertising solution.
- Cleerly raised $223.0M in Series C to improve cardiovascular disease evaluation to determine patients at risk for heart attacks.
- Tecton raised $100.0M in Series C to make it easier for developers to deploy machine-learning applications.
- BigHat Biosciences raised $75.0M in Series B to develop antibody therapies using machine learning and synthetic biology.
- DMAI raised ~$74.6M for an AI platform to provide solutions for city management, education, and business operations.
- AI21 Labs raised $64.0M in Series B for its NLP-as-a-Service developer platform where developers can purchase pre-trained and custom language models to build text-based applications.
- ForSight Robotics raised $55.0M in Series A for its platform that combines robotic microsurgical technology, visualization technologies, and cognitive computing methods to automate ophthalmic surgeries.
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