Fuyang Sineva Material Technology, a subsidiary of China’s Sineva Technology Group, has bagged 500 million yuan ($70 million) in a Series D round of financing led by Chinese fund-of-funds (FoF) platform Peakview Capital.
Peakview Capital has committed to vehicles managed by Hillhouse Capital Group and Matrix Partners China. The Sineva Material deal marks a direct investment for the Chinese FoF platform.
Lighthouse Capital, which served as the exclusive financial adviser to the deal, announced the deal in a post on its WeChat official account on Monday. , led the Series D round as its latest direct investment.
Investment firms that participated in the deal include CEC & CICC Electronic Industry Private Equity Investment Fund, a CICC Capital-backed vehicle that focuses on advanced manufacturing industries related to semiconductors and electronics.
Other investors include China’s state capital investor JIC Investment, Shanghai-listed supply chain services provider Wuchan Zhongda Group, and Beijing-based Qixin Capital, which specialises in new-generation IT, advanced manufacturing, and new materials, to name a few.
Sineva Material, set up in May 2013, is a developer of advanced materials and intelligent machinery using technologies like machine vision and cloud computing.
Sineva Material is engaged in the R&D, manufacturing, sales, and after-market services of materials used in display panels and IC products. The firm’s main offering is photoresist (PR), which is a light-sensitive material that changes its properties during the photolithography process to form intricately detailed circuits on thin-film transistors (TFT) used in the display industry.
It has delivered products including display PR, semiconductor PR, special-purpose PR, organic light-emitting diode (OLED), and other advanced materials to clients such as semiconductor display developer TCL China Star Optoelectronics Technology (TCL CSOT). It also works with the country’s display maker BOE Technology, a supplier of both Apple and Samsung Electronics.
Sineva Material claims that its annual revenue in 2022 crossed 400 million yuan ($56 million) as one of the top PR suppliers in China.
The Series D round comes less than one year after the completion of the company’s Series C round. In August 2022, the firm raised 500 million yuan in its previous round jointly led by CICC Capital, Huawei Corp’s Habo Investments, and China’s 50-billion-yuan ($7 billion) Guokai Manufacturing Transformation and Upgrade Fund.