Shanghai-based automotive chipmaker GTA Semiconductor has snapped up 13.5 billion yuan ($1.8 billion) from a slew of state-affiliated funds and institutional investors, according to an announcement published by its previous backer state-owned PE firm Spinnotec.
Local investment firm Jasper Capital injected 120 million ($16.4 million) in the funding round, the firm disclosed on August 27. The Beijing-registered investor, which backs firms in the semiconductor and advanced manufacturing sectors, currently manages 20 billion yuan ($2.7 billion) in assets, according to its website.
Founded in 2017, GTA Semiconductor specialises in the production of automotive chips. Its integrated circuit products are widely adopted in the areas of vehicle systems, power management, and automotive radars, among others, with two manufacturing facilities in Shanghai.
Previously, the firm bagged a total of 8 billion yuan ($1.26 billion) in a funding round led by Huada Semiconductor, with the participation of state-backed industry funds and angel investors.
China remains the world’s largest semiconductor market, as monthly sales of chips in the country stood at $12.3 billion in June 2023, or 29.6% of the global sales, according to the World Semiconductor Trade Statistics (WSTS). The US was the second largest market, with monthly sales of $9.9 billion, or 23.9% of the global sales.
Semiconductor firms have continued to ride on the tailwind, as the country strives for self-reliance in chipmaking amid intensifying crackdown from the US. Startups in the industry sealed 33 deals in July, compared to 29 the month before, according to proprietary data compiled by DealStreetAsia.