Inventchip Technology, which provides silicon carbide (SiC) power devices and integrated circuit solutions, has pocketed 1 billion yuan ($137.5 million) in the first tranche of its Series C round, according to a company release on Tuesday.
The National Manufacturing Transformation and Upgrading Fund, a state-owned fund launched in November 2019 to invest primarily in growth– and mature-stage companies across new energy, new-generation IT, and electronic equipment to propel industrial upgrades, led the Series C round.
The round also roped in CICC Capital, as well as existing shareholders including Goldstone Investment, which is affiliated with Chinese securities firm CITIC Securities, as participating investors.
The proceeds will be used in product R&D as well as expanding its SiC manufacturing plants, per the release.
Founded in July 2017, the capital infusion comes shortly after the Shanghai-based firm pocketed “several hundreds of millions yuan” in a Series B round in December 2024 led by Shanghai Growth FOF, one of the investment units under state-owned financial holding Shanghai International Group.
Third-generation semiconductors such as silicon carbide, known as SiC, are equipped with better energy efficiency compared with silicon, which is crucial when it comes to lowering carbon emissions.
The materials have been increasingly crucial in sectors including new energy vehicles and the mobile communication industry, as China strives for self-reliance in chipmaking amid an intensifying crackdown from the US.
Semiconductor topped the chart as the most-invested sector by deal count in December, according to DealStreetAsia’s proprietary data. The sector saw the completion of 49 deals, despite only collectively raising $1.1 billion. The deal flow into the chipmaking sector, however, was largely contributed by SJ Semiconductor’s $700-million investment.