Hefei SINEVA Intelligent Equipment Co., Ltd, a maker of intelligent equipment based on semiconductors, has raised 600 million yuan ($93 million) in equity financing.
The funding was jointly led by CMB International (CMBI), the Hong Kong subsidiary of China Merchants Bank; and Cowin Capital.
Other investors in the round included US-based Walden International; Ping An’s venture capital arm Ping An Caizhi; Turing Technology; state-backed Hefei Industry Investment Group; Huarong Ruize Investment Management; and semiconductor player Tianma Group.
Investment bank Lighthouse Capital served as the financial advisor for the deal.
Proceeds of the funding round will be used to spruce up high-end equipment, Hefei SINEVA said in a statement on Tuesday.
Set up by the parent company Beijing SINEVA Group in 2013, Hefei SINEVA operates business in industrial robots, smart factory, and high-end manufacturing devices. The supplier is revamping to take advantage of AI to develop innovative equipment, it claims.
“We will continue to strengthen our capacity in the semiconductor field, and develop a matrix of solutions integrating industrial robots, advanced equipment, and smart factory for companies and partners globally,” said Hefei SINEVA CEO Haitao Zhang in the statement.
China is calling for self-dependence in the semiconductor industry. The government’s “Made in China 2025” plan aims to achieve 70% local production to meet the growing domestic demand for chips.