SiEngine completed its Series A funding round of nearly CNY 1 billion, led by Sequoia Capital China.
SiEngine Technology (Chinese: 芯擎科技), a start-up company focused on advanced automotive system-on-a-chip designs, raised nearly USD 148 million (CNY 1 billion) from investors led by Sequoia Capital China in its Series A financing round on July 21.
The founding amount is nearly CNY 1 billion (USD 148 million), led by Sequoia Capital (Chinese: 红杉中国). Other participating investors include Shanghai Guosheng Capital, Hundreds Capital, Cedarlake Capital, YUE XIU Industrial Investment Fund Management, ICBC International and Neusoft Capital, news portal Autohome Inc reported.
Established in 2018 and headquartered in Wuhan, SiEngine is a joint venture funded by UK semiconductor and software company Arm Ltd's China joint venture, ARM China, and Geely-backed ECARX Holdings. The company provides holistic solutions for high-end automotive system-on-chip (SoCs), integrating all or most components of a vehicle's electronic system.
The proceeds from this latest funding round will enable SiEngine to enhance the delivery of existing products and increase the next-phase Research and Development (R&D)of auto-grade chips with high computing power.
In December 2021, SiEngine showcased its first product, a smart cockpit SoC called "SE1000". It is currently developing "AD1000", a 7-nanometre automotive chip product that enables Level 2+ to Level 5 autonomous driving systems, which is expected to achieve mass production of AD1000 by 2024.
SiEngine chief executive Wang Kai, "the amount raised in this round represents the largest funding recorded in the domestic car chip design sector in the first half of this year. We have clear products and market orientation, strong background and support from the industrial chain and ecological resources. Our product design closely aligns with the demand and can quickly seize the market opportunity."