In March 2022, Siengine successfully completed a series of funding round. Within 6 months from that, Siengine completed another funding round, led by a well-known capital.
Siengine announced its completion of the Series A funding round on July 19, 2022. The funding amount is nearly CNY 1 billion. The funding round was led by Sequoia Capital, followed by Neusoft, Boyuan Capital under Bosch, Jiayu Capital, Guosheng Capital, Hongzhuo Capital, Yunbai Capital, Yuexiu Industrial Fund, and ICBC International. With the support from Sequoia Capital, Siengine will have a smoother growth path. Because the involvement of Sequoia Capital always indicates that the company has predictable futures. And the followed investors are from the entire industry chain in the automotive and semiconductor fields, implying that the company has high recognition in this field. Together with support from these companies, Siengine could accelerate its growth.
Siengine is an automotive electronic chip developer. The company is mainly engaged in designing, developing, and selling automotive electronic chips. As mentioned by Siengine, this round of funding will be used for the mass supply of existing products, the next stage of research and development, and the deployment of automotive-grade high-computing power in-vehicle chips.
According to Dr. Kai Wang, the director and CEO of Siengine, digital chips are useful and the most cost-effective. It will be applied perfectly to automobiles, and have the highest value. They are planning to develop high-level autonomous driving chips and in-vehicle CPU chips to provide better supplements for automobiles. At this point, 85% of Siengine employees are working on the Research and Development side. With such a high put-in, Siengine might accelerate its renovation towards driving chips.