Chinese auto chip designer Grecon Semi nabs 100 million yuan in Series A+ financing

Shanghai (Gasgoo)- Grecon Semi, a Chinese auto chip designer and seller, announced on Tuesday via its WeChat account that it completed the Series A+ financing at the end of 2022, which bagged for the company over 100 million yuan ($14.767 million).

The fresh round was led by the company's existing shareholder, Ningbo Tianlong Electronics Co., Ltd. ("Tianlong Electronics"). Besides, Oriza PE, another existing shareholder of Grecon Semi, also joined the round.

Photo credit: Grecon Semi

Grecon Semi said it closed three rounds of financing in 2022, which raised more than 200 million yuan ($29.534 million). Proceeds from the latest funding round will be used for construction of new production lines, procurement of new facilities, and new product R&D, contributing to the company's building of the ability to deliver over 600,000 sets of automotive master-drive IGBT (insulated-gate bipolar transistor) modules in 2023. Upon the new funding, the company will continue its market exploration in such field as industrial control, photovoltaics, and energy storage.

Since its foundation in 2018, Grecon Semi aims to be a leading semiconductor firm in China's low-carbon new energy domain.

In 2022, Grecon Semi delivered nearly 100,000 sets of automotive master-drive IGBT modules, and has been appointed as a qualified supplier of automotive SiC modules by some automakers.

In the field of photovoltaics, the testing of the IGBT products from such series as TO-247, TO-247PLUS, EASY2B, and Econodual are underway in partnership with the company's clients, and the volume production is expected to begin in the first quarter of 2023.

Currently, Grecon Semi has already had two production lines and one plastic-coating line for IGBT modules, with an annual production value of 1.5 billion yuan ($221.507 million). It plans to add three sealing and testing lines this year.