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Meituan, NIO Capital invests in Sichain Semiconductor's Pre-B funding round

Gabriella From Gasgoo| December 28 , 2023 15:29 BJT

Beijing (Gasgoo)- On December 28, high-end SiC power device manufacturer, Sichain Semiconductor, announced the successful completion of its Pre-B round financing, which raised for the company several hundred million yuan.

Meituan, NIO Capital invests in Sichain Semiconductor's Pre-B funding round

Office; photo credit: Sichain Semiconductor

This also marked another substantial funding achievement since its A+ round in April this year. Since its inception in March 2021, Sichain Semiconductor has accumulated nearly 1 billion yuan in financing.

The recent investment, led by Meituan’s DragonBall Capital, sees continued support from existing investors such as Furong Capital, NIO Capital, Hongfu Investment, and Jason Investment. These funds are earmarked for enhancing the supply chain infrastructure, team expansion, and intensified R&D in novel products and technologies, further fortifying the company’s technological edge and product range, said Sichain Semiconductor.

SiC MOSFET stands as a pivotal component driving the electrification revolution in the automotive industry. Over the years, numerous companies in the silicon carbide chain have emerged, aiming to be leaders in the SiC chip industry amid its rapid growth.

According to Sichain Semiconductor, with a cumulative shipment of 1.5 million SiC MOSFETs and extensive service to over 50 clients, including bulk supplies to various new energy vehicle enterprises, the company continues to advance the validation and implementation of core chips in new energy vehicles.

Dr. Lei Guangyin, Co-founder of Sichain Semiconductor, affirmed plans to bolster R&D investment, enhance production capacity, and solidify the company’s competitive edge. Anticipating explosive growth in the application of domestically-produced SiC chips in the new energy vehicle sector, it plans to increase funding in 2024, welcoming new stakeholders to meet the surge in new energy vehicle demand.

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