SiEngine Technology Co, a company committed to the design, development and sale of advanced automotive systems on chips (SoCs) and located in the Wuhan Economic & Technological Development Zone (WEDZ), announced on July 19 that it has finished its A-round financing of nearly 1 billion yuan ($147.9 million).
The funds collected this time will reportedly be used for research on new-generation cockpit chips and the production of its mature products. It is said to be the largest financing deal in this field in the first half of this year in China.
This round of financing was led by Sequoia Capital and participated in by Neusoft Capital, Boyuan Capital, and China Fortune-Tech Capital. In March, SiEngine was also invested in by FAW Group Co.
This successful financing demonstrates that SiEngine's competence in high-end automotive processor innovation has been widely recognized by investors from different areas and will guarantee product commercialization for the company.
Founded jointly by ECARX and Arm China in 2018, SiEngine has established research centers in Beijing and Shanghai focusing on the design, development and sale of automotive chips. In December last year, the company released "Dragonhawk One", a seven-nanometer intelligent cockpit chip. With chip testing work being conducted, the chip is expected to achieve mass production in the second half of this year.
