Chinese chipmaker ICleague Technology has secured “several billions of yuan” in a Series B funding round, according to a release on Wednesday.
Several local investment firms including state-owned investment platform Wuhan Optics Valley Industrial Investment, Chinese brokerage firm CMB International, venture capital firm Puhua Capital, and others joined the round.
Founded in November 2018, ICleague Technology specialises in the heterogeneous integration of chips — a new way of chip production that integrates different chips to bring better functionality and cost reduction.
Headquartered in the city of Haining, ICleague previously completed its Series A round in 2021, counting FutureX Capital and Puhua Capital among some of the participating investors.
The investment comes at a time when Chinese chipmaking firms ride on an investment tailwind amid the government’s attempt to achieve self-sufficiency in chips. Chinese semiconductor startups completed 108 deals in Q1 2024, on par with Q4 2023, indicating their sustained appeal to investors.
Total semiconductor proceeds hit $2.7 billion in Q1, almost twice as much as the $1.4 billion recorded in Q4 2023, according to DealStreetAsia’s proprietary data.
