HongShan-backed automotive electronic chip developer SiEngine Technology on Tuesday announced the completion of its Series B funding round at over 1 billion yuan ($139.2 million).
State investor China Structural Reform Fund II led the round, according to the company statement.
SiEngin2, founded in 2018, specialises in automotive System-on-Chips (SoCs), which are auto-grade integrated circuits combining multiple electronic components onto one chip to enable features like advanced driver assistance systems, infotainment, and vehicle connectivity.
Its key products are SoC solutions focused on smart cockpits and autonomous driving, including the SE1000 for in-vehicle infotainment systems, and the StarLight autonomous driving chip AD1000 for advanced autonomous driving applications. SE1000 has been adopted by Chinese automakers like Geely and the state-owned China FAW Group, while its AD1000 is scheduled to be mass-produced this year before its large-scale, in-vehicle application in 2026.
Headquartered in Wuhan City in central China, SiEngin2 also operates R&D and sales branches in Beijing, Shanghai, Shenzhen, Shenyang, and Chongqing.
Multiple local government-backed industry investment funds participated in its Series B round, along with provincial financial asset investment companies (AICs) from Hubei and Shandong. The two AICs, which were set up to mainly invest in debt-to-equity assets to help reduce leverage in the real economy, poured money into SiEngine as their first equity investments in a technology startup, according to the statement.
Taiping Financial Holdings Company Limited, a member of the state-owned China Taiping Insurance Group, as well as CoStone Capital, also invested in the deal.
The Series B round marks the latest big-ticket financing in SiEngine, after the startup had a successful fundraising year in 2022 and raised approximately 1.5 billion yuan ($208.8 million) across three transactions.
Its earlier investors include Geely, China FAW Group, Arm China, China Fortune-Tech Capital, Neusoft Group, and HongShan, previously Sequoia Capital China.
HongShan led SiEngine’s Series A round of almost 1 billion yuan in July 2022.
