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SemiDrive has gained $73 million fundraising for automotive chips
Chinese auto self-driving chip startup SemiDrive has closed a 500 million yuan (about $73 million) Series A round financing on September 28, led by CTC Capital. Meanwhile, its existing shareholders all participated in this round, including Sequoia Capital China, Matrix Partners China, Walden International, Lenovo Ventures, Vertex Ventures China.
Founded in June 2018, SemiDrive mainly focuses on autonomous driving, smart car core processor chips, and high-performance industrial processor chips, enabling their customers to solve problems in the field of intelligent driving. Its chips are mainly applied to those areas such as intelligent cabin and in-car entertainment systems, ADAS and L2.5 and below, and automatic controllers.
Over two years, SemiDrive has built a complete product line. In May 2020, the company launched three kinds of automotive chips - X9, V9 and G9 - for applications in smart cockpits, smart driving and the central gateway. In addition, it cooperated with 71 partners to release one-stop smart intelligent mobility integrated solutions and reference designs.
Zhang Qiang, the chairman of SemiDrive, said that the company has formed strategic cooperations with over 5 original equipment manufacturers (OEM) and more than 10 Tier1 companies. And it is preparing for small-batch shipments and mass production in the second half of this year; the first mass-produced model will be launched in the first half of next year.