November was a month for mega-rounds, with ten companies receiving investments of at least $100 million. One of those is a startup providing connectivity solutions for data centers and enabling use of the memory pooling functionality in the latest update to the CXL standard. Two quantum computer startups were part of the $100M+ club this month — one using very cold atoms to take on not only quantum computing but atomic clocks and RF, and another taking a photonic approach to fault-tolerant systems that can be made using modern chip manufacturing facilities.

The largest two rounds of the month went to electric vehicle battery manufacturers, both of whom are using the funding to scale up production. Batteries were a strong spot in the month overall, with 23 companies featured in this report and the highest total combined investment for a sector. And investors are looking beyond just making batteries: several startups were funded to provide second lives for EV batteries no longer fit for vehicle use and to improve the recycling process.

Notable by its absence this month was funding for AI hardware companies. However, plenty of other interesting technologies received funding, including a MEMS foundry, chiplet interconnects without interposers, electrical rule checking, and 3D for any screen. Here’s a look at 127 startups that collectively raised over $2.6 billion in November 2022.

Chip design

Astera Labs raised $150.0M in Series D funding led by Fidelity Management & Research, joined by other existing investors including Atreides Management, Intel Capital, and Sutter Hill Ventures. Astera Labs provides data and memory connectivity solutions for data centers. It offers a portfolio of smart retimers for Compute Express Link (CXL) 2.0 and PCI Express (PCIe) 4.0/5.0 for high-performance server, storage, cloud, and workload-optimized systems. It also provides Ethernet Smart Cable Modules to overcome reach, signal integrity, and bandwidth utilization issues in 100G/lane Ethernet connectivity for Switch-to-Switch and Switch-to-Server applications. Astera Labs’ latest product is a memory connectivity platform that leverages the CXL standard to support memory expansion, memory pooling, and memory sharing in heterogeneous and composable architectures for next-gen data centers. Based in Santa Clara, California, USA, it was founded in 2017.

Eliyan Corporation closed a $40.0M Series A round led by Tracker Capital, joined by Celesta Capital and strategic investors including Intel Capital and Micron Ventures. Eliyan develops chiplet interconnect technologies that work with organic substrates and don’t require advanced packaging solutions such as silicon interposers. Its NuLink technology, which is a superset of Bunch of Wires (BoW) and Universal Chiplet Interconnect Express (UCIe), is a die-to-die (D2D) PHY to connect different functions in one package over any substrate. Eliyan claimed a recent 5nm tapeout achieved twice the bandwidth at less than half the power consumption of current interconnect methods. It has also developed technology for 2.5/3D implementations that enables mix and match of chiplets with different die-to-die interfaces in different processes, such as DRAM and SOI. “Our extensive background in developing bleeding-edge technologies in this space led us to focus on a key challenge: interconnect improvements for system-in-package and chip-to-memory architectures as the path to deliver performance scaling,” said Eliyan CEO and co-founder Ramin Farjadrad. “Our approach supports and is compliant with the overall industry move toward chiplet-optimized interconnect protocols, including the UCIe standard as well as High Bandwidth Memory (HBM) protocols.” Its first silicon is expected in the first quarter of 2023. Based in Santa Clara, California, USA, it was founded in 2021.

Cornelis Networks raised $29.0M in a Series B round led by IAG Capital Partners, joined by Adit Ventures, Foresight Group, Intel Capital, KittyHawk Ventures, Ridgeline Partners, and SQN Venture Partners. Cornelis Networks makes high-performance interconnects to accelerate technical computing workloads in HPC, AI, and ML. Its Accelerated Host Fabric Adapters are designed to provide a semantic match between the requirements of real-world HPC applications and the scale-out fabric and deliver scalable bandwidth in increments of 100 Gbps, 250 million MPI messages per second, and sub-microsecond MPI latency. It offers adapter cards, edge switches, director class switches, gateways, and cables. Funds will be used to expand the company’s go-to-market capabilities and to accelerate delivery of its roadmap. Founded in 2020, it is based in Wayne, Pennsylvania, USA.

Beizhong Wangxin raised pre-Series A funding from Rising Investments. The startup is developing data processing units (DPUs) for smart network cards and programmable network security chips. Based in Chengdu, China, it was founded in 2020.

LinJoWing received angel funding from SDIC, China Capital Management, and Changjiang Securities. LinJoWing develops GPU chips and graphics cards. Its current products target desktops, embedded graphics applications, industrial control computers, and military applications. Based in Wuhan, China, it was founded in 2021.

EDA

X-Epic raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series B funding led by CICC Capital, China Electronics Corporation, and Wuhan Optics Valley Union Group, joined by Mirae Asset and Henglu Asset. X-Epic offers a suite of verification tools, including an FPGA prototyping system, a digital simulator, a high-level language verification system based on the Portable Stimulus Standard (PSS) to automatically generate test cases, a scalable formal verification tool based on word-level modelling, and a debug solution. It also offers verification consulting. Funds will be used to expand product offerings and hire. Based in Nanjing, China, it was founded in 2020.

Aniah raised €6.0M (~$6.2M) in Series A funding led by Supernova Invest, joined by BNP Invest, Crédit Agricole Sud Rhône-Alpes, and Bpifrance. Aniah develops full-chip electrical rules checking verification software. It aims to provide the benefits of formal verification at the transistor level to analog and digital design engineers and claims its tool can exhaustively detect errors while speeding up full-chip analysis. “Aniah introduces a real technological breakthrough in the treatment of electrical design errors for the semiconductor industry. Its simple, didactic, and non-invasive approach for engineers will appeal to the main players in the electronics chain because it secures the time to market for the introduction of future electronic products,” said Richard Moustiés, chairman of the board for Aniah. Funds will be used for international expansion, particularly in Asia, United States, and Israel, as well as to finalize development of new modules for chip reliability analysis, design project monitoring, and AI-based automated design. Founded in 2019, it is based in Grenoble, France.

Manufacturing & equipment

Atomica Corp raised $30.0M in Series C financing from Cerium Technology Ventures, Novo Tellus Capital Partners, and St. Cloud Capital. Atomica is a MEMS foundry with application-specific platforms for photonics, sensors, biochips, relays and switches, and custom MEMS. The company can handle a broad range of processes and materials, including noble metals, polymers, and substrates such as silicon, SOI, glass, fused silica, quartz, borosilicate, piezos, and III-V. It currently operates a 130,000 ft2 manufacturing campus. Funds will be used to expand its foundry capabilities and advance MEMS technologies. Originally called Innovative Micro Technology (IMT), it was founded in 2000 through a restructuring of Applied Magnetics Corporation. A buyout in 2018 led to new ownership. It is based in Santa Barbara, California, USA.

Elephantech raised 2,150.0M yen (~$14.4M) in funding from ANRI Investment, Shin-Etsu Chemical, Nose Investment, Shizuoka Capital, Eiwa Corporation, Nanobank, Mitsubishi Gas Chemical, Kebishi Sake Brewing, D&I Investment, Seiko Epson, Sumimoto, East Ventures, and Beyond Next Ventures. Elephantech offers an inkjet printing-based printed circuit board manufacturing technology that it claims is environmentally friendly and can reduce CO2 emissions by 77% and water consumption by 95% compared to conventional manufacturing methods. The startup says its technology can be applied to almost all PCB types. It currently focuses on single-sided flexible substrates and plans in the future to produce multi-layered and rigid PCBs. It also aims to add the capability to print on biomass substrates and use recyclable materials. Funds will be used for global expansion and to expand applications for its technology. Founded in 2014, it is based in Tokyo, Japan.

CanSemi raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in a Series B round with investment from Guangzhou Kechuang Industry Investment Fund, Guangdong Semiconductor and Integrated Circuit Industry Investment Fund, and Jianxin Capital. CanSemi is a 12-inch analog foundry specializing in industrial and automotive-grade mid-to-high-end analog chips. The first two phases of its project, establishing 180-90nm processes followed by 90-55nm processes, have been completed. The funds will go towards the third phase, which will extend its available nodes to 55-40nm. When the third phase is complete, it expects to have a monthly output of nearly 80,000 12-inch wafers. It plans to eventually introduce a 22nm process. Founded in 2017, it is based in Guangzhou, China.

Getech Technology raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series B funding from SAIC’s Hengxu Capital and Guangdong Finance Fund. Getech makes computer integrated manufacturing (CIM) software for semiconductor manufacturing and other sectors including new energy, consumer electronics, and automotive. Its products cover from wafer manufacturing, packaging and testing, to finished product assembly and support multi-workshop and multi-factory production management. Funds will be used to increase investment in semiconductor products, particularly focusing on AI and big data to enable software and algorithm-driven equipment. A spin out from TCL founded in 2018, it is based in Guangzhou, China.

NeuCloud raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series C+ funding from the Beijing Integrated Circuit Equipment Industry Fund, CRRC Capital, and China Internet Investment Fund. NeuCloud provides an industrial data collection, management, and analysis platform. For semiconductor manufacturing, the company says its platform can be used to measure IC production line productivity and detect yield issues. It can also be deployed by semiconductor equipment providers to monitor the performance of equipment in operation and provide product service capabilities. The platform is also used in other manufacturing industries, energy, petrochemicals, and rail transit. Founded in 2013, it is based in Beijing, China.

SRI Intellectual Technology (SRII) received hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series A financing from Oceanpine Capital, Stony Creek Capital, and others. The company owns Beneq, a Finnish company that makes atomic layer deposition (ALD) equipment, and its subsidiary Lumineq, which makes transparent display technology used in optical devices and vehicles. Funds will be used for R&D and production line upgrades. SRII acquired Beneq in 2018. Based in Qingdao, China, it was formed as a joint venture in 2018.

Jet Plasma Technology raised CNY 100.0M (~$13.9M) in Series D financing from PH Investment, Shanghai Lingang Innovation Center, Jucheng Capital, Xu Nuo Capital, and others. The company makes plasma cleaning and surface treatment equipment for semiconductor chip packaging, compound semiconductors, LEDs, consumer electronics, medical electronics, and functional materials manufacturing. Based in Shanghai, China, it was founded in 2015.

Enovate3D raised nearly CNY 100.0M (~$13.9M) in Series A funding led by Hikvision, joined by Sequoia Capital China and Walden International. Enovate3D makes electronic 3D printing equipment capable of features sizes from 1 to 10 microns for additive manufacturing of high-performance metal conductive materials, polymers, ceramic-based dielectric materials, and flexible electronic materials. It also provides 3D printing services. Funds will be used for R&D, hiring, and construction of a production base. Founded in 2020, it is based in Hangzhou, China.

Zeta Tech raised nearly CNY 100.0M (~$13.9M) in Series A financing led by Hefei Industry Investment Group and Glory Ventures, joined by South China Venture Capital. Zeta Tech offers computer integrated manufacturing (CIM) software for data integration, big data analysis, yield management, and equipment utilization in semiconductor manufacturing and packaging. It also offers smart factory planning consultation services. Along with semiconductors, its products are applicable to display panel, photovoltaic, and lithium battery manufacturing. Funds will be used for R&D, hiring, and product iteration, including adding manufacturing execution, quality management, equipment material management, equipment automation, and other systems, as well as increased integration with big data and AI applications. Based in Shanghai, China, it was founded in 2017.

Goodled Precision Optoelectronics, also known as Goodun, received CNY 50.0M (~$7.0M) in Series A+ financing. Goodun makes UVA, UVB, UVC, and NIR LED chips and modules based on III-V compound semiconductors. The company offers these in UV curing equipment for consumer electronics and battery manufacturing, along with other applications. Founded in 2005, it is based in Changzhou, China.

Amplio received $6.0M in seed funding led by Construct Capital, joined by Slow Ventures, High Alpha Capital, Flexport Ventures, Alpaca Venture Capital, and individual investors. The startup provides a supply chain management platform for electronic components. It says it can track components that are at highest risk of shortages and connect customers to alternative sources of supply. It also provides group purchasing to lower bill of materials costs. Based in Atlanta, Georgia, USA, it was founded in 2021.

SparkNano raised €5.5M (~$5.4M) in financing led by Air Liquide’s ALIAD, joined by Somerset Capital Partners, Invest-NL, and existing investors Innovation Industries, Brabant Development Company, and TNO. SparkNano develops spatial atomic layer deposition (Spatial ALD) technology for manufacturing electrolyzers for green hydrogen production, fuel cells, batteries, solar cells, and displays. Instead of using a vacuum chamber, the startup describes its technology as an ALD print head that floats above the substrate and supplies the gaseous precursors separated from each other by shields of inert gas. It can be used to apply a range of precisely tuned thin films and minimize use of precious elements such as iridium and platinum. SparkNano offers products ranging from flexible R&D tools to high-volume and large-area mass production tools for both sheet-to-sheet and roll-to-roll production. Funding will be used to accelerate business expansion. A spin off from the TNO Holst Centre founded in 2018, it is based in Eindhoven, the Netherlands.

Litilit received a €3.5 (~$3.5M) investment from Taiwania Capital’s Central and Eastern Europe Investment Fund. Litilit makes ultra-short pulse femtosecond lasers that can be used for processing of many different electronics materials, making it suitable for rigid PCBs, flex PCBs, and rigid-flex PCBs. Its lasers can also be used for ceramics processing, multiphoton microscopy, and medical applications. Founded in 2015, it is based in Vilnius, Lithuania.

Accuracy Int Tech, also known as Akeris Intelligent Equipment, drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in financing from the Hefei Angel Fund and Kewell Technology. Akeris manufactures 6- to 12-inch wafer grinding and dicing equipment. Based in Hefei, China, it was founded in 2019.

Lebo Semi received tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A financing from Shenzhen Venture Capital and Jolmo Capital. Lebo Semi makes semiconductor manufacturing equipment. Its products include automatic and semi-automatic adhesive application, development, stripping, and cleaning equipment as well as formic acid reflow machines. Primary applications are compound semiconductors, LEDs, and MEMS. Founded in 2013, it is based in Jiangsu, China.

Younme received tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A financing from Ningbo Huatong Venture Capital and Suzhou Rongyue Investment. The startup makes force control equipment for manufacturing consumer electronics. It plans to expand to lithium battery and photovoltaic manufacturing. Based in Suzhou, China, it was founded in 2018.

Packaging

Yuehai Integrated raised CNY 165.0M (~$23.5M) in financing from Guangzhou Industrial Investment Group and others. The startup provides wafer-level packaging for image sensor chips, fingerprint recognition chips, MEMS, and radio frequency devices. The funds will go towards construction of an 8-inch/12-inch through-silicon via (TSV) packaging production line for CMOS image sensors (CIS) and filters. Founded in 2022, it is based in Guangzhou, China.

CD Micro-Technology, also known as Chengdu Maike, raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Sichuan Development, Deer Laser, and Yizhan Capital. The company manufactures through-glass via (TGV) substrates, integrated passive devices (IPD), and 3D microstructured glass. It also offers TGV process services and is developing TGV process equipment for 3D packaging, high-Q microwave/THz devices, optical/radio frequency MEMS, and microfluidic chips. Funds will be used for R&D of TGV applications and working towards mass production. Based in Chengdu, China, it was founded in 2017.

TCPack received investment from the Xingbang Advanced Manufacturing Fund. The company makes metal packages, ceramic packages, heat sink composite materials, and small outline packages (SOP) for optical communication devices, industrial lasers, sensors, RF modules, and power electronics. Based in Hefei, China, it was founded in 2017.

Test, measurement & inspection

Dongfang Jingyuan Electron Limited (DJEL) raised nearly CNY 1,000.0M (~$139.6M) in private equity financing from Xingcheng Capital, E-town International Investment & Development, Xin Ding Capital, Green Pine Capital Partners, CGII Private Fund, Silk Road Huachuang, Red Horse Capital, An Xin Capital, CoStone Capital, Five Bulls Fund, China Capital Management, Haier Capital, CCB International, Nuo Capital, and others. DJEL offers yield management solutions, optical proximity correction (OPC) software, e-beam inspection equipment, and 8- and 12-inch critical dimension scanning electron microscopes (CD-SEM). Funds will be used for new product R&D and construction of manufacturing facilities. Founded in 2014, it is based in Beijing, China.

Mega Phase Technology drew nearly CNY 100.0M (~$13.9M) in Series B funding from Richen Capital. The startup makes computational structured light 3D cameras for visual inspection of chips, surface mount technology (SMT), consumer electronics, lithium batteries, and other precision manufacturing applications. Funds will be used for R&D and production capacity expansion. Founded in 2014, it is based in Shanghai, China.

LightE Technology raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A funding from Broadstream Capital. LightE Technology makes spectral confocal displacement sensors for 3D optical inspection of semiconductors, PCBs, consumer electronics, photovoltaics, lenses, and other applications. The startup says the technology has higher precision, wider material adaptability, and higher stability compared to traditional lasers. It currently has point confocal sensors in mass production and prototypes of linear confocal products. It also plans to develop hyperspectral + AI sensors and fiber optic sensors. Funds will be used for mass production of linear confocal sensors and R&D. Based in Shenzhen, China, it was founded in 2014.

Pi Semiconductor drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A+ financing from Addor Capital. The startup manufactures probe card substrates and load boards for wafer test and final test. It plans to expand to multilayer organic (MLO) substrates and ceramic substrates. Based in Nantong, China, it was founded in 2021.

Weichong Semiconductor raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A+ and pre-A++ rounds that included investment from China Fortune-Tech Capital, Sunic Capital, and Yunqi Capital. The startup is developing non-contact, non-destructive, inline optical wafer inspection equipment. Funds will be used for R&D, mass production of first-generation products, and hiring. Based in Beijing, China, it was founded in 2021.

GT AI, also known as Gantu Technology, raised Series C1 financing, following a C round earlier this year. GT AI provides computer vision inspection, monitoring, and AI-assisted decision making, primarily focused on high-end circuit boards. Its offerings include intelligent monitoring of flexible printed circuit (FPC) process line operations, monitoring of FPC SMT whole process equipment, and a defect and yield management system. It plans to expand to other manufacturing areas such as solar panels, batteries, and automotive, and to apply its computer vision technology to logistics and retail. Funds will be used for product development and overseas expansion. Founded in 2018, it is based in Shanghai, China.

Materials

P2i received £15.0M (~$18.1M) in debt financing from HSBC’s Growth Lending Fund. P2i has developed a liquid repellent and electrical barrier coating nanotechnology for electronics. The company says its ultra-thin conformal coating makes PCBAs waterproof up to IPX8, potentially reducing e-waste, and is more environmentally friendly than existing protective coatings. Funds will be used for scaling the business, investing in new equipment, and expanding into automotive and medical markets. Founded in 2004, it is based in Milton Park, England, UK.

Canatu raised €18.0M (~$17.9M) in funding from 3M Ventures, Ascend Capital Partners, eFruit International, and new investors including Minth Group, Nordea, and Varma Mutual Pension Insurance Company. Canatu develops carbon nanotube (CNT) materials for the semiconductor and automotive industries. Its CNTs can be used in extreme ultraviolet lithography (EUV) pellicles that protect photomasks during the lithography process. The startup says its free-standing membrane achieved single-pass EUV transmission up to 97% with the impact on imaging low and correctable. It is also applicable to high-NA EUV. Other areas its CNTs are used include optically transparent film heaters for automotive cameras and lidar sensors, 3D touch sensors, and electrochemical sensors. “With the new funding round, we’ll be able to accelerate the company’s growth in the semiconductor and automotive markets and expand automated manufacturing lines in Finland. It will also enable us to develop new business domains based on the most advanced carbon nanotube technology,” said Juha Kokkonen, CEO of Canatu. Founded in 2004 as a spin out from Aalto University’s Nanomaterials Group, it is based in Vantaa, Finland, and has raised €74M to date.

Niron Magnetics received a $17.5M grant from the U.S. Department of Energy. Niron Magnetics makes high-performance permanent magnets based on iron nitride and free of rare earths. High-performance magnets have applications in hard drives as well as EV drive trains, consumer appliances, audio speakers, and industrial and commercial spaces such as wind turbines, elevators, and HVAC. Niron says its magnets are less expensive and have inherently higher magnetization than rare earth alternatives. “As demand in the data storage market continues to grow, innovation is essential to find an alternative for the magnets used in the actuators of disk read- and-write heads and spindle drive motors while avoiding environmentally damaging rare earth mining and mitigating the risk of supply disruptions,” said Andy Blackburn, CEO of Niron Magnetics. The grant will be used to advance commercial partnerships and pilot production. Founded in 2015 as a spin off from the University of Minnesota, it is based in Minneapolis, Minnesota, USA.

Actnano raised $8.0M in non-dilutive growth funding from Liquidity Group. Actnano provides water and environmental resistant nanocoating technology for automotive and consumer electronics. The technology, which is fluorine-free, non-toxic, and environmentally friendly, allows for complete PCBA protection, including connectors, antennas, LEDs, and high-heat generating components. The company says its coatings are used to protect electronics on over 2 million production vehicles, including 80% of EVs in North America. The funds will be used to support ongoing global expansion into automotive markets such as Germany, Korea, and Japan, as well as for R&D. Based in Cambridge, Massachusetts, USA, it was founded in 2012.

Changzhou Zhenjing Semiconductor received a CNY 25.0M (~$3.5M) strategic investment from NCEPower. The company makes 6- and 8-inch silicon carbide (SiC) substrates. Its manufacturing process covers from liquid phase crystal growth and processing through wafer processing, cleaning, and testing. It expects to begin offering products in 2024. Founded in 2020, it is based in Changzhou, China.

Xinyuan New Material raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Oriza Holdings, South China Venture Capital, and Nuoyan Capital. The startup makes thermal interface materials for electronic packaging, including power semiconductor packaging. Its products include sintered silver materials, semi-sintered conductive adhesives, solder bonding materials, and electromagnetic shielding materials. Target applications include new energy vehicles, RF communications, power transmission, photovoltaics, and optoelectronics. Based in Shenzhen, China, it was founded in 2022.

AST, also known as Super Silicon Semiconductor, received Series B+ financing from Guolian Group, China Structural Reform Fund Corporation, and Jadestone VC. The company manufactures 200mm and 300mm polished silicon wafers, epitaxial wafers, and argon annealed wafers. Founded in 2008, it is based in Shanghai, China.

Nanzhi Core Material received angel funding from Guofa Venture Capital. The startup manufactures optical grade lithium niobate crystals, which are used in RF SAW filters, electro-optic modulators, infrared detectors, and frequency-doubling crystals for lasers. Founded in 2021, it is based in Suzhou, China.

PowerEpi received new funding from SDIC Venture Capital. The startup manufactures silicon carbide (SiC) epitaxial materials. Funds will be used to accelerate product development and capacity expansion. Based in Dongguan, China, it was founded in 2020.

Memory & storage

Biomemory raised €5.0M (~$5.2M) in seed funding from eureKARE, Bpifrance, Paris Business Angels, Prunay Impact, and existing individual investors Octave Klaba, Flavien Kulawik, Radouane Kharbichi, Eric Carreel, and Jean David Benichou. Biomemory is developing DNA data storage using a synthesis and copy process based on synthetic biology. The process produces long DNA fragments that can be stored as inert polymers for thousands of years without any energy input. Along having much higher density than magnetic tape or SSD, the startup says its storage technology can reduce cost to $1/megabyte, compared to $1/kilobyte for current DNA synthesis solutions, and ultimately expects to reach $1/terabyte after further optimization of an end-to-end integrated and continuous microfluidic DNA assembly device. Proceeds will be used to scale up Biomemory’s DNA synthesis technology, aiming for compatibility with big data. Based in Paris, France, it was founded in 2021.

InnoGrit closed a new round of financing. The company makes PCIe NVMe SSD controllers for client and enterprise applications. It focuses on security, power, and performance, with multiple data encryption and protection schemes available. It also offers turnkey design services as well as reference designs. Founded in 2016, it is based in Shanghai, China.

Analog & mixed signal

AD Microchip (ADUC) raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A+ financing from Qin Chuangyuan Xinhuo Innovation Fund and others. ADUC makes high and low voltage mixed-signal chips. Its products include 32-bit MCUs, 8-bit flash and OTP MCUs, battery management ICs, and USB Type-C Power Delivery (PD) chips. It primarily targets consumer electronics. Funds will be used for R&D, to expand product lines, and update testing equipment. Founded in 2013, it is based in Xi’an, China.

Modulo Smart Core Microelectronics drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding from Zijin Hi-Tech Venture Capital and others. The startup develops analog ICs. It currently offers 24-bit high-precision ADCs, with low-power ADCs and DACs nearing mass production. It is also working on other converter chips, medical analog front-end chips, isolators, and battery management system (BMS) chips. Funds will be used for hiring and R&D. Target applications include medical electronics, intelligent manufacturing, new energy, and automotive electronics. Based in Nanjing, China, it was founded in 2022.

Soundec drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series B funding from Tsing-Yuan Capital and Jolmo Capital. Soundec develops audio signal processing SoCs that include high-performance, low-power DSP, ADC, DAC, USB, memory, and rich interfaces. It also develops audio front-end analog chips and a series of audio signal processing algorithms. Target applications include headsets, digital microphones, and multi-microphone array products for IoT devices, smart homes, smart cars, and hearing aids. Funds will be used for development of the company’s next-generation audio processing chips, expanding operations, and hiring. Based in Shenzhen, China, it was founded in 2017.

Hynetek Semiconductor received Series B+ funding that included Shenzhen Venture Capital and Guolian Group. Hynetek makes USB Type-C Power Delivery (PD) chips, including PD source controller, high-performance PD sink controller, PD DRP controller, Type-C and Type-A port controllers, and USB eMarker. Founded in 2015, it is based in Shenzhen, China.

Lingxin Microelectronics raised Series A financing. The startup makes mixed-signal 8-bit and 32-bit MCUs and brushless motor control MCUs for industrial control, new energy, small home appliances, and consumer electronics. Funds will be used for R&D investment in industrial control chips, motor power supply chips, and automotive-grade chips. Founded in 2016, it is based in Hangzhou, China.

Wireless

Morse Micro added AUD $30.0M (~$20.1M) to its Series B funding with investment from TelstraSuper, HESTA, Hostplus, NGS Super, and UniSuper, bringing its Series B total to AUD $170.0M (~$115.0M). Morse Micro is a fabless company that develops Wi-Fi HaLow SoCs and modules comprising radio, PHY, and MAC as well as an optional Host Applications Processor. The startup says its IEEE 802.11ah compliant devices provide Wi-Fi range extending more than 1 km from the access point by using lower frequencies that better penetrate walls and other obstacles, providing 10x longer range and covering 100x the area or 1000x the volume of traditional Wi-Fi networks. It targets ultra-low power, long reach IoT applications such as industrial and agricultural use. Founded in 2016, it is based in Surry Hills, Australia.

Sofant Technologies raised £4.2M (~$5.1M) in funding from EMV Capital, Kelvin Capital, Scottish Enterprise, and the British Business Bank’s Future Fund. Sofant Technologies has created an RF MEMS antenna array technology it says enables next generation 5G and SatCom wireless networks to operate with 70% less power, eliminating problems with heat in high frequency antenna systems. It says the technology also provides fast switching with low loss, a low profile, and reduced testing costs. “Sofant will use the proceeds from this investment round to build a satellite communications terminal which targets mobile applications, with commercial sales expected to begin later in the year,” said David Wither, chief executive at Sofant. It has also signed a contract to develop a defense communications system. A spin out from the University of Edinburgh founded in 2011, it is based in Edinburgh, Scotland, UK.

Radio Master drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A financing from Cowin Capital and Xinchao Group. The company offers cloud-integrated wireless test instruments, signal generation and analysis software, and RF signal analysis and test services for 5G, IoT devices, and automotive communications. Founded in 2020, it is based in Beijing, China.

Zunpai Communication Technology raised pre-Series A+ financing from investors including Hushan Capital and Tianji Capital. Zunpai Communication offers Wi-Fi router access point SoCs. It is currently developing chips for Wi-Fi 6 routers using a 2X2 MIMO architecture and targeting a 3Gbps transmission rate. Based in Nanjing, China, it was founded in 2021.

Youbest Technology received new funding from Addor Capital. The company makes microwave hybrid ICs, components, and subsystems for precision guidance and control, detection and identification, electronic countermeasures, communications, and satellite applications. Funds will be used for expansion of the radar microwave component business and construction of a production line. Founded in 2003, it is based in Nanjing, China.

Power devices

Cambridge GaN Devices (CGD) raised $19.0M in Series B funding led by Parkwalk Advisors and BGF Ventures, with participation from IQ Capital, Cambridge Innovation Capital, Foresight Williams Technology, and Martlet Capital. Cambridge GaN Devices develops gallium nitride (GaN) transistors for industries such as consumer and industrial power supplies, lighting, data centers, and automotive HEV/EV. “GaN provides the optimum conversion solution, reducing power losses by more than 50% and increasing energy conversion efficiency to above 99%. To take just one application example, if all data centers were to adopt GaN, this would save 12.4TWh of electricity per year, or 9 million tons of CO2 – the equivalent of taking 1.9 million internal combustion engines vehicles off the road for a year,” said Giorgia Longobardi, co-founder and CEO of CGD. The investment will enable CGD to begin mass production of its range of GaN transistors for power applications. A spin out from the power device group at Cambridge University founded in 2016, CGD is based in Cambridge, England, UK.

Alkaid Semi received hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series C financing led by Cowin Capital and Sun Rock Capital, joined by CoStone Capital, Midea Investment, CasStar, Everest VC, and ZJ Innopark. The company makes power semiconductors, with products including medium and low voltage trench MOS and SGT MOS, high voltage super junction MOS, IGBT, FRD, SiC MOS, and SiC diode. It also develops MEMS sensor products and signal chain ICs. It targets consumer electronics, medical, and industrial control fields. Funds will be used for R&D into high-end power devices and silicon carbide products. Founded in 2019, it is based in Shanghai, China.

DanXi Technology drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A financing from Lanpu Capital and ABC Capital. DanXi makes gallium nitride (GaN) power devices, including power adapters, drivers, and HEMTs. It offers 80V GaN half-bridge driver chips and a 650V GaN transistor product line. The startup is also developing GaN ultra-high speed (50-100MHz) driver chips. It targets mobile phone fast charging, vehicle on-board charging, and 5G base station power modules. Funds will be used for product development and marketing. Founded in 2019, it is based in Chengdu, China.

CooliBlade raised €0.8M (~$0.8M) in seed funding led by Butterfly Ventures. The startup makes integrated thermal channels for power electronics, which the startup says provides 10 times better thermal conductivity than traditional heat pipes and enables instant heat transfer inside the whole heat sink structure. The company has started pilot projects in several high-power electronics application areas, including LED luminaires, telecommunications, AC drives, and renewable energy. Funds will be used to accelerate market entry. Founded in 2019 as a spin off from VTT, it is based in Oulu, Finland.

Power Diamond Systems received JPY 100.0M (~$0.7M) in seed funding from Waseda University Venture Capital. The startup conducts research and development of diamond semiconductors for power electronics, with the aim of commercializing ultra-compact and high-efficiency inverter modules based on diamond transistors. A spin out from Waseda University founded in 2022, it is based in Tokyo, Japan.

Sanrise Tech raised pre-IPO financing led by Shang Qi Capital, joined by CoStone Capital, Cowin Capital, CRRC Group, New Alliance Capital, Stony Creek Capital, Join Hands Capital, Shandong Hi-Speed Company, and others. Sanrise Tech makes power semiconductors including IGBT, super junction MOSFET, SGT MOSFET, and silicon carbide (SiC) diodes and MOS. Target applications include server power, data centers, EV chargers, automotive, 5G, photovoltaic inverters, and consumer electronics. Based in Shenzhen, China, it was founded in 2014.

Quantum computing

ColdQuanta raised $110.0M in a Series B round led by LCP Quantum, joined by In-Q-Tel, Sumitomo Corporation of Americas, Breakthrough Victoria, BOKA Group Holdings, and others including existing investors Foundry Group, Global Frontier Investments, and Maverick Ventures. ColdQuanta develops quantum platforms based around its Cold Atom Quantum Technology, which cools atoms to a few millionths of a degree above absolute zero and can use lasers to manipulate the make-up of the atom. Along with a cloud-available quantum computer, it also has developed a quantum design and emulation platform to inform the development of sensing and signal processing technologies. “ColdQuanta’s core technology has a wide range of applications on the quantum technology spectrum. They’re not just tackling quantum computing, they’re also advancing quantum technology in developing the next generation of atomic clocks and radio frequency (RF) technologies, which provide significant advantages over classic antenna-based receivers,” said Christopher Galvin, ColdQuanta board member and investor. Funds will be used to continue commercialization. Some will also be used to establish a quantum computing and technology facility at Swinburne University of Technology in Australia. Founded in 2007, it is based in Boulder, Colorado, USA.

Xanadu raised $100.0M in Series C financing led by Georgian with participation from Porsche Automobil Holding, Forward Investments, Alumni Ventures, Pegasus Tech Ventures, and Silicon Valley Bank, along with previous investors Bessemer Venture Partners, Capricorn Partners, BDC Capital, and individual investor Tim Draper. Xanadu builds photonic quantum computers accessible via a cloud platform. It aims to create a fault-tolerant and error-corrected quantum computer capable of scaling up to one million qubits. Xanadu says that using photonics enables leveraging modern chip manufacturing facilities, the application of optical components developed by the telecommunications industry, and the use of fiber optics to network photonic chips together. The startup also leads development of an open-source software library for quantum computing and application development. The funding will be used to build a first module validating the fault-tolerant quantum architecture. Based in Toronto, Canada, and founded in 2016, it has raised $250M to date.

eleQtron received €6.0M (~$6.1M) in funding from Earlybird Venture Capital. eleQtron manufactures ion-based quantum computers. Its technology uses what it calls Magnetic Gradient Induced Coupling (MAGIC) to control ion qubits with high frequency waves, enabling individual control of qubits to be integrated into trap chips without exerting undesirable effects on other qubits. The startup says this reduces errors while enabling laser cooling and allowing the readout of the quantum bits to be performed with simpler lasers. eleQtron announced the funding along with news it was granted a contract as part of a consortium to develop an ion-trap computer for the German Aerospace Center (DLR). Founded as a spin off from the University of Siegen in 2020, it is based in Siegen, Germany.

Sensors

Advanced Navigation raised $68.0M in Series B funding led by KKR, joined by Alpha Intelligence Capital and existing investors including Main Sequence, former Australian Prime Minister Malcolm Turnbull, In-Q-Tel, and Our Innovation Fund. Advanced Navigation manufactures MEMS and fiber optic gyroscope (FOG) based inertial navigation systems that combine accelerometers, gyroscopes, magnetometers, and pressure sensors with RTK GNSS receivers and AI algorithms. Its products are used in sea, land, air, and space applications for both commercial and defense industries. Funds will be used for R&D programs focused on robotic, navigation, photonic, and quantum sensing solutions. Founded in 2012, it is based in Sydney, Australia.

TouchNetix raised NOK 120.0M (~$12.1M) in financing from Alliance Venture, Bergan, Calypso Invest, Djerv Holding, Fyrva, Investinor, Investitude, LER Invest, Motor-Trade Eiendom & Finans, R Munkhaugen, Reitan Kapital, and Wiski Capital. TouchNetix makes touch sensor chips and modules that enable touchless and 3D sensing above the surface as well as force-sensing touch and traditional multi-touch capabilities. Its user interface controller chips deliver up to 80dB of SNR, which it says is 100 times higher than traditional touch controllers. Automotive is a major target market for the company, where its products support very large cockpit touchscreens and smart touch surfaces such as rotary dials, door handles, steering wheels, and other dashboard and control function areas in vehicles. Other applications include industrial, medical, and home appliances. Funds will be used for R&D, manufacturing support operations, and sales and customer support services. Founded in 2010, it is based in Trondheim, Norway.

Scantinel Photonics raised €10.0M (~$10.4M) in an extended Series A from PhotonDelta and current investors Scania Growth Capital and ZEISS Ventures. Scantinel develops frequency modulated continuous wave (FMCW) lidar-on-chip technology, which aims to replace currently-used time-of-flight systems. The startup says it can measure distances to objects in the plus-300-meter range with a high level of integration, solid state scanning, immunity from interference, and pricing suitable for the automotive market. Scantinel will use the funding to roll out its FMCW lidar devices to customers. Based in Ulm, Germany, it was founded in 2019 as a venture of Carl Zeiss AG.

Deray Optoelectronics received CNY 40.0M (~$5.6M) in pre-Series A funding led by Spring Capital. Deray makes semiconductor laser chips. Its products include vertical cavity surface emitting lasers (VCSEL), infrared VCSEL, and edge emitting lasers (EEL), with a production line covering epitaxial structure design, epitaxy growth, chip design, chip manufacturing, and test and packaging. Applications include smart security cameras, smart home, 3D face recognition, traffic monitoring, optical communication, and laser medicine. Based in Nanchang, China, it was founded in 2015.

WearOptimo received AUD $5.0M (~$3.2M) in funding. The startup makes micro-wearable health sensors using flexible electronics and microscopic electrodes that painlessly penetrate the outer skin layer to measure biomarkers in real time. The sticker-like sensors can detect conditions such as dehydration and cardiac arrest. “The skin is an amazing barrier. While doing its job, it blocks the bulk of the signals today’s typical wearables are trying to measure. Our solution will overcome this constraint and open up next generation insights from a wearables perspective,” said WearOptimo CEO and founder Mark Kendall. The funding will be used to start clinical trials of its sensor for the detection of dangerous dehydration levels. It will also support continued development of a sensor to aid early detection of heart attacks and cardiovascular disease. Founded in 2018, it is based in Woolloongabba, Australia.

Minyuan Sensing Technology (Mysentech) raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A funding from CDF-Capital, Henan Hanwei Electronics, and Probing VC. Mysentech makes sensor chips and modules for environmental sensing and IoT, including capacitive, temperature, moisture, water level, tilt, and vibration sensors. Its products include MEMS sensing elements, signal conditioning, power management, automatic DSP calibration algorithms, storage, and communication blocks. Funds will be used for R&D and to expand to home appliances, automobiles, and safety monitoring. Founded in 2017, it is based in Beijing, China.

Taifang Technology received Series B2 financing from Lenovo Capital, its second round from the electronics company this year. The startup combines its elastic wave sensor, chip, and algorithms into tactile sensing technology that is capable of recognizing touch force, position, and mode when a variety of hard materials are touched. Taifang says it has low energy consumption and supports glass, iron sheets, wood plate, and other materials, as well as 3D surfaces. Its primary markets are consumer electronics and automotive, with products including force touch sensors for laptops, wearables, and medium and large touch screens, as well as low and medium speed collision sensing for automotive exteriors. Lenovo has used Taifang’s technology in several of its laptops. Funds will be used for R&D and market development. Based in Beijing, China, it was founded in 2015.

TG0 won funding in the X-Pitch startup competition. The startup makes capacitive sensors that can be deployed onto any surface in any shape and are capable of detecting gestures, pressure, and deformation. A particular application TG0 is targeting is human-machine interfaces in automotive interiors. Founded in 2015, it is based in London, England, UK.

Security

SpeQtral received $1.5M from Xora Innovation and NUS Technology Holdings. SpeQtral designs and manufactures satellite-based quantum communication systems and provides end-to-end distribution of quantum encryption keys, specializing in entanglement-based quantum key distribution (QKD). The startup has demonstrated an entangled photon source in a CubeSat in orbit and plans to launch its first QKD satellite in 2024 to exchange encryption keys between Singapore and the European Space Agency’s member states. Founded as a spin out from the Centre for Quantum Technologies at the National University of Singapore in 2017, it is based in Singapore.

Quside raised a seven-figure Series A investment led by Trumpf Ventures and Bullnet Capital, joined by Demium Capital and TechVisionCapital. Quside offers a quantum random number generator (QRNG) based on the phase-diffusion process in semiconductor lasers. QRNGs generate randomness by measuring quantum processes. The startup’s generation process involves modulating a semiconductor laser from below to above its threshold level to produce a stream of phase randomized optical pulses, which are converted into the amplitude domain with an interferometer then into the electronic domain with a photodiode. It says its chip enables gigabit per second quantum entropy generation on a millimeter-squared footprint. Funds will be used to accelerate growth and expand to higher volume markets. Founded in 2017 based on technology developed at ICFO, it is based in Barcelona, Spain.

Displays & AR/VR

Leia Inc. received $125.0M in debt financing from Aon Advantage Funds. Leia develops a Diffractive Lightfield Backlighting technology that integrates as a layer into displays of any size or quality, including mobile devices and automotive screens, to provide a 3D experience without the need for AR/VR eyewear. The startup says its layer is mass-producible and only adds one layer to the regular display stack. It also offers software for creating lightfield content. Based in Menlo Park, California, USA, it was founded in 2014.

Rokid raised CNY 384.0M (~$52.9M) in financing from Yuhang Financial Holdings Group, Dunhong Capital Management, Ganbei Investment, and others. The funding follows a $40.0M raise in September. The company produces AR/XR glasses for industrial and commercial markets, including an explosion-proof AR headband compatible with safety helmets. Other areas it targets include training and virtual exhibits. The company also offers AR sunglasses that dock with a smartphone for the consumer market. Based in Hangzhou, China, it was founded in 2014.

Thin Red Line Technology raised around $50.0M in angel funding led by Meituan’s DragonBall Capital, joined by Lenovo Capital, DJI, BlueRun Ventures, Matrix Partners China, ATM Capital, and individual investors. The startup is developing an OS for AR devices and plans to eventually release AR hardware. Founded in 2022, it is based in Beijing, China.

Pixelligent Technologies raised $38.0M in non-dilutive growth capital from MVolution Partners, bringing its round to over $45.0M with equity capital from strategic and financial shareholders. Pixelligent makes high refractive index formulations and materials used to make wide field of view waveguides for AR/MR devices; improve light management and tune the refractive index in OLED, mini, and microLED displays; tune optical and mechanical properties in optical and lidar sensors; and increase light output in LED and OLED lighting. Its metal oxide materials include zirconia nanocrystals and two types of titania nanocrystals for dispersion into solvents, monomers, and polymers, along with a process that enables customization of surface properties. Funds will be used to develop new synthetic metal oxides and applications as well as accelerate and expand commercial activities. Founded in 2009, it is based in Baltimore, Maryland, USA.

Grace Laser raised CNY 200.0M (~$27.9M) in Series C funding led by SDIC Venture Capital and China Development Manufacturing Transform Fund. Grace Laser makes laser equipment for a range of applications, including medium- and high-power picosecond lasers for processing of LCD and OLED flat panel displays and for PCB micromachining. It also targets scientific and beauty industries. Funds will be used for R&D and to prepare for an IPO. Founded in 2014, it is based in Beijing, China.

Ixana emerged from stealth with $3.0M in seed funding from Uncorrelated Ventures, Samsung Next, Evonexus, Paradigm Shift, and Hack VC. Ixana says it has developed a chip that enables high-speed human-computer interfaces such as AR headsets with all-day battery life and real-time AI. “Leveraging wire-free distributed computing, our low-power AR headset lasts a full day on a single charge, even with an always-on front-facing camera that can detect what you are seeing, analyze it, and provide feedback in real-time,” said Shreyas Sen, Ixana’s CTO and a chair associate professor at Purdue University. Founded in 2020, it is based in Seattle, Washington, USA.

Dream Glass drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Inkeverse, Sharetronic, and others. The startup makes AR glasses for the consumer market. Its lenses are made with micron-level high precision optical molds that can be made with an injection molding process, which it says lowers the cost of production while still providing a high-definition display and large field-of-view. Funds will be used for mass production, marketing, hiring, and content development. Founded in 2019, it is based in Fremont, California, USA.

Deep Optics received Series C investment from eyewear company Fielmann Group. The startup makes dynamic focal glasses that use pixelated liquid crystal lenses to adjust the focal distance. Its first product using the technology is sunglasses that can transition to reading glasses, which the company says provides a larger field of vision compared to glasses with conventional progressive lenses. “After completing a successful beta testing phase, we are going to make 32°N available for customers next year. The additional funding will help us scale our adaptive vision correction and to continue to develop cutting-edge products for vision correction, along with augmented and virtual reality applications,” said Yariv Haddad, CEO of Deep Optics. Founded in 2011, it is based in Petah Tikva, Israel.

ADAS & autonomy

Freetech raised nearly $100.0M in Series B funding led by Chaos Investment, with participation from Hengxu Capital, BAIC Capital, TCL Industries, Shaanxi Automobile Group, Sun Life Everbright Asset Management, Tongxiang Chemical Corporation, and Ao Peng Investment. Freetech provides domain control units with ADAS functionality as well as automotive perception systems including radar, lidar, and cameras. The company says its solution has been adopted by numerous automakers. Funds will be used for new product development and supply chain optimization. Based in Hangzhou, China, it was founded in 2016.

ISEE raised $40.0M in a Series B round led by Founders Fund, joined by Maersk Growth, Eniac Ventures, New Legacy, and others. ISEE develops self-driving technology specifically for yard trucks that move shipping containers around in logistics yards. “By leveraging advanced cognitive modeling, game theory, and deep learning, we’ve developed proprietary technology that’s a perfect match for the challenges of a logistics yard,” said ISEE co-founder and CEO Yibiao Zhao. Funds will be used to scale operations. A spin out from MIT founded in 2017, it is based in Cambridge, Massachusetts, USA, and has raised $70M to date.

Parallel Domain raised $30.0M in Series B funding led by March Capital, with participation from existing investors Costanoa Ventures, Foundry Group, Calibrate Ventures, and Ubiquity Ventures. Parallel Domain provides a synthetic sensor data generation platform for training and testing perception systems used in outdoor autonomous systems such as vehicles, robots, and drones. The startup says the range of data that can be generated with its platform can help prepare AI models for the unpredictability and variety of the physical world. “This new funding will enable us to continue driving revenue growth, expand our team and products to service a broader customer base, and capitalize on the latest advancements in generative AI,” said Kevin McNamara, founder and CEO of Parallel Domain. Based in San Francisco, California, USA, it was founded in 2017.

Holomatic drew hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in a Series C2 round led by automaker GAC Group, joined by Zhidu Investment and Chaos Investment. The company reports its total Series C investment has reached $100M. Holomatic’s ADAS solutions include an L4 valet parking system and L3.5 highway driving system with adaptive cruise, traffic jam pilot, active lane change and overtaking, and interchange and on/off-ramp navigation. It also offers domain controller hardware and software. GAC plans to include Holomatic’s technology in several upcoming passenger cars. Funds will be used for R&D of high-level autonomous driving technology and large-scale mass production. Founded in 2017, it is based in Beijing, China.

Hong Jing Drive, also known as Hyperview, raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series B funding led by Goldstone Investment, joined by Bojiang Capital, CCB Trust, Teda VC, Shang Qi Capital, Decent Capital, and others. The startup provides full-stack autonomous driving and ADAS solutions for heavy trucks and passenger vehicles. Funds will be used for R&D and production capacity expansion. Based in Hangzhou, China, it was founded in 2018.

Senior Automation, also known as Sinian Smart Driving, raised over CNY 100.0M (~$13.9M) in Series A+ funding from Tsinghua Innovation Ventures, Winreal Investment, Estar Capital, GF Xinde Investment Management, and others. The startup is developing unmanned driving solutions for use in ports by combining laser, camera, millimeter wave, and ultrasonic sensing. Funds will be used for R&D and business expansion. Founded in 2020, it is based in Beijing, China.

Tage I-Driver received over CNY 100.0M (~$13.9M) in Series C1 financing from Sands Fund and Baotong Investment. The company makes unmanned driving technology for vehicles used in open mines. It combines in-vehicle hardware and sensors, 4G/5G networking, roadside units, and cloud dispatching management. Based in Beijing, China, it was founded in 2016.

Juefx Technology raised nearly CNY 100.0M (~$13.9M) in financing from China Minsheng Bank and Hygoal Capital. Juefx develops technology for assisted and automated driving, including high-precision map products, sub-meter positioning, and visual perception and object recognition AI middleware. Funds will be used for R&D, including on fusion perception and fusion positioning. Founded in 2019, it is based in Beijing, China.

Carteav closed a $6.5M funding round that included Mobilion Ventures and individual investor Zohar Zisapel. Carteav makes low-speed self-driving golf carts for use in in managed areas such as retirement communities, hospitals, factories, universities, colleges, and golf courses. It also provides a fleet management platform. Funds will be used to expand its product development initiatives and deepen its presence in the US. Founded in 2020, it is based in RiShon LeZion, Israel.

Heex Technologies drew €3.2M (~$3.3M) in pre-seed funding led by Karista, joined by Techstars, Google’s Black Founders Fund, Bpifrance, and individual investors. Heex Technologies provides data management software for engineering teams working on advanced AI. It uses an event-based approach to extract small packages of relevant data directly at the edge or on the cloud. A particular focus is enabling the building of valuable datasets for autonomous driving. “We strongly believe that to reach reliable levels of autonomy in the ground-breaking fields of AI, robotics, or IoT, companies across industries will increasingly need to transition from accumulating all the data to extract primarily the data that is needed; because at some point development teams don’t necessarily need more data, they need better datasets. This new investment will enable the company to scale up its product offering and build integrations with strategic partners,” said Arnaud de La Fortelle, co-founder and CTO of Heex Technologies. Founded in 2019, it is based in Paris, France.

Sabanto received new funding from Cooperative Ventures. Sabanto retrofits tractors to be fully autonomous for row crop field operations, including planting, tillage, spraying, and mowing. Founded in 2018, it is based in Chicago, Illinois, USA.

Auto components

SemiDrive Technology raised CNY 1,000.0M (~$138.9M) in Series B+ financing led by SAIC Jinshi Innovation Industry Fund, joined by CITIC Securities, Goldstone Investment, Guozhong Venture Capital Management, Huatai Insurance Group, Shanghai STVC Group, ZJ Innopark, V Fund, Vinno Capital, and others. SemiDrive develops automotive chips, including smart cockpit and infotainment, ADAS, central gateways, and high-performance MCUs. SAIC Motor noted it launched a car that uses SemiDrive chips earlier this year and plans to continue the collaboration. Funds will be used to develop core technology, work on the next generation of auto chips, and expand production capacity. Based in Nanjing, China, it was founded in 2018.

Atech Automotive Electronics raised over CNY 500.0M (~$68.9M) in Series C funding from Xiaomi, CICC Capital, PICC Capital, China Fortune-Innovation Capital, October Capital, Cowin Capital, Winsoul Capital, and others. Atech develops automotive electronics, including modules for body controller, domain controller, Ethernet gateway, digital cockpit, millimeter-wave radar, digital keys, and AR-HUD. Founded in 2003, it is based in Wuhu, China.

Ecarx received a $65.0M convertible note from SPDB International and CNCB Investment ahead of its planned merger with special-purpose acquisition company COVA Acquisition Corp, which will take the company public on Nasdaq. Ecarx provides automotive hardware and software, including a smart cockpit product with 4G/5G connectivity, infotainment, and voice assistance. It is currently building a full-stack automotive computing platform. “This financing agreement brings Ecarx’s debut on the public markets one step closer and we expect to satisfy the $100 million minimum cash condition for the closing of the business combination. Additionally, we view this financing as a vote of confidence in our market position and believe it will help us facilitate the transition of the auto industry to connected and automated electrified vehicles,” said Ziyu Shen, Ecarx chairman and CEO. Based in Hangzhou, China, Ecarx was founded in 2017.

Pateo drew hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in financing from Jiangxi Cultural Industry Investment Fund and Golden Vision Capital. Pateo offers in-vehicle infotainment and HMI hardware and software. Its products include telematics solutions, primary navigation and entertainment displays, instrument cluster, and rear seat entertainment systems. Founded in 2009, it is based in Shanghai, China.

LiangDao Intelligence raised CNY 100.0M (~$13.9M) in Series B1 funding led by Everest VC, joined by BeFor Capital and CMG-SDIC Capital. LiangDao assists with development of automotive lidar systems, including automotive-grade lidar hardware, perception software, algorithm development, testing and validation, and data services. It also makes a roadside sensor fusion system for V2X communication and traffic monitoring that combines high-resolution lidar, camera, other roadside sensors, and an edge computing unit. Based in Beijing, China, it was founded in 2017.

Daisch Intelligent Technology raised nearly CNY 100.0M (~$13.9M) in Series A financing from Lightspeed China Partners. Daisch makes high-precision integrated inertial navigation system modules, inertial measurement units, and inertial fusion systems for L3 ADAS in passenger cars and unmanned vehicles. Funds will be used to expand its product lines and increase production capacity. Based in Shanghai, China, it was founded in 2015.

Zvision Technologies raised tens of millions of dollars in Series C financing led by Genesis Capital, joined by CITIC Securities and Z&Y Capital. Zvision develops solid state MEMS lidar systems for automotive, including long-distance, short-distance, and large field of view solutions. Funds will be used for iteration of its long- and short-range vehicle-grade lidar products, accelerating core chip development, and expanding production capacity. Based in Beijing, China, it was founded in 2017.

EPT, also known as E-planet, received tens of millions of yuan (CNY 10.0M is ~$1.4M) in Series A financing from Jinbang Capital. The startup offers a cross-platform automotive Ethernet protocol stack, communication middleware, and smart cockpit software platform. It also offers testing for automotive electronics, including Ethernet, CAN/LIN/FR networks, OTA, and cockpit hardware-in-the-loop testing, and R&D services. Founded in 2014, it is based in Shanghai, China.

Forsense drew tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding from Atom Ventures. The startup makes MEMS inertial sensors, sensor fusion algorithms, and integrated navigation systems. It targets automated agricultural machinery and autonomous driving. Based in Shanghai, China, it was founded in 2019.

Pride Silicon raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in pre-Series A funding from Xiaomi. Pride Silicon makes in-vehicle network chips, including vehicle transceivers, CAN interface ICs, and Ethernet transceivers. Funds will be used for R&D on CAN and Ethernet PHY chips. Based in Hangzhou, China, it was founded in 2021.

EVPT, also known as Yi Dingfeng Power Technology, received Series A+ financing from Aurora Private Equity, Zhongsheng Huipu Investment Management, and Huitongda Network. The company makes electronics modules for electric vehicles, including vehicle controller unit, battery management system, power domain controller, fuel cell system domain control unit, vehicle thermal management unit, and low-speed automatic driving domain controller. Funds will be used in construction of a production line. Founded in 2016, it is based in Tianjin, China.

RoboSense received new strategic financing, adding automakers BAIC Group, GAC Group, and Geely to its list of investors. RoboSense makes systems incorporating lidar sensors, SoC, and AI perception software. Its automotive-grade lidar uses MEMS-based sensors and covers both near and far sensing. The company also makes a range of mechanical lidar systems for a variety of applications including low and mid-speed robotics, blind spot detection, and roadside monitoring. It recently released a flash solid-state lidar platform that provides 360° coverage and uses the company’s first in-house, custom chips that incorporate transmission, reception, and processing as well as its first 2D electronic scanning technology. Founded in 2014, it is based in Shenzhen, China.

Shanghai Thinktech received strategic investment from SAIC Motor’s Innovation Fund as well as SAIC Venture Capital. Thinktech offers automotive security SoCs and software with a focus on connected vehicles and applications such as vehicle-cloud encryption certification, security on-board communication encryption certification, and V2X message authentication. It also makes general-purpose automotive MCUs and RISC-V IP cores for automotive applications. The investment will boost further collaboration between the two companies. Founded in 2017, it is based in Shanghai, China.

Batteries

Verkor received more than €250.0M (~$247.7M) in loan financing and convertible bonds from the European Investment Bank, Bpifrance, Demeter, Plastic Omnium, Sibayne-Stillwater, Groupe IDEC, Schneider Electric, and others. Verkor is a lithium-ion battery manufacturer that aims to reduce carbon impact by making electric vehicle batteries closer to where they’re used, implementing Industry 4.0 technologies, and automatically recycling production scrap. The funds will be used to build an innovation center comprising an R&D lab for designing high-performance batteries, an intelligent pilot line with a capacity of 150 MWh/year, and a workforce training center. It is expected to begin operation in the first half of 2023. Founded in 2020, it is based in Grenoble, France.

WeLion New Energy Technology raised nearly CNY 1,500.0M ($206.1M) in Series D financing led by Mixed Ownership Reform Fund, joined by SDIC Chuangyi Industry Fund Management, China Merchants Capital, Hermitage Capital, Dyee Capital, Hidden Hill Capital, Yinshan Capital, Hexuan Capital, Yunhe Fangyuan Capital, Huzhou Economic Development, Zibo Jingneng, and others. WeLion manufactures hybrid solid-liquid electrolyte lithium-ion batteries and all solid-state lithium batteries in both pouch cell and module form factors. It targets applications including EVs, large-scale energy storage, drones, and consumer electronics. The company says its hybrid solid-liquid electrolyte battery for EVs, developed in cooperation with automaker NIO, can last up to 1,000 kilometers on a single charge and is expected to enter mass production at the end of this year or the first half of next year. Funds will be used to expand its production line and for R&D. Founded in 2016, it is based in Beijing, China.

Hebei Kuntian New Energy raised over CNY 1,000.0M (~$137.4M) in strategic investment led by Sinopec Capital, SK China, and CICC Capital, joined by Fosun Capital, GF Qianhe Investment, and Sany Group. Kuntian makes anode materials for lithium-ion batteries, primarily artificial graphite. Funds will be used to expand manufacturing facilities to produce 200,000 tonnes of anode materials annually. Founded in 2018, it is based in Hebei, China.

Kore Power received $75.0M in private placement financing led by Siemens Financial Services, with participation from Quanta Services, Nidec Motor Corporation, Honeywell Ventures, Trog Hawley Capital, and others. Kore Power manufactures lithium-ion battery cells and integrated solutions for the e-mobility and energy storage sectors. It currently offers nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) cells. The financing will be used to start construction of its gigafactory in Arizona and to purchase long lead-time items required for construction of the facility. The factory is expected to have an initial annual production capacity of 6 GWh of high-density lithium-ion cells when it begins operating in late 2024, with production expected to expand to 12 GWh. Founded in 2018, it is based in Coeur d’Alene, Idaho, USA.

Jinsheng New Energy raised hundreds of millions of yuan (CNY 100.0M is ~$13.9M) in Series B+ financing led by Fortune Capital and CoStone Capital, joined by Bosch, Shaanxi Automobile Group, CCT Fund, Guangdong Industrial Development Fund, and Bosera Funds. Jinsheng New Energy recycles lithium-ion batteries and supplies battery-grade cobalt sulfate, nickel sulfate, manganese sulfate, lithium carbonate, and other lithium battery materials. Funds will be used to expand production and R&D capacity. Founded in 2010, it is based in Gaoyao, China.

Evyon drew €7.0M (~$7.0M) in equity financing led by Sandwater, joined by Antler, Wiski Capital, and Skagerak Energi, along with €1.0M (~$1.0M) in debt financing. Evyon repurposes second-life EV batteries for energy storage systems. It is developing an integrated software-hardware platform to characterize what batteries to reuse and maximize their value and safety. Funds will be used to bring Evyon’s commercial and industrial battery energy storage product from prototype to mass production during 2023. Founded in 2020, it is based in Oslo, Norway.

LiNa Energy closed a £3.0M (~$3.4M) late seed funding round, primarily from existing investors. LiNa Energy is developing a battery with a sodium-metal-chloride chemistry in a planar design using an ultra-thin solid state ceramic electrolyte. The battery does not use lithium or cobalt, and the startup says it has higher energy density and operational cycling compared to Li-ion. It is initially targeting energy storage systems, with plans to expand to heavy-duty transport sectors. Funds will be used to develop the next generation of electrolyte that is expected to improve both power and energy density of its solid-state sodium cells, as well as for automating manual processes to assemble more cells and perform pre-FEED studies ahead of investing in the next scale of manufacturing facilities. LiNa Energy plans to raise a Series A round in mid-2023 to fund a pre-pilot line. Founded in 2017 as a spin out from Lancaster University, it is based in Lancaster, England, UK.

Cactos raised €2.5M (~$2.6M) in equity and debt led by Superhero Capital, with participation from the startup’s founders. Cactos makes energy storage systems using second-life EV batteries. The units are offered as a service paired with a cloud-based management system to optimize energy consumption and stabilize the grid by balancing supply and demand. The company will use the funding to increase production and double its factory size in early 2023. Founded in 2021, it is based in Muhos, Finland.

Clean Electric drew $2.2M in seed funding led by Kalaari Capital, joined by LetsVenture, Climate Angels, 7Square Ventures, and CIIE Regional Innovation Foundation. Clean Electric aims to improve the safety of batteries with immersion cooling packaging and smart temperature modulation, which minimizes lithium plating during fast charging. “The patents the team has filed introduce direct liquid cooling technology wherein the cells of the battery are 100% in contact with a coolant which ensures maximum safety (fireproof), 25-minute charging and a 1.5x longer life span,” said Sumeet Singh, partner at Climate Angels. Founded in 2016, it is based in Pune, India.

Sinergy Flow raised €1.8M (~$1.9M) in seed funding led by 360 Capital and joined by CDP Venture Capital. Sinergy Flow is developing a long-duration energy storage redox flow battery based on earth abundant and low-cost materials, including sulfur byproducts from the petrochemical industry. Funds will be used for hiring, as well as for R&D, validating the technology, scaling the device, and preparing for mass production. Founded in 2022, it is based in Milan, Italy.

Peng Jin Technology raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in financing from Dongguan Kechuang Financial Group, De Cai Fund, Zhiyun New Energy, and Jianhe Fund. The company makes NMP (N-methyl-2-pyrrolidone) recycling and recovery equipment. NMP is a solvent used in manufacturing nickel magnesium cobalt batteries. Funds will be used to expand production capacity, develop new products, and hire. The company is also planning a new round of funding in anticipation of an IPO. Founded in 2011, it is based in Dongguan, China.

Topsound Technology raised tens of millions of yuan (CNY 10.0M is ~$1.4M) in angel funding led by CasStar and joined by Juhua Chuanxin. Topsound makes ultrasonic non-destructive testing and monitoring equipment for batteries. Capable of determining the battery cell’s internal state, such as if the electrolyte distribution inside the battery is inconsistent, it is compatible with lithium iron phosphate, ternary lithium, sodium-ion, solid-state, lithium metal, and other battery chemistries. It targets both research and development environments as well as commercial battery manufacturing. Topsound is also developing small acoustic sensors that can be integrated into battery modules for safety monitoring and analysis during use. Based in Wuxi, China, it was founded in 2022.

Pufaffen Electronic Technology received nearly CNY 10.0M (~$1.4M) in angel+ funding from Maizun Capital, Kuangshi Venture Partners, and TSN Capital. Pufaffen develops automotive thermal management software, including for battery systems in electric vehicles. It is also working on battery electrolyte leakage detectors. Based in Shanghai, China, it was founded in 2019.

Basquevolt raised €1.3M (~$1.2M) in seed financing from CDTI Innovation, with additional investment from Iberdrola. Basquevolt develops solid-state lithium batteries using a polymer composite electrolyte and a high silicon content anode. It targets electric vehicles, heavy transport, renewable energy, and electronic devices. Funds will be used to build a pilot production line. Founded in 2022 based on research from CIC energiGUNE, it is based in Vitoria-Gasteiz, Spain.

Baosheng Energy Technology received angel financing from CasStar. The company makes anodes for lithium-ion batteries. It is also developing dry process electrode production and processing equipment. Funds will be used for equipment manufacturing, hiring, and construction of an R&D facility. Founded in 2019, it is based in Suzhou, China.

Britishvolt received a near-term investment that will act as a bridge while it raises further funding. The company manufactures lithium-ion battery cells, primarily for electric vehicles. It is currently constructing a 30GWh plant, with phase one expected to be complete in late 2023. The company aims to reduce the carbon footprint required to manufacture batteries and says the plant will be powered by solar and hydroelectric power. Founded in 2019, it is based in Blyth, England, UK.

Mic-power received Series B financing led by Goldstone Investment. Mic-power makes solid-state lithium polymer rechargeable batteries in coin cell, cylindrical cell, pin cell, and surface mount technology cell form factors for applications such as wearables, TWS headsets, other consumer electronics, and medical devices. It says its batteries have short charging time, wide application temperature range, stable high-current performance, and good thermal stability of the solid-state electrolyte. The startup is planning for an IPO in 2025. Founded in 2017, it is based in Huizhou, China.

Natron Energy received strategic investments from United Airlines Ventures and energy and commodities group Mercuria. Natron manufactures sodium-ion batteries based on a Prussian blue electrode chemistry. The company says it provides higher power density, faster recharge, and longer cycle life than lithium-ion without requiring rare earth or conflict materials. The battery is aimed at a variety of industrial power applications ranging from critical backup power systems to EV fast charging and behind-the-meter applications. Funds will be used to accelerate mass production. United Airlines plans to use Natron’s batteries electrify its airport ground equipment like pushback tractors and operations at the gate. The Mercuria investment will bolster Natron’s expansion into oil and gas fields and alternative energy markets. Founded in 2012, it is based in Santa Clara, California, USA.

Zocono drew Series B+ financing from Hongtai Fund, following a B round in September. The company provides equipment and automated production lines for manufacturing lithium batteries. It also offers automated optical inspection equipment for mini-LED wafers. Funds will be used to expand production of its lithium battery equipment. Founded in 2003, it is based in Shenzhen, China.

DOE battery grants

The U.S. Department of Energy (DOE) announced $73.9M in grants under the Bipartisan Infrastructure Law, this time focused on advancing technologies and processes for electric vehicle (EV) battery recycling and reuse. Federal investment will be matched by recipients. Each of the ten projects are detailed in a fact sheet. Among the funded companies are several startups:

Princeton NuEnergy (PNE) received a $10.0M grant to develop an environmentally sustainable solution to recycle end-of-life lithium-ion batteries, from automated pack disassembly to complete component recycling/upcycling, which includes cathode-to-cathode upcycling, anode-to-anode recycling/upcycling, electrolyte component recovery, and polyvinylidene fluoride (PVDF) binder recovery to boost the total recycling efficiency of LIBs. The approach, which will utilize PNE’s low-temperature plasma-assisted separation process, aims to significantly lower costs in LIB materials fabrication, increase material performance, reduce chemical waste compared to existing industrial production methods, and reduce geopolitical risk from the materials supply chain. A spin out from Princeton University in 2019, it is based in Bordentown, New Jersey, USA.

Element Energy received a $7.9M grant to develop its hardware and software approach to battery management for the second-life battery market. The technology replaces a traditional power conversion system with a distributed power conversion approach for a more granular level of control. Instead of controlling a MWh-scale battery as a single element with thousands of cells all subjected to the same use profile, it independently controls the power flowing in and out of each module so that second-life batteries aren’t limited by the worst-performing cells. The grant will fund a commercial scale pilot facility at a wind generating facility. Founded in 2019, it is based in Menlo Park, California, USA.

RePurpose Energy received a $6.0M grant to develop, validate, and demonstrate technology to cost-effectively estimate and monitor the state of health (SoH) of used EV batteries. The initial SoH will be estimated in less than two minutes using electrical pulse testing and artificial intelligence. The SoH estimate will be used to optimize reassembly of the batteries and as an input to an equivalent circuit model embedded in a battery management system to track the battery’s SoH throughout its second life. Based in Fairfield, California, USA, it was founded in 2018.

Smartville received a $6.0M grant to demonstrate second-life battery life-balancing and unifying technology and start production of its Modular Assembly Battery energy storage product that maximizes the compatibility and serviceability of repurposed EV batteries sourced from a diverse set of automotive makes, models, and form factors. The grant will also be used to implement two large-scale second-life battery energy system demonstrations. Based in Carlsbad, California, USA, it was founded in 2019.

Table

Selected companies that received funding in November 2022.

Company Sector Subsector Amount Raised
(M, USD)
Funding Type HQ
Verkor Batteries Lithium Ion $247.7 Debt France
WeLion New Energy Technology Batteries Solid State Lithium $206.1 Series D China
Astera Labs Chip Design Data Center $150.0 Series D USA
Dongfang Jingyuan Electron Limited Equipment Inspection $139.6 Private Equity China
SemiDrive Technology Auto Components SoC $138.9 Series B+ China
Hebei Kuntian New Energy Batteries Battery Materials $137.4 Strategic China
Leia Inc Displays 3D Display $125.0 Debt USA
ColdQuanta Quantum Cold Atom $110.0 Series B USA
Xanadu Quantum Photonic Quantum $100.0 Series C Canada
Freetech ADAS & Autonomy Consumer $100.0 Series B China
Kore Power Batteries Lithium Ion $75.0 Venture China
Atech Automotive Electronics Auto Components Control Module $68.9 Series C China
Advanced Navigation Sensors Navigation $68.0 Series B Australia
Ecarx Auto Components Cockpit $65.0 Convertible Note China
Rokid AR/VR AR Glasses $52.9 Venture China
Thin Red Line Technology AR/VR AR Glasses $50.0 Angel China
Eliyan Corporation Chip Design Chiplet $40.0 Series A USA
ISEE ADAS & Autonomy Logistics $40.0 Series B USA
Pixelligent Technologies Materials Display $38.0 Debt USA
Atomica Corp Manufacturing Foundry $30.0 Series C USA
Parallel Domain ADAS & Autonomy Training Data $30.0 Series B USA
Cornelis Networks Chip Design Data Center $29.0 Series B USA
Grace Laser Equipment Display $27.9 Series C China
Yuehai Integrated Packaging Packaging $23.5 Venture China
Morse Micro Wireless Wi-Fi $20.1 Series B Australia
Cambridge GaN Devices Power Semi GaN $19.0 Series B UK
P2i Materials Coating $18.1 Debt UK
Canatu Materials CNT $17.9 Venture Finland
Niron Magnetics Materials Magnet $17.5 Grant USA
Elephantech Manufacturing PCB $14.4 Venture Japan
X-Epic EDA EDA $13.9+ Series B China
CanSemi Manufacturing Foundry $13.9+ Series B China
Getech Technology Manufacturing CIM/MES $13.9+ Series B China
NeuCloud Manufacturing CIM/MES $13.9+ Series C+ China
SRI Intellectual Technology Equipment ALD $13.9+ Series A China
Alkaid Semi Power Semi Power Semi $13.9+ Series C China
Holomatic ADAS & Autonomy Consumer $13.9+ Series C+ China
Hong Jing Drive ADAS & Autonomy Logistics $13.9+ Series B China
Senior Automation ADAS & Autonomy Logistics $13.9+ Series A+ China
Tage I-Driver ADAS & Autonomy Industrial $13.9+ Series C+ China
Pateo Auto Components Cockpit $13.9+ Venture China
Jinsheng New Energy Batteries Recycling $13.9+ Series B+ China
Jet Plasma Technology Equipment Cleaning $13.9 Series D China
Enovate3D Equipment 3D Printing $13.9 Series A China
Zeta Tech Manufacturing CIM/MES $13.9 Series A China
Mega Phase Technology Equipment Inspection $13.9 Series C China
Juefx Technology ADAS & Autonomy Consumer $13.9 Venture China
LiangDao Intelligence Auto Components Lidar $13.9 Series B+ China
Daisch Intelligent Technology Auto Components Navigation $13.9 Series A China
TouchNetix Sensors Touch $12.1 Venture Norway
Scantinel Photonics Sensors Lidar $10.4 Series A Germany
Zvision Technologies Auto Components Lidar $10.0+ Series C China
Princeton NuEnergy Batteries Recycling $10.0 Grant USA
Actnano Materials Coating $8.0 Debt USA
Evyon Batteries Battery Repurposing $8.0 Venture, Debt Norway
Element Energy Batteries Battery Repurposing $7.9 Grant USA
Goodled Precision Optoelectronics Equipment Adhesive $7.0 Series A+ China
Carteav ADAS & Autonomy Low Speed $6.5 Venture Israel
Aniah EDA EDA $6.2 Series A France
eleQtron Quantum Ion Trap $6.1 Venture Germany
Amplio Manufacturing Supply Chain $6.0 Seed USA
RePurpose Energy Batteries Battery Repurposing $6.0 Grant USA
Smartville Batteries Battery Repurposing $6.0 Grant USA
Deray Optoelectronics Sensors Laser $5.6 Pre-A China
SparkNano Equipment ALD $5.4 Venture Netherlands
Biomemory Memory & Storage DNA $5.2 Seed France
Sofant Technologies Wireless 5G $5.1 Venture UK
Litilit Equipment PCB $3.5 Venture Lithuania
Changzhou Zhenjing Semiconductor Materials SiC $3.5 Strategic China
LiNa Energy Batteries Sodium Metal Chloride $3.4 Seed UK
Heex Technologies ADAS & Autonomy Training Data $3.3 Pre-Seed France
WearOptimo Sensors Wearable $3.2 Venture Australia
Ixana AR/VR AR Glasses $3.0 Seed USA
Cactos Batteries Battery Repurposing $2.6 Venture, Debt Finland
Clean Electric Batteries Battery Packaging $2.2 Seed India
Sinergy Flow Batteries Redox Flow $1.9 Seed Italy
SpeQtral Security QKD $1.5 Venture Singapore
Accuracy Int Tech Equipment Grinding $1.4+ Venture China
Lebo Semi Equipment Adhesive $1.4+ Series A China
Younme Equipment Force Control $1.4+ Pre-A China
CD Micro-Technology Packaging Packaging $1.4+ Pre-A China
LightE Technology Equipment Inspection $1.4+ Series A China
Pi Semiconductor Test Test $1.4+ Series A+ China
Xinyuan New Material Materials TIM $1.4+ Pre-A China
AD Microchip AMS MCU $1.4+ Series A+ China
Modulo Smart Core Microelectronics AMS ADC/DAC $1.4+ Angel China
Soundec AMS Signal Processor $1.4+ Series B China
Radio Master Wireless Wireless Test $1.4+ Series A China
DanXi Technology Power Semi GaN $1.4+ Series A China
Minyuan Sensing Technology Sensors Environmental $1.4+ Series A China
Dream Glass AR/VR AR Glasses $1.4+ Pre-A USA
EPT Auto Components Network $1.4+ Series A China
Forsense Auto Components Navigation $1.4+ Angel China
Pride Silicon Auto Components Network $1.4+ Pre-A China
Peng Jin Technology Batteries Recycling $1.4+ Venture China
Topsound Technology Batteries Battery Management $1.4+ Angel China
Weichong Semiconductor Equipment Inspection $1.4 Pre-A+, Pre-A++ China
Pufaffen Electronic Technology Batteries Battery Management $1.4 Angel China
Basquevolt Batteries Solid State Lithium $1.2 Seed Spain
Quside Security RNG $1.0+ Series A Spain
CooliBlade Power Semi Cooling $0.8 Seed Finland
Power Diamond Systems Power Semi Diamond $0.7 Seed Japan
Beizhong Wangxin Chip Design DPU Undisclosed Pre-A China
LinJoWing Chip Design GPU Undisclosed Angel China
TCPack Packaging Packaging Undisclosed Venture China
GT AI Equipment Inspection Undisclosed Series C+ China
AST Materials Wafer Undisclosed Series B+ China
Nanzhi Core Material Materials Optics Undisclosed Angel China
PowerEpi Materials SiC Undisclosed Venture China
InnoGrit Memory & Storage SSD Undisclosed Venture China
Hynetek Semiconductor AMS USB Undisclosed Series B+ China
Lingxin Microelectronics AMS MCU Undisclosed Series A China
Zunpai Communication Technology Wireless Wi-Fi Undisclosed Pre-A+ China
Youbest Technology Wireless Microwave Undisclosed Venture China
Sanrise Tech Power Semi Power Semi Undisclosed Pre-IPO China
Taifang Technology Sensors Touch Undisclosed Series B+ China
TG0 Sensors Touch Undisclosed Competition UK
Deep Optics AR/VR Lenses Undisclosed Series C Israel
Sabanto ADAS & Autonomy Industrial Undisclosed Venture USA
EVPT Auto Components Control Module Undisclosed Series A+ China
RoboSense Auto Components Lidar Undisclosed Strategic China
Shanghai Thinktech Auto Components Network Undisclosed Strategic China
Baosheng Energy Technology Batteries Lithium Ion Undisclosed Angel China
Britishvolt Batteries Lithium Ion Undisclosed Venture UK
Mic-power Batteries Solid State Lithium Undisclosed Series B China
Natron Energy Batteries Sodium Ion Undisclosed Strategic USA
Zocono Batteries Battery Equipment Undisclosed Series B+ China

Funds & investors

Luminate NY, an accelerator for startups developing optics, photonics, and imaging enabled technologies, and Silicon Catalyst, an incubator for semiconductor hardware startups, are partnering to enable concurrent participation in both accelerator programs. “Critical technologies such as silicon photonics, lasers, and electronic packaging rely on the integration of semiconductor technology and photonics,” said Sujatha Ramanujan, managing director of Luminate NY. “This partnership will help to close the development and manufacturing gaps that often exist when working across multiple technical disciplines to bring novel technologies to market.”

Sinovation Ventures raised $200.0M for its fifth fund, which will invest in Series A and B rounds. The firm, which plans to raise a total of $500.0M for the fund, focuses on Chinese startups in the semiconductor and chip, AI, robotics, enterprise software, healthtech, and sustainability industries.

VSquared Ventures launched a new €165.0M (~$171.8M) fund to invest in early-stage European deep tech startups. It will initially invest up to €3.0M in 20 to 25 startups, with the rest slated for follow-on rounds. Areas of focus including AI and robotics, new computing and sensing, spacetech, energy transition, and next-gen data processing.

Intel selected the companies that will participate in its Intel Ignite accelerator program for early-stage deep tech startups. The program provides mentorship and resources to accelerate R&D. Among the selected companies:

United States:

  • Atlantic Quantum Corp – Quantum computers with scalable control architecture.
  • Geminus.ai – An industrial AI platform that fuses measurement data and physics to power efficient digital twins.
  • Irradiant – Ultrafast nanoscale 3D printing of metals, semiconductors, and dielectrics for optics and photonics.

Europe:

  • Black Semiconductor (Germany) – Graphene-based photonic interfaces for data exchange on and between electronic microchips.
  • Ceramic Data (Germany) – A process for permanent, secure storage and archiving of data in glass.
  • Corintis (Switzerland) – Processes and AI-based software for efficient liquid cooling directly in microchips.
  • DeepScenario (Germany) – AI technology to train, test, and validate autonomous driving systems on a large scale.
  • Luminovo (Germany) – Software for the electronics industry to optimize communications and processes throughout the product lifecycle.

AI applications

Investors in November were focused on companies using AI to manage data for business operations and marketing. Also on the data front is a company that provides a data pipeline for AI workloads. Here are some of the largest rounds of the month for companies using AI in products and services.

  • Xiaoice raised $138.3M in Series A+ for its service that enables individuals and businesses to create and deploy chatbots. It was spun out of Microsoft.
  • Weka raised $135.0M in Series D for its data platform for AI and HPC workloads that uses aims to improve speeds and reduce bottlenecks by managing data pipelines from ingest and pre-processing to analyzing, storage, and archiving across on-premises, cloud, edge, or hybrid and multicloud environments.
  • Alation raised $123.0M in Series E for its data intelligence and cataloging platform that help businesses track and understand the data they have collected, such as information about buyer behavior, supply chains, inventory, sales, and customer service.
  • Ordergroove raised $100.0M in private equity to provide a subscription-based e-commerce platform for retailers and direct-to-consumer brands. It uses AI for predictive reordering and to encourage consumers to convert from one-time purchases to subscriptions.
  • Near raised $100.0M in private equity for its data platform that curates information about people, places, and products to enable marketing and operations teams to understand consumers’ online and offline behaviors, affinities, and attributes. It is preparing to go public through a SPAC merger.
  • AMP Robotics raised $91.0M in Series C to combine computer vision and robotics for sorting recycling, including plastics, cardboard, paper, cans, and cartons. It also offers secondary sorting with a focus on differentiating plastic blends to make recycling more efficient and economically viable.

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