Shanghai-headquartered semiconductor firm Xinyi Information Technology has closed its Series A+ round, collecting nearly RMB 200 million (USD 28.3 million), 36Kr reported on Wednesday.
The investment round was led by CTC Capital and joined by private equity firm Sinowisdom, as well as earlier investors Frees Fund, Dongfang Jiafu Asset Management, and male clothing maker Septwolves.
New funds will be used to manufacture NB-IoT chips, to develop “next-generation products”, and to speed up the application of these products, said the firm.
NB-IoT, which refers to Narrowband—Internet of Things, is a data transmission standard to enable a wide range of IoT devices and services to operate under mobile carrier networks. The technology improves power consumptions, spectrum efficiency, and system capacity.
The firm’s latest chipset, the XY 1100, has passed China Mobile and China Telecom’s tests in 2019 and is ready to be utilized by these two carriers.
On Wednesday, Eswin, another chipset developer, closed a RMB 2 billion (USD 283 million) Series B round, KrASIA reported. The company focuses on the design and testing of IoT and human-computer interaction integrated circuits for companies manufacturing displays and wearable devices.
36Kr is KrASIA’s parent company
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.