Mar 8, 2023

Startup Funding: February 2023 The cost of borrowing is going up, but investors continued to pour money into the chip industry in February. Collectively, 132 companies raised more than $4.5 billion last month. One of the big beneficiaries was quantum computing, with nine companies drawing a total of more than $500 million. The bulk of that went to a quantum software and services company spun out of Alphabet, but plenty was left over for companies developing quantum processors using a variety of qubit technologies. The materials space likewise saw several large rounds for companies making photoresists, manufacturing precursors, and silicon carbide (SiC) wafers. And demand is high for those SiC wafers — all but one of the power semiconductor companies that received investment in February are using the high-voltage-capable material. Also on the list of investments were system-on-foil packaging, bio-inspired AI chips, RISC-V processors, materials defect detection, and additive manufacturing. Chip design GreenWaves Technologies raised €20.0M (~$21.9M) in financing led by Innovacom, joined by Thales, Bpifrance, Soitec, Zepp Health, and others. GreenWaves develops RISC-V application processors for battery powered devices such as hearables, wearables, smart cameras, IoT, and medical monitoring products. Its chips combine DSP and AI acceleration for features such as neural network-based noise removal and adaptive noise cancellation, multi-channel spatial sound, and listening enhancement technologies. “Hearables is on its way to surpass smartphones in innovation and volume,” said Loic Lietar, CEO of GreenWaves Technologies. Funds will be used to ramp up production of its GAP9 processor and for development of its next generation processor. Founded in 2014, it is based in Grenoble, France. Mindgrove Technologies raised $2.3M in seed funding led by Sequoia Capital India, joined by Speciale Invest, Whiteboard Capital, and individual investors Ashwini Asokan and Nischay Goel. Mindgrove designs power-efficient and cost-effective SoCs for edge signal processing and vision applications. Its SoCs use open-source Shakti processor cores developed at IIT Madras, which are based on the RISC-V ISA. It is currently targeting automotive, consumer electronics, and defense use cases. “Mindgrove’s mission of designing chips in India, for the Indian market aligns well with India’s semiconductor needs – which have ballooned over the last two decades,” said Shashwath T R, CEO and co-founder of Mindgrove. Founded in 2021 and incubated at IIT Madras, it is based in Chennai, India. Ozark Integrated Circuits received a $1.1M grant from the U.S. Department of Energy. The company offers custom design of ICs, packaging and substrates, sensors, single-board computers, and consulting services focused on extreme environments such as space and nuclear reactors. Ozark IC uses silicon carbide CMOS technology to build dense, low-power circuits that can operate across a 500°C temperature range. It also offers ceramic substrates based on LTCC technology that can operate up to 300°C and custom options for designs up to 500°C. Founded in 2011, it is based in Fayetteville, Arkansas, USA. Beizhong Wangxin received new funding from Rising Investments and Yahe Investment. 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. AI hardware Tecorigin raised hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in new funding. The startup is developing high-performance computing + AI chips, accelerator cards, and systems using a heterogenous many-core architecture. Tecorigin is targeting data centers and supercomputers, and is also building a full software stack for a range of enterprise AI, scientific, and government applications. Founded in 2019, it is based in Wuxi, China. SpiNNcloud Systems was awarded a €2.5M (~$2.6M) grant from the European Innovation Council. SpiNNcloud develops bio-inspired, energy-efficient AI chips that combine statistical AI and neuromorphic computing. Its massively parallel SpiNNaker2 system incorporates 152 ARM processors with native accelerators to support the efficient implementation of sparsity-aware artificial neural networks, symbolic AI, and spiking neural networks. It uses a light-weight network-on-chip that allows distributed processing elements to work asynchronously, enabling power control with dynamic voltage and frequency scaling (DVFS) per element for fine granular power consumption on-demand. “The EIC grant will enable SpiNNaker2 to expand to mobile applications, such as human-machine interaction in our CeTI Cluster of Excellence, and to be tested in realistic industrial environments,” said Angela Rösen.-Wolff, vice-rector research at TU Dresden. A spin out from Technische Universität Dresden founded in 2021, it is based in Dresden, Germany. Lumai received a £1.1M (~$1.3M) grant from Innovate UK. Lumai is developing all-optical neural network processors using a matrix-vector multiplier architecture. Its optical training technology uses optical linear and nonlinear layers to physically propagate beams of light both forwards and backwards through the same system to perform all key mathematical operations. The startup says the platform is capable of energy-efficient and ultra-fast parallel processing, operating up to 1000x faster than existing transistor-based digital electronics. The grant will be used for commercialization of optical neural networks for high-performance computing and machine vision. A spin out from the University of Oxford founded in 2022, it is based in Oxford, UK. EDA Astrus raised $0.2M in pre-seed funding from 1517 Fund and Khosla Ventures. Astrus is developing AI-powered analog layout tools . The startup says its product will take a schematic design and generate layouts automatically, with the ability for rapid iteration. Astrus is basing its technology on deep reinforcement learning and planning, similar to what was used in AlphaGo. Founded in 2022, it is based in Toronto, Ontario, Canada. Peifeng Tunan Semiconductor raised new financing from Huawei Hubble and others. The startup develops manufacturing-focused EDA software and services, including optical proximity correction (OPC), process simulation and device modeling TCAD, yield analysis, design for manufacturability (DFM), design technology co-optimization (DTCO), and PDK development. Founded in 2021, it is based in Suzhou, China. Manufacturing & equipment Fabric8Labs closed a $50.0M Series B investment round led by New Enterprise Associates, with participation from existing investors including Intel Capital, imec.XPAND, SE Ventures, TDK Ventures, and Lam Capital. Fabric8Labs develops Electrochemical Additive Manufacturing (ECAM) technology that can 3D print multiple metals at the atomic level using electrochemical deposition. It operates at near room temperature, utilizing a water-based feedstock containing dissolved metal ions instead of metal powders. Fabric8Labs says ECAM provides micron-scale feature resolution with complex internal features and can print pure copper components directly onto temperature sensitive substrates such as PCBs, silicon, or existing metal components. It is suitable for markets including semiconductor packaging, electronics, medical devices, thermal management, and RF components. The startup claims it also provides a 90% reduction in greenhouse gas emissions relative to alternative additive technologies and traditional manufacturing. Funds will be used to scale the ECAM technology and establish a pilot production facility. Founded in 2015, it is based in San Diego, California, USA. Passion Intelligence drew hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in a Series B round led by SAIF Partners, joined by China Securities Investment and Yinxinggu Capital. Passion IoT makes materials handling solutions for fabs and warehouses, including semiconductor automatic material handling systems (AMHS), wafer cassette storage equipment, solder paste storage and warming cabinets, automated guided vehicles, and sorting robots. It also offers manufacturing execution system (MES) and warehouse management system (WMS) software. Funds will be used for R&D, global expansion, and supply chain improvements. Founded in 2006, it is based in Suzhou, China. MCT Semiconductor drew CNY 15.0M (~$2.2M) in pre-Series A+ financing from Zhihua Investment Partnership and others. The company has developed a wafer-level MEMS casting technology used to deposit thick metal layers on a wafer. It can be used for through-silicon via filling in advanced packaging, fan-out structures, MEMS solenoids, and RF devices. MCT says the process is simple with faster deposition speed compared to electroplating and is suitable for manufacturing complex three-dimensional structures. It can use non-toxic alloy materials such as tin, silver, and indium while reducing the amount of material used. MCT plans to expand its solenoid coil business into magnetic sensors, micro-drives, energy harvesting, and power magnetic devices. Currently, the company doesn’t sell its equipment, and instead manufactures products and provides services. Funds will be used for mass production and new product development. Founded in 2018, it is based in Shanghai, China. Auto SysLife Technology drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A funding from Maizun Capital. The company makes motion controllers and programmable logic controllers for a variety of industries, including semiconductor and electronics manufacturing. Founded in 2018, it is based in Wuxi, China. GP Nano raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A funding led by Shenzhen Guozhong Venture Capital Management. The startup provides additive manufacturing services for integrated circuits and systems. Its high-precision inkjet printing technology and self-developed metal ink materials can print 1-50μm line widths on flexible and curved surfaces. It uses hydrophilic and hydrophobic guides to control the movement of ink. It is initially targeting applications like glass-based fingerprint sensors, flexible sensors, and integrated passive device antennas. Funds will be used to expand production line capacity and for R&D. Founded in 2020, it is based in Foshan, China. Weiyun Semiconductor drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing from Sunic Capital and Nuoyan Capital. The startup makes inductively coupled plasma etch equipment for manufacturing compound semiconductors, MEMS, and power devices. Funds will be used for R&D and procurement of equipment and raw materials. Founded in 2021, it is based in Shanghai, China. Xihua Technology raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in angel funding from Zhengxuan Investment. The startup provides precision diamond cutting and grinding blades and equipment for wafer slicing. Founded in 2021, it is based in Chengdu, China. YBrilliant Optoelectronic drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A funding from SIDVC, SND Ventures Group, Tsing-Yuan Capital, and others. The company provides high-power and high-energy femtosecond lasers and customized optoelectronic modules for semiconductor and electronics manufacturing, communications, and medical equipment. Funds will be used to purchase equipment, expand the production line, and hire. Founded in 2021, it is based in Suzhou, China. Zooming Intelligent Technology drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in angel funding from Cowin Capital and Sharelink Capital. The startup makes automatic material handling systems (AMHS) for 12-inch semiconductor fabs. Currently, the company is working on development of stockers and overhead hoist transport (OHT) systems. It is also planning software to connect material control systems with manufacturing execution systems. Funds will be used for R&D, preparation for mass production, and international expansion. Founded in 2020, it is based in Suzhou, China. Electron Optica received a $1.1M grant from the U.S. Department of Energy. The company provides electron-optical solutions , including concept, design, computer simulations, manufacturing, integration, and testing of charged particle beam instruments. It focuses on high resolution and throughput electron microscopy and lithography for semiconductor, recording media, and other industries. Founded in 2010, it is based in Palo Alto, California, USA. AlixLabs raised SEK 10.0M (~$1.0M) in financing from Navigare Ventures, Almi Invest, and the Nylander family. AlixLabs develops Atomic Layer Etch Pitch Splitting technology (APS) for manufacturing of nanostructures. The technique uses atomic layer etching to split nanostructures in half with a single process step by using walls of inclined structures, fabricated with dry etching or epitaxial growth, as a mask. APS makes it possible to split a 40nm-wide feature into two features of 10nm at half the pitch, which can form the basis of transistors or electrical contacts and metal interconnects. AlixLabs says the process is scalable to smaller structures below 10nm and works with single-exposure immersion lithography and extreme ultraviolet (EUV) lithography as well as multiple patterning techniques. “With our patented APS technology, the handful of companies with the most advanced semiconductor manufacturing fabs can reduce the number of process steps and save time, energy, and climate-impacting emissions,” said Jonas Sundqvist, CEO of AlixLabs. Funds will be used for commercialization. Based in Lund, Sweden, it was founded in 2019. Packaging Xinhe Semiconductor drew over CNY 100.0M (~$14.6M) in Series A financing from ZSVC and others. The startup makes ceramic bonding materials for semiconductor packaging. Founded in 2021, it is based in Suzhou, China. Lux Semiconductors raised $2.3M in seed funding led by Ultratech Capital Partners, with participation from AIN Ventures, Hemisphere Ventures, and Lockheed Martin Ventures. Lux has developed a System-on-Foil advanced packaging platform designed for chiplet-based heterogeneous integration, system-in-packages, and multi-chip modules. The startup says System-on-Foil allows for many small die or chiplets to be closely connected through high-density, high-speed interconnects for reduced package size and weight while improving high frequency performance and thermal management compared to existing materials. The low warpage metal substrate provides rigidity down to 100 µm thickness, with ultra-thin options under 25 µm available to support flexible applications. Founded in 2017, it is based in Albany, New York, USA. Hangke Chuangxing received CNY 10.0M (~$1.5M) in angel financing led by InnoAngel Fund. The startup manufactures ceramic packages including low-temperature co-fired ceramic (LTCC) and high-temperature co-fired ceramic (HTCC) alumina substrates, aluminum nitride ceramic substrates (ALN), and alumina ceramic package shells. It also produces power management chips, power conversion chips, and motors based on ceramic packages. Funds will be used for construction of a packaging pilot line, R&D, and hiring. Founded in 2019, it is based in Xi’an, China. Test, measurement & inspection Semishare raised nearly CNY 100.0M (~$14.6M) in Series B funding led by Goldport Capital with participation from Shenzhen High-tech Investment and others. Semishare manufactures high-performance wafer probe stations ranging from manual to highly automated. Its latest is a wafer acceptance test and circuit probing (WAT/CP) machine for 8-inch and 12-inch wafers with automatic loading and unloading of wafers, micron-level full-closed-loop motion control, automatic wafer alignment, automatic vision calibration, high-speed feedback communication, and data processing. The company also provides laser repair systems for display panels. Funds will be used to increase R&D in advanced wafer test platforms and core industrial software as well as for international expansion. Founded in 2010, it is based in Shenzhen, China. Unisers raised $14.0M in seed funding led by Intel Capital, with participation from M Ventures, RSBG Ventures, and Swisscom Ventures. Unisers is a metrology company that identifies invisible contamination-caused defects in semiconductor materials. Its particle monitoring platform uses surface-enhanced Raman scattering to identify the source of contamination and can monitor the defectivity of individual process chemicals by detecting the size, concentration, and composition of particles with high sensitivity and molecular specificity. The startup says its tool enables fab operators to take corrective action to improve yield. “The newest nodes will require tools to characterize increasingly smaller particles, not just in the semiconductor fab, but across the entire supply chain, including all process chemicals that feed into chip manufacturing,” said Owen Lozman, managing director of M Ventures. “Contamination control through advanced metrology solutions will require collaboration of foundries, tool makers, and material suppliers, and we believe in Unisers as one of the key enablers towards this vision.” The funding will enable shipping of the first systems to customers as well as demonstration of other use cases. Founded in 2019 as a spin off from ETH Zurich, it is based in Zurich, Switzerland. BoPixel drew nearly CNY 50.0M (~$7.2M) in angel financing from Invent Investment and Zhaohui Capital. BoPixel offers cameras for industrial inspection , including semiconductor front-end inspection, packaging inspection, and consumer electronics. Its products include 3D cameras, deep ultraviolet ultra-high-speed cameras, high-speed 9K TDI line scan cameras, and high-precision DLP systems. A particular application of its 3D camera system is detection of BGA solder ball height, volume, flatness, and spacing. Other fields the company targets include batteries, photovoltaics, and automotive. Funds will be used for product iteration and market development. Founded in 2022, it is based in Beijing, China. EthonAI raised $6.8M in seed funding led by Earlybird Venture Capital and La Famiglia, with participation of existing investors Wingman Ventures and Acequia Capital. EthonAI offers an AI-based no-code platform for detecting, monitoring, and preventing quality issues in manufacturing. It covers assembly errors, surface defects, process monitoring, and root cause analysis. For semiconductors, it says its software can provide improved yield through surface inspection of silicon wafers and multivariate statistical process control. It also offers PCB assembly verification, visual inspection of solder joints, and root cause analysis for final functional testing. The startup additionally targets industries such as pharmaceuticals, food production, mechanical systems, and plastics. “With this funding, we can bring our tools to more manufacturers globally and invest in the development of new features such as simulation based on causal machine learning,” said EthonAI CEO Julian Senoner. A spin off from ETH Zurich founded in 2021, it is based in Zurich, Switzerland. Giantest raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series B financing led by Leaguer Capital, joined by Addor Capital, Bangming Investment Management, and Nantong Science and Technology Investment. Giantest provides IC test services, including test solution development, test hardware development, wafer test, chip finished product test, chip reliability verification, failure analysis, and system level testing. Funds will be used for construction of high-end test production lines and laboratories. Founded in 2018, it is based in Nantong, China. Gongyuan Sanqian Technology received tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A funding from Atom Ventures, Guolian Financial Investment, and HGTech. The startup provides non-destructive X-ray inspection and defect detection equipment for power semiconductors, circuit boards, consumer electronics, and batteries. Funds will be used for delivery of equipment and hiring. Founded in 2021, it is based in Beijing, China. Hairuisi Automation Technology received tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing from Shenzhen Venture Capital. The company makes equipment for testing the airtightness and waterproofness of consumer electronics and automotive electronics. Funds will be used to develop new product lines. Founded in 2008, it is based in Shenzhen, China. Phxflys Technology drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing from Cloud Capital. The startup provides storage testing equipment for SSDs, UFS, and NAND devices. It can perform high and low temperature, NVMe protocol, PCIe link, power down, and system level test. Funds will be used for R&D. Founded in 2021, it is based in Shanghai, China. Materials Jiangsu Shekoy Semiconductor New Material received a CNY 1,745.0M (~$257.3M) private equity investment from Huatai Securities. The company manufactures precursors, photoresists, and supporting reagents for semiconductor and display panel manufacturing. A subsidiary of Jiangsu Yoke Technology, it was established in 2016 and is based in Wuxi, China. TYSiC, also known as Tianyu Semiconductor, raised CNY 1,200.0M (~$176.7M) in pre-IPO financing from Guangdong Jiayuan Technology, China-Belgium Direct Equity Investment Fund, Guangdong Science and Technology Venture Capital, China Merchants Capital, and others. TYSiC manufactures silicon carbide (SiC) epitaxial wafers . It currently offers 4-inch and 6-inch wafers for power devices from 600V up to 3300V and is working on a production line for 8-inch wafers. It also provides epitaxial film foundry services as well as substrate and wafer inspection and wafer cleaning services. Funds will be used to expand production line capacity and for R&D, particularly for large-scale epitaxial growth of silicon carbide. Founded in 2009, it is based in Dongguan, China. Mint Innovation raised NZD $60.0M (~$37.0M) in Series C funding from Inspire Impact, Icehouse Ventures, K1W1, and Movac. Mint Innovation recycles electronic waste using natural biomass to extract precious metals such as gold, palladium, and platinum. Other metals, like copper, are recovered using a conventional electrochemical process. Its method can be deployed for localized processing, reducing the distance e-waste has to travel. Founded in 2016, it is based in Auckland, New Zealand. Cyclic Materials was awarded a CAD $3.6M (~$2.6M) grant from Sustainable Development Technology Canada. Cyclic Materials offers a process to recover critical rare earth elements from hard-to-recycle magnetic waste, which can be reused in products such as EV traction motors, wind turbines, and cell phones. Founded in 2021, it is based in Kingston, Ontario, Canada. Enim was awarded a CAD $3.0M (~$2.2M) grant from Sustainable Development Technology Canada. Enim has developed a hydrometallurgical recycling process it says recovers 95% of precious and strategic metals from low-to-medium grade printed circuit boards with 50% fewer greenhouse gas emissions compared to pyrometallurgy. Founded in 2022, it is based in Anjou, Quebec, Canada. Adámas Nanotechnologies was awarded a $1.7M grant from the U.S. Department of Energy. Adámas Nano provides a variety of nanodiamond particles , including with nitrogen vacancy (NV) centers, boron-doped, and fluorescent nanodiamond. They can be used in a wide range of applications, including quantum optics, photonics, and sensing. Other uses include medical and chemical industries. Founded in 2010, it is based in Raleigh, North Carolina, USA. Juci Technology received tens of millions of yuan (CNY 10.0M is ~$1.5M) from BYD and Ferrotec. Juci offers high-purity aluminum nitride powder and ceramic products for semiconductor packages and manufacturing equipment. Founded in 2016, it is based in Xiamen, China. FJ Composite received JPY 200.0M (~$1.5M) from NOK Corporation. The company makes composite ceramic substrates for power electronics packaging and other composite materials. Founded in 2002, it is based in Chitose City, Japan. Great Lakes Crystal Technologies (GLCT) was awarded a $1.1M grant from the U.S. Department of Energy. GLCT is commercializing large area, high quality crystalline diamond substrates . The startup notes that diamond has a large bandgap, wide optical transmission window, high thermal conductivity, high structural quality, and high thermal stability, making it useful for high power switching electronics, high frequency transistors, high temperature electronics, magnetic field sensing, quantum technologies, and advanced optics applications including intra-cavity laser optics and X-ray diffraction optics. Founded in 2019 as a spin out from Michigan State University and the Fraunhofer USA Center for Coatings and Diamond Technologies, it is based in East Lansing, Michigan, USA. HighRI Optics was awarded a $1.1M grant from the U.S. Department of Energy. The company offers high refractive index optical materials for manufacturing of optical elements using nanoimprint lithography. Founded in 2019 as a spin off from aBeam Technologies, it is based in Oakland, California, USA. Changhuo Microelectronics received Series A financing from Co-Power PE. The company makes amorphous silicon thin films for heterojunction photovoltaic cells, displays, and other applications. Founded in 2021, it is based in Shanghai, China. Fuyang Sineva received strategic investment from display company BOE Technology Group. The company makes KrF and ArF photoresists , OLED materials, semiconductor wet electronic chemicals, and other specialty materials. Funds will be used for R&D and to expand production. A subsidiary of Sineva Group, it was founded in 2013 and is based in Fuyang, China. Hongfucheng New Materials (HFC) received an investment from SDIC Venture Capital. The company makes carbon-based thermal interface materials , EMI shielding materials, and combined thermal and electromagnetic absorption materials for use in consumer electronics, network equipment, and automotive. Founded in 2003, it is based in Shenzhen, China. TankeBlue Semiconductor closed a pre-IPO financing round from Jingming Hongrui Industrial Fund, Lijin Mingke Industrial Fund, and Qingdao Huizhu Yingcai Industrial Fund. TankeBlue manufactures silicon carbide (SiC) wafers and prepares them for epitaxy. It offers 4H N-type wafers and 4H semi-insulating wafers. The company also sells SiC single crystal growth equipment for 4-inch and 6-inch crystals and provides services for SiC ingot slicing, wafer lapping, CMP, and cleaning, as well as reclaim of epitaxial wafers. Founded in 2006, it is based in Beijing, China. Memory & storage FADU Technology raised 12,000.0M won (~$9.1M) in pre-IPO funding that included Forest Partners and IBK Capital. FADU designs NVMe SSD controllers using an architecture it claims provides high performance while consuming 30% less power without any thermal, throttling, or power issues. It primarily targets data storage in the enterprise data center and AI, HPC, and real-time analytics applications. The company also offers turnkey SSD design and contracted manufacturing of private label SSDs with consigned flash. It plans an IPO later this year. Founded in 2015, it is based in Seoul, South Korea. ZeroPoint Technologies raised €3.2M (~$3.4M) in seed funding from Climentum Capital, Industrifonden, Chalmers Ventures, and existing investors. ZeroPoint develops memory compression IP targeted at data center servers. The company says its technology can reduce the energy consumption of data centers by combining ultra-fast data compression with real-time data compaction and transparent memory management in an IP block that integrates with existing industry standard on-chip bus protocols. “Memory bottlenecks are a tremendous challenge for semiconductor developers, and we mitigate this challenge by doubling main memory capacity and memory bandwidth,” said ZeroPoint Technologies CEO Klas Moreau. “By putting unused memory to work we can deliver up to 50% more performance per watt.” The funding will be used for international expansion and taking new products to market. Based in Göteborg, Sweden, it was founded in 2016 as a spin out from Chalmers University of Technology. Analog & mixed signal Acela Microelectronics drew over CNY 100.0M (~$14.6M) in Series C funding from GP Capital, UNI-Trend Technology, Zhongxin Capital, and others. AcelaMicro designs signal chain chips . Its products focus on low-latency data conversion and high-speed and high-precision data conversion. Target markets include scientific instruments, industrial equipment, medical equipment, optical communication, wireless communication, and radar. Founded in 2013, it is based in Suzhou, China. Akic Technologies received tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing from the Beijing Optoelectronics Fusion Industry Investment Fund. The startup develops high-speed, high-precision signal chain chips for sensors. It has incorporated its chip into a line of uncooled infrared thermal imaging detectors. Akic also provides high-speed, high-precision, multi-channel ADC chips with integrated analog front-end for scenarios such as optical communications, medical equipment, and industrial automation. Funds will be used for new product development, including iteration of infrared detectors, manufacturing, and hiring. Founded in 2018, it is based in Beijing, China. Pacific Microchip received a $1.2M grant from the U.S. Department of Energy. The company provides mixed signal, digital, analog, and RF ASIC design services. Its IP portfolio includes blocks for application in SerDes and transceivers. Founded in 2006, it is based in Culver City, California, USA. Wireless Newsonic Technologies raised CNY 300.0M (~$43.6M) in Series A+ and A++ rounds led by China Fortune-Tech Capital, China Growth Capital, and Kington Capital, joined by SeeFund, FutureX Capital, Hui Capital, Wise Road Capital, and SND Ventures Group. Newsonic offers RF front end filters and modules. Its products include BAW, SAW, TC-SAW, and Ultra-SAW filters, transmitters, receivers, duplexers, and multiplexers. The startup primarily targets the mid-to-high-end transmitter and duplexer markets for 5G and other communications in smartphones, IoT devices, and wearables. Funds will be used for R&D of BAW and TC-SAW devices as well as supply chain development. Founded in 2021, it is based in Shenzhen, China. Qualinx raised €8.0M (~$8.5M) in Series A investment from FORWARD.one, InnovationQuarter Capital, and Waterman Ventures. Qualinx has developed a radio chip that can receive geo-positioning information from Global Navigation Satellite Systems (GNSS). The chip is based on the company’s Digital Radio Frequency (DRF) technology, which makes it possible to transfer a significant part of the chip’s analog area to the digital domain and enables CMOS scaling for GPS-like radios, thus reducing the chip’s power consumption, size, and cost. Tom Trill, CEO at Qualinx, said of the company’s upcoming SoC, “The QLX300+ will use as much as 10 times less energy than currently available GNSS devices in the market and will be in mass production next year. As a result of the improved efficiency, the battery life of, for example, fitness trackers and smartwatches can be extended from hours to several days.” The technology can be implemented to create any radio, the startup said. Founded as a spin-off from Delft University of Technology in 2015, it is based in Delft, the Netherlands. Latys Intelligence raised $3.0M in seed funding from Rhapsody Venture Partners and TandemLaunch Ventures. Latys is developing antenna technology that utilizes a metasurface to repeat wireless signals without any processing by passively focusing the signal. The non-reciprocal wireless relay system is dynamically reconfigurable, protocol and modulation agnostic, and immune to interference, multi-path fading, and noise. The startup says its technology directs RF energy where it’s needed instead of scattering it, resulting in less power consumption, and requires less hardware to run an effective wireless network. The funds will support production and commercial launch of the first-generation product. Founded in 2020, it is based in Montreal, Quebec, Canada. GaXtrem Technology drew Series A investment. The company makes high-performance RF gallium nitride (GaN) power amplifier chips and RF digital front-end modules. Founded in 2019, it is based in Beijing, China. Power devices InventChip raised hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in Series B funding led by Guofang Capital with participation from Eastern Bell Capital, GF Xinde Investment Management, Goldstone Investment, Lightspeed China Partners, Long Capital, Shanghai Lingang Innovation Center, Shenzhen Guozhong Venture Capital Management, and Sunic Capital. InventChip specializes in  power devices  based on silicon carbide, including SiC SBD, SiC MOSFET, CCM totem pole PFC, modules, drivers, and controllers for switched-mode power supply, electronic control, and automotive electronics markets. Based in Shanghai, China, it was founded in 2017. Nexic Technology raised hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in Series B and B+ funding led by GP Capital, joined by An Xin Capital, Glory Ventures, Blue Run Ventures, Zoo Capital, Great Filter Venture, and others. Nexic makes silicon carbide (SiC) power semiconductors. Its first product line is high performance and high reliability 1200V SiC MOSFETs for applications such as automotive and photovoltaics. Funds will be used to optimize the design and process platform and to expand operations. Founded in 2020, it is based in Beijing, China. JT Microelectronics drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in angel+ funding from Fuhua Capital. JTM manufactures gallium nitride (GaN) power devices. It currently offers GaN power switches, Schottky barrier diodes, and GaN-on-Si HEMTs, as well as silicon-based driver chips for GaN power devices. The startup claims to have developed technology that can bring the performance of gallium nitride devices closer to their theoretical limits. It targets industrial power supplies, consumer electronics, and automotive-grade applications. Funds will be used for R&D, hiring, and shipping products. Founded in 2020, it is based in Shenzhen, China. SiCred Microelectronics received tens of millions of yuan (CNY 10.0M is ~$1.5M) in angel+ financing from Shenzhen High-tech Investment, Jinding Capital, Smile Capital, and Taihe Capital. SiCred develops high-reliability silicon carbide (SiC) MOSFETs , SiC Schottky barrier diodes, and modules for automotive, industrial, and renewable energy applications. Funds will be used for product development, hiring, and marketing. Based in Shenzhen, China, it was founded in 2021. Spectrum Semiconductor announced tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing that was raised last year and led by E-town Capital, followed by additional funding in a Series A+ round from Zhihui Qianchao. The startup produces ultra-high temperature silicon carbide (SiC) power devices, including Schottky barrier diodes, MOSFETs, modules, and motor drive systems. Target applications include automotive, renewable energy inverters, industrial power supplies, mil/aero, and mining machines. Founded in 2020, it is based in Hangzhou, China. Maplesemi Semiconductor received Series A+ financing from Z&Y Capital. Maplesemi produces power semiconductors , with products including high, medium, and low voltage power MOSFETs, trench MOSFETs, super junction MOSFETs, SiC MOSFETs, and SiC diodes. Funds will be used for product iteration. Based in Shenzhen, China, it was founded in 2014. Quantum computing SandboxAQ raised $500.0M in Series D financing from investors including Breyer Capital, T. Rowe Price, TIME Ventures, and individual investor and company chairman Eric Schmidt. A portion of this funding was announced last year. SandboxAQ is developing hardware, applications, and services that leverage AI and machine learning alongside quantum technologies for telcom, financial services, healthcare, government, computer security, and other computationally intensive sectors. The company provides a post-quantum security suite that encompasses monitoring, policy management, and deployment of quantum-resistant cryptography protocols. Other areas SandboxAQ is working on include quantum sensing as well as development of algorithms for molecular simulation that run on classical GPUs and CPUs and can later transition to quantum hardware. SandboxAQ was also recently awarded a Direct-to-Phase-II Small Business Innovation Research contract by the U.S. Air Force to research quantum navigation technologies. Based in Palo Alto, California, USA, it started as part of Alphabet (Google’s parent company) in 2016 before being spun out in 2022. Quantum Motion raised over £42.0M (~$50.5M) in new funding led by Robert Bosch Venture Capital, joined by Porsche Automobil Holding and British Patient Capital, as well as all existing investors from earlier rounds including Oxford Science Enterprises, Inkef Capital, Parkwalk Advisors, Octopus Ventures, IP Group, and National Security Strategic Investment Fund. Quantum Motion is developing quantum processors based on silicon spin qubits. The startup’s fault tolerant quantum architecture uses a scalable array of qubits that can be manufactured using standard CMOS foundry processes. Quantum Motion says it has isolated a single electron in a silicon transistor and shown that its spin retains its state for a period of up to nine seconds. It has also designed and validated integrated circuits capable of generating, routing, and processing signals at deep cryogenic temperatures, operating down to a few tenths of a degree above absolute zero. Funds will be used to build relationships with manufacturing partners and expand its headquarters office. Founded in 2017, it is based in London, UK, and has raised £62M to date. Quantum Brilliance raised $18.0M in Series A funding from investors including Breakthrough Victoria, Main Sequence Ventures, Investible, Ultratech Capital Partners, MA Growth Ventures, Jelix Ventures, Rampersand, and CM Equity Partners. Quantum Brilliance builds quantum computers based on nitrogen vacancy centers in synthetic diamonds that can operate at room temperature in any environment with long coherence times and a small form factor. The technology does not require cryogenics, vacuum systems, or precision laser arrays, which the company says enables its systems to be deployed on site or at the edge. In addition to large-scale quantum systems, the startup sees its technology being used as quantum accelerators in applications like satellites and automotive. Quantum Brilliance also offers a software development kit that includes high performance emulators for development and testing of quantum applications. Funds will be used to expand international operations, deliver hardware and software products to customers, and improve manufacturing and fabrication techniques. Based in Canberra, Australia, it was founded in 2019 as a spin-out from the Australian National University. memQ drew $2.0M in seed funding from Quantonation, Exposition Ventures, and the George Schultz Innovation Fund. memQ is developing on-chip devices for quantum information storage, distribution, and processing. Its quantum memory uses qubits based on the rare earth erbium and a silicon-on-insulator platform, which it says enables scalability, long coherence times, noise resilience, and telecom compatibility. Funds will be used to accelerate the development of an on-chip quantum repeater, a key component for the quantum internet. A spin-out from the University of Chicago, memQ was founded in 2021 and is based in Chicago, Illinois, USA. Error Corp. was awarded a $1.6M grant from the U.S. Department of Energy. The startup is developing error control and noise suppression software for fault-tolerant quantum computers. Founded in 2020, it is based in College Park, Maryland, USA. Nanofiber Quantum Technologies (NanoQT) drew a JPY 200.0M (~$1.5M) seed investment from Waseda University Ventures. NanoQT is developing quantum hardware using nanofiber-based cavity quantum electrodynamics (QED). The hybrid system, which relies on the way light and matter interact, uses atoms to perform quantum computation and photons to rewrite and transmit information. The startup says its technology is scalable, allowing up to 10,000 atoms to be accommodated in a cavity. Additionally, the nanofiber resonators can be coupled with optical fibers for integration into a quantum network. Founded in 2022 based on research from Waseda University, it is based in Tokyo, Japan. Oxford Quantum Circuits (OQC) received a £0.9M (~$1.1M) investment that included Quantum Exponential and HiJoJo Partners. OQC designs quantum computers using superconducting circuits with a three-dimensional architecture that brings key components off-chip, which the company says increases simplicity, flexibility, and scalability. It currently offers an 8-qubit processor on Amazon Bracket or private cloud with a quantum computing as-a-service model. Funds will be used for R&D and to expand into the Asia Pacific market, with a focus on Japan. Based in Shinfield, UK, it was founded in 2017. Planqc received a seven-figure investment from Amadeus Capital Partners and Apex Ventures. Amadeus Capital’s Hermann Hauser also joined the startup’s board of advisors. Planqc is developing a scalable quantum computer based on neutral strontium atoms trapped in optical lattices that can operate at room temperature. Quantum information is then processed with quantum gates based on precisely controlled laser pulses. The startup says its combination of technologies can scale to thousands of qubits. Funds will be used to accelerate hardware development. Based on research from the Max Planck Institute of Quantum Optics and Ludwig Maximilians University Munich, it was founded in April 2022 and is based in Garching, Germany. Terra Quantum received new investment from Investcorp. Terra Quantum offers quantum technology as-a-service that includes a library of hardware-agnostic algorithms such as quantum-based optimization and quantum-based neural networks, new algorithm development, cloud access to quantum computers and simulators, and quantum secure communication and quantum key distribution (QKD) solutions. The company is also developing superconducting quantum processing units and researching ferroelectric materials for negative capacitance FETs. Founded in 2019, it is based in Roschach, Switzerland. Sensors CVA Chip raised hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in Series B funding led by Fulcrum Investments, joined by Virtue Capital, Sumin Investment, Hui Capital, and Tsinghua Holdings Capital. CVA Chip develops sensors and edge computing chips for mobile phone, IoT, and automotive markets. Its product portfolio includes proximity sensor, capacitive touch sensor, pressure sensor, and smart video scaler chips. It also preparing to release a range of automotive 32-bit MCUs for automotive applications including body controller modules, keyless entry systems, T-box, lights, battery management, EPB/ABS controllers, smart cockpit, and chassis control. Funds will be used for further development of automotive-grade chips. Based in Shenzhen, China, it was founded in 2018. Muniu Technology received hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in Series C funding from Jinbang Capital, Finnova Capital, Guoding Capital, Granary Capital, Boxin Capital, and others. Muniu provides millimeter-wave imaging radar systems that use the micro-Doppler effect to provide additional information about the object being sensed. It provides systems for automotive, construction machinery, smart city, aviation, and sports. Founded in 2015, it is based in Beijing, China. Adaps Photonics raised CNY 100.0M (~$14.6M) in a Series C+ round from CoStone Capital and others. Adaps Photonics develops single photon avalanche detector (SPAD) direct time-of-flight (dToF) sensor chips for applications such as mobile phones, smart home, AR/VR, robots, and automotive lidar and cockpit sensing. Its current products include chips, modules, and silicon photon multipliers. Based in Shenzhen, China, it was founded in 2018. Imdetek raised nearly CNY 100.0M (~$14.6M) in Series B financing from CasStar and Shaanxi Financial Assets Management. Imdetek makes cadmium zinc telluride (CZT) radiation detector chips , probes, and X-ray imaging systems. Applications include X-ray diffraction imaging of electronics, along with medical, astronomy, and military uses. Funds will be used for improvement of core technology and performance optimization and production capacity of photon counting X-ray detectors. Founded in 2012, it is based in Xi’an, China. Thor Innovation drew nearly CNY 100.0M (~$14.6M) in Series A financing led by CCB International. The startup makes hardware and software for haptic feedback in consumer electronics such as AR/VR, headphones, and smartphones, as well as automotive cockpit driver alerts. Its products include fixed-frequency vibrators, wideband actuators, and screen sound and bone conduction acoustic devices. Thor Innovation claims its technology advances beyond simple vibration to simulate many types of natural events and create rich virtual tactile interaction. Founded in 2020, it is based in Suzhou, China. Lingtu Technology received tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing from Changjiang Industrial Investment Group and Yichang State-Owned Investment Group. The startup makes photoelectric sensors and lidar systems for applications such as IoT, consumer robots, warehouse robots, smart city, retail, and automotive. Founded in 2017, it is based in Wuhan, China. Zhongxin Recheng drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A funding from Aerospace Science and Industry Asset Management, Founder H Fund, Taiyou Fund, and Longding Investment. The startup makes infrared imaging sensors based on colloidal quantum dots. The quantum dot material can be synthesized and processed in liquid phase and is compatible with CMOS. The company is currently focused on short-wave and medium-wave infrared single point and focal plane detectors and has produced demonstration 320×256, 640×512, and 1024×1024 detector arrays. Applications include industrial, aerospace, automotive, and consumer electronics. Funds will be used for construction of 8-inch wafer-level chip and module production lines and for R&D. Founded in 2021, it is based in Beijing, China. WaVue Photonics raised over CNY 10.0M (~$1.5M) in angel investment from ZhenFund. WaVue is developing monocular 3D visual perception technology using optical metasurfaces and computational imaging algorithms. The startup’s camera can acquire high-precision and dense 3D point clouds in real time for applications such as robots, drones, biometrics, consumer electronics, and automotive. It expects commercialization in 2024. Funds will be used for R&D and hiring. Founded in 2022, it is based in Beijing, China. Sendance drew a six-figure investment from Croton Capital, 4u-ventures, SweeNo Invest, and individual investor Christian Loidl. Sendance develops soft, stretchable, and permeable sensors that can be used in orthopedics, prostheses, wearables, and wound dressings. The startup is working on integrating its sensors into a 3D printing process that can produce orthopedic aids with built-in electronics. Founded in 2021 as a spin-off from Johannes Kepler University Linz, it is based in Linz, Austria. Fortsense received a strategic investment from Chery Automobile. The company develops optical sensing chips , including 3D structured light chips for under-screen fingerprint sensors and time-of-flight (ToF) sensors for facial recognition in mobile devices. Fortsense is current developing single-photon avalanche diode (SPAD) lidar chips for automotive applications. Founded in 2017, it is based in Shenzhen, China. Security Chain Reaction emerged from stealth with a $70.0M Series C funding round led by Morgan Creek Digital with participation from Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management, and BlueRun Ventures. Chain Reaction is developing custom ASICs and systems for accelerating blockchain and privacy enhancing technologies (PET), such as homomorphic encryption, in data centers and cloud. “Enabling real time compute on encrypted data is the holy grail of cloud computing. Chain Reaction is on the cusp of making this a reality by accelerating PETs,” said Alon Webman, co-founder and CEO of Chain Reaction. “Our technology will enable enterprise and government to modernize compute infrastructure by moving private data to the cloud.” Funds will be used for hiring and deployment of its first blockchain hardware chips and systems in the first quarter of 2023. Founded in 2019, it is based in Yokneam, Israel, and has raised $115M to date. Niobium Microsystems joined the Silicon Catalyst incubator program. The startup is developing SoCs for fully homomorphic encryption (FHE), combining massively parallel computation circuitry with compilers optimized for memory efficiency at large scale, maximizing data re-use during computation, and algorithms for specialized FHE computations. Founded in 2021, it is based in Dayton, Ohio, USA. Displays & AR/VR Light Field Lab raised $50.0M in Series B financing led by game developer NCSoft, joined by new investors Corning, Gates Frontier, LG Technology Ventures, and 3D rendering company OTOY, along with current shareholders Khosla Ventures, Samsung Venture Investment, Verizon Ventures, Robert Bosch Venture Capital, HELLA Ventures, Liberty Global Ventures, and Taiwania Capital. Light Field Lab makes a holographic display platform using self-emissive bezel-less panels comprising FPGAs, display controllers, photonics arrays with nanoparticle polymer fused surface energy relays, and a modulation surface. The panels assemble into modular holographic video walls, enabling 3D, interactive digital objects to form in mid-air without headgear. It also offers rendering software. The funding will drive productization with implementations across a variety of enterprise and location-based entertainment applications. Founded in 2017, it is based in San Jose, California, USA. Pimax raised nearly $30.0M in a Series C1 round led by Tuanmu Capital. Pimax makes VR gaming headsets. The company currently offers an 8K system with a 200° field of view (FOV). Its upcoming model uses QLED and mini-LED panels with 42 pixels per degree and a 120° FOV. It plans to release a 12K model in late 2023. Pimax founder Robin Weng said the funding “allows us to boost our production capacity to meet the rapidly growing demand for our new VR products, as well as to improve both our hardware and software further.” Founded in 2015, it is based in Shanghai, China. Iristick drew €4.0M (~$4.3M) in new financing led by Saffelberg Investments. The company makes smart glasses for industrial and medical use. It also provides customized devices tailored to specific industries, such as those that involve harsh and hazardous environments. The funds will be used to focus on end-to-end solutions in verticals such as healthcare, energy, and logistics. Founded in 2015, it is based in Antwerp, Belgium. FYR Medical drew $2.6M in Series A funding led by NuVasive. The startup is developing extended reality (XR) digital loupes that deploy light field technology for use in surgeries and other medical environments. Initially targeting spinal surgery, it is designed to display navigation images and patient vitals placed virtually above the surgical site and be viewable in the bright lighting conditions of operating rooms, while reducing eye strain and fatigue. The commercial launch is planned for the second half of 2023. Founded in 2021, it is based in Fort Worth, Texas, USA. Quick Flash Technologies received tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A+ financing from Innovation Works and CDF-Capital. The startup makes electrochromic glass for AR smart glasses and windows. Quick Flash claims its digitally controlled material can change the light transmittance of the lens more quickly than typical solutions. Funds will be used to purchase production line equipment. Founded in 2019, it is based in Jiashan, China, and Albany, California, USA. Looking Glass Factory received a strategic investment from Accenture Ventures. Looking Glass Factory makes a range of light field holographic displays that enable viewing of 3D content for groups of people without the need for head or eye tracking. It also provides a software suite for creation of 3D content. The company primarily targets retail marketing and holographic communications. Founded in 2014, it is based in Brooklyn, New York, USA. Automotive SiEngine Technology announced raising nearly CNY 500.0M (~$72.5M) in a Series A+ round from Teda Venture Capital, Haier Capital, SPDB International Holdings, Wuhan S&T Investment Company, Tongxi Capital, and existing investors Grandsyn Capital, Yuexiu Fund, and Vision Knight Capital. The round was completed in the fourth quarter of last year, making it the company’s third in 2022. SiEngine develops automotive SoCs. It currently offers a smart cockpit SoC for in-vehicle infotainment and multimedia based on a 7nm process. The startup is also working on autonomous driving, ADAS, and central computing chips. Funds will be used for mass production of its cockpit chip, as well as for R&D, tape-out, and market launch of new and iterative products. Founded in 2018 as a collaboration between Arm China and Geely-affiliated Ecarx Holdings, it is based in Wuhan, China. Phantom AI raised $36.5M in Series C funding from existing investors KT Investment and Renaissance Asset Management along with new investors InterVest, Shinhan GIB, and Samsung Ventures. Phantom AI provides a modular, software-based autonomous vehicle stack that combines computer vision, sensor fusion, and control capabilities for L2/L3 ADAS in passenger vehicles. Funds will be used to accelerate the current series production development with major OEMs. Founded in 2017, it is based in Mountain View, California, USA, and has raised $80M to date. Oritek Semiconductor received hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in a Series A1 round from CMG-SDIC Capital Management, Shang Qi Capital, SND Ventures Group, Sunic Capital, Forebright Capital, and Qingke Capital. Oritek is developing smart car chips and solutions, including for smart review mirrors and headlights, zone controllers, and parking. Based in Shenzhen, China, it was founded in 2021. Rhino Tech raised hundreds of millions of yuan (CNY 100.0M is ~$14.6M) in angel+ financing led by Shunwei Capital and Xiaomi Group, joined by Cathay Capital, MiraclePlus, GSR Ventures, Tsinghua Research Capital, Z&Y Capital, and others. The startup is developing AI chips for autonomous driving and ADAS, targeting L2+ and above. Rhino Tech uses what it calls a ‘data-loop defined silicon’ approach that it claims enables creation of more efficient silicon and faster algorithm iteration. It expects its first chip to enter mass production in 2024. Funds will be used for R&D, mass production, and market expansion. Founded in April 2022, it is based in Hefei, China. XY Power drew over CNY 100.0M (~$14.6M) in Series A funding from Shenzhen Guozhong Venture Capital Management, Li-on Microelectronics, Ginlong Technologies, Shanxi Tianbao Group, and others. XY Power makes AC/DC and DC/DC power electronics modules for electric vehicle charging and vehicle-to-grid applications. Founded in 2022, it is based in Xi’an, China. Ottometric raised $4.9M in seed funding led by Rally Ventures, with participation from Goodyear Ventures, Proeza Ventures, Automotive Ventures, Trucks VC, Reinforced Ventures, and Investor Collaborative. Ottometric provides a software platform for ADAS development and validation . The cloud-based software automatically reviews thousands of hours of raw endurance test and training data to validate correct operation. It identifies critical events and anomalies, generating a prioritized list of scenarios that warrant manual review. “This funding enables us to grow the organization, expand our customer base, and accelerate our transformation of the ADAS development and validation process for the next generation of driver assistance systems,” said Joseph Burke, CEO of Ottometric. Founded in 2019, it is based in Waltham, Massachusetts, USA. Kopernikus Automotive drew €3.0M (~$3.3M) in new investment from Continental and Technologiegründerfonds Sachsen. The startup is developing automated valet parking and maneuvering technology. Its focus is at the facility level, where cameras and computing are integrated with the facility infrastructure to monitor and move cars. The system only requires the addition of the company’s software into existing onboard ECUs, with automated driving commands sent to the car wirelessly in real time. It targets places such as parking lots, logistics yards, or automotive factories. “This capital increase ensures that we can conclude our development and safety certification of one of the first truly driverless self-driving applications you will see,” said Kopernikus’ COO Tim von Toerne. Founded in 2016, it is based in Leipzig, Germany. Foripower Electric drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in Series A financing from Shenzhen High-tech Investment, Flyfot Ventures, Tsinghua Innovation Ventures, and others. Foripower offers automotive power electronics modules including motor controllers, OBC and DC-DC vehicle power supplies, power control units, and hydrogen fuel cell DC-DC converters. Founded in 2016, it is based in Shenzhen, China. Fullong Technology raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in angel investment from Fenglin Venture. The startup makes automotive electronics modules for V2X communications, T-box, smart cockpits, driver monitoring, and L1/L2 assisted driving systems. Funds will be used for R&D and updates to assisted driving products. Founded in 2018, it is based in Ningbo, China. iGentAI Computing Technology received tens of millions of yuan (CNY 10.0M is ~$1.5M) in strategic financing from Intretech. iGentAI provides a range of modules, chips, and software for smart cars. Its products include in-vehicle infotainment , ADAS, automotive Ethernet, inertial navigation, digital instrumentation, and V2X systems. Founded in 2005, it is based in Shenzhen, China. Ptah Technology drew tens of millions of yuan (CNY 10.0M is ~$1.5M) in pre-Series A funding from Addor Capital and Kingroad Capital. Ptah provides automotive software development and testing services. The company is expanding from smart cockpit and body control software to ADAS, autonomous driving, chassis, and eventually a full-stack vehicle platform. Founded in 2019, it is based in Nanjing, China. Tosun Technology raised tens of millions of yuan (CNY 10.0M is ~$1.5M) in funding from Harvest Capital. Tosun Technology provides a software toolchain and supporting hardware for testing automotive buses and ECUs , including CAN, CAN FD, LIN, FlexRay, and Ethernet. It covers embedded code generation, automotive bus analysis, hardware-in-the-loop simulation, diagnosis, testing, and ECU calibration. Founded in 2017, it is based in Shanghai, China. Fernride received strategic investment from logistics company Hamburger Hafen und Logistik’s HHLA Next. Fernride is working to automate transport logistics by gradually increasing the autonomy of trucks and tractor units with a combination of autonomous driving technology and teleoperation. It equips trucks and tractor units with sensors and cameras so that they can be remote controlled via mobile networks. The two companies will work together on a pilot project for highly automated and electric container logistics at the HHLA TK Estonia terminal in Tallinn. Founded in 2019 as a spin out from Technical University of Munich, it is based in Munich, Germany. GiantOhm received new financing led by Inovance Investment. The startup manufactures resistors with a focus on the automotive market. Its products include thick film resistors, thin film resistors, alloy resistors, and plastic package resistors. Founded in 2021, it is based in Ningbo, China. Ivex received seed funding from PMV, SPDG, The Faktory Fund, Noshaq, and Dedicated VC. Ivex develops testing and validation tools for ADAS and autonomous driving. The software identifies edge-cases in very large datasets and categorizes driving scenarios via its open data analytics platform to assess the safety performance of a system’s perception, path-planning, and behavior stack. It also provides embedded software for real-time monitoring and runtime validation of AD and ADAS functions. Funds will be used to accelerate product development. Founded in 2018 based on research from KU Leuven, it is based in Heverlee, Belgium. Megatronix drew Series D investment from M31 Capital, Nanshan Capital, El Camino Capital, and Redpoint Ventures China. Megatronix provides a vehicle-level distributed operating system and software development environment, as well as hardware development kits. It currently supports smart cockpit modules, multiple domain controllers, T-Box, and gateways. Funds will be used for R&D and mass production of modules. Founded in 2018, it is based in Beijing, China. Rivotek Technology drew Series A investment from BAIC Capital and others. Rivotek provides solutions for software-defined vehicles , smartphones, and tablets. Its services include end-to-end software platform development, operating system framework development, Al algorithm product development, chip design, an HMI toolchain, and solutions combining software and hardware. Funds will be used for R&D and to accelerate the expansion of its software-defined vehicle business. Founded in 2020, it is based in Suzhou, China. Batteries Redwood Materials received a $2,000.0M loan commitment from the U.S. Department of Energy, which will be made available in tranches based on milestones. Redwood Materials manufactures anode and cathode active materials using new and recycled feedstocks. It recycles end-of-life EV batteries and production scrap, with the aim of gradually increasing the amount of recycled content in its products. The company is currently producing anode copper foil and plans to begin cathode qualification later this year. Founded in 2017, it is based in Carson City, Nevada, USA. Our Next Energy (ONE) raised $300.0M in Series B financing led by Fifth Wall and Franklin Templeton, joined by Temasek, Riverstone Holdings, Coatue Management, AI Capital Partners, Sente Ventures, and two unnamed strategic investors. ONE manufactures lithium iron phosphate (LFP) and anode-free battery cells. The company also produces battery pack systems that aim to boost the range of electric vehicles. Its first two platforms use a nickel- and cobalt-free LFP chemistry in a ‘structural cell-to-pack’ architecture designed to improve energy density for commercial and passenger EVs. It has also developed a dual chemistry battery that combines LFP and anode-free cells in a skip cell architecture that the company claims can provide over 600 miles of range on a single charge. The high-density anode-free cells act as an energy reserve that can recharge the LFP traction battery as needed. ONE plans to begin operating its first LFP cell factory in 2024. Founded in 2020, it is based in Novi, Michigan, USA. Form Energy received a $105.0M grant from the State of West Virginia. Form Energy is developing a multi-day energy storage system for renewables on the grid. The startup says its rechargeable iron-air battery is capable of delivering electricity for 100 hours at system costs competitive with conventional power plants and at less than 1/10th the cost of lithium-ion. The grant will boost Form Energy’s $760M plan to establish a full-scale battery manufacturing facility in the state. Founded in 2017, it is based in Somerville, Massachusetts, USA. Durapower Group raised $70.0M in financing from energy company Banpu NEXT. The company manufactures lithium-ion battery materials, cells, and systems for electric vehicles and marine as well as on-grid and off-grid stationary storage. It also offers customized batteries for specialty vehicles. Founded in 2009, it is based in Singapore. NanoGraf Corporation drew $65.0M in a Series B round led by Volta Energy Technologies and CC Industries with participation from GIC, Emerald Technology Ventures, Material Impact Fund, Arosa Capital, Nabtesco Technology Ventures, TechNexus, and existing investors including Hyde Park Angels, Evergreen Climate Innovations, and Goose Capital. NanoGraf develops silicon-based anodes for lithium-ion batteries. The anode has a dop