Shanghai-based semiconductor player Innostar has raised around $100 million in a Pre-A financing round led by returning backer Shanghai Lianhe Investment.
New Alliance, an over 10 billion yuan ($1.5 billion) fund which targets TMT and healthcare investments, also re-upped in the latest round. New investors who joined the round include state-backed Atlas Capital and KQ Capital, the investee said in a WeChat post.
Innostar said it will deploy the proceeds for the production of resistive random-access memory (ReRAM) driven chips and storage chips.
With a team of professionals who have worked at Intel, Semiconductor Manufacturing International (SMIC) and Spreadtrum Communications, Innostar develops new generation storage chips and IPs. Its offerings can provide safe and high-performing storage applications for emerging sectors like 5G network, cloud computing, internet of things (IoT), and AI.
In the statement, Innostar said China’s market size of memory chips is forecast to reach $52.26 billion by the end of 2024, accounting for 14% of the global market.
“We hope that we can design new generation memory chip products and improve storage technology, as well as advance ecosystem in partnerships with semiconductor designers and manufacturers,” said Innostar founder and CEO Xiang Zhang.
Hong Kong-based Crossbar Asia Pacific is the largest shareholder in Innostar holding 45% stake, followed by Shanghai Lianhe Investment with 30% equity interest.
Innostar has also been backed by American venture capital firm Kleiner Perkins Caufield & Byers (KPCB), Lam Research, SAIF Partners China, Northern Light Venture Capital, CBC Capital and Oriza Holdings’ Oriza Ventures