Shanghai-based chip maker ASR Microelectronic officially announced the completion of the final round of financing before its shareholding reform. This round of financing lasted only 2 months, and reached US$119 million, attracting the participation of twelve well-known Chinese and foreign investors.
At present, all funds have been received, and the firm’s post-money valuation exceeds US$1.6 billion.
This round of financing was led by China Internet Investment Fund. Sequoia Capital China, Hillhouse Capital, Zhangjiang Group, TCL Capital, Shanghai STVC Group, SPINNOTEC, Shanghai Free Trade Zone Equity Fund also participates in the round.
Founded in 2015, ASR Microelectronics is a Chinese semiconductor design company focused on mobile intelligent communication terminals (2G/3G/4G/5G), Internet of things, navigation and other consumer electronics platforms. Its products mainly fall into two parts, communication data and smartphones.
The lead investor China Internet Investment Fund is a Chinese national fund established with the approval of the State Council and co-sponsored by the Cyberspace Administration of China and the Ministry of Finance. “ASR not only has comprehensive mobile communication technologies and products, but also has products in the fields of LoRa, WiFi, Bluetooth, etc., which is the key upstream force to promote the development and popularization of China’s Internet of Things. We look forward to ASR, as an independent innovative and dynamic company, will achieve rapid and high-quality growth in the future”, according to China Internet Investment Fund.
Sequoia CBC Cross-border Digital Industry Fund: “We are very optimistic about the Marvell mobile phone chip business acquired by ASR, especially ASR’s IP and core technologies in the baseband chip field have obvious competitive advantages and good development prospects in China. ASR is another large-scale cross-border investment project in China after we invested in LinkedIn, Airbnb, Evernote and ARM.”