(Yicai Global) Dec. 21 — Inventchip Technology, a leading Chinese developer of silicon carbide semiconductors, has raised hundreds of millions of yuan that will be used to expand the firm’s SiC wafer plant.
SAIC Motor’s strategic direct investment fund and its private equity investment platform Shangqi Capital led the Series pre-B fundraiser, Shanghai-based Inventchip said today. Sungrow Power Supply, Huaqiang Venture Capital, and others joined the round, along with existing investor Rockets Capital.
The proceeds will go on the expansion, operation, and research and development of Inventchip’s SiC wafer plant in Yiwu, eastern Zhejiang province, it added.
Inventchip also raised hundreds of millions of yuan from SDIC Investment Management, Xiaomi, and Lightspeed China Partners in Series A+ and A++ rounds in August and October 2021, respectively. It finished a strategic round solely with Xpeng Motors this February.
Inventchip was set up in the Lingang New Area of the Shanghai Free Trade Zone in 2017. It has since become the first Chinese company to independently develop six-inch SiC MOSFET products and master the process platform.
The SiC devices market may grow to USD10 billion by 2030 from USD600 million in 2020, according to market researcher Yole.
The SiC devices share of the photovoltaic inverter market is expected to climb to over 70 percent by 2030 from 2 percent now, and reach more than 80 percent in the charging infrastructure and electric vehicle sectors, with full use in communications and server power supply, Huawei Technologies said in a recent report.
Editor: Peter Thomas