China-name chipmaker CanSemi Technology secured $672 million in a new funding round led by Guangzhou Yuexiu Industrial Investment Fund Management, the private equity (PE) unit of Chinese publicly-listed firm Yuexiu Financial Holdings, according to a report by DealStreetAsia.
The new funding will be used to finance the construction of new production facilities and expand the company’s output of industrial and automobile chips.
Chinese state-owned automaker Guangzhou Automobile Group’s investment arm GAC Capital and Guangdong Finance Fund Management, a government-guided fund that manages over 41 billion yuan ($6.1 billion), also particpated in teh strategic funding round.
CanSemi, which was founded at the end of 2017, focuses on the mass production of 12-inch silicon wafers.
