From February to March 2025, China’s semiconductor industry once again experienced a financing boom. According to incomplete statistics from DRAMeXchange, nearly 100 financing events have taken place in China’s semiconductor industry over the past two months, with nearly 30 of them reaching the billion-yuan level, covering multiple fields.
1.Continuous Rise in Financing Heat
From February to March 2025, the number of financing events in the semiconductor industry increased significantly. Nearly 100 financing events covered various stages, from early-stage angel rounds to strategic investments. Series A and angel round financings dominated, showing the capital market’s strong interest in startups.
For instance, Chi Xin Semiconductor completed a nearly 200-million-yuan Series A financing, focusing on the development of low-power IoT chips. Additionally, companies such as Ultrarisc, Hyseim, and Oritek also secured billion-yuan-level Series A financing, further driving technological innovation in the industry.
2. Significant Expansion in Financing Scale
Billion-yuan financing projects were a highlight of this financing boom. According to incomplete statistics, nearly 30 financing events exceeded one billion yuan. Among them, Zhcltech and OMNISUN each raised 7.4 billion yuan in their Series B financing rounds, while PNJ secured nearly 5 billion yuan in total from its Series A2 and A3 rounds.
Specifically, PNJ, a company specializing in third-generation semiconductor power device design and solutions, will use this financing mainly for silicon carbide technology R&D and production line upgrades. This not only injects strong momentum into PNJ’s R&D and mass production of 8-inch silicon carbide technology but also accelerates technological innovation and industrial upgrades in the third-generation semiconductor sector, pushing the industry toward higher quality and greater competitiveness.
Furthermore, major “state-backed” funds have been active in this financing wave. In March, the National Integrated Circuit Industry Investment Fund (commonly known as the “National Big Fund”) invested in two semiconductor equipment companies, Jingce and Akoptics. Meanwhile, Shanghai Guotou Pioneer AI Industry Fund co-led the investment in Biren Technology. These investments reflect the semiconductor industry’s growth potential and demonstrate the government’s strong push for key technological breakthroughs and localization.
3. Diverse Investment Across Multiple Fields
This financing boom spanned multiple segments of the semiconductor industry, presenting a trend of diversified investments.
Chip Design: Chip design remains a hot spot for financing. For example, Zhcltech raised 7.4 billion yuan, and Twinsolution secured billions in funding to focus on AI and power chip development.
As the only Chinese company mastering TPU architecture AI chip core technology and achieving mass production, Zhcltech secured 7.4 billion yuan in this round of financing. The funds will be invested in AI training chips, inference chip development, computing clusters, and large model development to enhance its industry positioning.
Notably, with the rapid development of smart vehicles, chip companies in this field have gained significant investor interest. Oritek secured billions in funding in its Series B2 round, focusing on smart vehicle chip R&D.
Semiconductor Materials: Companies such as OMNISUN and CHC secured large-scale financing in semiconductor materials, accelerating the localization of key materials such as photomask substrates and ceramic copper-clad laminates.
Semiconductor Equipment: The semiconductor equipment sector also saw multiple financing rounds. Companies like Jingce and Siscantech each secured billions in investment for research and promotion of testing equipment and other advanced technologies.
4. Notable Financing Events
Biren Technology: Shanghai State Capital Leads Investment in Rising Unicorn
In March, Shanghai Guotou Pioneer AI Industry Fund co-led the investment in Biren Technology, with several well-known investment institutions and industrial capital firms following suit. This marks the first direct investment by the Shanghai Guotou Pioneer AI Industry Fund and is a key move in Shanghai’s AI ecosystem strategy.
OMNISUN: Breaking Through the “Last Mile” of Photomask Substrate Localization
In February 2025, OMNISUN completed a 7.4 billion yuan Series B financing round. This round was led by Hunan Energy Group and Shenzhen Capital Manufacturing Transformation & Upgrading New Materials Fund, with new investors such as the Comprehensive Reform Pilot (Shenzhen) Equity Investment Fund and Jiangfeng Electronics.
Photomask substrates are regarded as the “last mile” of semiconductor localization, directly affecting chip manufacturing precision and yield rates.
National Big Fund Phase II Invests in Shanghai Jingce and Akoptics
In recent years, the National Integrated Circuit Industry Investment Fund (National Big Fund) has played a crucial role in promoting the development of China’s semiconductor industry. In March alone, the fund invested in two semiconductor equipment companies—first in Akoptics, followed by an investment in Jingce.
Conclusion
The semiconductor financing boom from February to March 2025 has injected fresh vitality into the industry and demonstrated the capital market’s confidence in semiconductor technology innovation. With the acceleration of localization efforts and breakthroughs in emerging technologies, the semiconductor industry is expected to achieve higher-quality development in the coming years. Behind this wave of financing is the industry’s proactive response to technological advancements and market opportunities, providing robust support for the rise of China’s semiconductor sector.
