Intel Capital backs three Chinese start-ups
Intel Capital has invested in two Chinese semiconductor suppliers and a Chinese medical technology developer as part of a $132 million commitment spread across 11 start-ups.
The semiconductor investments include software provider ProPlus Electronics and manufacturing components supplier Spectrum Materials. The medical start-up is KFBIO, which produces digital imaging and data analysis systems. Deal sizes were not disclosed.
ProPlus specializes in advanced device modeling and circuit simulations that help improve efficiency in the process of progressing chips from design to manufacturing. Spectrum Materials makes high-purity gas and specialty materials used in semiconductor production.
These investments come amid ongoing tensions between the US and China on cross-border investment in potentially security-sensitive technologies, including semiconductors. Intel invested in this space as recently as last year with an investment in EEasy Technology, another chip design specialist. Eeasy’s founder, Feng Chen, is also a co-founder of Actions Semiconductor, which received backing from Intel before going public in the US in 2005.
According to a statement, Intel Capital is on track to invest $300-500 million in technology companies this year. Its latest investment was mostly targeted at US-based start-ups. This included participation in a $19 million round for MemVerge that also featured China’s Gaorong Capital and Glory Ventures, as well as China-focused Northern Light Venture Capital. MemVerge develops memory systems to support complex computing.
Last year, Intel Capital deployed $466 million in 36 new investments and 35 follow-on investments and had 22 exits globally. The firm, which has staff in Hong Kong, Shanghai and Beijing, has invested at least $2 billion in China since 1991, including around $1 billion in semiconductor maker Beijing UniSpreadtrum Technology. Its China investment vehicles include an RMB80 million ($11.3 million) angel fund and a $100 million smart devices fund.
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