China GPU chip designer Metax raises $155m
Shanghai-based Metax Integrated Circuits has raised RMB1 billion ($155 million) in a Series A funding round led by China Structural Reform Fund and China Internet Investment Fund. Existing investors including Matrix Partners China, CTC Capital, Sequoia Capital China and Lightspeed Venture Partners re-upped.
Other investors include CDC Investment Management, Smart Internet Industry Fund, Shanghai International Group, Lenovo Capital & Incubator Group, Shenzhen City China Merchants Jintai Capital Management, Fosun RZ Capital, Oriental Fortune Capital, and Cantor Jungle, according to a statement.
A graphics processing unit (GPU) specialist, Metax was established in 2020 by two former employees at US semiconductor giant Advanced Micro Devices. It has a staff of more than 300, of which 80% work in R&D. Core team members have at least 20 years of practical experience in the GPU field.
Chip design is a popular area among PE and VC investors targeting China's semiconductor industry, largely because it has the highest technology content and is the least capital intensive. GPU chips - often referred to as artificial intelligence (AI) chips or computing chips - are said to have the largest market ceiling, given the exponential growth of AI-related applications.
Iluvatar CoreX, a Shanghai-based GPU chip designer has raised RMB1.2 billion ($186 million) in Series C funding in March. It claims to be the only company in China that produces chip products under GPU architecture. This followed two rounds for Moore Threads, which was formed by a team from Nvidia.
In the broader chip design space, start-ups that have received funding in recent months include Biren Technology and Enflame Technology. Meanwhile, last year, VC-backed Cambricon Technology became the first Chinese AI chip manufacturer to list on Shanghai's Star Market.
Lighthouse Capital was the exclusive financial advisor on the Metax Series A round.
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