China semiconductor equipment player raises $139m

Green Pine is one of several re-upping investors, alongside the likes of XingCheng Capital, Nuo Capital, Yizhuang Venture Capital, Xin Ding Capital, and Green Pine Capital Partners. New backers include CGII Private Fund and Anxin Capital, as well as CoStone.

The company raised hundreds of millions of renminbi last year from Shenzhen Capital Group and Sailing Capital, according to AVCJ Research.

Founded in 2014, DJEL specialises in yield management for integrated circuits or optimising systems and technical solutions used in chip design, manufacturing, and testing. Its core competency is in optical proximity correction (OPC), a critical step in the semiconductor manufacturing process, where performance and density requirements are tested.

DJEL has two main products. The first, EBI, generates high-resolution images by scanning the surface of wafers with electron beams and then uses algorithms to detect electrical and physical defects. The second, CD-SEM, monitors key process parameters by measuring the dimensions of electron beam microscopic images.

 

DJEL claims to be entering mass production, having obtained repeat orders for multiple products this year.

However, there is a potential intellectual property (IP) infringement action hanging over the company. It stems from a 2019 judgment by a US court that Chinese software developer XTAL had stolen trade secrets from Dutch semiconductor multinational ASML. XTAL was ordered to pay USD 845m in damages, but by that point it had already filed for bankruptcy.

ASML noted in its 2021 annual report that "a company associated with XTAL, Dongfang Jingyuan Electron was actively marketing products in China that could potentially infringe on ASML's IP right."

ASML said it had reached out to certain customers, urging them not to aid and abet DJEL and that it had shared its concerns with the Chinese authorities. The company added that it was ready to take legal action if appropriate. DJEL has disputed the allegation.

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• Topics
• Greater China
• Expansion
• Technology
• Industrials
• China
• semiconductor
• Green Pine Capital Partners
• manufacturing