China automotive chip company raises $43m

Sunic co-led the round with Changan Anhe Private Equity Investment Fund, Dongfeng Jiaoyin, and automotive lighting supplier Xingyu Co.

Changan Anhe is a subsidiary of state-owned Changan Automobile, while Dongfeng Jiaoyin is a fund launched by carmaker Dongfeng Motor and Bank of Communications. Other investors include Guolian Securities, Qianhai Pengchen, Royalsea Capital, and electronics maker Keysida,

Wuxi-based Indiemicro was founded in 2017 with an initial focus on chips for medical devices. Research into the automotive space began at this time, and the company’s first car chip was mass-produced and commercialized in 2019. It specialises in car lighting control and micro-motor control applications.

Indiemicro, which also operates out of Shanghai, Shenzhen, and Taipei, took four years to deliver its first 10m pre-installed car chips. That figure hit 20m six months and 30m after another three months. The company claims to have more than 100 customers and entered the pre-installation supply chain of five models by Changan.

Despite China's consumer sector being severely impaired by the zero-COVID-19 policy, the electric vehicle (EV) sector continues to grow rapidly. In the first 10 months of 2022, the production and sales of new-energy vehicles in China came to 5.4m and 5.3m, respectively, an increase of 110% year-on-year.

The EV sector is also regarded as having shifted toward a smart vehicle or smart cockpit theme which demands large amount of chips to realise the smart functionality.

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• Topics
• Greater China
• Technology
• Expansion
• China
• semiconductor
• automobiles