China's Leadrive raises $81m Series D
Legend Capital and Oriza FoFs have led a CNY 600m (USD 81m) Series D round for Leadrive, a Shanghai-headquartered manufacturer of semiconductor power modules and motor control units used in electric vehicles (EVs).
Other participants included C Capital, Huatai Baoli Investment, Duncheng Investment, Chengdu Royal Stars Venture Capital, Wuxi municipal government investment arm Shang Capital, and the founder of local animation and entertainment conglomerate Alpha Group. It comes a matter of weeks after Leadrive secured a Series C extension and a contribution to the Series D from Volvo Cars Tech Fund.
The new capital will support efforts to expand production capacity and develop next-generation technology for power modules and silicon carbide, which is a key compound used in semiconductors, according to a statement.
AVCJ Research has records of six previous funding rounds for Leadrive amounting to more than USD 62m. Shenzhen Oh Win Venture Capital and South China Venture Capital were the earliest investors in 2017. Since then, the likes of Ruihe Capital, Lenovo Capital & Incubator Group, China Merchants Capital, Winreal Investment, and CICC Capital have also backed the company.
Leadrive was founded in 2017 by Jie Shen, a graduate of Aachen University in Germany who went on to work for General Electric and China Central Research Institute. He is a specialist in electronics industrialization. The company has an R&D centre and European business development base in Aachen, as well as R&D and manufacturing facilities across China.
Power modules and motor control units represent the core business area, with Leadrive serving numerous original equipment manufacturers (OEMs) and tier-one components suppliers. A market leader in power modules based on silicon carbide technology, it has contributed to the mass production of 30 mainstream passenger car models.
The company also produces equipment used in renewables and energy storage and it is working with Japan’s Rohm Semiconductor on third-generation power semiconductors.
“The penetration of automotive electrification is accelerating globally, driving systemic changes in automotive supply chains and creating opportunities for innovators. Leadrive is one of few domestic companies with advanced R&D capabilities in power modules and motor controllers. It also has resources and expertise in third-generation power semiconductors,” said Long Xue, a managing director at Legend.
“The company’s products will achieve large-volume delivery in the next two to four years.”
Taihe Capital served as the exclusive financial advisor for Leadrive’s Series D round.
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