Over the past few months alone, ranging from the optical detection chip team that broke world records to the dark horse in advanced packaging that raised over 4 billion yuan in its Series A round, and from the breakthrough maker of RISC-V server cores to the pragmatic entrepreneurs focusing on edge large model chips, nearly 30 companies across the upstream and downstream of the semiconductor industry chain have intensively closed new funding rounds, with the total scale exceeding 10 billion yuan. These financing events outline the core logic of current industrial development: the urgent demand for high-speed optical interconnects in AI data centers, the call for novel computing architectures from edge intelligence, and the domestic substitution of core materials and equipment driven by supply chain security, which together constitute the three most active main tracks for semiconductor entrepreneurship and investment.
In the field of optical communication and optical interconnects, companies represented by Guanglian Xinke (nearly 500 million yuan in Series A), Xinchao Liu (hundreds of millions of yuan in Series A), and Xingyuan Optoelectronics (tens of millions of yuan in the Angel round) are accelerating breakthroughs in optical chips and optical interconnection technologies, attempting to break the monopoly of overseas giants in indium phosphide (InP) lasers, high-speed DSP chips, and optical switching systems. In the AI chip and new computing power track, companies such as Guangyu Xinchen (hundreds of millions of yuan), Cuisi Technology (incubation round), and Shangxuan Xinzhi (tens of millions of yuan in the Angel round) are entering from different technical paths such as edge AI chips, AI-driven EDA, and MRAM probabilistic computing, exploring the direction of computing power breakthrough in the post-Moore era. Meanwhile, in the underlying support fields such as advanced packaging, semiconductor materials, and equipment, the massive financing of companies like Xingchen Technology (over 4 billion yuan in Series A), Xihe Micro Technology (new round), and Zhongke Youcai (nearly 200 million yuan in the Pre-A round) indicates the continuous heavy investment of industrial capital in "supply chain reinforcement" links.
Xingyuan Optoelectronics
Xingyuan Optoelectronics was established on November 14, 2025, with Qiu Erhu as the legal representative, registered in the Suzhou High-tech District. The company is jointly held by ExOptronics Inc and Suzhou Everbright Chip Semiconductor Laser Innovation Research Institute, a wholly-owned subsidiary of Everbright Chip. It mainly produces high-end InP laser chips, devices, and related modules and subsystems, with products targeting high-growth fields such as AI data center optical communication, frequency-modulated continuous-wave (FMCW) LiDAR, and fiber optic sensing. The core technical team comes from global leading companies in optical communication chips and devices, mastering the full-chain independent processes from design, epitaxial growth, chip fabrication to packaging and testing. In March 2026, Everbright Chip Research Institute invested 8 million yuan to subscribe for the newly added registered capital of Xingyuan Optoelectronics, landing the Angel round financing. The company has basically completed the core team formation, product pre-research, and process validation, and has initially carried out market expansion docking. InP laser chips are the mainstream technical solution for coherent communication tunable lasers. Currently, this technology is mainly mastered by foreign companies. Xingyuan Optoelectronics is expected to become one of the very few domestic enterprises with the mass production capacity of such chips in China, highlighting its strategic value for domestic substitution.
Kuailin Optoelectronics
Founded in Shanghai in 2024, Kuailin Optoelectronics is a hard-tech company focusing on the R&D and industrialization of III-V high-speed optoelectronic detection chips. The core team consists of four young doctors who graduated from the same mentor, with an average age of less than 30—founder Li Linze and three co-founders Wang Jingyi, Wang Luyu, and Long Tianyu, all originating from Professor Chen Baile's research group at ShanghaiTech University. Members' research achievements have been published in top journals such as Nature and Nature Photonics. The company once broke the world record in the field of optical chips, the core of AI optical interconnection and 6G communication, filling the domestic gap in ultra-high-speed receiving optical chips. Kuailin Optoelectronics has built a complete development system from device structure design, III-V material epitaxy to packaging and integration. Focusing on the high-speed optical receiving needs in the data communications field, it continuously lays out InP photodetectors (PD) and array products, which can be widely applied to 800G, 1.6T, and 3.2T high-speed optical interconnections. The company focuses on a development path with high-speed optical communication as the main and 6G terahertz communication as the auxiliary, focusing on single-wavelength 100G, 200G, and the next-generation 400G optical detection chips. In June 2026, Kuailin Optoelectronics completed an Angel round financing of tens of millions of yuan, led by Xiaomiao Langcheng and followed by Yicun Capital. Currently, the company has completed core technology validation and is fully promoting mass production process development and customer sampling, planning to achieve scaled delivery of core products in 2027.
Aoke Optoelectronics
Aoke Optoelectronics was established in Shenzhen in June 2016. It is a design company focusing on high-speed analog electrical chips, silicon photonics chips, and optoelectronic integrated products. Its main products include Driver, TIA (Transimpedance Amplifier), CDR (Clock and Data Recovery), silicon photonics, and TFLN chips for high-speed optical interconnection communication, covering application scenarios from 10Gbps to 1.6T. In the data communications market, the company has achieved mass delivery of 25G SR/100G SR4 transceiver chips for short-reach data centers, breaking the monopoly of overseas manufacturers; in the telecommunications market, it has completed the mass delivery of 400G coherent chipsets to leading domestic system equipment manufacturers, becoming the only domestic supplier in this field. In 2025, Aoke released a 4x200G coherent receiver ICR chip based on silicon photonics monolithic integration. The technical indicators meet the application requirements of C-band and L-band, covering backbone network 400G QPSK, metropolitan area network 800G 16QAM, and DCI 800G ZR/ZR+ scenarios. The silicon photonics coherent receiver C+L band system has a responsivity of >0.045A/W, an optoelectronic bandwidth of >75GHz, and supports 140GB high-speed applications. Aoke Optoelectronics recently completed a 100 million yuan Series B+ round financing, led by Songhe Capital and followed by Wuxi Industrial Capital. The company is also the only leading domestic manufacturer with optoelectronic chips, comprehensively providing a full set of silicon photonics chips and electrical chip solutions based on single-wavelength 100G and single-wavelength 200G data center PAM4 applications.
Zhilian Technology
Zhilian Technology was founded relying on the State Key Laboratory of Information Photonics and Optical Communications at Beijing University of Posts and Telecommunications, led by Dr. Xu Wei Xue, the director of the optical switching direction of the laboratory and the chief scientist of a national key project. The company is one of the few domestic enterprises providing fast optical switching overall solutions based on AWGR (Arrayed Waveguide Grating Router) devices. Its core components—including AWGR devices, optical engines, and the scheduling and control platform for high-speed optical interconnection systems—are all independently developed. Its optical switching system can be applied to the interconnection between AI servers in intelligent computing centers and the high-speed interconnection between GPUs within AI servers, aiming to break through the bandwidth, latency, and power consumption bottlenecks of electrical switching. The company has successfully developed and fabricated the world's first batch of optical switching chip demos adapted to the CWDM technology standard, with a minimum package size of 5mm×7mm. The products have passed the strict tests of leading cloud vendors, achieved test deployment in the China Unicom Intelligent Computing Center, and jointly designed the optoelectronic interconnection network for the next-generation large models with Tencent Cloud. Zhilian Technology completed an Angel round financing of 40 million yuan, led by Zhongying Venture Capital, which focuses on early-stage investment in hard technology, and followed by Beijing Venture Capital. The company plans to further increase the AWGR port scale next year to promote the commercial landing of the overall solution.
Xinjie Guanghe
Xinjie Guanghe was established in January 2026, jointly founded by the scientific research team of the State Key Laboratory of Optical Communications at Shanghai Jiao Tong University and industry professionals. The company focuses on building the Photonic Nexus all-optical interconnection platform, providing all-optical interconnection solutions from silicon photonics chips and optical engines to optical switching systems for AI computing clusters, high-performance computing, and next-generation intelligent computing centers. The company's founder Ying Ying and co-founder Shi Bo are alumni of Peking University. Both have successively worked in international technology companies such as IBM and Xilinx, possessing over 20 years of hard-tech product R&D and commercialization experience. Co-founders Professor Lu Liangjun and Professor Li Yu both come from the State Key Laboratory of Optical Communications at Shanghai Jiao Tong University and are among the earliest teams in China to conduct research on silicon photonics chips. The product layout revolves around two main lines: OIO (Optical I/O) and silicon-based OCS. On the OIO side, it promotes high-speed silicon photonics PIC, with single-wavelength rates evolving from 100G and 200G to 400G; the OCS route adopts a silicon photonics solution, and has currently completed the R&D of a 32×32 silicon-based OCS chip, with key indicators such as insertion loss at the industry-leading level. Xinjie Guanghe recently completed several rounds of seed round financing, with a total amount reaching the hundred-million-yuan level. Investors include Jiaotong-university-affiliated funds Qigao Capital and Hanyuan Assets, Xiaomiao Fund, optical communication industry investor Tongding Group, and market-oriented institution Junding Fund.
Guanglian Xinke
Guanglian Xinke focuses on optical interconnection technology innovation in AI large computing power scenarios, creating an efficient and low-power computing interconnection architecture. The founder, Chen Chao, holds a Ph.D. from MIT. As a flagship benchmark project deeply incubated by Zhenfund, the company has been deeply involved by Ren Xuyang, founder and chairman of Zhenfund, and Chen Chao, managing partner of Zhenfund, since its inception. The company adheres to independent innovation and national industrial synergy, building a complete technical barrier in key links such as core optoelectronic devices, advanced packaging, and process optimization. Guanglian Xinke recently completed a Series A financing of nearly 500 million yuan, jointly led by Gaorong Capital, Legend Capital, and Cornerstone Capital, followed by first-tier industrial capital such as GLP Hidden Hill Capital, Renai Capital, Xinhe Capital, and personal investments by entrepreneurs such as Pei Zhenhua; old shareholders such as Legend Capital, Sequoia China, Hillhouse Ventures, Zhenfund, and Shangshi Capital significantly over-subscribed. The company's latest valuation and cumulative financing scale have once again refreshed the record of start-ups in the domestic optical interconnection track. The funds raised in this round will be mainly used for the mass production of core products, in-depth market expansion, and continuous technological R&D. Xin Wang, partner at Gaorong Capital, stated that optical I/O is an important direction for next-generation interconnection technology and has been endorsed by giants such as NVIDIA.
Xinchao Liu
Founded in 2021, Xinchao Liu focuses on the optical and electrical network interconnection scenarios of data centers and high-speed communications, specializing in the R&D and implementation of high-speed optoelectronic interconnection chips and supporting solutions. Relying on mature and complete high-speed SerDes underlying technology, the company has built an integrated technology and product system of optoelectronic DSP, network interconnection IP, and custom ASIC, possessing full-chain independent R&D capabilities from basic technology R&D to application system verification. Currently, the company's self-developed optoelectronic DSP chip has achieved a breakthrough in system-level verification, successfully passing the system-level verification of industry-leading optical module customers, and officially entering the stage of scaled delivery to cloud vendors, effectively filling the domestic gap in the field of high-speed optoelectronic interconnection chips. At the same time, the ASIC customization business based on advanced SerDes technology has achieved fruitful results, accumulating hundreds of millions of yuan in order reserves. Xinchao Liu recently completed an over-subscribed Series A financing of hundreds of millions of yuan, exclusively led by IDG Capital, and jointly participated by multiple leading investment institutions such as Sequoia China, CCB Equity, CITIC Construction Investment Capital, and Ecapital. The funds raised will be mainly used for the iterative R&D of next-generation high-speed optoelectronic interconnection chips, scaled mass production and delivery of core products, expansion of the upstream and downstream customer ecosystem, and the expansion and construction of the core technical team.
Aishun Optoelectronics
Aishun Optoelectronics was registered and established in March 2024, focusing on 800G and 1.6T high-speed optical modules and PCIe/CXL optical interconnection solutions. The company's chairman graduated from Xi'an Jiaotong University and has successively worked in industry-leading enterprises such as ZTE, Lucent, Coherent, and Accelink, possessing over 20 years of optical communication R&D experience. The core team has more than 20 people with an average of over 10 years of industry experience. Since its establishment, the company has completed the development and mass production of dozens of 400G, 800G, and 1.6T optical module products, capable of stably mass-producing 800G optical modules and self-developed 1.6T cutting-edge products. In 2025, the company's revenue exceeded 30 million yuan, and this year's revenue target is to sprint to 60 million yuan. Currently, Aishun Optoelectronics is in a critical period of capacity ramp-up, with a monthly production capacity of about 5,000 optical modules. With the completion of the new production line upgrade in September, the monthly capacity will increase to 40,000 units. The company recently received a 250 million yuan strategic investment from a Hong Kong-listed leading optical enterprise, with the first phase of 50 million yuan funds already in place. Aishun Optoelectronics holds 11 core patents and has been evaluated as an innovative and technology-based small and medium-sized enterprise in Zhejiang Province.
Yitiannuo
Located in Wuhan Optics Valley, Yitiannuo is a global optoelectronic integration testing solution provider, committed to providing precision automated testing and packaging solutions for the optical communication field, and is one of the earliest enterprises to layout in related fields in China. With the iteration of global optical communication technology and the surge in high-performance computing demand, silicon photonics technology has entered a period of explosive mass production with its core advantages of high integration, low power consumption, and low cost. Yitiannuo takes the independent control of core components as a breakthrough, focusing on key dimensions such as self-developed components and self-developed instruments, coupled with R&D system upgrades and industrial chain collaborative layout, comprehensively building silicon photonics mass production service capabilities. The company has profound accumulation in optoelectronic integration technology. Team members come from the top tier of the industry, possessing mature mass-production-level optoelectronic system integration testing and application experience, and product performance has reached the international advanced level. Multiple patents support the construction of a mass production support system of "independent core components + full coverage of product matrix + full-process service capabilities". Yitiannuo recently completed a Series A financing of tens of millions of yuan, led by Zhangjiang Suiyue and followed by Yongyi Optoelectronic Technology Co., Ltd. The funds will be mainly used to accelerate product R&D iteration, expand market applications, and strengthen team building.
| AI Chips and Computing Power
Guangyu Xinchen
Guangyu Xinchen was established in July 2024 and is a leading innovative enterprise in China focusing on the R&D of edge large model chips. The company independently developed the 3D DRAM near-memory computing architecture + processing-in-memory (PIM) technology, creating the unique EdgeAIon® architecture, which achieves deep coupling between logic chips and memory chips, improving the edge large model inference performance by an order of magnitude compared to traditional solutions. This solution perfectly adapts to the core needs of localized operation and real-time interaction of edge large models, filling the domestic technical gap in high-end edge AI chips. The founder, Dr. Zhou Qiang, graduated from the School of Microelectronics at Fudan University and is one of the earliest experts in China engaged in AI software and hardware application development. He has worked in several major chip companies such as VeriSilicon, AMD, Enflame, and Moore Threads. The company's R&D team has a master's and Ph.D. proportion of over 70%, and has laid out dozens of core invention patents, covering the full-chain links of storage-computing collaboration, chip architecture, and software-hardware adaptation. The company took the lead in drafting the "3D DRAM Integration Technology Standard for Edge AI Chips", which has passed the acceptance review of the Shanghai Integrated Circuit Industry Association. Guangyu Xinchen recently completed a new round of financing of hundreds of millions of yuan, introducing multiple heavyweight strategic investors, with old shareholders firmly supporting. The first chip has been successfully taped out and is expected to be commercially mass-produced by the end of 2026.
Cuisi Technology
Cuisi Technology was established in Shanghai in May 2026, founded by Dr. Pan Hongyang, a Ph.D. from the State Key Laboratory of Integrated Circuits and Systems at Fudan University. The company aims to solve the core engineering challenges long faced by custom AI chips: the highly fragmented landing scenarios of large model inference make it difficult to lock in chip demand in advance. Cuisi independently developed the Agentic EDA platform, integrating AI throughout the entire chip design process, covering every link from design specifications to layout (GDS), significantly compressing the design cycle that originally took years and was highly dependent on manual work. Dr. Pan Hongyang has long been engaged in AI-driven chip design automation research and won the championship in the NVIDIA-sponsored MLCAD 2025 international competition. The founding team is composed of multiple senior chip architecture and AI algorithm experts who have served as core engineers in first-tier domestic and international companies and international AI chip unicorns, leading the mass production of multiple generations of chips. Currently, Cuisi's Agentic EDA platform has generated commercial revenue, and its chip design methodology has been verified through the tape-out and return of real chips. Cuisi recently completed an incubation round of financing, jointly led by Monolith Capital and Qiying Tongchuang Fund. The funds will be used for the R&D and tape-out of the first dedicated chip for Agent inference. The entire design process of the company's first Agent inference chip is completed by AI, and tape-out is planned to be completed by the end of the year.
Bosi Xinyu
Bosi Xinyu was established in July 2024 and is the only professional technical service provider in China focusing on the full lifecycle management (SLM) of AGI computing power base chips. The company is headquartered in Hangzhou and has jointly built a joint laboratory with the Institute of Computing Technology, Chinese Academy of Sciences in Beijing. The core team comes from Huawei HiSilicon, the Institute of Computing Technology, CAS, and top domestic and international computing power enterprises and research institutes, possessing decades of profound technical accumulation in chip reliability, EDA, and distributed computing power. The company pioneered the full lifecycle management solution for the AGI computing power base covering chip-level, system-level, and cluster-level. Relying on self-developed core algorithms such as chip health modeling, fault-tolerant reasoning, and energy efficiency optimization, it builds a system platform spanning from underlying computing power chips to upper-layer Token output. As of now, Bosi Xinyu's solutions have been implemented on a large scale at the Qingyang hub node of the national "East Data and West Computing" project, achieving a 15%-20% reduction in single-chip power consumption, a 97% accuracy rate in cluster fault prediction, and driving a 25%-30% decrease in unit Token production cost. Bosi Xinyu recently completed a Pre-A1 round financing of tens of millions of yuan, jointly invested by SMIC Xicheng and SMIC Juyuan.
Shangxuan Xinzhi
Shangxuan Xinzhi originates from the State Key Laboratory of the Institute of Semiconductors, Chinese Academy of Sciences, and is the only domestic hard-tech enterprise building an in-memory probabilistic computing platform based on MRAM (Magnetic Random Access Memory). The company's core solution lies in the full-stack software-hardware collaborative strategy of "device + algorithm + architecture"—at the device level, MRAM is used to build controllable "probabilistic bits (p-bits)", natively realizing probabilistic flipping at the hardware level; at the algorithm level, a full-stack toolchain is built to achieve high-energy-efficiency optimization and solving at room temperature; at the architecture level, a computing-in-memory design is adopted to effectively bypass the "memory wall". According to internal test data, this solution is expected to achieve a ten-thousand-fold improvement in energy efficiency ratio compared to traditional classical computing architectures when processing tasks such as generative AI and probabilistic optimization. The founder and CEO, Lei Kun, holds a Ph.D. from the Institute of Semiconductors, CAS, and the chief scientist, Researcher Wang Kaiyou, is the winner of the National Science Fund for Distinguished Young Scholars and the chief scientist of the National Key R&D Program. Shangxuan Xinzhi recently completed an Angel round financing of tens of millions of yuan, led by InnoAngel Fund and followed by Haibei Capital. The company has successfully completed array-level tape-out and plans to deliver the first batch of chips in early 2027, taking the lead in landing core scenarios such as edge embodied intelligence, autonomous driving decision optimization, and complex operations research decision-making.
Lingrui Zhixin
Lingrui Zhixin was established in January 2025 and is a technology company focusing on high-performance RISC-V processor design. The company is committed to integrating computing architecture innovation, developing domain-enhanced processor products based on ultra-high-performance RISC-V cores. The founder and CEO, Liu Yang, is an alumnus of Shanghai Jiao Tong University, possessing full-stack technical capabilities from chips to software to systems and management experience of a thousand-person team. The founding team comes from IBM, with nearly 20 years of high-performance processor development experience, and has led the R&D of multiple generations of POWER server processors. The company heavily launched the world's first dynamic 4-thread, server-level, highest-performance RISC-V CPU core—P100, successfully filling the domestic gap in ultra-high-performance RISC-V cores. In 2025, Lingrui Zhixin completed two rounds of Angel round financing, with investors including Xiaomiao Langcheng, Furong Investment, Qingshi Asset Management, Huashan Capital, Yuanhe Puhua, and Futeng Capital. The company recently completed a Pre-A round financing of hundreds of millions of yuan, jointly invested by Zhangjiang Hi-Tech, Biren Technology, Oriental Fortune Capital, CAS Star, Chengwei Capital, and Shexi Capital.
Houmo Intelligence
Founded in 2020, Houmo Intelligence is a start-up focusing on computing-in-memory technology for intelligent driving computing chips. Due to its technical complexity, long cycle, and high barriers, it is called a "big chip" project in the industry. The founder, Dr. Wu Qiang, graduated from Princeton University. His doctoral thesis focused on high energy-efficiency computing chips and compilers, winning the best paper at the top computer architecture conference MICRO. Afterwards, Wu Qiang successively worked in well-known international enterprises such as AMD and Facebook, and returned to China to join Horizon Robotics as CTO. The team possesses full-link R&D capabilities in advanced computing-in-memory architecture, circuit design, compiler, and software stack development. Over 70% of the team members hold master's or Ph.D. degrees, coming from chip enterprises such as NVIDIA, HiSilicon, Qualcomm, and Cambricon. In May 2023, the company released its first computing-in-memory intelligent driving chip, Hongtu H30, with a physical computing power of 256 TOPS. In 2024, it launched the edge and end large model AI chip Manjie M30, achieving 100 TOPS computing power at 12W power consumption. In March 2025, Houmo Intelligence added Beijing Artificial Intelligence Industry Investment Fund and Beijing Economic-Technological Development Area Industrial Upgrade Equity Investment Fund as shareholders.
Jiutian Ruixin
Jiutian Ruixin was established in 2018 and has developed the world-leading sensing-memory-computing integrated architecture technology. The designed "ADA" series computing-in-memory chips have an energy efficiency 10 times higher than the international level. The company is the first and the only early SRAM computing-in-memory company in China, committed to creating multi-level memory-fusion AI chips based on computing-in-memory and near-memory computing. The company has formed a R&D network centered in Shenzhen, linking Chengdu, Shanghai, and Zurich, Switzerland. Integrating computing-in-memory AI co-processors, it supports the deployment of large and small model inference in scenarios such as AI glasses/earphones, AI mobile phones/PCs, and robots. The company's chip products have been mass-produced by multiple customers and have won orders from multiple international first-tier smart glasses, smart earphones, and hearing aid brands. Jiutian Ruixin has completed 6 rounds of financing, attracting numerous investment institutions such as HongTai Fund, Miracle Plus, Haiwang Capital, Weihao Chuangxin, and Yuanhe Puhua. It recently completed a Series B++ round financing of nearly 200 million yuan, led by a leading important industrial party, followed by OmniVision Group and China Merchants Zhiyuan, with old shareholders Gongda Electro-Acoustic and Yinghao Capital continuously increasing their investment.
| Advanced Packaging and Materials
Xingchen Technology
Hubei Xingchen Technology Co., Ltd. was founded by Jiangcheng Laboratory (one of the top ten laboratories in Hubei Province). Its predecessor was the achievement transformation and industrial service platform of Jiangcheng Laboratory, and it began independent operation in 2021. The company is positioned as an advanced packaging pilot platform and risk mass production platform. At the beginning, it took an asset-light route—leasing idle equipment from large factories and finding customers through connections. The first order generated an income of over 10 million yuan, and the cumulative revenue in the following two years reached hundreds of millions of yuan. It is precisely this idea of "finding the market first, then building the production line" that made Jiangcheng Laboratory the first provincial laboratory in Hubei to achieve "self-blood generation"—with nearly 2 billion yuan in R&D service revenue over 5 years. The company's 3D packaging technology is highly recognized in the industry. The total investment for the first and second phases exceeds 7 billion yuan, with a planned monthly capacity of 20,000 wafers. The goal is to build the largest and technologically leading high-density integrated packaging pilot platform in China, focusing on serving high-performance AI computing power chips, smart terminal chips, sensing-memory-computing integrated chips, and optoelectronic integrated chips. At the end of June 2026, the first batch of core process equipment for the company's second-phase pilot line, with a total investment of 4.58 billion yuan, completed moving in. Xingchen Technology recently completed a Series A financing of over 4 billion yuan, creating the largest single financing in the domestic advanced packaging field in 2026. Jingce Electronic holds about 17% of the shares.
Xincheng Semiconductor
Xincheng Semiconductor was established on March 9, 2022, with Gu Xin as the legal representative (Ph.D. in Electronic Engineering from City University of Hong Kong, former chief R&D expert at Shennan Circuits). The company focuses on the innovative R&D and scaled production of high-density flip-chip packaging substrates. It mainly targets two directions: FC CSP (chip-scale packaging substrate, used for mobile phone processors and WiFi chips) and FC BGA (ball grid array packaging substrate, used for CPU, GPU, and FPGA). The company adopts three process routes: MSAP (modified semi-additive process), ETS (embedded trace technology), and SAP (semi-additive process), possessing the R&D capability of FC CSP and FC BGA substrates with 10/10μm line width/spacing. Currently, the factory has achieved mass production of L/S 12/12 circuits. FC BGA is the category with the highest technical threshold in packaging substrates, and there are only a handful of manufacturers capable of scaled mass production globally. The company plans to invest about 2.55 billion yuan in the Beilun District to build a smart factory for high-end packaging substrates, promoted in two phases. Xincheng Semiconductor has completed multiple rounds of financing, introducing institutions such as Loongson Capital, Quande Xue Capital, Huiyou Capital, GF Xinde, and Loongson Technology. This round was invested by Yanchuang Capital and Shexi Capital.
Xihe Micro Technology
Xihe Micro Technology was established in 2023, headquartered in Pudong New Area, Shanghai, and also has a R&D center in Japan. The company is one of the few domestic high-end equipment enterprises focusing on the full-process solution for permanent wafer bonding in semiconductors. Its core positioning is a core equipment supplier in the fields of advanced packaging and 3D integration in the post-Moore era. The core team is systematically composed of senior experts in the semiconductor equipment fields of China and Japan. The founder, Dr. Wang Xiaohan, has over 20 years of R&D and industrial experience in the semiconductor field in the United States. He once worked at KLA, a global leader in semiconductor metrology and inspection, and was the leader of the localization of the first domestic front-end metrology and inspection equipment. The co-founder is Atsushi Osada, a former core expert at Tokyo Electron (TEL), with over 35 years of semiconductor equipment R&D experience. The company possesses independent R&D capabilities covering the full process of hybrid bonding, including plasma activation, wafer cleaning, ultra-high precision alignment, high-vacuum bonding, and bonding performance metrology and inspection. Xihe Micro Technology recently completed a new round of financing, led by Yuanhe Puhua, with the participation of numerous well-known investment institutions and industrial parties such as Hefei Industrial Investment, Waniu Capital, Junzilan Capital, Suning High-Tech, Oriental Jiafu, and Jiangsu Morgan Semiconductor. The funds will be mainly used for the market layout of core products such as hybrid bonding equipment, XOI composite substrate automatic bonding equipment, and BSPDN automatic bonding equipment.
Xunlin Technology
Xunlin Technology was established in September 2023, positioning itself as a "leader in next-generation new material substrate technology". The company possesses full-stack technical capabilities including glass micromachining, TGV drilling, PVD copper coating, electroplating, etching, chip sorting, HDI carrier board bonding, and flight pick-and-place. It has production bases in Tianjin, Qingdao, and Pizhou, forming a complete industrial chain closed loop from Micro LED glass substrate manufacturing to COB/COG module packaging. The founder and CEO, Zhen Zhen, holds a bachelor's degree in materials science from the University of Illinois in the US and a Ph.D. in materials science from Tsinghua University, and once served as a senior engineer at the Beijing Institute of Aeronautical Materials of AECC. After this round of financing, through the improvement of glass substrate mass production capacity and bonding technology development, the company will realize the development of 2-32 layer glass-based PCBs. Xunlin Technology will transition from a single carrier board material supplier to a "glass substrate provider for an optoelectronic fusion system-level platform". The company recently completed an A+ round financing of tens of millions of yuan, led by Guoqi Investment and Haixiang Investment, with the joint participation of Guangdong Collaborative Innovation Fund, Shuimu Tsinghua Alumni Seed Fund, and Xiamen Haihong. The financing will be mainly used for deepening the R&D of multi-layer HDI glass substrate technology, packaging production line construction, and preliminary layout of next-generation CPO co-packaged optics technology. It is reported that the Series B financing will also be completed in the near future.
Zhongke Youcai
As a high-tech enterprise incubated through the intellectual property transformation of the University of Science and Technology of China, Zhongke Youcai is deeply engaged in the field of optical films. The company has built a complete industrial system of "R&D innovation - precision intelligent manufacturing - engineering". Its products cover the Ultra-LOAF series and YS-HTLH series, including dimming films, high-transmittance and low-haze optical films, etc., which are widely used in new energy vehicles (NEVs), photovoltaics, mobile phones, commercial displays, tablets, and smart wearables. The founder, Li Liangbin, is a chair professor at the University of Science and Technology of China, a winner of the National Science Fund for Distinguished Young Scholars, and a leading talent of the National "Ten Thousand Talents Program". The company's products have gradually completed downstream customer technical certification and batch application. Zhongke Youcai recently completed a Pre-A round financing of nearly 200 million yuan, jointly led by Hefei Industrial Investment Capital and Hefei Innovation Investment, followed by multiple industrial capital and top professional institutions such as Conch Venture Capital, Chuanggu Capital, Guoyuan Equity, Luojia Wutong, and Zhengjing Capital. This round of financing is mainly used for new production line equipment iteration and technology upgrade, scaled mass production of high-end optical films, and intelligent upgrade construction of the production system. After full production, it will significantly increase the localized capacity of high-end PET optical films, making up for the short board of domestic high-end base material supply.
Xinyan Zhicai
Xinyan Zhicai focuses on the field of material R&D, especially semiconductor advanced packaging materials, such as key optical bonding materials for CPO (co-packaged optics), thermal interface materials required for high-performance computing such as GPU/HBM, and high-barrier electronic chemicals such as photoresists and precursors. The co-founder and CTO, Nan Kai, holds a Ph.D. in Applied Physics from the University of South Florida. He once served as a researcher in the AI4S biomedicine team at ByteDance, possessing compound experience from basic physical theory to industrial AI implementation. During his Ph.D., he published two papers as the first author in the top physics journal PRL, overturning a classic craze theory that had existed for 40 years. The team's background spans materials science, AI algorithms, and industrial implementation. Core members come from Huawei, the National Institute of Advanced Industrial Science and Technology (AIST) in Japan, and international leading material companies, with a master's and Ph.D. proportion as high as 80%. Xinyan Zhicai recently completed an Angel round financing of tens of millions of yuan, exclusively invested by Ivy Capital. The funds will be mainly invested in AI algorithm iteration, top talent introduction, construction of a self-built unmanned laboratory, and industrial implementation of semiconductor core material application scenarios.
Jimo Xin
Nanjing Jimo Xin Technology Co., Ltd. was established in November 2024, with core technology originating from Nanjing University. The company is committed to the R&D and industrialization of two-dimensional semiconductor materials and dedicated equipment, providing global customers with full-size two-dimensional semiconductor wafer materials, high-performance growth and transfer equipment, and related process technology standards and solutions. The team has been deeply engaged in the field of two-dimensional materials for more than ten years, taking the lead in realizing the mass production of 8-inch two-dimensional semiconductor single crystals and forming a complete product matrix. According to disclosures, the company "has been in a state of explosive orders for the past few months", and the team has welcomed more than ten new engineers in less than a month. Jimo Xin recently completed an Angel round financing, jointly invested by Yuanzhi Xinghuo and Optics Valley Industrial Investment. As a leader in the field of global two-dimensional semiconductor materials and equipment, Jimo Xin will use this round of financing to accelerate technological R&D iteration and the expansion of the industrialization team, comprehensively promoting the transition of two-dimensional semiconductors from the laboratory to industrialization, and helping China win the strategic initiative in the next-generation semiconductor field.
| Memory and Novel Computing
Mingxin Qirui
Mingxin Qirui was established in May 2024, committed to using advanced process node resistive random-access memory (RRAM) as the foundation, combined with computing-storage fusion and advanced packaging technology, to solve the "memory wall" bottleneck. The company faces the consumer, industrial, and data center fields, providing AI high-performance "sensing-memory-computing" integrated solutions and customized storage IP/chip products. The intellectual property originates from the Liu Ming team at the Chinese Academy of Sciences, possessing 200+ invention patents and chip design IP, and has conducted systematic research on RRAM technology for over 20 years. Mingxin Qirui is the only company incubated by the team. After more than a year of development, the company has established cooperation with multiple upstream and downstream enterprises, jointly tackled key problems around storage process manufacturing technology, deeply bound multiple leading enterprise customers, and has successfully completed product engineering batch verification tape-out. In 2025, the company completed an Angel round financing of nearly 100 million yuan, led by Jinqiu Fund, with joint funding from Legend Capital, Xiaomi Strategic Investment, etc. Mingxin Qirui recently completed a Pre-A round financing of over 100 million yuan, led by CDB Innovation and Legend Capital, followed by SMIC Juyuan, Shunxi Fund, and Hengyu Investment, with old shareholders CAS Star and Xiaomi Strategic Investment continuously increasing their investment.
Wanxi Microelectronics
Wanxi Microelectronics was established in July 2024 and is a semiconductor discrete device chip design enterprise focusing on the Fabless model. The company mainly produces high-speed silicon capacitor chips, covering two major product lines: vertical wire-bonding silicon capacitors and planar patch silicon capacitors, and simultaneously lays out III-V compound optoelectronic chips. The products are mainly used in high-frequency filtering scenarios such as high-speed optical modules, aerospace, RF base stations, and LiDAR, as well as some high-end consumer electronics fields. Multiple products have achieved scaled mass production, with cumulative shipments exceeding one million units. As a new type of passive component, along with the construction of AI computing centers, the popularization of 5G communication, the upgrade of smart terminals, and the acceleration of automotive electronics, the market growth space for silicon capacitors continues to widen. Wanxi Microelectronics recently completed a new round of financing of tens of millions of yuan, exclusively invested by Ecapital. The funds will be mainly used for the R&D and mass production delivery of the silicon capacitor series products.
Moxin Technology
Moxin Technology is deeply engaged in the fields of spatial intelligence and world models, corely adopting a pure implicit large-scale scalable feedforward neural network architecture. The company pioneered an end-to-end training paradigm, allowing AI to directly learn and parse the geometric features and physical rules of the 3D world. The team took the lead in exploring the Scaling Law in the field of spatial intelligence, confirming that the coordinated expansion of data, models, and computing power can drive the steady improvement of the model's spatial understanding ability. Currently, the company has achieved technological breakthroughs in three major directions: dynamic 4D scene feedforward reconstruction, long-sequence continuous spatial modeling, and high-resolution 3D reconstruction. The founder, Chen Tianrun, is a Ph.D. student at Zhejiang University, and his supervisor is Pan Yunhe, an academician of the Chinese Academy of Engineering. Moxin Technology has consecutively completed two rounds of financing, Pre-A+ and Pre-A++, totaling nearly 100 million yuan in the past two months. The Pre-A+ round was led by Huawei Hubble, followed by Fullhan, Hanlian Semiconductor Industry Fund, etc.; the Pre-A++ round was jointly invested by Fullhan, Lianrong Zhidao (a fund under Legend Holdings), and Zhechuangtou. Huawei Hubble became the largest external shareholder with a 7.98% stake. After the latest round of financing, the company's valuation has exceeded 1 billion yuan.
| Compound Semiconductors and New Materials
Mingjia Semiconductor
Mingjia Semiconductor is committed to the R&D and production of new polar semiconductor artificial crystal materials. Its business scope includes fourth-generation semiconductor material gallium oxide crystals, high-frequency indium phosphide crystals, and large-size doped optical crystal materials. Headquartered in Shunyi, Beijing, it has obtained the certification of Beijing "Specialized, Refined, Differential, and Innovative" SME and National High-tech Enterprise. In 2024, it was evaluated as a Chinese potential unicorn enterprise and a Beijing postdoctoral research workstation. Currently, the company's products are mass-produced: 4-inch gallium oxide wafers have been shipped, 6-inch wafers have stabilized, and cooperation has been reached with enterprises such as Huawei, BYD, and CETC, with monthly revenue reaching the tens of millions level. The founder, Chen Zhengwei, graduated from Tianjin Polytechnic University with a bachelor's degree and obtained a Ph.D. from Saga University in Japan. Mingjia Semiconductor recently completed an A++ round equity financing of over 100 million yuan. This round of financing is 110 million yuan, with a post-investment valuation of 910 million yuan, jointly led by Pengcheng Venture Capital, Chengdu Kechuangtou, and Tianying Capital, with joint investment from Guoyu Fund and HongTai Fund and other institutions. Thus, the company has completed 5 rounds of financing, with a total amount of nearly 400 million yuan. This round of financing will be mainly used for the R&D and mass production of 6-inch gallium oxide substrate technology, the construction of a 2-4 inch gallium oxide substrate pilot production line, and the scaled expansion of the indium phosphide polycrystalline production line.
Kangxun Semiconductor
Kangxun Semiconductor was established in March 2025, focusing on the whole industry chain layout of GaN devices, IC (Integrated Circuit) chips, and their applications. The company has obtained numerous core patents, mastered key process technologies from epitaxial growth to device manufacturing, and possesses independent R&D and scaled mass production capabilities for 6-8 inch GaN high-end power devices, communication, and microwave wireless power supply RF devices. Especially in the field of RF power amplification, the company's GaN power amplifier (PA) has been widely used in 5G communication systems and is extending its exploration to the mobile phone end. In the field of wireless power supply, the microwave rectifier circuit developed by the company based on GaN RF Schottky diodes can efficiently realize long-distance wireless energy transmission. Kangxun Semiconductor has successively reached strategic cooperation with multiple industry-leading enterprises such as Wuchan Zhongda, BOE, NationStar Optoelectronics, and Oultons. Multiple internationally leading innovative products have successfully passed pilot verification and are about to enter large-scale mass production. Kangxun Semiconductor recently received investment from Hangzhou Heda Hengyi Venture Capital Fund. Previously, the company completed an Angel round financing of tens of millions of yuan, participated by well-known investment institutions such as CAS Investment and Meihua Venture Capital.
Tuopuwei Semiconductor
Ningbo Tuopuwei Semiconductor was established in September 2024, focusing on the development of compound semiconductor driver chips, and focusing on the R&D and industrialization of silicon-based high-resolution micro-nano Micro LEDs. Micro LED technology, with its advantages of ultra-small pixel size, high brightness, low power consumption, and high integration, can be applied to AR/VR near-eye display devices, vehicle head-up display devices, and other fields. The company has formed product lines such as EpiPro epitaxy, CMOS drivers, and micro-projection optical chips/modules, and has carried out mass-production-level cooperation with leading customers such as BOE, TCL CSOT, and Thunderbird. The team has over 20 years of experience in the semiconductor and LED industries and successful domestic and foreign entrepreneurial experience, possessing full-chain capabilities from epitaxy, devices, and processes to CMOS, mass production, and operations. As the core component controlling display units, the cost of Micro LED driver wafers accounts for 10%-30% of the entire AR glasses. This technology has been applied in digital car lights, micro-projection, and other fields, directly challenging Texas Instruments' DLP monopoly. Tuopuwei Semiconductor has completed an Angel round financing, with investors being Meitiansheng Venture Capital and Ningbo Angel Investment Guidance Fund.
Guangzi Xinli
Guangzi Xinli was established in 2024 and is a hard-tech start-up focusing on optoelectronic fusion computing chips. The company continues to deeply cultivate on-chip full-wave optical neural network chips and supporting software platforms. Taking metasurface process as the core technical route and relying on the EPDA software platform, it is committed to providing a new generation of computing solutions with ultra-high computing power density and ultra-low energy consumption in scenarios such as AI, cloud computing, and financial technology. The company's founder, Dr. Yang Qisheng, graduated from the School of Integrated Circuits at Tsinghua University, and the core team also mainly comes from Tsinghua University, covering directions such as optics, algorithms, semiconductors, and industrial resources. At the hardware level, Guangzi Xinli pioneeringly adopts a full-wave computing technical path, integrating multiple optical principles to achieve the world's highest integrated on-chip metasurface optical neural network deployment. At the software level, the company independently developed the optoelectronic co-debugging simulator EPDA. Guangzi Xinli's solution is currently the only optical computing chip in the industry that can be uniformly deployed in cloud, edge, and end scenarios. The company has won multiple awards, including first place in the 2025 Tsinghua University President's Cup. Guangzi Xinli recently completed an Angel round financing of tens of millions of yuan, jointly led by Suzhou Xinyang Fund, Chixing Venture Capital, and Shengjing Jiacheng, followed by Kaiyuan Venture Capital.
Nanzhi Optoelectronics
Nanzhi Optoelectronics was founded in 2018 by the team of Zhu Shining, an academician of the Chinese Academy of Sciences and a professor at Nanjing University. The company focuses on "thin-film lithium niobate + X" photonic chip technology and is the first in China to realize an 8-inch wafer-level preparation and pilot verification platform. With micro-nano structure design, photonic integration processes, and AI-assisted R&D as core capabilities, it is committed to creating a "Chinese version of IMEC". As of now, Nanzhi Optoelectronics has cumulatively served over 400 industrial and scientific research customers, and incubated and cultivated over 40 optoelectronic-related enterprises. The company has been successively selected as a national key "Little Giant" enterprise and a Jiangsu Province Gazelle Enterprise. In 2025, it completed an A round financing of tens of millions of yuan, led by Jicui Huacai and followed by Yinfengquan Capital. The financing funds will be mainly used for the expansion of the company's "thin-film lithium niobate + X" photonic chip production line and process system optimization. This round of financing will mainly support the production line operation of Nanzhi Optoelectronics, meet the growing needs of industrial and scientific research customers for photonic chip customized development, pilot verification, and small-batch trial production, and simultaneously upgrade the OptoChat AI photonic-specific large model platform.
Yuanqi Semiconductor
Yuanqi Semiconductor was established in November 2023 and is a scarce domestic solution provider in the field of high-speed AI interconnection chips. The company focuses on the upstream core oDSP electrical chips of optical modules, directly laying out 400/800G related products. The core team comes from top Silicon Valley chip companies such as Marvell, Inphi, and Maxlinear, as well as domestic communication giants, with over 15 years of experience. The company also focuses on the R&D of high-speed optical communication core processing chips and AI interface IP and chips, possessing multiple core patents such as adaptive clock and data recovery and multi-phase clock calibration. The products are applied in multiple high-growth fields such as 5G communication, data centers, and AI computing power equipment. Yuanqi Semiconductor has deeply cooperated with global leading optical module enterprises, adhering to independent R&D, and is solving the "choke point" problem in the domestic high-end interconnection field. Within less than three years of its establishment, the company completed four rounds of financing: Angel, Pre-A, Pre-A+, and A, receiving support from industrial capital such as Aofei Data and Zhejiang Huarui Investment. Yuanqi Semiconductor recently completed an A round financing, led by Longma Peak Capital and followed by Changshi Capital.