Recently, the silicon carbide (SiC) industry chain has continued to attract capital attention. Multiple SiC companies both domestically and internationally have secured new funding, with publicly disclosed amounts totaling over CNY 400 million:
· Gelino Semiconductor: Received a CNY 5 million investment from Keda Intelligent, focusing on the application of SiC in AIDC;
· WMT: Received approximately CNY 11 million in equity participation from Weikeng Group, advancing mass production of SiC ingots and substrates;
· Liufang Semiconductor: Completed Series C1 financing exceeding CNY 100 million, with its new 100-acre plant expected to be operational by year-end;
· Y-SIC: Secured CNY 370 million in new funding for the construction of SiC powder production facilities.
01. Gelino: Receives CNY 5 Million Investment from Keda Intelligent
Gelino Semiconductor (Hefei) Co., Ltd. recently received a CNY 5 million equity investment (holding 2.5253%) from Keda Digital, a subsidiary of Keda Intelligent, bolstering R&D efforts for SiC power devices.
Data from Qichacha indicates that Gelino has completed two rounds of financing to date, with previous investors including prominent institutions such as Hefei Industrial Investment.
Established in September 2025, Gelino is headquartered in Hefei, Anhui, and operates as a Fabless chip design company specializing in silicon carbide power devices.
According to reports, the company's current SiC device products have entered the AI data center power supply scenario. Specifically, 1200V devices have completed customer validation and are shipping in small batches for SSCB (Solid-State Circuit Breaker) applications. The 1700V products have entered the sample submission phase, while 2300V/3300V products are planned to enter mass production between late 2026 and the first half of 2027. All these scenarios target high-voltage DC power supply and Solid-State Transformers (SST) for AIDC.
Keda Intelligent's investment in Gelino Semiconductor aims to secure core silicon carbide power devices for its SST products.
In July this year, Keda Intelligent officially launched its new SST series products. With single-unit capacities ranging from 1.25 to 2.5 MW, these units feature SiC devices, enabling direct step-down from a 10kV medium-voltage grid to an 800V DC output, with efficiency exceeding 98.5%.
Notably, on October 23, Keda Intelligent signed a deal for a project involving total investments of CNY 1.1 billion in Binhu District. This project includes intelligent manufacturing for solid-state transformer computing cabins and energy storage stations. The computing cabin manufacturing component will focus on the R&D, manufacturing, and system integration of green computing cabins equipped with self-developed solid-state transformers.
02. WMT: Receives Approximately CNY 11 Million Equity Participation from Weikeng
On September 30, according to disclosures on the Weikeng Group website, Weikeng Group participated in the equity of Winsheng Material Technology (WMT), a Taiwan-based SiC substrate manufacturer, through a book value of TWD 53.59 million (approximately CNY 11 million).
Weikeng Group stated that this investment represents a minority stake positioning, intended to strengthen Weikeng's foothold in the supply chain for third-generation semiconductor materials.
Public records indicate that WMT was established in 2017 with an initial capital of only TWD 5 million (approximately CNY 1.03 million). In 2021, strategic investors including Silergy and Zhongsha participated, completing a capital increase of approximately TWD 350 million (approximately CNY 71.76 million). The company also initiated guidance for listing on the OTC market in the same year, primarily targeting SiC substrates for EV power devices and 5G RF applications.
The company currently specializes in 6-inch/8-inch conductive (N-type) and semi-insulating SiC substrates. Public information from 2025 shows that WMT's monthly capacity for conductive SiC substrates exceeds 1,000 pieces, comprising 1,000 pieces/month for 6-inch wafers, 50 pieces/month for 8-inch wafers, and 50 pieces/month for 4-inch semi-insulating wafers. The target capacity for Q4 2026 is 2,500 pieces/month for 6-inch wafers and 400 pieces/month for 8-inch wafers.
03. Liufang Semiconductor: Completes Series C1 Financing Exceeding CNY 100 Million
On October 24, Liufang Semiconductor announced via its official account that it had recently completed a Series C1 equity financing round exceeding CNY 100 million, jointly invested by Beijing Cangbing Capital and Zhuji Industrial Investment Group.
Liufang Semiconductor stated that the funds raised in this round will be primarily allocated to cutting-edge new product R&D, process upgrades for existing production lines, and the construction of new production bases.
Among these projects, the base located in Zhuji covers a newly built 100-acre factory, expected to be completed and operational by December this year. Once the new base is established, it will significantly enhance the scaled production capacity of CVD-SiC materials.
He Shaolong, founder of Liufang Semiconductor, stated, "The new base serves as a strategic pivot supporting the company's future core production capacity and R&D innovation."
Regarding new products, leveraging coating material technology, the company is simultaneously expanding into high-purity silicon carbide powders, solid SiC components, and other new items, covering multiple chip manufacturing processes such as crystal growth and etching. Furthermore, in terms of new product expansion, Liufang Semiconductor is moving beyond the traditional single track of thermal field consumables, extending into frontier scenarios such as AR eyeglass optical elements, Metalens super-lenses, and high-end chip heat dissipation.
Established in 2018, Liufang Semiconductor is a domestic enterprise focused on semiconductor-grade CVD-SiC and TaC-coated thermal field components, with clients including Sanan Optoelectronics, Puxing, and Silan Microelectronics.
04. Y-SIC: Secures CNY 370 Million in New Funding
Recently, Yellow SiC announced on its official website that they successfully attracted new investors. The Saarland state government and steel giant Stahlholding Saar plan to invest EUR 25 million each, totaling EUR 50 million (approximately CNY 370 million), to support Y-SIC's development.
This investment will primarily fund the construction of Y-SIC's first commercial SiC production facility. The project intends to utilize a former foundry site in Dillingen, Germany, with plans to begin producing high-purity silicon carbide powder in 2027.
Y-SIC, positioned to achieve autonomous supply of local European SiC source materials, receiving heavy backing from Saarland and industrial capital, is directly related to the extremely limited production capacity for SiC raw materials in Europe.
At the launch ceremony for the Dillingen production facility at the end of September this year, German Chancellor Merz publicly stated that demand for SiC raw materials in the semiconductor industry is urgent but production is difficult. Currently, there is almost no local production capacity in Europe, and key raw materials rely heavily on imports from Asia, particularly China. Securing the supply of key raw materials is a critical issue for Germany's industrial and technological sovereignty.