Chinese auto chipmaker GTA Semiconductor has recently completed a state-funded financing round worth over USD 1.8 billion, according to a report by state-backed Securities Times.
Photo by Laura Ockel
The move has been described as a clear signal to the domestic chip manufacturing industry that Beijing is still willing to invest in it.
The largely state-funded financing round was completed just as China prepares to launch a new state-backed investment fund that aims to raise about USD 40 billion for its semiconductor sector. GTA Semiconductor has been backed by state-owned venture capital firms like Shanghai-based Spinnotec. With this injection of capital, GTA Semiconductor has now raised over USD 2.7 billion of mostly state funds in less than two years, according to the Securities Times.
