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China’s Eswin takes funding above $1 billion

Business news |
By Peter Clarke

The round, led by Goldstone Investment and China Internet Investment Fund, brings the total amount of capital raised to more than US$1.1 billion. SAIC Capital, InnoVision Capital, IDG Capital, Legend Capital and CDB Capital also participated in the latest round.

Legend Capital, the investment arm of Lenovo Capital, led a Series B round in 2020 (see China’s Eswin startup raises $283 million). IDG Capital led a Series A round in 2019. In addition, Xi’an Eswin Materials, the silicon ingot and wafers subsidiary of Beijing Eswin closed a round of finance worth CNY3 billion (about US470 million) in August 2021.

Eswin’s founder and CEO is Wang Dongsheng, who was previously chairman of BOE Technology Group, a Chinese producer of displays for smartphones and TVs.

The company also operates as a fabless chip company developing display driver ICs. It retains a strong relationship with BOE, which has reportedly been responsible for 37 percent of Eswin’s chip business revenue.

According to the Crunchbase website the company has raised in excess of US$1.1 billion in venture capital.

The company was founded in 2016 and began construction of production facilities in Xi’an, Shaanxi province in 2017. The company makes monocrystalline silicon polished wafers and epitaxial wafers for ICs and performs IC packaging and testing of materials and finished chips with bases in Suzhou, Hefei and Chengdu.

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