The company was founded in November 2019 and is described as an IDM [integrated device manufacturer] in one report although the company's CEO has reportedly said the company wants to partner with semiconductor designers and manufacturers, suggesting either an IP or fabless chip business model.
The company includes former employees of Intel, SMIC and Spreadtrum Communications and has reportedly said it will use the money to produce resistive random-access memory (ReRAM) chips and other chips for storage applications.
In a statement issued on WeChat Innostar founder and CEO Xiang Zhang said: "We hope that we can design a new generation of memory chip products and improve storage technology, as well as advance ecosystem in partnerships with semiconductor designers and manufacturers."
According to reports Hong Kong-based Crossbar Asia Pacific is the largest shareholder in InnoStar with a 45 percent stake, followed by Shanghai Lianhe Investment with 30 percent of the equity. The round was led by Shanghai Lianhe Investment and includes New Alliance. New investors who joined the round include state-backed Atlas Capital and KQ Capital. Other backers of InnoStar include Kleiner, Perkins, Caufield & Byers (KPCB), Lam Research, SAIF Partners China, Northern Light Venture Capital, CBC Capital and Oriza Ventures.
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