(Yicai Global) Nov. 28 -- SemiDrive Technology, a Chinese automotive chipmaker, has completed its Series B+ round of financing of nearly CNY1 billion (USD138.8 million) to accelerate mass production and application.

SAIC Jinshi Innovation Industry Fund, an affiliate of the state-owned carmaker, was the lead investor but others, including Citic Securities, also joined the round, the Nanjing-based startup announced recently.

SemiDrive will use the proceeds to develop core technologies, upgrade its automotive-grade chips, hike mass production and service capacities, and speed up commercial adoption, it added.

Founded in 2018, SemiDrive has already released several products, including the smart cockpit chip X9, smart driving chip V9, central gateway chip G9, and high-performance microcontroller unit E3. It has more than 260 clients, covering about 90 percent automakers, either Chinese or foreign carmakers or new energy vehicle startups.

The company has finished five rounds of financing with investors including Matrix Partners China, Sequoia Capital China, Lenovo Capital and Incubator Group, as well as battery giant Contemporary Amperex Technology.

Editor: Emmi Laine, Xiao Yi