Zhejiang University-backed optical chip maker XY Technology will put the series B cash to strengthening its capacity and product.
China-based optical communication chip producer XY Technology has obtained almost RMB400m ($58.9m) of series B funding from investors including an affiliate of Zhejiang University, DealStreetAsia reported yesterday.
The series B round was led by CICC Fengtai, a subdivision of venture capital firm CICC Capital, with participation from IDG Capital, Hengjin Capital, Puhua Capital, Ruiyin Capital and undisclosed additional investors.
Zhejiang University invested through its asset management unit, Zhejiang Youchuang Investment Management.
Founded in 2016, XY is working on power-conserving semiconductors for use in optical communications whereby light is transferred over distances to carry information for purposes such as internet connectivity and miniaturised endoscopic equipment.
The series B cash will go to strengthening XY’s capacity and product.
Puhua Capital previously joined BOCGI Zheshang Capital, a fund backed by Bank of China Group, the investment arm of banking firm Bank of China, in a $1.3m pre-series A round for XY in 2018 that also Ruiyin Capital and undisclosed additional investors.
XY had already closed an equity round of undisclosed size in 2019 backed by Shanghai Lujiazui Investment, Yuhang Financial, Yuhang Fund, Jiuyouque Capital and Jisu Capital.
