Participated · Series A · May 2026

Startous fusion develops and engineers fusion devices and key reactor technologies, operating a three-generation system that includes the running SUNIST-2 device (in collaboration with Tsinghua University), the under-construction NTST negative-triangle spherical tokamak, and the R&D-stage CTRFR-1. The company is building a Shanghai Jiading experimental base, with the device hall expected to be completed in the second half of 2026 and the full base operational in 2027. NTST’s core components and manufacturing partners have been selected and contracts signed, with installation and commissioning planned for 2026 and operation to rated parameters targeted for 2027. Startous fusion is also advancing fusion-reactor-scale high-temperature superconducting magnet production and AI-driven plasma control as part of its engineering conversion efforts. Financially, the company has raised over ¥2 billion to date, including a ¥1 billion A round in January 2026 led by Shanghai state capital and a ¥500 million A+ round in early 2026 to fund its core engineering and construction milestones.

Participated · Series B · Jan 2024

沃特塞恩 focuses on research and development of solid-state power sources and related equipment, offering a full lineup that covers the ISM bands. The company claims independent intellectual property and says it has overcome Wassenaar Arrangement restrictions to address national bottlenecks in key scientific and industrial sectors. Its products target national large scientific facilities, advanced semiconductor process equipment, carbon-based material processing, research instruments, and advanced medical scientific equipment. The company positions itself as one of the few domestic suppliers of RF solid-state power sources with wholly owned IP and says it filled a global gap in ISM-band solid-state power-source offerings. Recent financing will support continued technology R&D, talent recruitment, capacity expansion, and market development. Chengdu Wotesein Electronics Technology Co., Ltd., based in the Chengdu High‑Tech Zone, develops, manufactures, and sells solid‑state power sources for RF energy applications. The company provides ISM‑band solutions and technical services for uses including medical tumor microwave ablation, radiofrequency ablation, hyperthermia and physiotherapy, ultrasound stimulation, and ultrasound‑imaging microwave enhancement. Its R&D team includes professors who have participated in major research projects alongside experienced software, hardware, and solid‑state amplifier engineers. The firm has obtained multiple national development patents. The article does not disclose revenue, users, or other operating metrics. Recent corporate filings indicate external investor interest via new shareholders.

Participated · Equity · Nov 2023

Shanghai 陛通半导体能源科技股份有限公司 provides a broad set of technical services to domestic and international equipment manufacturers and end users, including equipment installation and commissioning, fault diagnosis and repair, equipment upgrades and relocations, full-plant moves, and process support. The company positions itself as a full-spectrum high-tech service provider for semiconductor equipment and related industrial facilities. It completed a new financing round totaling nearly RMB 500 million. Investors in the round include Juntong Capital, Jinpu Innovation, Shanghai Kechuang Group, Zhejiang Development Assets, SAIF Management, and Sanyuan Capital, with existing shareholders such as Lihe Capital and Changjiang Guohong participating. Following the financing, the company plans to increase investment in technology and product R&D, recruit additional talent, and introduce more domestically produced high-end thin-film deposition equipment models. It also intends to accelerate its industrialization and commercialization efforts.

Participated · Series C · Mar 2022

Founded in 2014, SJSemi focuses on 12-inch mid-end wafer production and end-to-end wafer-level advanced packaging and testing services, including multi-die integration and chiplet solutions. The company serves smartphones, 5G, high-performance computing, data centers, automotive and other electronics markets. SJSemi has invested heavily in R&D, notably debuting a 3x reticle TSV interposer technology in May 2024 and pursuing ultra-high density 3D multi-die integration. According to Yole and CIC Insight Consulting, SJSemi saw top revenue growth among global OSATs in 2023, and ranks No.1 in mainland China for 12-inch bumping, 12-inch WLCSP market share and wafer testing/chip probing revenue. As of 2024 it is the only provider in mainland China capable of mass-producing silicon-based 2.5D packaging solutions. The company is progressing an IPO application and is expanding its one-stop multi-die integration offerings via continued investment. SJ Semiconductor (SJSemi) is a pioneer of 12-inch MEOL foundry services in China, known for high-density bumping, WLCSP and testing. It offers advanced packaging using bumping and RDL technologies, and provides silicon interposer, fan-out wafer and substrate solutions. The company serves IC customers domestically and overseas across smartphones, networking, data center, AI and automotive markets. SJSemi leverages front-end fab management and quality systems to deliver high-performance advanced packaging. Financially, the company has completed a $340M Series C+ tranche that pushes total capital raised above $1 billion and valuation close to $2 billion. Management has indicated it will remain open to additional US dollar funding and will close an RMB tranche after required ODI approvals. SJSemi is a Jiangyin, China-based MEOL foundry founded in August 2014. The company provides Middle-End-Of-Line manufacturing and testing services and develops advanced bumping and 3D Multi-Die Integration technology and solutions. Its core capabilities focus on advanced bumping and 3D multi-die integration for semiconductor packaging. SJSemi closed a $300M Series C that brings its total equity raised to $630M, strengthening its balance sheet. The company says the funding will enable it to continue growing according to its business plan and strengthen its position in advanced packaging. Backers on the round included CMBI, CICC Capital, Oriza Rivertown, Oriza Hua Capital, Walden CEL, CCB PE, CCB Trust, Growth, Country Garden Venture, HTPE, SCGC, CITIC Securities, GP Capital and others.

Participated · Series A · Mar 2022

Founded in 2019 and based in Nanjing, Baishi Electronics focuses on third‑generation wide‑bandgap semiconductor epitaxy, producing SiC and GaN related wafers including GaN on Silicon, GaN on SiC, and SiC on SiC. Its products target power and RF/microwave applications, and the core team originates from leading Asian epitaxy suppliers. The company reports actual mass‑production experience exceeding 50,000 wafers and maintains upstream supply‑chain and downstream customer channels. Baishi has two published patent applications mainly related to buffer‑layer and superlattice technologies. The announced financing will be used primarily to expand production capacity and purchase production equipment.