• SJ Semi

  Participated · Equity · Dec 2024

  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.

• HiScene

  Led · Series C · Aug 2019

  HiScene builds AR solutions and platforms that integrate AR hardware with coordination and cloud systems for enterprise use. When announcing its Series C, HiScene unveiled HiAR Workplace, which bundles AR glasses with an information transmission and coordination system called HiLeia and HiAR Cloud. The company says it has more than 1,000 paying clients across sectors such as manufacturing and public security, including Gree and the Guangzhou Municipal Public Security Bureau. HiScene will use the new funds for R&D and commercialization of its current solutions. The company is headquartered in Shanghai and focuses on selling enterprise AR deployments. The recent fundraising activity follows a Series B+ closed three months earlier. Liangfengtai develops AR core technologies and deeply integrates software and hardware to provide platform-level AR products and services. The company pursues a “cloud+edge” (cloud+端) strategy and has deployed solutions in education, healthcare, industrial, and marketing verticals. It counts hundreds of well-known enterprise customers — including BAT, Meitu, OPPO, Autohome, Zoomlion and Kohler — and its products reach more than one billion end users. Liangfengtai launched the HiAR mobile AR development platform in 2015 and its native AR SDK was widely used (notably in a 2016 QQ-AR Olympic campaign that served ~800 million mobile QQ users); it also developed HiAR Glasses, which won design awards and entered mass production in June. Recent AR activations include an online auto show that achieved 414 million impressions, 10.8 million attendees and over 11,761 sales leads in five days. Going forward the company plans to deepen R&D, expand channels and scenarios, accelerate commercialization, and aim to become a leading player on the international AR track. Financially, Liangfengtai has completed a Series B round and previously received investments from Meitu and GGV of several tens of millions of RMB each.

• Gushengtang Holdings

  Participated · Series D · Sep 2017

  固生堂中医 operates a nationwide TCM clinic and primary-care chain with more than 30–31 outpatient clinics across 13 important cities and service coverage in 56 cities. The group employs roughly 1,500 TCM experts and reported about 3 million outpatient visits in 2016. Its core offering is standardized, chain‑operated TCM outpatient services combining on‑site clinics, IT systems, centralized herb procurement/quality control, and online consultation to bind patients to family‑doctor style care. Management has launched a “中医合伙人” (doctor‑partner) program that lets doctors take 30% equity in single stores, with guaranteed exit, pledgeable shares, dividend sharing, and suggested 8–10x return potential over eight years. Financially, the company has completed multiple financing rounds from domestic and foreign investors and reported total funding to date of over RMB1.7 billion. 固生堂 emphasizes integration with insurance and hospital networks, and positions itself as a mixed‑ownership, state‑backed chain to support China’s primary‑care and TCM reform goals.

No current team members are available.