Eswin raises $283M to boost chip production in China

Beijing Eswin Computing Technology, a Chinese startup that supplies semiconductor designs and solutions, has raised $283 million in a new financing round at a time when the world’s most populous nation is looking to cut its reliance on the U.S. and U.K. for chipsets.

The four-year-old firm said the new round, a Series B, was led by Legend Capital, the investment arm of computer vendor Lenovo, and IDG Capital. Riverhead Capital Investment Management, Lighthouse Capital and state-backed Haining City and Zhejiang Province participated in the round.

Eswin Computing develops integrated chips and solutions focused on displays and videos, AI data processing and wireless connection. It also offers advanced packaging and testing solutions. The firm is led by Wang Dongsheng, who previously served as the chairman of BOE Technology Group, a Chinese giant that produces displays for TVs and smartphones and counts Huawei among its customers.

BOE maintains a business relationship with Eswin, according to Chinese news outlet Caixin. BOE holds 37.35% of chip-related business in Eswin, the publication said.

In a press statement, Eswin said it will spend the fresh capital on research and development, manufacturing and recruitment. That, it believes, will help spur the domestic chip production in China, which today relies heavily on U.S. and U.K. firms. Last year, the U.S. blacklisted Huawei over security concerns and trade disputes with China.