(Yicai Global) July 26 -- Nanjing SemiDrive Technology has secured nearly CNY1 billion (USD15.4 million) in its latest fundraising round led by China Development Bank’s Equipment Manufacturing Industrial Investment Fund and V Capital, the Chinese automotive chip company said today.

The proceeds from the B-Series fundraiser will be used to develop more advanced chips to achieve better performance, reduced power consumption and promote intelligent driving in commercial application scenarios, Chairman Zhang Qiang said. Its current 9-series semiconductors, X9, G9 and V9, all use the 16nm process.

In March, the Nanjing, eastern Jiangsu province-based firm said that it has already received orders for one million chips this year.

This is SemiDrive’s fourth funding round. Previous investors include Sequoia Capital China and Matrix Partners China.

Editor: Kim Taylor