(Yicai Global) June 16 -- BYD Semiconductor, a unit under Chinese electric carmaker BYD, has raised CNY800 million (USD113 million) in a funding round that welcomed 30 new investors.

The firm will use the cash to supplement working capital, buy assets, recruit and research, its parent said in a statement yesterday. The new investors will pick up a total 7.84 percent of BYD Semiconductor and BYD will hold 72.3 percent post-transaction.

Shares in BYD [HKG:1211] were up 2.44 percent at HKD54.60 (USD7.05) as of 11.40 a.m.

Some of the new investors coming on board include Xiaomi, Lenovo Group, South Korea’s SK Group, Hubei Xiaomi Yangtze River Industry Fund Partnership, Citic Private Equity Funds Management, and SAIC Capital and BAIC Capital -- both investment arms of state-owned Chinese carmakers.

Existing backers of the BYD unit include Sequoia Capital and China Capital Investment Group, who contributed to a CNY1.9 billion (USD268 million) fundraiser and picked up a combined 20.21 percent stake in BYD Semiconductor.

Editor: James Boynton