(Yicai Global) June 29 -- Semitech, a Chinese provider of industrial software services, has raised CNY540 million (USD80.5 million) in its latest financing rounds.

China Internet Investment Fund, Chinese carmaker BYD, GL Ventures, and Shanghai Science and Technology Venture Capital joined the Series A++ and Series B fundraisers, the high-tech firm said in a statement today. Semitech’s own management team invested CNY200 million.

The funds will be used to increase spending on product research and development and create a fully automated manufacturing software solution for production in China, the Shanghai-based company said.

The market share of China’s industrial software is rapidly growing, especially in the integrated circuits industry, and the general trend is to replace imported products with domestically produced items, said Li Liang, co-founder of GL Ventures.

Semitech’s self-developed smart manufacturing software platform has been proved successful in 8-inch and 12-inch wafer mass-production plants, he said, adding that the company will keep contributing to the high-quality development of China’s smart manufacturing.

More than 90 percent of the smart manufacturing software used in 8-inch and 12-inch wafer factories in China are provided by international suppliers, Semitech said, adding that it is the first domestic supplier to offer a complete set of smart manufacturing software solutions for the fully automated production of 12-inch wafers.

Semitech has subsidiaries and R&D centers in the Chinese cities of Suzhou, Shenzhen, Beijing, and Chengdu, as well as branches in Singapore and Malaysia to expand its international business and facilitate local delivery.

Editor: Futura Costaglione