Leadrive Technology, which provides homebred silicon carbide power modules and electric vehicle solutions, has raised 300 million yuan ($46.56 million) in Series B2 financing round, according to the company’s WeChat public account.
Their last funding was raised in August 2020 at the amount of $21.6 million, and led by Legend Capital.
CICC Capital led the financing round with participation from new investors such as Winreal Investment, China Merchants Capital, and Spinnotec.
Leadrive also counts Legend Capital, Fu Rui Private Equity Fund, Lenovo Capital among its investors. The three have participated in the previous financing rounds.
The company will deploy the proceeds to enhance the mass production of power components, facilitate the R&D section, and for marketing expansion.
Founded in 2017, Leadrive has a manufacturing base in Liuzhou, as well as a research center in Germany, besides the headquarter in Shanghai.
The US and China are competing over leadership in silicon carbide technology. Silicon carbide is a semiconductor in research and early mass production, providing advantages for fast, high-temperature, and high-voltage devices, compared with silicon-based power devices such as insulated-gate bipolar transistors (IGBTs).
Using silicon carbide in chips that control power, means less energy gets lost, which leads to a more powerful motor. This is crucial for customers who want to drive an EV for longer distance on a single charge.
Leadrive is gaining momentum in this area. Last year, power semiconductor maker Rohm Semiconductor of Japan and Leadrive opened a joint laboratory for silicon carbide technology in China (Shanghai) Pilot Free Trade Zone (Lingang New Area).