Chinese PMIC startup raises $46m
The company was founded late in 2015 by a team of engineers from Texas Instruments and since then has developed a series of power management products for lithium batteries, voltage conversion and fast charging protocols. The company counts Xiaomi, Oppo, Lenovo, Samsung and drone-maker DJI amongst its customers.
The latest funding round was led by Lightspeed China Partners and smartphone giant Vivo Communication Technology. Existing shareholders including Sequoia China and Cash Capital joined the Series D round. The company is planning to use the money to increase its market share in consumer electronics and expand into automotive and industrial applications.
China’s PMIC market is expected to be worth 100 billion yuan (about $15 billion) in 2024 but non-Chinese firms have 90 percent of the market.
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