Shanghai (ZXZC)- Chinese semiconductor supplier Shenzhen BASiC Semiconductor LTD. (“BASiC” or “BASiC Semiconductor”) announced on July 1 it has closed its C3 round of financing, which was led by Technology Financial Group and Truesino Fund.

According to BASiC, Technology Financial Group is a state-run company dedicated to providing finance services for Guangdong-based enterprises’ technology innovation. Truesino Fund is backed by Truesino Holding Group, which was incorporated in 2015 and focuses on investment in such areas as photoelectric chips, intelligent manufacturing, new materials, and information technologies.

Photo credit: BASiC

The fresh funding round was completed only 24 days after the company finished its C2 round, which attracted such investors as GAC Capital and Shenzhen V&T Technologies.

The company said the proceeds raised from the C2 round would be used to boost its R&D of SiC power devices and construction of relevant manufacturing base, and step up market expansion in new energy vehicle (“NEV”) and photovoltaic power fields.

BASiC didn't reveal the fundraising volumes for either the C2 or the C3 rounds.

Founded in 2016, BASiC is committed to the R&D and industrialization of SiC power devices, according to the description posted on the company’s official website. Its R&D fields cover the whole industrial chain of SiC power devices, such as epitaxial preparation, chip design, wafer manufacturing, packaging test, driver circuit application, and etc. Core products of the company include SiC diodes, SiC MOSFET, automotive-grade SiC power modules, SiC driver chips, and etc.