(Yicai Global) July 26 -- Chinese car chip designer SiEngine Technology has secured nearly CNY1 billion (USD148 million) in its latest funding round led by US venture capital firm Sequoia Capital.

The A-round banked the largest amount raised in the auto chip design field in the first half, SiEngine, which is backed by Chinese automobile giant Zhejiang Geely Holding Group, said on July 19.

SiEngine is gearing up to start mass producing China’s first automotive-grade 7nm intelligent cockpit chip in the second half, the Wuhan, central Hubei province-based company said.

The auto chip Longying No. 1, unveiled by SiEngine in December last year, meets the requirements of the whole vehicle and its output “will be substantial next year,” The Paper reported today, citing Chairman Shen Ziyu.

SiEngine has started developing its next-generation chip which is expected to hit the market in 2024, the firm said. It continues to focus on the automotive-grade high-end processor market and will form three production lines for intelligent cockpit chips, autonomous driving chips, and vehicle-mounted central processing unit chips.

Editors: Shi Yi, Kim Taylor