(Yicai Global) May 19 -- Akrostar Technology, a less than one-year-old Chinese chip design startup, has secured over CNY500 million (USD77.8 million) in its Series A financing round, led by Gaorong Capital.

Matrix Partners, Shanghai-based Lanpu Investment Management, University of Macau Development Foundation, and Macau University of Science and Technology Foundation also joined the latest round, the Paper reported.

Existing shareholders, including Sequoia Capital China, Hillhouse Capital, Green Pine Capital Partners, V Fund, Shanghai Guoce Investment, and Zhuhai Da Heng Qin also chipped in.

Founded in June 2020, Akrostar has garnered nearly CNY1 billion (USD155.6 million) in financing over the past year. The Zhuhai-based firm offers its intellectual property to chipmakers in the field that has for long been dominated by foreign players.

The proceeds of the latest fundraising will be used to attract more cutting-edge research and development talents to accelerate product roll-out, the report added.

Akrostar has exceeded its 2021 sales target, said Chairman and Co-Chief Executive Zeng Keqiang. The recognition the firm has received from the investment community and the industry gives it great confidence to strive to achieve its goal of empowering China’s integrated circuit industry, he added.

IP is an important part of China's chip design industry and Akrostar's team has quickly brought advanced IP products and services to the market, said Yue Bin, founding partner of Gaorong Capital.

Editor: Emmi Laine, Xiao Yi