(Yicai Global) Dec. 15 -- Jingneng Microelectronics, the chip unit affiliated with private automaker Geely Holding Group’s tech subsidiary, has closed its Pre-A fundraiser without specifying the amount raised.

Headed by venture capital firm Walden International, Vision Knight Capital, Gaorong Capital, and Volfone Enterprises also took part in the financing round, the Hangzhou-based firm said in a statement today.

The new funding will be used in the research and development of power semiconductor modules, production line building, and the hiring of technical staff, the firm said. 

Founded this June, Jingneng Microelectronics has already developed various products such as automotive-grade insulated gate bipolar transistors and silicon-carbide devices, said Chief Executive Pan Yunbin, adding that many of its products will be installed in vehicles next year.

The IGBTs and silicon-carbide power modules are core components for new energy vehicles and the photovoltaic industry, Pan noted. 

All of the investors that took part in the funding round have strategic synergy with Jingneng Microelectronics, said Xu Zhihao, chief executive of Geely Technology Group, adding that the group has positioned itself to serve the NEV sector and has invested in mastering core technologies.

Editor: Tom Litting