By Greg Gao

(JW Insights) Jul 14 -- Senasic (琻捷电子), an automotive electronic chips design company, has recently completed a Series D financing round, raising over RMB500 million($70 million), JW Insights learned.

The round was led by the state-owned fund, China State-owned Enterprise Mixed Ownership Reform Fund. Auto industry investors, such as Geely Capital and GAC Capital, also participated in the funding alongside its previous-round investors, including CD Capital.

Senasic said it will use the raised funds to accelerate the technological upgrading of sensor and monitoring chip and expand in automobiles, energy storage, and industrial applications.

Li Mengxiong, the founder of Senasic, noted, “In the face of industry transformations, we have made iterative upgrades for management and monitoring sensor chip products, and need to further enhance the intelligence and automation of new energy vehicles to ensure safety and reliability.

Established in 2015 and based in Nanjing, eastern China’s Jiangsu Province, Senasic focuses on high-performance sensing chips related to the automotive and industrial Internet of Things applications.

The company has mass-produced a variety of its automotive sensor chip products and shipped to major customers such as CATL, Volkswagen, SAIC, Baolong Automotive, and Sany Group, according to the company.