Yunqi Capital | Early-stage project "Qinghe Jingyuan" completes over 300 million yuan funding round, heterogeneous integration "chip force" continues to evolve

Innovation in advanced manufacturing continues to draw market attention. In this edition of "Yunqi Capital," we're pleased to share news that Qinghe Jingyuan, a Yunqi Capital Pre-A portfolio company and pioneer in semiconductor materials, has completed a new funding round exceeding RMB 300 million.

Yunqi Capital has long been bullish on and supportive of innovative companies leading technological transformation in semiconductors. The Qinghe Jingyuan team has mastered key technologies and demonstrated sustained R&D capabilities. Since its founding, the company has consistently pursued technological innovation and market expansion, filling a domestic gap in the niche segment of semiconductor composite substrate materials. We look forward to seeing more achievements ahead.

➤➤➤ Recently, Qinghe Jingyuan, a leading enterprise in semiconductor heterogeneous integration technology, announced the completion of a new funding round with proceeds exceeding RMB 300 million. Investors include Shenzhen Capital Group, Yuanzhi Xinghuo, and Xpeng Power. The proceeds will be used for constructing Qinghe Jingyuan's advanced bonding equipment and bonded substrate production lines. Yunqi Capital was a Pre-A round investor in Qinghe Jingyuan, having partnered with the company since its early days.

Founded in 2020, Qinghe Jingyuan is one of the few companies globally to have mastered the full suite of advanced semiconductor materials and heterogeneous integration technologies. The company is dedicated to providing cutting-edge technologies and solutions for wafer-level material heterogeneous integration, advanced packaging, and ultra-precision processing — addressing pain points in advanced semiconductor materials and devices including low yield, high costs, and performance limitations.

Semiconductor heterogeneous integration technology represents an important pathway to circumventing Moore's Law. By integrating semiconductor devices made from different materials, with different functions, or using different processes onto a single chip or package, it achieves advantages including greater flexibility, higher reliability, shorter R&D cycles, and lower costs.

Composite substrate materials are the physical foundation for realizing semiconductor heterogeneous integration. As an industry pioneer, Qinghe was the first to operate China's first advanced composite substrate mass production line. Using bonding integration and other technologies, the company has developed multiple 6-inch and 8-inch homogenous and heterogeneous composite substrate materials.

Selected Qinghe Jingyuan composite substrate products

Following this funding round, Qinghe Jingyuan will continue to expand production scale. Annual capacity for advanced bonding equipment will increase to 60 units (sets), and the company will build a new production line for 400,000 8-inch silicon carbide bonded substrates annually — accelerating the mass production process for 8-inch silicon carbide substrates and further solidifying Qinghe Jingyuan's leading position in domestic bonding integration technology.

As an investment firm always focused on technological innovation, Yunqi Capital will continue to track the latest developments in "iterative technological innovation" and "revolutionary technological breakthroughs," helping cutting-edge technology empower better lives.