Chongqing Boosts Investment in Integrated Circuit Industry with New Angel Fund

Chongqing's Western Science City has announced the launch of the Western (Chongqing) Science City Angel Fund, aiming to accelerate technological innovation and the growth of early-stage companies. The fund boasts a total size of 5 billion RMB, with an initial phase of 3 billion RMB. Individual projects can receive up to tens of millions in investment, targeting startups in sectors such as intelligent connected vehicles, integrated circuits, and biopharmaceuticals.

Precision-Focused Investment Strategy

The Angel Fund aligns closely with the "3238" modern manufacturing cluster system of Western Science City, providing financial support to innovation-driven teams and early-stage tech enterprises. This initiative underscores Chongqing's commitment to fostering cutting-edge industries and bridging technology with capital.

A Robust Investment Ecosystem

The new Angel Fund complements a series of initiatives by Western (Chongqing) Science City to promote innovation and enterprise development. Key milestones include:

• Industrial Development Fund: Launched in October 2023 with a total size of 30 billion RMB, this fund operates on a "mother fund + sub-fund + direct investment" model. Its focus includes integrated circuits, new energy storage, and aerospace information technologies, having already invested in 18 Chongqing projects, mobilizing over 120 billion RMB.

• Seed Fund: To date, the Seed Fund has supported 127 companies, providing 46.72 million RMB to startups and fostering early-stage innovation.

Integrated Circuit Industry Takes Off

Chongqing has been strategically investing in integrated circuit projects to strengthen its position in this critical sector:

• STMicroelectronics and Sanan Optoelectronics Partnership: In June 2023, the companies announced a joint venture for an 8-inch SiC device fabrication plant in Chongqing with a total investment of 23 billion RMB. By November, the first production line was operational, aiming to support the growing demand for electric vehicles and energy applications in China.

• Oscent Semiconductor Expansion: In September 2023, Oscent Semiconductor's parent company secured 700 million RMB in Series D funding, led by Chongqing Industrial Investment Fund. Oscent Semiconductor has since deepened its presence in Chongqing.

• Shanghai SuperSilicon Semiconductor Investment: In July 2023, the company raised funds from a consortium including Chongqing Industrial Investment Fund and Chongqing Liangjiang Fund, further advancing Chongqing's integrated circuit capabilities.

Building a High-Tech Future

The Science City Angel Fund, alongside existing funds, forms a synergistic investment ecosystem supporting technology commercialization, innovation teams, and startup growth. These initiatives, combined with Chongqing's focus on attracting strategic projects and developing industry-leading companies, demonstrate its commitment to becoming a hub for advanced manufacturing and innovation.