MEMS pressure sensor manufacturer Wuxi Shengmai completed tens of millions of yuan in Series A financing

MEMS pressure sensor manufacturer Wuxi Shengmai Electronics Co., Ltd. (hereinafter referred to as Wuxi Shengmai) has completed a tens of millions of yuan Series A financing, led by Jianyuan Fund and Hongtai Fund. Prior to this, Wuxi Shengmai completed a tens of millions of yuan angel round of financing in 2018, with Shanghai Linxin as the investor.

Wuxi Shengmai Electronics Co., Ltd. was established in June 2018. It is a high-tech innovative company engaged in the research and development and production of MEMS pressure sensors. Its predecessor was Shanghai Shengmai Electronics Co., Ltd. The company moved to Wuxi in September 2018. There are more than 40 employees, and the core team comes from Bosch, Infineon, Chinese Academy of Sciences, etc.

According to official information from Shengmai Electronics, the company has mastered a number of core technologies for MEMS pressure sensors. Both MEMS chips and ASIC chips are self-developed or domestically produced, with excellent performance and have been verified by dozens of automobile manufacturers. In some segments, it is the only supplier using domestically produced chips. This round of financing will be used to expand production and market new products in the fields of smart home appliances, industry, and the Internet of Things.

Han Jingnan, partner of Jianyuan Fund, said: The Shengmai team is working on MEMS pressure sensors for National VI emissions and commercial vehicle braking, which belongs to the incremental market. The localization rate in this field is less than 5%, and there is a lot of room for domestic substitution.

Li Chensong, managing director of Hongtai Fund, said: "In 2021, the scale of China's MEMS pressure sensor market is expected to be 15 billion yuan, and it will grow at a compound growth rate of 12% in the next five years. Each car uses about 20 pressure sensors. Shengmai Electronics' products can meet the requirements of harsh automotive environments, high reliability, accurate precision and low cost. Some of its products are the only supplier to vehicle manufacturers. At the same time, the company has independent intellectual property rights, the team has rich engineering experience, and has the ability to define products based on scenarios and engineering experience. In the industrial and consumer fields, many products have entered the mass production stage and are about to usher in an explosion. Hongtai Fund will fully support the company's future development."