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Chinese semiconductor startup raises $100m in Pre-A round

Innostar pulls in state-backed funds for production of ReRAM and storage chips

Innostar says the Chinese memory chip market could comprise 14% of the global market by the end of 2024.   © Reuters

SHANGHAI -- Shanghai-based semiconductor company Innostar has raised nearly $100 million in a Pre-A financing round led by returning backer Shanghai Lianhe Investment.

New Alliance, a 10 billion yuan ($1.5 billion) fund that targets technology, media, telecom and health care, also reinvested. New investors included state-backed Atlas Capital and KQ Capital, Innostar said in a Tuesday WeChat post.

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