Recently, Wuxi Lipu Semiconductor Co., Ltd. (hereinafter referred to as "Lipu Semiconductor"), an enterprise invested by Nanjing Delian Xingyao Investment Center (Limited Partnership) (hereinafter referred to as "Delian Xingyao Fund") — a sub-fund cooperating with Nanjing Innovation Investment Group, has closed a Pre-B+ round financing worth hundreds of millions of yuan. This financing is jointly invested by Yangzhou Guojin and Yangzhou Longtou Capital. The funds will be mainly used for the construction of a professional automotive-grade SiC module packaging and testing base in Yangzhou and global market promotion, so as to further enhance the company’s production capacity and competitiveness in the field of high-voltage and high-power power semiconductors.

Founded in November 2019, Lipu Semiconductor is a high-tech enterprise focusing on the design, production and sales of third-generation silicon carbide (SiC) power modules. The company holds a number of patents in high-reliability packaging materials and technologies, and has built strong independent forward design capabilities and a complete technical system for SiC modules. It is one of the earliest domestic manufacturers to adopt self-developed high thermal conductivity epoxy potting for SiC modules. Meanwhile, it customizes high-heat-dissipation insulating substrate materials and processes together with suppliers, and adopts advanced technologies such as arc bonding and innovative designs like internal laminated busbars in packaging structures. These measures effectively reduce the stray inductance of modules, and improve their power density and heat dissipation performance.

In terms of application scenarios, Lipu Semiconductor masters the highly integrated technology of SiC modules, which can adapt to complex working conditions with high voltage, high temperature and high current. At present, its SiC modules have achieved stable mass production in leading power grid equipment enterprises, new energy heavy-duty truck manufacturers and top transformer companies. The company will further expand the above markets in 2026 and carry out strategic cooperation with more leading enterprises. With the surging demand for computing power, data centers have put forward higher requirements for power supply & distribution efficiency and space utilization. Currently, multiple 1200V-3300V SiC modules of Lipu Semiconductor have passed sample tests in the Solid-State Transformer (SST) projects of many well-known domestic and overseas clients, with some projects in the reliability verification phase. Large-scale product shipment is expected around 2027.

In terms of market expansion, besides the domestic market, overseas business has become a core growth driver for the company. In 2020, Lipu Semiconductor set up a wholly-owned subsidiary in Japan as an overseas R&D center, employing many senior Japanese technical experts. It also established a sales and service center in Europe to strengthen localized solution capabilities. Its products have been exported to more than 20 countries and regions, and overseas sales accounted for nearly half of the company’s total revenue in 2025.

Established in February 2021, Delian Xingyao Fund has an overall scale of 700 million yuan. The Nanjing Emerging Industry Development Fund, entrusted and managed by Nanjing Venture Capital Group, invested 35 million yuan in the fund. Managed by Delian Capital, an institution founded in 2011, the fund focuses on technology and innovative healthcare sectors, targeting early-stage technological innovation projects covering semiconductors, intelligent equipment, cloud native technologies, new medical therapies, IBAT and other segmented tracks, with over 100 invested projects to date. Delian Xingyao Fund participated in Lipu Semiconductor’s Series A financing in November 2021 with an investment of 25 million yuan. Post-investment, it has actively connected industrial resources for the enterprise, introduced follow-up financing, and continuously boosted its accelerated development.