News Article
Chinese semiconductor company AMEC raises $58 million
Advanced Micro Fabrication Equipment (AMEC), an Asia based semiconductor equipment maker and this year's EuroAsia IC Industry Award's Start Up of the Year recipient, secured $58 million in Series C financing.
New investors include Shanghai Venture Capital Co. Ltd. (SHVC) and Shanghai Pudong Science and Technology Investment Co. Ltd. Existing investors also participated in the round. They include: Walden International, Lightspeed Venture Partners, Goldman Sachs, Redpoint Ventures, Global Catalyst Partners, Interwest Partners, Bay Partners, QUALCOMM Ventures and KT Venture Group.
In the last 12 months, AMEC has placed tools at semiconductor manufacturing fabs in three key Asia regions, and plans to ship additional systems soon to customers in other strategic locations. Given the positive market reaction and the high growth potential of the etch segment, AMEC has made a strategic decision to focus its R&D and financial resources on this product in the near term. The new funding will support that effort.
Noting AMEC's substantial gains during a challenging period for the global semiconductor industry, SHVC's president, Pingao Wang, commented, "We are impressed by the company's technology strategy and their progress in getting products to market in a highly competitive industry segment. We're pleased to participate in the Series C financing round."
Walden International's chairman, Lip-Bu Tan, paid tribute to AMEC's prudent fiscal management and performance to plan. "We commend the management team for continuing to execute on their corporate and technology roadmap while keeping a stringent eye on the bottom line. Closing this substantial round in today's global financial climate validates the company's outstanding technology value proposition and smart business strategy."
"We are very pleased to close this latest funding round. It's a significant achievement in a time of volatile financial market conditions," said AMEC's chief executive officer, Gerald Z. Yin. "We are grateful to our investors who continue to generously support us, and we welcome our new financing partners. The last funding event propelled our transition from R&D to production. Now, with tools in the field, we're in an excellent position to support additional growth."
In the last 12 months, AMEC has placed tools at semiconductor manufacturing fabs in three key Asia regions, and plans to ship additional systems soon to customers in other strategic locations. Given the positive market reaction and the high growth potential of the etch segment, AMEC has made a strategic decision to focus its R&D and financial resources on this product in the near term. The new funding will support that effort.
Noting AMEC's substantial gains during a challenging period for the global semiconductor industry, SHVC's president, Pingao Wang, commented, "We are impressed by the company's technology strategy and their progress in getting products to market in a highly competitive industry segment. We're pleased to participate in the Series C financing round."
Walden International's chairman, Lip-Bu Tan, paid tribute to AMEC's prudent fiscal management and performance to plan. "We commend the management team for continuing to execute on their corporate and technology roadmap while keeping a stringent eye on the bottom line. Closing this substantial round in today's global financial climate validates the company's outstanding technology value proposition and smart business strategy."
"We are very pleased to close this latest funding round. It's a significant achievement in a time of volatile financial market conditions," said AMEC's chief executive officer, Gerald Z. Yin. "We are grateful to our investors who continue to generously support us, and we welcome our new financing partners. The last funding event propelled our transition from R&D to production. Now, with tools in the field, we're in an excellent position to support additional growth."
