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Investment Update : West Fountain Parallel Fund invested in Beijing E-Town Semiconductor Technology

2020.09.29

Image from Beijing Yitang Semiconductor Technology

In September 2020, Shenzhen Qianhai WanRongHongTu Capital Management Limited‘s China Parallel Fund ("Wan Rong Hong Tu"), the domestic fund of West Fountain Parallel Fund, completed a Series B round of financing for Beijing Yitang Semiconductor Technology Co. ("Eitang"). Other investors in this round included Sequoia China, Costone Capital and Oriza Holdings.

Eitang Semiconductor supplies Dry Strip, Dry Etch, Rapid Thermal Processing (RTP) and Millisecond Rapid Thermal Processing (MSA) equipment and application solutions to foundry customers around the world, with complete intellectual property rights and around 450 US and Chinese patents. Dry Etch and RTP equipment rank second in the world and MSA equipment is among the top three in its niche, while more than 100 Eitang plasma etching machines (i.e. Dry Etch) are already running on state-of-the-art memory mass production lines worldwide.

In May 2016, Beijing E-town International Investment & Development Co., Ltd. successfully acquired Mattson Technology, a leading semiconductor equipment company in Silicon Valley, for a total consideration of approximately US$300 million through Eitang Semiconductor, the first case of a successful acquisition of an international semiconductor equipment company by Chinese capital.

The new Eitang Semiconductor site has a total floor area of 5,100 square meters. The production plant covers an area of over 3,600 square meters and is supported by a clean room of over 800 square meters, which can produce over 100 devices per year.

West Fountain Parallel Fund believes that under the leadership of the international management team headed by Mr. Lu haoan, Eitang Semiconductor will continue to lead the development of semiconductor equipment technology and technological innovation, maintain its leading position in the industry worldwidely and achieve leapfrog development in the Chinese market.