Physix FrontierB
Black Sesame Technologies
Funding History
- Post-IPO Strategic PlacementUndisclosed — Entered into a subscription agreement with Wuji Capital for the R&D of new-generation high-performance chips (high-compute chips for autonomous driving and robotics, edge-side AI chips) and the construction of overseas R&D centers. The placement agent withdrew midway, but the company stated that the financing process is proceeding normally.
- Post-IPO PlacementUndisclosed — Placement price HKD 23.20/share, placing 53.65 million shares. Refinancing initiated less than half a year after listing.
- IPOUndisclosed — Issue price: HK$28.00 (Offering range HK$28–30.30, priced at the lower end); Market cap at listing: Approx. HK$18B (based on issue price); Shares issued: Global offering of 37 million shares (public offering accounted for 5%); Lock-up period: 6-month lock-up | Source: Prospectus/Exchange disclosures
- Last Round Before IPOUSD 700M — Amount: Not disclosed per round (cumulative approx. USD 700M over 10 rounds); USD 700,000,000 (cumulative); Led by: Wu Yue Feng Sci-Tech Innovation / Haisheng Capital etc. | Completed 10 financing rounds from establishment to pre-IPO, cumulative approx. USD 700M. Founder Shan Jizhang held 23.18% equity but had 56.00% voting rights pre-IPO, adopting a dual-class share structure. | Source: Prospectus + Public Reports
- Strategic investmentUndisclosed — Amount: Not disclosed per round; Led by Xiaomi / Tencent / SAIC / Geely etc. | The core feature of this stage was collective investment by OEMs: SAIC, Geely, and NIO Capital entered successively. For automotive-grade chip companies, OEM shareholders serve as both funders and potential customers, providing more valuable endorsement than pure financial investment—but also implying customer concentration risk. | Source: Prospectus + Public reports
- Early FinancingUndisclosed — Amount: Not disclosed per round; Led by Northern Light Venture Capital et al. | The company was co-founded by Shan Jizhang and Liu Weihong in July 2016. Shan Jizhang holds Bachelor's and Master's degrees in Electronic Engineering from Tsinghua University and served as VP of Software Engineering at OmniVision; Liu Weihong previously held positions at General Motors (China), Bosch Automotive Parts (Suzhou), etc. Early financing was primarily from USD VC firms. | Source: Compiled from public reports