SEMICONDUCTOR startup Changxin Xinqiao Memory Technologies Inc. has raised 39 billion yuan (US$5.4 billion) from government-backed investors, a sign China is doubling down on its efforts to achieve technological self-sufficiency.

In its latest funding round, Hefei-based Changxin Xinqiao secured 14.6 billion yuan from the China Integrated Circuit Industry Investment Fund Phase II in late October and funding from two other investors affiliated with the local government, according to corporate data provider Tianyancha.

It’s one of the biggest investments China’s flagship semiconductor fund, better known as Big Fund, has made since China probed its former heads for corruption about a year ago.

Founded in 2021, Changxin Xinqiao shares some shareholders and its general manager with China’s leading DRAM chipmaker Changxin Memory Technologies Inc. (SD-Agencies)