Hard Krypton Exclusive | Zhongke Zhuoer completes hundreds of millions of yuan Series B+ financing, entering the supply chains of multiple leading photomask manufacturers

Author | Yang Yuan

Editor | Peng Xiaoqiu

36Kr has learned that Chengdu CAS Zhuoer Intelligent Technology Group Co., Ltd. (hereinafter referred to as "CAS Zhuoer") has recently completed a B+ round of financing worth hundreds of millions of yuan. Investors in this round include BOC International Investment, Jinan Industrial Development Integrated Circuit, CIC Huake, Jiangyin New Guolian and Chuanliu Investment, etc.

The proceeds from this round of financing will be mainly used for the core process upgrading of high-end quartz blank photomask and the construction of mass production lines, to improve process stability and product consistency around key processes such as ultra-precision polishing, low-defect cleaning and vacuum coating, and support large-scale production and stable delivery with special equipment developed independently and collaboratively.

Founded in 2018, CAS Zhuoer is a semiconductor material enterprise focusing on the R&D, manufacturing and sales of high-end quartz blank photomasks. It provides blank photomasks and high-precision quartz polished substrates for the semiconductor and display panel industries, and also carries out R&D of precision optical components and related process equipment.

Blank photomask is the basic material for manufacturing photomasks. In the chip manufacturing process, the photomask carries the circuit pattern and transfers the pattern to the wafer through the lithography process. In the display panel manufacturing, the photomask also undertakes the key role of pattern transfer. The surface flatness, material purity and defect control level of the blank photomask will further affect the subsequent pattern processing accuracy and product yield.

High-end quartz blank photomasks have high technical and engineering barriers. The difficulty does not lie in a single indicator, but in that multiple processes such as quartz material quality, ultra-precision polishing, defect control, coating and photoresist coating must meet the standards at the same time, and remain stable and consistent in mass production. High-grade products have long been dominated by overseas manufacturers, and the domestic photomask industry chain has increasingly urgent demand for independent supply, stable delivery and large-scale manufacturing capacity.

Collaboration of process and equipment to build full-process manufacturing capabilities

According to the company, CAS Zhuoer has established a manufacturing process system covering material testing, ultra-precision polishing, low-defect cleaning, vacuum coating and photoresist coating, and has opened up the whole process of front-end grinding and polishing and back-end cleaning, coating and photoresist coating of high-precision quartz substrates. The front-end polishing needs to control the surface shape accuracy, sub-surface damage, tiny particle defects and material stress at the same time, which cannot be achieved only by purchasing equipment.

Relying on the accumulation of precision optical processing, the company has formed a closed loop of "process R&D - precision testing - equipment iteration - batch verification". Key equipment such as ultra-precision polishing and vacuum coating are independently designed by the company or jointly developed with domestic equipment enterprises, and the independently developed magnetron sputtering coating equipment has obtained the first-set product certification. Collaborative R&D of process and equipment helps to continuously optimize key indicators such as surface shape, defects and film layer, improve batch consistency, and enhance the independent supply capacity of the supply chain in key production links.

Moving from customer verification to small-batch and multi-batch delivery

In terms of commercialization, according to the company, CAS Zhuoer's blank photomask products have successively passed the verification of downstream customers, entered the supply chain of many leading domestic photomask manufacturing enterprises, and gradually advanced from sample testing to the stage of small-batch and multi-batch delivery. For blank photomask enterprises, entering the customer supply chain is only the starting point of mass production verification; moving from sample testing to continuous delivery also requires continuous improvement of production yield, process stability and batch consistency.

At the level of longer-term industrial collaboration, the application of independently and collaboratively developed equipment in real production lines can provide verification scenarios and iteration feedback for domestic equipment, and drive the collaborative upgrading of materials, equipment, testing and process services. Relying on the pilot platform, joint laboratory and mass production line.

The company currently has a photomask substrate enterprise technology center, a high-tech zone pilot platform and a reserve pilot platform of the Ministry of Industry and Information Technology of the People's Republic of China, and has jointly built an intelligent optoelectronic joint laboratory with the University of Electronic Science and Technology of China to support process iteration and engineering verification. The company was awarded the title of national-level specialized and sophisticated "Little Giant" enterprise in 2025.

After this round of financing, CAS Zhuoer will continue to focus on the R&D of high-end quartz blank photomasks and the construction of mass production lines, optimize the manufacturing process around product yield, process stability and batch consistency, and support large-scale mass production and stable supply through process iteration and collaborative innovation of key equipment. At the same time, it will promote the training of engineering talents and the transformation of technological achievements, and provide support for the agglomeration of regional semiconductor material industry and the construction of independent supply chain.

Investor's point of view:

BOC International Investment: Our continuous financing support to CAS Zhuoer stems from our judgment on the long-term value of the localization of core high-end semiconductor materials. Blank photomasks have high technical barriers, long R&D cycles and strict customer verification, and their core competitiveness requires long-term technical accumulation and continuous engineering iteration. We have witnessed the progress of CAS Zhuoer from key technology breakthroughs, core product verification to large-scale industrial layout. In the future, we will continue to give full play to the advantages of professional investment and industrial resource integration, and support the transformation and industrialization of original technological achievements.

Jinan Industrial Development Integrated Circuit: Core semiconductor materials are an important link related to industrial security. We are optimistic about the full-chain capability of "materials + process + equipment" of CAS Zhuoer and its mass production potential, and are willing to support the company to promote large-scale manufacturing with capital and industrial resources, and rely on project implementation to reinforce Jinan's semiconductor material industrial chain and drive the collaborative agglomeration of local upstream and downstream industries.

CIC Huake: This participation in the financing of CAS Zhuoer is a specific practice to implement the strategy of "self-reliance and self-improvement in science and technology" and the deployment of the 15th Five-Year Plan. CIC Huake will use capital to support high-precision photomask substrate enterprises to break through core technologies, accelerate industrialization, and inject lasting impetus into the reinforcement of the semiconductor material industry chain.

Jiangyin New Guolian: Photomask substrate is a key link connecting materials and manufacturing. CAS Zhuoer has opened up processes and equipment through independent R&D, providing support for strengthening and supplementing the semiconductor and display industry chain. We look forward to working with the company to promote the coordination of industrial resources in the eastern and western regions and accelerate the process of domestic mass production.

Chuanliu Investment: CAS Zhuoer has moved from technical verification to the ramp-up of mass production. Independent equipment provides support for capacity expansion, and downstream customer verification continues to advance. Relevant technologies support the collaboration of ultra-precision polishing, cleaning and coating industry chain for next-generation semiconductor materials, which is replicable and has core supporting value. We are optimistic about the company's leap from a technology disrupter to a large-scale supplier.