"Xizhi Technology" Achieves 200 Million in Revenue in the High-End Automotive Market and Expands into the AIDC Blue Ocean | Exclusive Report by 36Kr

Author | Ou Xue

Editor | Yuan Silai

Yingke has learned that "Xizhi Technology", a supplier of wide - bandgap power electronic components, recently completed a Pre - A round of financing worth 250 million yuan. We have summarized the information of this round of financing and several highlights of the company:

Financing Amount and Leading Investor

Financing Round: Pre - A Round

Financing Scale: 250 million yuan

Investors: Anxin Capital, Zhejiang New Energy Vehicle Fund, Bank of Communications International, etc.

Use of Funds: New product R & D, construction of new factories, and expansion of the AIDC division

Basic Company Information

Establishment Time: 2022

Establishment Location: Suzhou

Technological Highlights: "Xizhi Technology" is one of the few domestic companies in the wide - bandgap semiconductor (SiC/GaN) field that simultaneously masters MHz - level high - frequency design, automotive - grade plastic packaging/embedded packaging technology, and has achieved large - scale mass production of plastic - packaged modules. Its core products include two major series: automotive - grade main - drive silicon carbide power modules and high - frequency power supply modules.

Silicon carbide main - drive power module DCM (Source/Enterprise)

Silicon carbide HVDC high - voltage power supply module (Source/Enterprise)

Yingke has learned that power modules are like the "power heart" of electric vehicles, responsible for efficiently converting the direct current of the battery into the alternating current required by the drive motor. Their performance directly determines the vehicle's acceleration, energy efficiency, and range.

Currently, on the one hand, in the automotive field, "Xizhi Technology" focuses on the plastic - packaging route of main - drive silicon carbide modules. Through independent innovative design, it has achieved a 50% reduction in loop inductance compared with international competitors and a 45% improvement in current sharing, helping customers improve system performance. At the same time, it is also researching and developing the next - generation automotive - grade SiC and GaN embedded modules to achieve lower loop inductance. On the other hand, the 800V to 12V high - frequency power supply module developed by Xizhi for the AIDC market achieves an overall chain efficiency of over 98% and a power density of over 5000W/inch³ by streamlining the conversion levels, laying the foundation for powering megawatt - level GPU cabinets. It is expected to be mass - produced by the end of 2026.

Silicon carbide main - drive power module plastic - packaged HPDmini (Source/Enterprise)

Team Background: The core team of "Xizhi Technology" combines the dual genes of R & D manufacturing and strategic management. Liu Bo, the founder and CEO of the company, holds a master's degree in power system and its automation from Zhejiang University. He also has a composite background in technology, securities analysis, and equity investment and has witnessed the complete entrepreneurial cycle of a listed new energy vehicle parts company.

The company's core technology team comes from Delta Electronics and has served customers such as NVIDIA and HP. The manufacturing and quality team comes from ON Semiconductor as a whole, with more than 15 years of experience in power module packaging process manufacturing.

Market Size

According to third - party research data, with the explosion of new energy vehicle and AI computing power demands, the automotive - grade power module and AIDC high - end power supply markets are growing at a high speed. Taking only new energy vehicles into account, the global market size is expected to reach 30 million vehicles in 2030, and the corresponding power module and power supply market size will be as high as hundreds of billions.

Currently, the domestic high - end main - drive power module market is still mainly dominated by international giants such as Infineon and ON Semiconductor, leaving a vast space for domestic substitution. In the AIDC power supply field, the evolution towards an 800V high - voltage architecture has become a clear trend, and the market is on the verge of explosion.

Company Performance and Customers

The first automotive - grade main - drive silicon carbide module of "Xizhi Technology" was officially mass - produced in the fourth quarter of 2024 and the production volume increased rapidly. The product achieved sales of approximately 30 million yuan in that quarter. The company is expected to achieve sales of nearly 200 million yuan in 2025. The company expects its sales to double continuously in 2026.

Within one year of mass production, the company has successfully delivered 200,000 plastic - packaged automotive main - drive products DCM. This module has been widely used in models of brands such as SAIC IM, Chery Jetour, and SAIC Audi, with a market share of over 50% in the third - party automotive plastic - packaged power module market.

Founder's Thoughts

Yingke: As a latecomer in the market, how does "Xizhi Technology" compete with international giants? And how does it compete with other domestic peers?

Liu Bo: In the automotive - grade power module field, Xizhi Technology does not follow the imitation approach C2M (C2M, Copy to Manufacture) of domestic peers. Instead, it directly competes with international leading manufacturers using the innovative solution S2M (S2M, Solution to Manufacture). The core competitiveness of Xizhi Technology lies in independent product definition and system - level innovation.

For example, Xizhi Technology's plastic - packaged modules have surpassed international competitors in key indicators such as loop inductance and current sharing, and have successfully entered the supply chain of a global Top 2 automaker, becoming the only Chinese power module company supplying it.

In the power supply field, Xizhi Technology directly defines the performance of next - generation products with high - frequency and high - density technologies.

Yingke: What is your current market strategy?

Liu Bo: Xizhi Technology adopts a "dual - wheel drive" strategy. First, it deeply cultivates the proven automotive market, especially high - end brands, to consolidate and expand its market share. Second, it strategically arranges the future AIDC market, transferring the high - reliability technology honed in the automotive - grade field to the computing power supply field with extremely high performance requirements. The goal of Xizhi Technology is to achieve mass production and shipment of AIDC power supply products in 2026.

Investor's Viewpoint

Wang Yonggang of Anxin Investment said: Investing in Xizhi Technology is a key step in our in - depth layout of the third - generation semiconductor industry chain. After three years of continuous attention, we chose to jointly invest with the Zhejiang New Energy Vehicle Fund, not only based on the forward - looking judgment of the industry trend but also due to our high recognition of the company's technical strength and growth potential. Xizhi has proved its high - efficiency execution ability with its amazing development speed - from starting formal operation with only four people to achieving mass production of domestic high - end silicon carbide plastic - packaged power modules in just 32 months, and successfully obtaining mass - production orders from overseas leading automakers, showing the remarkable "Xizhi speed".

At the same time, Xizhi continuously focuses on the innovation of wide - bandgap power electronics technology. It has not only launched a breakthrough plastic - packaged silicon carbide power module but also actively arranges cutting - edge products such as silicon carbide and gallium nitride power supply modules. The relevant innovation achievements have successively obtained development orders from several leading automakers. We believe that with its continuously enriched product matrix of power electronic components and solid R & D ability, Xizhi is expected to grow into a globally influential benchmark enterprise in this field driven by the third - generation semiconductor technology and become an important representative of China's wide - bandgap power electronics industry.

We look forward to deeply participating in the future development process of Xizhi, advancing hand in hand with the enterprise, and jointly promoting the rise of China's third - generation semiconductor industry chain and welcoming the green and efficient wide - bandgap era.