Author: Huatai Shi, Pencil News

Recently, Qingdao-based Siri Intelligence signed a tutoring agreement with Guotai Junan Securities, officially setting its sights on an Initial Public Offering (IPO).

Siri Intelligence specializes in the research, development, production, and sales of critical semiconductor front-end process equipment, which finds extensive application in high-tech fields such as integrated circuits, third-generation semiconductors, new energy, optics, and component coating.

Siri Intelligence's 'ace in the hole' is its 8MeV high-energy ion implanter, which boasts an international advanced energy level, addressing a domestic void. Weighing 38 tons, this equipment enables micron-level deep doping and is utilized in high-value sectors such as image sensors and 5G RF chips.

In terms of financing, following the completion of its B+ round, Siri Intelligence achieved a valuation of RMB 4.1 billion. In 2024, it was honored with the title of "China's Top 500 Stealth Unicorns".

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Qingdao Siri Intelligent Technology Co., Ltd. (Siri Intelligence), previously known as Qingdao Sifang Siri Intelligent Technology Co., Ltd., was established on January 22, 2018. Rooted in the Qingdao area of the China (Shandong) Pilot Free Trade Zone, the company focuses on the R&D, production, and sales of key semiconductor front-end process equipment.

Currently, Siri Intelligence has established a "dual main business" model, encompassing atomic layer deposition (ALD) equipment and ion implantation (IMP) equipment as its core products.

These gas equipment are widely used across numerous high-tech domains, including integrated circuits, third-generation semiconductors, new energy, optics, and component coating.

Among Siri Intelligence's diverse product portfolio, ALD equipment stands out as its flagship offering.

ALD technology allows for the precise deposition of thin films at the atomic level, akin to using an exceptionally fine brush to paint patterns on chips. This unique feature makes it particularly suited for the manufacturing of third-generation semiconductor materials such as silicon carbide (SiC) and gallium nitride (GaN).

Through ALD technology, Siri Intelligence has successfully enhanced the electrical properties of devices, leading to notable improvements in interface states, breakdown characteristics, and leakage reduction.

In 2024, ALD equipment orders surged by 40% year-on-year.

Siri Intelligence's high-energy ion implanters, such as the SRII-4.5M and SRII-8M, employ advanced radio frequency acceleration technology with an energy resolution of up to ±1%, capable of meeting process requirements ranging from 28nm to more advanced nodes.

Tailored to the specific needs of silicon carbide (SiC), Siri Intelligence's ion implanters feature an Al ion source design with a lifespan of up to 300 hours. Additionally, it addresses the issue of SiC annealing activation through a preheating platform and a high-temperature target disk.

Notably, the gas ion implantation equipment has surpassed foreign technological barriers, filling the domestic gap in high-end ion implanters and gradually achieving localization substitution.

Both types of equipment belong to the four core equipment for chip manufacturing, with technical challenges second only to lithography machines.

Siri Intelligence's customer base spans over 500 semiconductor manufacturing enterprises and scientific research institutions in 40 countries and regions worldwide.

Through localization substitution, Siri Intelligence offers customers cost-effective solutions, reducing equipment procurement costs by 20%-30%.

Financially, in 2023, the company reported an operating revenue of RMB 467.6711 million but incurred a total loss of RMB 239.4829 million. As of July 31, 2024, the operating revenue stood at RMB 214.9975 million, with a total loss of RMB 141.9602 million.

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Dr. Nie Xiang, the founder of Siri Intelligence, brings over 20 years of experience in the semiconductor equipment industry.

In 2018, he led his team to acquire Beneq, a Finnish company, in its entirety, thereby acquiring nearly 40 years of mature ALD technology. This acquisition facilitated the transition from the research market to the industrial market, integrating global R&D resources, seamlessly entering the high-end coating equipment market, and officially integrating into the global semiconductor industry chain.

With capital support, Siri Intelligence has achieved rapid growth.

Data indicates that Siri Intelligence has completed multiple funding rounds, including hundreds of millions of yuan in B round and B+ round funding.

Following the completion of its B+ round, Siri Intelligence achieved a valuation of RMB 4.1 billion, backed by renowned investors such as SAIC Motor, Shangqi Capital, CDH Investments, China Merchants Venture Capital, Shanghai Jinpu, New Vision Capital, and Sinovation Ventures.

According to industry data, the global semiconductor equipment market size reached USD 70 billion in 2024 and is projected to grow at a compound annual growth rate of 10% over the next five years.

In terms of market competition, international giants like ASML and Applied Materials, as well as domestic enterprises such as Northern Microelectronics and AMEC, pose strong competition. Notably, ASML holds a dominant position in the global market.

As semiconductor manufacturing technology advances, the application of ALD equipment in areas like 3D NAND and advanced logic chips will become more widespread.

Data suggests that the market size for thin film deposition equipment is approximately USD 17.5 billion. As the core equipment for thin film deposition, ALD equipment accounts for about 30% of the market share.

In the domestic market, with the rising localization rates, the demand growth rate for ALD equipment is as high as 20%, becoming a primary driver of industry growth.

The content of this article is for reference purposes only and does not constitute investment advice. This article also draws upon relevant content from Guanhai News, Global Semiconductor Observation, Huzhou Industrial Group, Qingdao City Information Network, and the Beijing Equity Exchange Trading System, to whom we extend our gratitude. The images in the article are sourced from the company's official website.