Resnics Technology, leader in DPU chipsets, completes Pre-A financing

Recently, Resnics Technology, a leading Chinese DPU chipset company, announced the completion of Pre-A financing. This round of financing was co-led by Oakseed Ventures and Lenovo Capital, with Grit Ventures, Dingxin Capital, Oriental Fortune Capital, FAW Lihe VC and angel investors participating. It will further accelerate Resnics  Technology’s leading position in the area of smart network interface cards and DPU chips, to meet the ever increasing demands of AI and 5G on data storage and networking.

Resnics Technology will provide a full range of chips for data centers in the AI ​​and 5G era, including DPU chips for next generation smart network interface cards (SmartNICs), computational SSD and high-end network switching chips.

“My goal is to build China’s NVIDIA and Broadcom, and make Resnics a semiconductor company with global influence. My starting point is building China’s Pensando and Fungible,” said the founder, Mr. Ronnie Huang Yiren.

DPU is the abbreviation of Data Processing Unit, and is currently regarded in the United States as the core for next-generation data centers. Pensando (founded by four senior executives of Cisco Systems with John Chambers as chairman), Fungible (founded by Juniper Networks CTO and co-founder), and NVIDIA currently compete for this market in the US. There are currently no Chinese suppliers, and most Chinese enterprises and Internet companies rely on imports.

Ronnie was the co-founder and CTO of silicon valley based CNEX Labs, which was backed by Dell, Cisco Systems, Microsoft, Seagate, Samsung, Micron and others. He has nearly 30 years of chip design experience, graduated from Shanghai Jiaotong University, and later studied at Michigan Technological University in the US. He was responsible for the architecture and design of network switching chips, SSD controllers, and SmartNICs at Cisco Systems, Sandforce and Huawei. He is the named inventor of 27 US patents, including protocols such as NVMe over Ethernet and Interlaken. For the ICs that Ronnie designed, the total number shipped has exceeded 200 million, and all the chips that Ronnie led the design of have been successful in the first tape-out.

Internet and enterprise data centers are witnessing a major transformation. In the era of AI and 5G, deep learning, Internet of Everything and the end of Moore’s Law are driving the need for heterogeneous computing. Coupled with the demands of virtualization and security, the data center must shift from a CPU-centric architecture to a Composable Disaggregated Infrastructure (CDI) architecture with DPU at the core. In this new architecture, the role of the DPU is to release the computing power consumed by the CPU for performing network switching, data storage, data security and virtualization, and enable a more flexible and secure data center. Resnics Technology will leverage its years of accumulated technical capabilities to create world-class products and become the innovative leader for this new industry.

Oakseed Ventures Mr. Chee We Ng said: “Ronnie is a rare expert in China with nearly 30 years of digital chip design experience. Whether in the field of data center networks or storage, Ronnie is the absolute authority.” Chee We holds a bachelor and masters in Electrical Engineering and Computer Science from MIT. His graduate tutor was Anantha Chandrakasan, a global ultra-low-power digital chip expert and the current dean of the MIT School of Engineering. He was a graduate teaching assistant for low-power CMOS VLSI class, then served as the executive director of investments at Cisco Systems. Chee We focuses on early-stage investments in enterprise IT. Nearly half of his investments have achieved 7 to 42 times return within three to five years, with an internal rate of return (IRR) of 72 to 118%.

“Designing an enterprise chip is a non-trivial task, you can’t do it without ten to twenty years of experience. Chips are not software and cannot be iterated quickly. If bugs are discovered after tape-out, it will result in much time and money loss. Network and storage chips are extremely complex, and if the architecture or design is bad, it can easily cause deadlocks. Currently, Chinese government is giving a lot of support to the domestic semiconductor industry, but we have seen many teams with insufficient experience raising a lot of money. The risk is very high. Ronnie’s solid product development and entrepreneurial experience in the past 30 years has addressed my many concerns. We are confident that the team led by Ronnie will not only design reliable chips, but be technologically leading globally,” Chee We added.

Mr. He Zhiqiang, senior vice president of Lenovo Group and president of Lenovo Capital, said, “with the development of AI, 5G, cloud computing and other technologies, data growth is driving the growth of global demand for computing power, spawning new opportunities in the computing ecosystem, and DPU deployment at scale will gradually become the future of the data center. The DPU SmartNIC from Resnics Technology will accelerate the processing efficiency of business data in security, network, storage, AI and HPC, and effectively reduce costs. The founder, Mr. Huang Yiren, is a semiconductor chip industry expert and a leader in the DPU and SmartNIC industry. The core team members have more than 20 years of relevant R&D experience. We expect that in this new computing revolution with DPU at the core, Resnics Technology will bring breakthroughs in new technologies, new applications and new directions. At the same time, Lenovo has been deeply involved in the field of high-performance computing for over 20 years, with a complete product portfolio and rich customer service experience. Lenovo and Resnics will collaborate closely in technology and product development to provide comprehensive high-performance computing solutions and build new enterprise infrastructure to empower intelligent transformation of industries like education, scientific research, smart manufacturing, life sciences, meteorology, oceanography, and petroleum exploration.

Ronnie, Chairman and CEO of Resnics Technology, concludes: “Thank everyone for the strong support to Resnics Technology. We will live up to your expectations to build the company into a global leader in Chinese enterprise chips. In the next few months, we will launch globally leading products and deliver them to customers. I hope that there will be more like-minded corporate partners and investors to take this journey with us to build China’s NVIDIA and Broadcom.”

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blankAbout Oakseed Ventures

Oakseed Ventures is one of few early-stage funds that only focuses on enterprise tech. Its investment team comprises of rare technology and investment experts who have invested in enterprise IT for nearly a decade in China. Investment areas encompass SaaS, financial technology, AI, big data, and cloud, to infrastructure software, hardware and chips. Founding partner Chee We Ng holds a Master’s and Bachelor’s degree in Electrical Engineering and Computer Science from MIT, an MBA from Harvard Business School, and was responsible for venture investment in China at Cisco Systems. The team’s previous investments include: Kyligence, Zilliz, Shangyong Technology, Oushu and Fastone Technology, and nearly half of its previous investments achieved 72-118% IRR within 3-5 years after the investment, with less than 10% of the cases requiring write-off. Oakseed Venture’s investment philosophy is: patiently identify and invest in entrepreneurs who strive to make a distinctive contribution to enterprise tech, and accelerate growth through our network in enterprise IT, telecom operators and Internet companies.

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