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Fangtek raises finance worth Rs.54.15 crore

Posted: 19 Jun 2006     Print Version  Bookmark and Share

Keywords:application processor  portable equipment  Fangtek  financing  mobile multimedia processor 

Fangtek Ltd, a supplier of application processors for cellphones and portable equipment, has raised Rs.54.15 crore ($12 million) in a Series C preferred stock financing round.

Fangtek is a Cayman Islands company based in Shanghai, China, with operations in the United States. It has R&D centers in Cupertino, Calif., Shanghai and Chengdu. It has sales offices in Hong Kong, Taiwan and Shenzhen.

The financing was led by Qiming Venture Partners, a Shanghai-based venture capital firm with support from DFJ ePlanet Ventures, IDG Technology Venture Investment, New Frontier LG Venture Fund and Kibo Technology Advancing Capital.

The money is set to be used to accelerate the development and production of mobile multimedia processors that include the capability to process MP4, H.264, MP3, AAC/WMA and TV-out video and audio data streams. Fangtek is a licensee of the 24KEc processor from MIPS Technologies Inc.

"The company is in the right market at the right time. It can utilise its experienced design team in Silicon Valley to design the best featured products and leverage its strong back-end support organisation in China to provide timely design-in at customer sites," said Alvin Sun, executive director of DFJ ePlanet, in a statement issued by Fangtek.

"This round of funding will help accelerate our product development efforts, broaden our customer base and expand our business into new territories," said Fang Shen, president and chief executive of Fangtek, in the same statement.

Fangtek started out as a design house and as Shanghai Fangtek Electronics Co. Ltd developed a foundry relationship with Semiconductor Manufacturing International Corp., also based in Shanghai, in December 2004.

- Peter Clarke
EE Times

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