Borqs Inc., a leading open source mobile application software provider and integrator, announced it has closed a US$17.4 million Series B round of venture financing. Norwest Venture Partners (NVP) led this round, which included participation from current investors, GSR Ventures - the Mayfield Fund China affiliate - as well as Keytone Ventures. As a part of the investment, Mohan Kumar of NVP will join Borqs' board of directors (see also Norwest Venture Partners).
Borqs develops mobile software products for wireless service providers. The company's client-side software is based on Google's Android mobile software. Borqs' offerings give carriers the ability to create a consistent and branded user interface experience that can work across different types of smartphones. Borqs also provides carriers with the ability to create branded application store fronts that offer subscribers a wide range of mobile application choices by tapping into the Android Application Marketplace as well as existing Java-based mobile applications.
Borqs IP and software enable phone manufacturers or mobile operators to launch Android-based 3G phones or services in less than six months, reducing the cycle time savings by over a year when compared to the current process. And because Borqs is based on Android and an open source environment, smartphones can be produced at a lower price point to further increase consumer adoption and drive the overall smartphone market. The company currently works with leading mobile operators and tier-one device manufacturers worldwide.
"As the mobile sector continues to evolve and is now the number one source for information and entertainment, wireless carriers must provide their subscribers with the best choice in applications and handset offerings and to do so at a low cost point. By building on the foundation of Google's Android platform, Borqs can deliver carriers with a solution that meets these needs while providing a unique and consistent brand experience for their subscribers," said Mohan Kumar. "The experienced team at Borqs, combined with the company's strong product offerings, proven track record, early customer wins and significant traction with the world's largest carrier China Mobile and other operators, were key factors in our investment decision."
"We are very pleased to have NVP lead this funding round for Borqs," said Pat Chan, CEO and president of Borqs. "NVP brings to Borqs a compelling mix of deep industry knowledge in the mobile industry, relevant operational experience and a strong network of contacts that will help grow the company as we expand the Borqs footprint worldwide. We look forward to partnering with NVP to drive customer momentum, accelerate our growth and take the company to the next level." About Borqs Established in 2007, Borqs International Holding Corp is a high-tech enterprise committed to providing end-to-end solutions to the whole value chain of mobile communications, including network operators and handset manufacturers. The core products of Borqs are mobile operating systems for smartphone platforms and mobile internet services platforms. Borqs is a commercialization partner of Android Open Handset Alliance. For more information, visit www.borqs.com. About Norwest Venture Partners Norwest Venture Partners (NVP) is a global, multi-stage investment firm that manages more than $2.5 billion in capital out of its offices in Palo Alto, California, Mumbai and Bangalore, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including: information technology, business services, financial services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 48 years and has funded over 450 companies since inception.
Notable investments include Actel Corporation, Airespace (acquired by Cisco Systems), Cerent (acquired by Cisco Systems), Corio (acquired by IBM), Cray Research, Documentum, Extreme Networks , Forte Software (acquired by Sun Microsystems), OnMobile (NSE: OnMobile), Open-Silicon (acquired by Unicorn Investment Bank), PeopleSoft, Qumranet (acquired by Red Hat), Rackspace (NYSE:RAX), Siara Systems (acquired by Redback Networks), SideStep (acquired by Kayak), Spinnaker Networks (acquired by Network Appliance), Tivoli Systems (acquired by IBM), Transaction Systems Architects (Nasdaq: ACIW), Verio (acquired by NTT), Winphoria Networks (acquired by Motorola) and Yipes (acquired by Reliance/Flag Telecom). For more information, please visit www.nvp.com.
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This article was prepared by Biotech Week editors from staff and other reports. Copyright 2009, Biotech Week via NewsRx.com.
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