Borqs Secures $17.4 Million in Venture Financing Led by Norwest Venture Partners.Global Market Expansion and Customer Momentum Drive Investment Round for Android-Based Open Mobile Source Provider BEIJING & SUNNYVALE, Calif. -- Borqs Inc., a leading open source mobile application software provider and integrator, today announced it has closed a US$17.4 million Series B round of venture financing. Norwest Venture Partners (NVP NVP Network Voice Protocol NVP Nausea and Vomiting of Pregnancy NVP Name-Value Pair NVP National Vice President NVP Nominal Velocity of Propagation NVP N-Version Programming (multiple functionally equivalent program versions) ) led this round, which included participation from current investors, GSR See Gigabit Switch Router. Ventures - the Mayfield Fund Mayfield Fund is a venture capital firm located on Sand Hill Road in Menlo Park, California, home to many of Silicon Valley's leading venture capital firms. Mayfield was founded in 1969 by Tommy Davis, one of the first venture capitalists. China affiliate - as well as Keytone Ventures. As a part of the investment, Mohan Kumar of NVP will join Borqs' board of directors. Borqs develops mobile software products for wireless service providers. The company's client-side software is based on Google's Android An open platform for cellphones from the Open Handset Alliance (OHA). Based on Linux, Android includes a library of Java classes for building mobile applications. Android and GPhone 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 An organization founded in 2007 by Google, T-Mobile, QUALCOMM, Motorola and others that sponsors and promotes the Android open mobile phone platform. Based on Linux, Android was developed to compete with all cellphone platforms including Windows Mobile and Apple's iPhone by offering an . 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 “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. , 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 (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) ), Cray Research, Documentum, Extreme Networks , Forte Software (acquired by Sun Microsystems), OnMobile (NSE NSE - Network Software Environment: a proprietary CASE framework from Sun Microsystems. : OnMobile), Open-Silicon (acquired by Unicorn Investment Bank), PeopleSoft, Qumranet (acquired by Red Hat), Rackspace (NYSE NYSE See: New York Stock Exchange :RAX RAX Random Access XML (Tarari) RAX Remote Agent Experiment RAX Rural Automatic Exchange ), Siara Systems (acquired by Redback Networks), SideStep side·step v. side·stepped, side·step·ping, side·steps v.intr. 1. To step aside: sidestepped to make way for the runner. 2. (acquired by Kayak), Spinnaker Networks (acquired by Network Appliance), Tivoli Systems (acquired by IBM), Transaction Systems Architects (Nasdaq: ACIW), Verio (acquired by NTT NTT Nippon Telegraph and Telephone Corporation NTT New Technology Telescope NTT National Technology Transfer, Inc NTT Name That Tune (TV game show) NTT National Tree Trust NTT Number Theoretic Transform ), Winphoria Networks (acquired by Motorola) and Yipes (acquired by Reliance/Flag Telecom). For more information, please visit www.nvp.com. All brands, names, or trademarks mentioned in this document are the property of their respective owners. |
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