Innovative Venture Fund of NEC Capital Solutions and SMBC Group Leads Investment in SiTime
All Major Investors Participated in Oversubscribed Round
SUNNYVALE, Calif. – November 4, 2013 – SiTime Corporation, the fastest growing semiconductor company, today announced that Innovative Venture Fund, which is co-operated by NEC Capital Solutions (8793: Tokyo) and SMBC Venture Capital, led SiTime’s round of financing. All major investors participated in this oversubscribed round. Also, a new partner, Hercules Technology Growth Capital, Inc. (NYSE: HTGC), provided a commitment for debt financing to SiTime.
“A key goal of our Innovative Venture Fund is to invest in disruptive technologies that have the potential to transform large markets,” said Soichiro Matsuyama, Chief Financial Officer at NEC Capital Solutions. “SiTime’s timing solutions, based on game-changing silicon MEMS and analog technology, are revolutionizing the $5 billion timing market. SiTime has a remarkable market opportunity and we are excited to participate in SiTime’s future growth.”
“MEMS timing solutions are the inevitable future of the timing industry because they use silicon. Electronics companies worldwide are rapidly adopting SiTime’s solutions – we have shipped 175 million units to 1000 customers worldwide, including 35 Fortune 500 companies. With our recent introduction of oscillators for smartphones, we expect to accelerate the rate of adoption of MEMS timing solutions,” said Rajesh Vashist, CEO at SiTime. “We are pleased that NEC Capital Solutions and HTGC recognize the tremendous potential of MEMS timing technology.”
SiTime Corporation, the fastest growing semiconductor company, is revolutionizing the $5B timing market with silicon MEMS timing solutions that replace legacy quartz products. With 80% market share and over 175 million devices shipped, SiTime is driving the electronics industry to use 100% silicon-based timing.
SiTime’s configurable solutions enable customers to differentiate their products with higher performance, reduced size and better reliability. The rich feature set and flexibility of our solutions allows customers to consolidate their supply-chain, reducing cost of ownership and time to market. By using standard semiconductor processes and high volume plastic packaging, SiTime offers the best availability and shortest lead times in the industry.
Top-tier manufacturers are experiencing these benefits and recognize SiTime as The Smart Timing Choice™.
About NEC Capital Solutions
NEC Capital Solutions was established in November 1978 as a specialist in sales financing for NEC Corporation (NEC), a leading Japanese electronics enterprise. The sole financial services specialist of the NEC Group in Japan, the Company provides a wide variety of services centering on leasing, underpinned by strengths in information and communication technology equipment and businesses focused on the public sector.
About Hercules Technology Growth Capital
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) ("Hercules") is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science and energy and renewables technology industries, at all stages of development. Since inception (December 2003), Hercules has committed more than $3.9 billion to over 250 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.