Beijing-based Borqs Inc, a mobile software provider and integrator, has closed a $17.4m Series B round of venture financing. Norwest Venture Partners led the round, which included Keytone Ventures, as well as current investors GSR Ventures - the China affiliate of venture capital investor, the Mayfield Fund.
Borqs International Holding Corp, established in 2007, develops mobile software products for wireless service providers.
“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, an investor with Norwest, who will join the company’s board of directors. “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.”
Multi-stage investment firm Norwest Venture Partners has offices in Palo Alto, California, Mumbai and Bangalore, India and Herzelia, Israel managing more than $2.5bn in capital.
The firm makes early to late stage venture and growth equity investments across a range of sectors, including: information technology, business services, financial services and consumer.
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), and Winphoria Networks (acquired by Motorola).
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