Fangtek Ltd, a chip developer for mobile phones and portable device markets, has secured $12m in a Series C funding round to accelerate the development of a new range of mobile multimedia processors.
The financing was led by Shanghai-based Qiming Venture Partners, and included other Western venture capital groups such as DFJ ePlanet Ventures, IDG Technology Venture Investment, New Frontier LG Venture Fund and Kibo Technology Advancing Capital (KTAC).
The Chinese chip developer is actually headquartered in Cupertino, California, but is a Cayman Islands company. It has R&D centers in Silicon Valley, Shanghai and Chengdu, and has sales offices in Hong Kong, Taiwan and Shenzhen.
Fangtek, provides integrated circuit solutions for mobile phones, portable devices, voice processing, audio processing and image processing. The funding will help accelerate the development and production of its new generation mobile multimedia processors featuring MP4, H.264, MP3, AAC/WMA and TV-out for the mobile device markets.
This round of funding will help accelerate product development efforts, broaden the customer base and expand the business into new territories, according to president and CEO Fang Shen.