Tuesday, November 5, 2013

SiTime Raises New Funding For MEMS Timing Chips

Sunnvyale-based timing semiconductor developer SiTime, whose chips are replacing expensive, quartz-based timing circuits with MEMS-based technology, has raised new funding, the company said Monday. SiTime said the new funding came from Innovative Venture Fund, a fund managed together by NEC Capital Solutions and SMBC Venture Capital. SiTime said its other, major investors also participated in the round. Size of the new funding was not announced. The company also said it has received venture debt financing from Hercules Technology Growth Capital. SiTime's MEMs technology replaces existing quartz crystals with new, MEMS-based silicon MEMS timing circuits, which can drastically shrink the size, improve reliability, and help designers of things like smartphones and tablets. More information »