July 10, 2009
VC Firm, Norwest Venture Partners Invests $17.4 Million in Series B Funding for Borqs
Based in Beijing, China, Borqs has announced today that it has closed $17.4 million in series B funding with Norwest Venture Partners leading the funding. Other investors, who participated in this round of funding include GSR Ventures, the Mayfield Fund China Affiliate, and Keytone Ventures. As part of the agreement to this round of funding, Mohan Kumar, partner with Norwest Venture Partners will join Borqsâ€™ board of directors.
Borqs was founded in 2007, and it is a high-tech company that develops end-to-end mobile technology for mobile devices. Borqs has a wide range of products for the mobile industry, from mobile server operators to components for handset manufacturers. Borqs also develops mobile software for wireless communication service providers and the companyâ€™s technology platform is also being used more and more by smartphone manufacturers and software developers.
Furthermore, Borqs IP and software allows mobile service providers and cellphone or mobile gadget manufacturers to launch the Android-based 3G phone, or the services for these 3G phones within six months. This innovation can positively affect both the consumer and the mobile service provider by cutting down the cost of services, by reducing the cycle time, and at the same time, this can provide savings to the consumer.
According to Mohan Kumar, in this day and age, the mobile industry is ever changing and more and more consumers are using smart phones and the emerging 3G network. Mobile service providers need to keep up with this demand, and Borqs provides both service providers and mobile device manufacturers. The technology that is based on Googleâ€™s Android software, can allow for Borqs to deliver service providers and manufacturers. This kind of technology is needed for this competitive emerging market.
As far as Borqsâ€™ CEO and president, Pat Chan is concerned, having Norwest Venture Partners as a partner is of great benefit to the company. Norwest brings to Borqs not only the necessary capital needed to expand the companyâ€™s business, but also a strong mixture of advice and extensive industrial knowledge in the mobile industry as well as the right connections to the right networks to provide the company with the resources needed to be successful in the marketplace.
Norwest Venture Partners has been around for over 48 years and is an active partner with entrepreneurs who are serious about turning their ideas into successful global companies. Norwest Venture Partners invests in all stages of a companyâ€™s life and invests in companies in the IT, business services, financial services, and consumer industries. Norwest Venture Partners is a global vc firm that is based in Palo Alto, California and also has offices in Mumbai, India and in Herzelia, Israel. Some other companies in Norwestâ€™s portfolio include 41st Parameter, AmberPoint, Cast Iron, ClairMail, Pontis, Think3, and others.
For more information about Borqs, click here.
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