Thursday, July 09, 2009

Borqs Secures $17.4 Million in Venture Financing Led by Norwest Venture

Borqs Inc., a leading open source mobile application software provider and integrator, today announced it has closed a US$17.4 million Series B round of venture financing. Norwest Venture Partners (NVP) led this round, which included participation from current investors, GSR Ventures - the Mayfield Fund China affiliate - as well as Keytone Ventures. As a part of the investment, Mohan Kumar of NVP will join Borqs’ board of directors.

Borqs develops mobile software products for wireless service providers. The company’s client-side software is based on Google’s Android mobile software. Borqs’ offerings give carriers the ability to create a consistent and branded user interface experience that can work across different types of smartphones. Borqs also provides carriers with the ability to create branded application store fronts that offer subscribers a wide range of mobile application choices by tapping into the Android Application Marketplace as well as existing Java-based mobile applications.

Borqs IP and software enable phone manufacturers or mobile operators to launch Android-based 3G phones or services in less than six months, reducing the cycle time savings by over a year when compared to the current process. And because Borqs is based on Android and an open source environment, smartphones can be produced at a lower price point to further increase consumer adoption and drive the overall smartphone market. The company currently works with leading mobile operators and tier-one device manufacturers worldwide.

“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. “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.”

1 comment:

Anonymous said...

what a big bet for sure