SAN JOSE -- SiRF Technology Inc. here has closed a mezzanine round of $24.7 million, bringing the company's total funding to $47.3 million.
SiRF Technology, a fabless IC company, specializes in global positioning system (GPS) technology, particularly location-aware wireless handheld devices.
New investors in this round were Hitachi Ltd, Mitsubishi International Corp., and Hikari Tsushin Inc., a major distributor in the wireless communications industry. Other institutions that made investments in this round were Transatlantic Venture Partners C.V., W. I. Harper Group, China Development Industrial Bank Inc., Fortune Consulting Group Inc., Concord Financial Co. Ltd., and Fat Capital Management Co.
"The potential for the consumer GPS market is exploding and the level of this investment from corporate and financial investors illustrates that fact," said Jackson Hu, president and CEO of SiRF Technology. "Another indicator is president Clinton's removal this month of Selective Availability (SA) of GPS signals to accelerate GPS penetration into consumer markets," Jackson concluded.
"This round is from leading companies in established GPS markets, including Japan," said Kanwar Chadha, founder and vice president of marketing for SiRF Technology. "Our investments from top Japanese companies illustrate their commitment to SiRF as a GPS partner and our commitment to the Japanese market. The investment will enable us to more comprehensively address the location services market through alliances such as the NTT DoCoMo Location Platform DLP."