Wednesday, September 24, 2014

SiTime Raises $25 Million for MEMS Timing

SiTime Corporation, a MEMS analog semiconductor company based in Sunnyvale, California, has closed $25 million in new financing, which consisted of a combination of structured debt facility of $15 million provided by Capital IP Investment Partners and strategic equity investment from other investors.

SiTime specializes in silicon MEMS-based oscillators and clock generators that are a drop-in replacement for legacy quartz crystal products. The company has shipped over 200 million devices to date.

“SiTime has had a strong and enduring vision – to revolutionize the timing market with MEMS and analog technologies. Today, that vision is a reality, achieved through single-minded focus and rapid innovation. We have the best MEMS technology, the broadest product portfolio, the largest customer base, the highest shipped volumes, and are the preferred timing supplier for exciting new applications such as wearables and Internet of Things (IoT),” said Rajesh Vashist, CEO of SiTime “This financing, along with our leadership position, forms an unbeatable combination for future growth and innovation. We are pleased that CapIP recognizes SiTime’s market and revenue leadership and we value their industry expertise and ability to work with us to tailor the financing to our business objectives and long-term strategy.”

http://www.sitime.com/news/508-sitime-raises-25-million

In 2013,  SiTime introduced a family of 32 kHz MEMS oscillators designed to replace legacy quartz crystal resonators in mobile devices, such as smartphones, tablets, fitness monitoring and watch products, medical monitoring and wellness devices, etc.  

As with the company's other MEMS timing solutions, the new SiT15xx family of oscillators compare favorably to existing quartz-based devices in several ways; SiTime’s MEMS are 85% smaller, use 50% less power, and significantly exceed the reliability metrics of quartz by 15 times.

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