SiTime Corporation, a MEMS analog semiconductor company, today announced that it 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 LLC (“CapIP”) and strategic equity investment from other investors.
“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.”
“CapIP is delighted to partner with SiTime to help fuel the company’s next phase of innovation and commercialization which will extend its market leadership position in MEMS-based timing. SiTime’s unique mix of highly differentiated IP, an exceptional leadership team and proven execution in a large and growing market resulted in a compelling investment thesis for CapIP,” said Riyad Shahjahan, partner at Capital IP Investment Partners. “We are confident that CapIP’s debt facility, specifically designed to maximize operational and financial flexibility, will enable SiTime to continue to capitalize on the sizable market opportunity for its silicon MEMS timing solutions.”
SiTime Corporation, a MEMS analog semiconductor company, offers MEMS-based silicon timing solutions that replace legacy quartz products. With 80% market share and about 250 million devices shipped, SiTime is driving the electronics industry to use 100% silicon-based timing.