Rusnano, the Russian nanotechnology investment firm, has agreed to provide USD 15 million of the USD 22 million investment round in SiTime Corporation. Money from the investment round will be used to establish a new facility in Russia which will focus on designing a new generation of MEMS oscillators.
SiTime is also funded by New Enterprise Associates, CampVentures, CID Group, Graylock Partners, JAFCO Ventures, Grazia Equity, Northgate Capital and the Bosch Group.
SiTime is currently based in California and the Ukraine. The company holds 85% of the market share of MEMS-based silicon timing solutions. To date, the company has shipped over 50 million devices. SiTime homes to push the market into 100% use of silicon timing solutions, replacing quartz based products.
The timing market is a USD 5 billion market, for which SiTime plays a large roll. The company offers timing solutions which include oscillators, clock generators for telecom, resonators, networking storage and applications for wireless devices.
SiTime uses standard semiconductor processes, coupled with high volume plastic packaging, to move their products to the market quickly and effectively. This process provides SiTime with the shortest lead times in the industry, which adds to their leadership role.