Palo Alto-headquartered venture firm Norwest Venture Partners (NVP) has led a $17.4 million investment in Borqs, a Chinese mobile software company. Other venture firms participating in the round included GSR Ventures and Keytone Ventures.
Mohan Kumar, the executive director of NVP India, will join the company’s board, Borqs said in a statement.
Headquartered in Beijing, Borqs is an open source mobile application software provider and integrator. It develops mobile software for wireless software providers, network operators and handset manufacturers. Its main products are mobile operating systems and smartphone platforms.
The company said the investment will be used to expand its customer base and to accelerate its growth.
“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,” Kumar said in a statement.
He said the Borqs team’s experience, product offering and track record, and “significant traction” with China Mobile, the world’s largest phone operator, were key factors in NVP’s decision to back the company.
Norwest Venture Partners manages more than $2.5 billion in capital. It makes venture and growth capital investments in sectors such as information technology, business services, consumer and financial services.
GSR Ventures, an affiliate of Silicon Valley-based venture capital firm Mayfield, is currently investing out of the $383 million GSR Ventures III. The firm manages assets of about $700 million.
Keytone Ventures is a nascent venture capital firm founded by Joe Zhou, formerly of Kleiner Perkins Caufield & Byers China.