SiTime, a US and Ukraine-based maker of a specialist part for semiconductors backed by German industrial conglomerate Bosch’s corporate venturing unit, has raised $22m in its series E round.
Rusnano, a Russian state-backed investment fund, said it provided $15m of the round for SiTime.
SiTime will start a subdivision in Russia to design the next generation of micro-electromechanical systems-based oscillators used in chips for data transmission equipment. SiTime designs are produced by Jazz Semiconductors in the US and TSMC in Taiwan but will not be built in Russia.
Bosch provided the seed money for SiTime after spinning the company out following five years of research and development into the oscillators for automotive components.
News provider InsideChips said SiTimes raised $11.4m in December 2004 for its series A round, followed by $12m in March 2006 and $20m in May 2007. SiTimes said its investors were Bosch Group and venture capital firms Greylock Partners, Northgate Capital, Camp Ventures, New Enterprise Associates, Jafco Ventures, CID Group and Grazia Equity.