Telegent Systems Announces Closing of $20 Million FinancingTuesday, August 21st, 2007
Northern Light Venture Capital Becomes Newest Telegent Investor
SUNNYVALE, CA — Telegent Systems, the company that makes television mobile with its high-performance single-chip mobile TV solutions, recently raised $20 million in a third round financing. Northern Light Venture Capital is the latest investor in Telegent, with all current Telegent investors participating in the round. Total outside investment in Telegent now amounts to $50 million. Telegent will use the proceeds from the financing to expand the company’s product line and to grow its international sales presence.
Feng Deng, Northern Light co-founder and managing director, has assumed a Telegent board seat. Deng said, “Telegent is recognized as the market leader for high-performance, single-chip mobile TV solutions. The company is now entering a growth phase that will enable it to solidify a leadership position in the global market.” Northern Light is a China-focused venture firm that targets opportunities that leverage China’s industrial, economic or human resources to build exceptional, lasting enterprises in the global economy.
“We see delivery of both free-to-air and pay-per-view broadcast solutions as the key to accelerating consumer adoption of mobile TV,” said Weijie Yun, president and CEO of Telegent Systems. “We are honored that Northern Light Venture Capital and our current investors share this vision and recognize the company’s global market leadership.”