SiTime Corporation, the fastest growing semiconductor company, today announced that Innovative Venture Fund, which is co-operated by NEC Capital Solutions and SMBC Venture Capital, led SiTime's round of financing. All major investors participated in this oversubscribed round. Also, a new partner, Hercules Technology Growth Capital, Inc., provided a commitment for debt financing to SiTime.

'A key goal of our Innovative Venture Fund is to invest in disruptive technologies that have the potential to transform large markets,' said Soichiro Matsuyama, Chief Financial Officer at NEC Capital Solutions. 'SiTime's timing solutions, based on game-changing silicon MEMS and analog technology, are revolutionizing the $5 billion timing market. SiTime has a remarkable market opportunity and we are excited to participate in SiTime's future growth.'

'MEMS timing solutions are the inevitable future of the timing industry because they use silicon. Electronics companies worldwide are rapidly adopting SiTime's solutions -- we have shipped 175 million units to 1000 customers worldwide, including 35 Fortune 500 companies. With our recent introduction of oscillators for smartphones, we expect to accelerate the rate of adoption of MEMS timing solutions,' said Rajesh Vashist, CEO at SiTime. 'We are pleased that NEC Capital Solutions and HTGC recognize the tremendous potential of MEMS timing technology.'