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SMIT invests two technology companies
Hong Kong based CAM supplier, SMIT Holdings, says it that it has recently made new investments in two unnamed technology companies; a Shenzhen based IC design company and a US touch solution company.
The investments are aimed at facilitating strategic cooperations and further product development by leveraging SMIT's industry experience with technologies provided by the companies, a press release reads. The first unnamed company is a Shenzhen based IC design company in which SMIT has invested RMB 20 million (about EUR 2.58 million). The company that specialises in advanced IC design for flash memory control chips, and with its investment, SMIT is acquiring about 3.4% of the company’s shares. The Shenzhen-based company develops and sells main control chips for flash memory, which are principally applied in the telecommunications, consumer electronics and data processing sectors. Its core products include SD and eMMC Controllers and high-speed NAND Controllers. SMIT has also invested USD 2 million in a US based company that specialises in advanced touch solutions. The investment was made in form of a convertible bond with firm expectations to be converted to the company's shares during their next investment round, to be secured as the company's Series A, SMIT states in the press release. This US company makes high-resolution, force enabled sensors incorporating their Pressure GridÔ technology. The company is described to have a strong intellectual property with patents for core technology and is also aiming to develop new touch interfaces offering a new degree of expression and control. "These two investments are important to SMIT, leveraging our rich experience in the IC-based security industries while building important relationships globally. By investing into the companies with cutting edge technologies, we believe that they represent more than greater business opportunities; they also strengthen our position as a technology leader. We will continue to focus on security industry and will consider to invest into enterprises on the front end of innovation," Mr Shuai Hongyu, President of SMIT, says in the release.
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