A Successful IPO and New Investment Validates Global China Funding Strategy
PALO ALTO, USA and BEIJING, CHINA - Mar 19, 2012 - WestSummit Capital today announced a new investment in the mobile technology ecosystem with funding for leading Chinese optical lens provider Union Optech, and the successful IPO of European Near Field Communications (NFC) technology provider INSIDE Secure (NYX: INSD). Union Optech and INSIDE Secure join Unity Technologies, a breakthrough software development platform for creating games and interactive 3D with over 800,000 registered developers, and GigaDevice, China's dominant supplier of NOR Flash memory, as core holdings in the firm's mobile ecosystem portfolio. WestSummit Capital is one of the first China-based funds with a global mandate and an exclusive focus on growth stage technology companies. The firm invests in market leaders in the Internet, mobile, cloud and enabling clean technology sectors.
'WestSummit has deep roots in high technology, particularly in the mobile industry, and our team is recognized in both the US and China for their executive leadership and strong operational credentials. This first-hand knowledge influences the firm's strategy in the sector,' said Raymond Yang, co-founder and managing director, WestSummit Capital.
Yang's experience in mobile technology began nearly 10 years ago when he led the turnaround of Linktone, which became China's leading wireless value added services provider at the time of its IPO on NASDAQ in 2004. Dr. Datong Chen co-founded Shanghai-based mobile technology platform Spreadtrum Communications, which completed an IPO on NASDAQ in 2007 and remains a core building block that enables the explosion of mobile devices in China and other emerging markets.
Yang added, 'We congratulate the INSIDE Secure team on a successful public offering. Our investment in the company, which is based in France and has a significant presence in China and the U.S., is a perfect example of our proven, global China investment strategy for growth stage technology companies. Union Optech, our newest investment, provides an opportunity for WestSummit to help take a Chinese company global as we expect that their leading optical lens modules should find strong demand in overseas markets.'