Acquired Electronics360

Vimicro Snags $50 Million in Funding

10 March 2015

Vimicro International Corp., a Chinese video surveillance vendor, has closed its premium private placement funding with Alpha Spring Ltd.Chinese video surveillance company closed private placement funding, raising $50 million from Alpha Spring Limited., part of the Zongyi Group.

As part of the funding agreement, Vimicro will issue 20 million ordinary shares of common stock to Alpha at a price of $2.50 per share. The total investment will amount to about $50 million. Under the agreement, Alpha Spring is subject to a one-year lock-up period.

Vimicro said it will use the funding for market expansion and strategy execution, including the expansion of SVAC technology as the national standard for video surveillance by the Chinese government.

Questions or comments on this story? Contact peter.brown@globalspec.com

Related links:

www.vimicro.com

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To contact the author of this article, email Peter.Brown@ieeeglobalspec.com


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