SiRF Technology Closes $19.6 Million Financing Round; Series H Funding Includes New Strategic Corporate Investors Matsushita Group and Conexant

    SAN JOSE, Calif.--March 11, 2002--SiRF Technology, Inc., the leading developer of global positioning system (GPS) enabled location technology, today announced it has closed a Series H round of financing for $19.6 million, bringing the company's total funding to approximately $80 million. This round of financing will be used to continue SiRF's future product development, production ramp up and marketing activities for its key strategic target markets: wireless handheld products, automotive, consumer electronics and mobile computing.
    New corporate investors include Matsushita Group Ltd. and Conexant Systems, Inc. (SiRF acquired Conexant's GPS business in July 2001; see press release: http://www.sirf.com/july2.html). New institutional investors include the Wasatch Funds and President International Development Corporation. In addition, many existing investors participated in this round, including China Development Industrial Bank, Fat Capital, ICCP Ventures, Inc. and Tallwood Venture Capital. SiRF also announced a previous receipt of strategic funding from several leading corporations such as Intel Corporation, Dell Computer, and Mobile Internet Capital, Inc. (an affiliate of NTT DoCoMo).
    "Considering the severe market downturn and the scarcity of available capital in 2001, this investment shows the confidence of investors in SiRF's prospects and business model," according to Jackson Hu, president and CEO of SiRF Technology. "GPS-based location technology is poised for high growth as it has been adopted in several high volume commercial markets. This investment will allow us to maintain the investment necessary as volumes ramp up."
    "The fact that companies of this caliber are investing in SiRF illustrates the strategic importance of GPS in mainstream consumer markets," according to Kanwar Chadha, founder and vice president of marketing for SiRF. "We have been able to establish leadership in GPS- enabled consumer platforms in a relatively short period of time, and with the help of these investments, will continue to widen that lead, especially in the high-growth wireless market with recently announced customers such as Motorola and the Matsushita Group."

    About SiRF

    SiRF Technology, Inc. develops and markets semiconductor and software products that are designed to enable location awareness in high-volume mobile consumer devices and commercial applications. Location awareness refers to the ability of a device to determine and make use of the information regarding its location. SiRF's products enable a range of devices to utilize GPS to detect location. They have been integrated into mobile consumer devices, such as automobile navigation systems, cellular phones, GPS-based mobile computing peripherals and handheld GPS navigation devices, and into commercial applications, such as property tracking devices and fleet management systems. SiRF markets and sells its products in four target markets: wireless handheld, automotive, mobile computing and embedded consumer applications.

    Editor's notes:

    SiRF, SiRFstar and the SiRF logo are registered trademarks of SiRF Technology, Inc. SnapLock, FoliageLock, SiRFLoc and SnapStart are trademarks of SiRF Technology, Inc. All other trademarks are the property of their respective owners.
    For additional information, please visit www.sirf.com.