Shanghai-based Fangtek Ltd, a provider of integrated circuit solutions for cell phone and portable device, said recently it has raised US$12 million from a group of investors led by Qiming Venture Partners.

The firm will use the funds to develop mobile multimedia processors. Other investors include DFJ ePlanet Ventures, IDG Technology Venture Investment, New Frontier LG Venture Fund and Kibo Technology Advancing Capital.

(For more biz stories, please visit Industry Updates)