The company said in a statement that the money will include installation and expansion of its advanced technology capacity. It will also be used to upgrade its packaging capacity to what it describes as “next generation” technology.
Lastly it will use some of the capital funds for research and development in the first quarter of next year.
The board also announced it had poached Dr Kevin Zhang from Intel as its vice president of design and technology platforms.
He will look after memory, mixed signal technology and RF and report to Dr Cliff Hou.
Zhang has worked for Motorola and HP, but spent 20 years working for Chipzilla working on IP developments, design and latterly management.