Achronix Completes $25.4 Million Series A Preferred Stock Financing

Jan 23, 2007, 00:00 ET from Achronix Semiconductor Corporation

    SAN JOSE, Calif., Jan. 23 /PRNewswire/ -- Achronix Semiconductor
 Corporation, the multi-GHz Field Programmable Gate Array (FPGA) company
 today announced that it has completed a $25.4 million Series A Preferred
 Stock financing. New York-based New Science Ventures and Waltham-based
 Battery Ventures led the transaction, which also included Entrepia Ventures
 and Easton Capital Investment Group. Larkspur Capital Corporation advised
 Achronix and acted as the placement agent for the transaction.
     "The Achronix solution is compelling because multi-GHz performance can
 be achieved with an architecture and toolset familiar to existing
 designers," said Somu Subramaniam, Managing Partner of New Science
 Ventures. "The company is uniquely positioned to address the $20+ billion
 high-performance segment of the global ASIC/ASSP/FPGA market."
     "Over the years we have evaluated many companies in this space and we
 never invested until now," said Morgan Jones, General Partner from Battery
 Ventures. "Achronix is clearly differentiated from the other players by its
 technology, its strategy, its team, and its ability to execute."
     The Achronix financing is one of the largest technology Series A rounds
 in the last several years and comes on the heels of more than two years of
 self-funded development by Achronix that resulted in proving multi-GHz
 performance in silicon, executing strategic partnerships with key
 electronic design automation providers, and recruiting a management team of
 successful Silicon Valley veterans.
     "We are very excited to be backed by such a high quality group of
 financing partners with proven track records of success in building great
 technology companies," said John Lofton Holt, Founder, Chairman and CEO of
 Achronix. "This level of financing, when combined with our proven
 technology and our world class team, will allow us to deliver unprecedented
 performance to our customers in 2007 and beyond."
     About Achronix Semiconductor
     Achronix Semiconductor is a privately held fabless corporation based in
 San Jose, California. Achronix builds the world's fastest field
 programmable gate arrays (FPGAs) achieving 2 GHz system performance. FPGAs
 are reconfigurable devices, enabling short time-to-market and field
 upgrades. Applications of FPGAs include communications, networking, high
 performance computing, digital signal processing, aerospace and defense
 systems, medical imaging, and a growing range of other areas. Information
 about Achronix can be found on the Internet at .
     About New Science Ventures
     New Science Ventures, LLC is a New York-based venture capital fund
 focused on science-based investments with the potential to create order of
 magnitude improvements in costs or performance. Previous investments have
 been in the semiconductor, life science, and material science sectors.
 NSV's portfolio includes investments in the US, Europe, India and China and
 is balanced between early and late stage companies.
     About Battery Ventures
     Since 1983, Battery has been investing in technology and innovation
 worldwide. The firm partners with entrepreneurs and management teams across
 technology sectors, geographies and stages of a company's life, from
 start-up and expansion financing, to growth equity and buyouts. Battery has
 supported many breakthrough companies around the world, including:
 Airespace (acquired by Cisco), Akamai Technologies (AKAM), Cbeyond (CBEY),
 LIFFE (acquired by Euronext), Neoteris (acquired by NetScreen
 Technologies), and SigmaTel (SGTL). Its current portfolio includes emerging
 firms such as Advent Solar, Lion Cells, Netezza, Spot Runner, and Tejas
 Networks, as well as more established companies such as ITA Software,
 Made2Manage, MetroPCS, and Nova Analytics.
     From offices in Boston, Silicon Valley and Israel, Battery manages more
 than $2B in committed capital. For more information, visit
     About Entrepia Ventures
     Entrepia Ventures invests in private, technology-based, expansion-stage
 companies that stand to benefit from market or technology affiliation with
 Japan. Operating out of offices in Santa Clara, Montreal and Tokyo,
 Entrepia helps its portfolio companies generate incremental top-line growth
 to become more competitive, successful and valuable. Anchored on access,
 relationships, a hands-on approach, and on-the-ground presence, Entrepia's
 "Japan link" strategy is directed towards investment opportunities
 worldwide in IT, communications, electronics and core technologies.
     About Easton Capital Investment Group
     Easton Capital Investment Group is a New York-based venture capital
 firm with a broad portfolio of investments, primarily in growth capital and
 healthcare opportunities. It currently invests through two funds, Easton
 Capital Partners LP and Easton Hunt New York LP. Easton's target
 investments are well-managed companies characterized by differentiated
 products addressing major unserved markets. Easton's partners have more
 than 180 years experience in venture capital, having managed more than $1.5
 billion in assets. Easton has offices in Manhattan and Florida. For more
 information, visit .
     About Larkspur Capital (Placement Agent)
     Larkspur Capital Corporation is an NASD Broker dealer that structures
 and finances acquisitions and expansions through the private debt and
 equity markets. Since 1995, Larkspur has been active in a broad range of
 industries including technology and healthcare. It is based in New York

SOURCE Achronix Semiconductor Corporation