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 http://www.achronix.com .
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 www.battery.com
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 www.eastoncapital.com .
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