Achronix Completes $25.4 Million Series A Preferred Stock Financing
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 City.
SOURCE Achronix Semiconductor Corporation
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