Multigigahertz FPGAs attract major funding

High-speed FPGA specialist Achronix Semiconductor Corp has completed a US $25.4 million round of Series A preferred stock financing.

High-speed FPGA specialist Achronix Semiconductor Corp has completed a US $25.4 million round of 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 multigigahertz 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-plus 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 multigigahertz 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".

Back to top