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Equity funding to finance further growth

Edited by the Electronicstalk editorial team Aug 1, 2003

Monterey Design Systems has received $10 million in new equity funding.

Monterey Design Systems has received $10 million in new equity funding.

The proceeds will be used to finance the company's growth in supplying the rapidly expanding market for silicon virtual prototyping tools.

"We believe silicon virtual prototyping has become an indispensable technology for designers of high-end chips", said Steve Domenik, General Partner at Sevin Rosen Funds.

"Monterey recognised the importance of this technology far in advance of the competition, and has been aggressive in developing a market presence in this area".

Market research firm Dataquest projects that the market for silicon virtual prototyping tools will grow 60% compounded annually from $71 million in 2003 to $284 million in 2006.

Dataquest defines silicon virtual prototyping as requiring two important technologies - hierarchical design planning and silicon performance estimation.

Monterey is the only EDA vendor whose silicon virtual prototyping tool suite meets both those requirements.

The biggest source of untapped productivity and quality improvements is in the interaction between the front-end and back-end design teams.

Monterey bridges this gap by enabling designers to see the physical impact of their architectural choices by efficiently automating pre-RTL physical design.

Design problems that could result in months of painful physical implementation work to achieve timing closure can be recognised in hours using Monterey and can often be addressed with very simple design changes.

"Monterey is poised to take the lead in this critical emerging market segment", said Jacques Benkoski, President and CEO of Monterey.

"Our Calypso planning and prototyping technology is two years ahead of competing technology.

We will capitalise on that technology lead to drive to market leadership in this strategic segment".

Investors in this round included: Sevin Rosen Funds, Excelsior Venture Partners III, RHO Management Trust, Lucent Venture Partners, Kaufman and Vertex Partners.