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New Fabless Semiconductor Company, Ambric, Inc., Receives $10.4 Million In Series A Funding
PORTLAND, Ore.-based Chip Company Funded by ComVentures and OVP
Venture Partners
PORTLAND, Ore.—(BUSINESS WIRE)—Sept. 13, 2004—
New fabless semiconductor company OR Ambric(TM), Inc., announced
the successful completion of its Series A financing. The $10.4 million
round was co-led by ComVentures of Palo Alto, Calif. and OVP Venture
Partners of Seattle, Wash. and Portland, Ore., and included all of
Ambric's seed-stage investors, including Northwest Technology Ventures
and private investors.
Ambric is developing a new type of programmable IC platform that
will help electronics companies accelerate time to market for their
products while also slashing chip development costs. The company was
founded by Jay Eisenlohr, president and CEO, and Anthony Mark Jones,
vice president of engineering and CTO. Eisenlohr has spent more than
25 years in the semiconductor and electronic design automation (EDA)
industries. Ambric is the third start-up he has founded. His most
recent company, Rendition, Inc., was sold to Micron Technology, Inc.
for $125 million. Jones, who holds 48 patents, has spent 23 years in
the integrated circuit (IC) industry, has deep expertise in all
aspects of analog, digital, and system IC design.
"Ambric has ample funding to complete its initial set of products,
which we will deliver in 2005 to the select group of international
electronics companies we're working with," said Eisenlohr. "With this
round of funding, Ambric will also hire additional hardware and
software engineers and managerial staff. With more than 25,000
high-tech professionals in the Portland area, we can readily recruit
top-level talent."
According to Roland Van der Meer, a partner at ComVentures and a
member of Ambric's board of directors, "We invest only in companies
with a sustainable and unique competitive advantage and very large
upside. Our discussions with Ambric's customers convinced us that its
technology would deliver high value to multiple segments of the
electronics market."
David Chen, a partner in OVP Venture Partners and an Ambric board
member, said, "We were compelled by the power of the Ambric
technology, the magnitude of its market opportunity, and the early
performance benchmark results. We believe Ambric draws on the unique
talent base of chip and EDA expertise in this region."
About ComVentures
ComVentures, a venture capital firm with more than $1.5 billion
under management, specializes in early-stage investments in the
communications market. The firm focuses its investment expertise on
pioneering companies that capitalize on the constant drive to build
next-generation components, systems, software, and services.
ComVentures consistently uncovers groundbreaking communications
technologies, helps lead and grow its portfolio companies, and assists
these companies in deploying new technologies in an ever-changing
marketplace. For more information, visit www.comventures.com.
About OVP Venture Partners
OVP is the leading venture firm in the Pacific Northwest, and has
more than $500 million in capital under management. The firm has
raised six venture funds with an investment focus in pre-revenue
software, communications, and electronics companies. Over the past 20
years, OVP has invested in almost 80 start-up companies, with 22 IPOs
and a similar number achieving merger and acquisition. OVP VI closed
in 2002 at $185 million. OVP's Technology Advisory Board includes
leading CIOs and CTOs who work or have worked at Intel, Microsoft,
Nike, Morgan Stanley, Aventis, General Electric, Deutsche Bank,
Providence Health Systems, and TCI. For more information, please go to
www.ovp.com.
About Ambric, Inc.
Ambric, Inc. is a privately held fabless semiconductor company
developing a new type of programmable IC platform that will help
electronics companies accelerate time to market for their products
while also slashing chip development costs. Founded in 2003, Ambric is
headquartered in Portland, Ore. For more information, visit
www.ambric.com.
Ambric is a trademark of Ambric, Inc. All other trademarks are the
property of their respective owners.
Contact:
Armstrong Kendall, Inc.
Jean Armstrong, 503-672-4680
jean@akipr.com
OR
Ambric, Inc.
Ian Getreu, 503-644-1544, ext. 105
ian@ambric.com
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