EDA Startup Nangate Secures $10M in Venture Capital
MOUNTAIN VIEW, Calif.—(BUSINESS WIRE)—April 5, 2006—
Nangate Inc., a leading provider of electronic design
automation (EDA) software that offers unprecedented improvements in
power consumption, performance and cost of integrated circuits (ICs),
announced today that it has raised $10M in series A financing from a
consortium of investors, including Vaekstfonden, IVS and SEED Capital.
The investment will allow Nangate to continue product development
and expand its worldwide sales and support organizations.
The company was incorporated in October 2004 by a team of serial
entrepreneurs with impressive prior international business successes,
including that of IC startup Exbit Technology, which was acquired in
2001 for $164M by Vitesse Semiconductor Corp.
Having recognized a need for IC design solutions that can help
unleash the true potential of silicon process technologies, Nangate
has assembled an exceptional team of veteran IC designers, library
developers and seasoned EDA professionals who are all fluent in
semiconductor development across a wide range of design disciplines.
The company employs more than 40 people worldwide, with
engineering operations in Copenhagen, Denmark and Moscow, Russia. In
addition, the company has established an advanced research division in
Porto Alegre, Brazil and sales and support offices in Silicon Valley,
USA.
"This financing round represents an important milestone for us and
I am very pleased that we have managed to raise the capital for our
internationally oriented and ambitious business plan with a local
consortium," said Ole Christian Andersen, CEO of Nangate.
"Availability of early-stage venture capital has traditionally
been limited in Denmark and many companies have been forced to seek
funding elsewhere. In recent years however, this has improved
significantly."
Ole Andersen continues, "Efficient board-level operation is
paramount and the constellation of investors represents an excellent
fit at our current development stage."
Soren Christensen, Venture Partner at Vaekstfonden's Silicon
Valley office, noted, "I have had the privilege to experience
first-hand the positive reception Nangate is receiving with its
US-based customers. Nangate has a very strong value proposition that
addresses some very fundamental and important issues in the
semiconductor industry - and their international business orientation
is exactly what we are looking for when we invest in a new company."
Thomas Weilby Knudsen, Partner and CEO at IVS added, "We are
especially impressed with the strengths of the Nangate management team
and their ability to methodically execute their visionary plans. It is
encouraging to experience how early customer interaction is an
integral part of their go-to-market model."
Peter Tottrup, Partner at SEED Capital comments, "Having followed
Nangate from inception, we are extremely impressed with what the team
has accomplished to date. We have collaborated closely with Nangate
management to complete this funding round and we are excited to be
part of the consortium going forward."
About Nangate:
Nangate develops and markets Electronic Design Automation tools
and intellectual property that allow customers to take full advantage
of current and next-generation IC technologies. The Nangate tool suite
constitutes a revolutionary new class of EDA solutions that increases
the efficiency of digital CMOS ICs to levels previously only
achievable with extensive manual efforts and very large design teams.
Targeting the inherent shortcomings of predefined 'one-size-fits-all'
standard cell libraries, Nangate provides a range of library
optimization tools and solutions that can effectively optimize power
consumption and maximize performance while minimizing chip area. By
utilizing Nangate software customers benefit in multiple areas
including lower power consumption, reduced manufacturing costs, higher
performance and shorter time to market.
Contact:
Nangate Inc.
(650) 215-1178 or +45 4452 1400
Email Contact
http://www.nangate.com/
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