SAN JOSE, Calif. Privately-held RF IC simulator vendor Xpedion Design Systems Inc. said it will use new venture funding for analysis tool development.
Xpedion announced Monday (Aug. 30) it has secured $10.4 million in series B venture funding from Telos Ventures, Menlo Ventures and Telesoft Partners as well as from EDA insiders John Barr and Atiq Raza.
The company (Milpitas, Calif.) also said it has added Telos partner Jim Hogan to its board of directors.
Xpedion President and CEO Pete Rodriguez told EE Times the company will use the funds in preparation for the launch of its second-generation GoldenGate RFIC analysis tool.
"In this market, many customers are concerned about a small company surviving," said Rodriguez. "We can confidently point out that our sales are growing at a rapid rate, we are near profitability and have $10 million-plus in cash and receivables."
Rodriguez said the company's second quarter bookings exceeded bookings for all of 2003 and included repeat business from Qualcomm, NSC and LSI Logic.
Since it was founded in 1997, Xpedion has been a relatively quiet player in the RF IC simulation market. Now that it has attracted investments from former EDA financial analyst Barr, vice president at Buckingham Capital, and EDA angel investor and former AMD Corp. President Raza, an acquisition or public offering could be in the company's near future.
Rodriguez said over its history Xpedion has received just over $30 million in funding.
Though Barr has over 20 years experience working for or covering EDA firms, he has not been linked to any angel investing. On the other hand, Raza has acted as an angel investor in many EDA companies, often teaming with Sun Microsystems cofounder Andy Bechtolsheim and Magma Design Automation CEO and Chairman Rajeev Madhavan in EDA investments.
Jim Hogan, partner at Telos, is also an EDA veteran. Hogan was a long-time employee of Cadence Design Systems Inc., where he is credited with masterminding its EDA acquisition strategy. Through 2003, Cadence purchased Silicon Perspective, Simplex Solutions, Plato Design and Get2Chip, among others, to build Cadence's Encounter SoC tool platform.