SAN JOSE, Calif. - Achronix Semiconductor Corp., a provider of field-programmable gate arrays (FPGAs), has announced the first closing of a $45 million Series C mezzanine financing.
The mezzanine financing was led by a syndicate of financial and strategic investors and all of Achronix’s existing investors participated in the financing.
Over $40 million has been committed to date. The proceeds of the financing will be used to accelerate investments in Speedster22i FPGAs and future products.
Intel Corp. will lend its semiconductor process technology muscle to build FPGAs for programmable logic startup Achronix at 22-nm and beyond under the terms of a strategic agreement between the two companies last year.
Executives from Achronix (San Jose, Calif.) said the deal would not only help the company bring 22-nm FPGAs to market faster than programmable logic market leaders Xilinx Inc. and Altera Corp., but also give the startup a leg up in 15-nm and future technology nodes.
Areas like Semi and EDA cannot match the market scope and timeline of Web 2.0 firms like Groupon, who just entered China. As for timeline, my favorite example is Urban Airship in Portland, Oregon who started in early June, 2009 as a two person, self-funded (bootstrapped) operation and at the end of July, 2010 secured $5.4 Million in Series A VC funding (and just moved over two dozen people into a cool new office in the Pearl District).