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.