News Release from: Elixent
Edited by the Electronicstalk Editorial Team on 11 July 2003
Second round funding raises $10 million
Elixent has closed a new funding round of $10 million.
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Elixent has closed a new funding round of $10 million. The round was led by new investors GIMV and NIF Ventures with the founding investor 3i fully participating. This is Elixent's second round and will be primarily used to expand its engineering group and accelerate the rollout of its technology to existing and prospective major international customers.
Elixent was cofounded by 3i and the management team and has established a leadership position in providing low-power reprogrammable algorithm solutions for platform SoCs.
These chips are used by Elixent's customers to reduce the power consumption in products requiring post-fabrication algorithm changes such as imaging and communications applications for the consumer and industrial markets.
"The commercial progress we have made in the last year and the interest in our technology from major, high profile international companies led us to seek additional funding in order to accelerate our product development and pace of engagements", said Kenn Lamb, Elixent's CEO.
"Working closely with 3i we have secured significantly more funding than we originally sought and retained independence from industrial investors, giving Elixent an exceptionally solid financial foundation.
Combining this with the maturity of our technology and our ability to supply differentiated versions of our low power platform technology, means that Elixent has indeed opened up clear blue water between ourselves and competitors in the reconfigurable space".
"We are very excited about this investment in Elixent, as it makes an excellent fit with GIMV's focus on innovative companies in design and engineering software.
It is clear that Elixent's reconfigurable RAP technology offers a sweet spot of low power and reprogrammability in the fast growing segment of high-end consumer electronics", added Rudi Severijns, Senior Investment Manager at GIMV.
"The unique combination of full functional reconfigurability, low power usage, small silicon area, great performance and a completed integration within the EDA tool chain provides Elixent with all the trumps it needs to become a real winner".
"Since cofounding Elixent we have been impressed by the team's proven ability to engage and close business with a wide range of major international companies, such as the announced broad engagement with Toshiba", commented Laurence Garrett, 3i's Director.
"This has been a significant factor in the success of this round and we believe that Elixent is now clearly positioned as the worldwide leader in this field".
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