IPextreme Secures $6M 'Series A' Funding from Alloy and SmartForest
CAMPBELL, CA - May 16, 2005
-IPextreme Inc has secured a $6M venture investment from Alloy Ventures and SmartForest Ventures. IPextreme supplies silicon-proven intellectual property (IP) subsystems, based on IP sourced from leading semiconductor companies, to customers building large System-on-Chip devices. IPextreme will take advantage of the funds to accelerate growth by building awareness and adding engineering, marketing and sales resources. Daniel Rubin of Alloy and Huoy-Ming Yeh of SmartForest will join Warren Savage, CEO and J. Peter Herz on the IPextreme board.
Dan Rubin, Partner at Alloy, commented, "We feel the semiconductor IP market is still in its infancy and represents a significant business opportunity beyond traditional IP companies. IPextreme has extensive commercial and technical IP experience, and we look forward to them changing the industry by getting established semiconductor companies into the IP game through their innovative business model."
Huoy-Ming Yeh of SmartForest added, "We find IPextreme an attractive investment since they have already proven their business model by establishing relationships with leading semiconductor companies and generating revenue. With their desirable patent-pending IP packaging technology and unique IP skill and experience, they are well positioned for success."
Warren Savage, President and CEO of IPextreme added, "In this selective venture capital market, we are pleased by such a vote of confidence, and are even more excited about getting experienced and well-connected industry veterans, Dan and Ming, on our board. With their financial support and guidance we will continue making IPextreme the natural choice for large semiconductor companies to bring their IP to market."About IPextreme Inc.
IPextreme helps designers reliably complete ever more complex integrated circuits by providing on-chip subsystems combining hardware and software packaged in a complete, easy-to-use, EDA-tool-neutral format. We consolidate proven designs through a collaborative formal development process focused on rapidly delivering a high quality result. For almost a decade our team has been helping large semiconductor companies to package, commercialize and support their intellectual property (IP), and this forms the basis of our product portfolio. IPextreme has offices in Campbell, California and Munich, Germany. www.ip-extreme.com
.About Alloy Ventures
Alloy Ventures is an early-stage venture capital firm, and is currently investing out of their 8th fund -- a $300 million limited partnership raised in April 2002. Each year, Alloy invests in a small number of entrepreneurial ideas and young companies, and strives to guide entrepreneurs in building successful companies by leveraging Alloy's industry expertise, operating knowledge, and extensive contacts. For more information, go to www.alloyventures.com
.About SmartForest Ventures
SmartForest Ventures, which is combining with PacRim Venture Partners, makes early stage investments in diversified information technology companies. Based in Portland, OR and Menlo Park, CA, SmartForest develops successful, fast growing companies by providing capital as well as operating expertise and mentoring. Please see www.smartforest.com
IPextreme is pending a registered trademark.
All other trademarks are acknowledged.