ARC Cores latest funding round is oversubscribed as company seeks to complete $20m additional funding by 2000
ARC Cores latest funding round is oversubscribed as company seeks to complete $20m additional funding by 2000 London, England, UK - 25th October 1999 - ARC Cores Ltd. has this week completed a US$10 million funding round through private placement, and expects to complete an additional $10m corporate funding round by the end of this year. This would take the total new funding received by the company in 1999 to $31.4m.
Bob Terwilliger, President/CEO of ARC Cores, said, ?We?re very excited by the interest shown by investors in ARC Cores. Both the private round, which we closed this week and the corporate round, expected to close within the next two months, have been significantly oversubscribed. What?s also significant is that the corporate round will bring backing from North America and Asia as well as Europe - to date, we?ve been funded primarily by venture-capital in Europe.?
The latest investment will help ARC Cores continue to grow its sales and marketing organization, increase visibility in the market, and invest in additional software tools. In the last few weeks ARC Cores has already added more than 10 new engineering staff at its UK office, acquired well-regarded software tools company MetaWare, and released its newest generation of the ARC 32-bit configurable processor core.
Bob Terwilliger adds, ?When we moved to the IP (intellectual property) licensing model three years ago to exploit the tools we had created to build a processor personalized to an individual application, we were the first in the industry. Because we were taking a pioneering technology to market, we initially found the take-up slow because of the novelty factor. Now the concept of configurable processors is fairly well established, as we have a good strong customer base of 40 licensees who have recognized the performance benefits of the technology and the business benefits it can bring. A combination of user-configurable processor, with multiple customizable bus interfaces, together with robust software-tool support is what really gives our customers the edge in terms of product differentiation and speed with which they can get to market.
?Now investors are showing absolute confidence in the concept and many more are willing to back us. This is important as we move ARC Cores forward in to the year 2000,? concludes Terwilliger.
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