Enschede – April 25, 2014 – Recore Systems, a many-core processor IP company, today announced that it has closed $2 million in Series B financing, bringing its total raise to date to $5 million. Initial Series A investors Point One Innovation Fund, Participatiemaatschappij Oost Nederland and Twente Technology Fund led this Series B financing round.
Recore Systems holds a portfolio of attractive technologies built on their longstanding expertise in many-core processor subsystem IP. This second investment round allows the company to further expand its IP portfolio and to mature it into market-ready products.
Many-core processor systems will play an ever more important role in keeping up with the electronic industry’s expected growth in computational performance.
“Many-core processor systems however are still in their infancy: various hardware configurations have been released, yet parallel programming is still far from easy,” says Dirk Logie, Recore Systems’ new CEO. “That is why we have recently started to bundle all our knowledge of heterogeneous many-core systems, real-time many-core operating systems, programming models and software development tools into a powerful, yet flexible and easy-to-program platform”.
In order to allow the company to finalize the development of this new platform and to mature it into a well supported, market-ready product, Recore Systems turned to its original investors and found them enthusiastic to continue to support the company.
“Over the years, Recore Systems has gained tremendous insights in many-core processor systems and their inner workings, both hardware and software” says Nard Sintenie, member of the Board of Directors of Recore Systems and a long time investor in the company. “Over the past year, Recore Systems has regained focus on that core strength under new management, and we fully believe in the companies’ capabilities to further exploit and build upon their expertise to release a unique product. This is why all current investors unanimously decided to continue their financial support for Recore Systems.”
About Recore Systems
Recore Systems is a Dutch fabless semiconductor company which develops reliable and fault-tolerant heterogeneous many-core processor subsystems. Our mission is to make the many-core life easy for both hardware and software developers. We implement our mission in hardware and software by delivering both many-core embedded Real Time Operating Systems and middleware, as well as many-core hardware subsystem IP tailored to our customer’s specific application needs.
Recore Systems is headquartered in Enschede, The Netherlands. To learn more, please visit www.recoresystems.com.
About Point-One Innovation Fund
Point-One Starter Fund U.A. is an early stage Venture Capital Cooperation in The Netherlands with a focus on Nanotechnology and Embedded systems including Semiconductors, Embedded software, Mechatronics and Photonics where these technology applications have a strong synergy with or are enabling nanotechnology and embedded systems. We have a preference for technologies that are friendly in terms of energy consumption.
To learn more, please visit www.pointoneinnovationfund.nl
About Participatiemaatschappij Oost Nederland
PPM Oost invests in promising companies that profile themselves as frontrunners or leaders of the regional economy of the provinces Gelderland and Overijssel who are involved in the top sectors for the Netherlands: Agrofood, Life Sciences, High Tech and Energy. Innovative companies in other sectors could potentially be part of the target group as well.
See more at: www.ppmoost.nl/page/ppm-oost-english
About Twente Technology Fund
The Twente Technology Fund is an independent venture capital fund aiming to capitalize on new technological developments. It provides investment capital to fund high tech entrepreneurial activity in Twente region in general and at the University of Twente in particular. The Fund is a specialist fund, targeting companies that are developing commercially promising products and technologies in attractive sectors like Clean Technology, Nanotechnology, ICT and Biomedical Technology. The Fund focuses on seed and early stage companies, but also on pre-seed commercially viable academic projects.
Read more at: www.twentefund.nl