On January 7th 2021, Achronix announced our plan to go public with special acquisition company, ACE Convergence Acquisition Corp., and we expect the transaction will be complete by mid-2021. While this is an exciting time for Achronix, we would like to take the opportunity to highlight how this will benefit our customers going forward.
Since 2004, Achronix has produced high-performance FPGA technology. We have successfully competed against the much larger FPGA suppliers such as Intel/Altera and Xilinx as a private company. We focused on key high bandwidth, data acceleration applications that require programmability and high performance when we created the Speedster7t FPGA family, which includes machine learning processors (MLP), an innovative 2D network-on-chip or 2D NoC, which provides more than 20Tbps of bandwidth, 112 Gbps SerDes, 400G Ethernet, PCIe Gen5 interfaces and GDDR6 memory interfaces. In developing the Speedster7t family, we created a unique and differentiated product compared to other FPGA products available in the market today.
By going public, we will leverage the additional capital raised to accelerate the development of our Speedster7t family and begin work on our next generation family. Additionally, we will further invest in our Speedcore eFPGA IP and improve our design tools to make it easier to develop next generation high-performance data acceleration solutions. We plan to expand our product reach into emerging applications such as automotive driver assistance and high-performance computing. We have aggressive plans to expand our R&D teams to help accelerate product development to bring highly advanced FPGA devices and eFPGA IP technology to market.
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