Additional $4.5 Million To Be Used as Working Capital for Sales and Support Expansion
Waltham, Mass. – March 9, 2006
– Bluespec Inc., developer of the only ESL synthesis toolset for control logic and complex datapaths in chip design, today announced it has closed its Series B funding with an additional $4.5 million. This brings the total amount raised in two rounds to $13 million from investors Atlas Venture and North Bridge Venture Partners.
Funds will be used as working capital to expand Bluespec’s sales and support and increase customer engagements.
“Bluespec’s momentum and significant customer traction make it a solid investment opportunity,” comments Axel Bichara, senior partner at Atlas Venture. “Its ESL synthesis software is being adopted at an impressive rate by semiconductor design teams to reduce time and cost, key considerations in today's climate.”
“Our initial customer success shows that the market is beginning to embrace ESL synthesis for a wide range of applications,” affirms Shiv Tasker, Bluespec’s chief executive officer. “With a product that delivers on its promised value, name-brand references, an excellent board and this financial muscle, we are ready for the next phase of our growth plan.”About Atlas Venture
Atlas Venture is a leading early-stage international venture capital firm that invests in technology and life sciences businesses in the U.S. and Europe. Since its inception in 1980, its Partners have helped build over 300 companies in more than 15 different countries. In the past decade, 25 portfolio companies have been acquired and 37 are now public companies with an aggregate market capitalization of over $12 billion.
Atlas Venture is currently investing from its seventh fund and manages over $2 billion in capital through offices in Boston, London, Munich, and Paris. For more information, visit www.atlasventure.com
.About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital firm based in the Boston area. With approximately $800 million under management, North Bridge focuses on investments in the communications, software and Internet markets. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, specific industry knowledge, team-building skills and an in-depth understanding of both private and public financings. Past investments include ArrowPoint Communications, Cascade Communications, New Oak Communications, Sonus Networks, Sycamore Networks and Wellfleet Communications. For more information, visit North Bridge’s web site at www.nbvp.com
Bluespec, Inc. manufactures an industry standards-based Electronic Design Automation (EDA) toolset that significantly raises the level of abstraction for hardware design while retaining the ability to automatically synthesize high quality RTL, without compromising speed, power or area. The toolset, the only one focused on control and complex datapaths, allows ASIC and FPGA designers to significantly reduce design time, bugs and re-spins that contribute to product delays and escalating costs. More information can be found on www.bluespec.com
or by calling 781-250-2200.