Bridgescale Partners Leads Financing Round, Joined by Norwest Venture Partners, Sequoia Capital, InterWest Partners, and Artis Capital Management
MILPITAS, CA -- March 14, 2007 -- Open-Silicon, Inc., a fabless semiconductor company providing a reliable, predictable and cost-effective alternative to traditional chip design and supply chain models, announced today that it has raised $10 million in a Series D funding round led by late-stage and expansion venture capital fund Bridgescale Partners. Previous investors Norwest Venture Partners, Sequoia Capital, InterWest Partners, and Artis Capital Management also participated in this round. Open-Silicon will use the funding to aggressively scale and broaden their development offerings to support their growing customer base.
"Bridgescale specializes in providing expansion capital to late-stage, rapid-growth technology companies. Open-Silicon is fulfilling the market's need for a predictable and reliable ASIC solution and is a leader in predictability and reliability standards in the fabless industry," said Rob Chaplinsky, co-founder of Bridgescale Partners. "We are excited about Open-Silicon's contributions to the industry and look forward to being part of their continued growth."
"Open-Silicon has had phenomenal growth over the past three years," said Dr. Naveed Sherwani, president and CEO of Open-Silicon. "As we scale our business with tier 1 customers, they are asking us to expand our development offerings to complement their growth plans. This funding will enable us to support the needs of this key customer base while continuing to differentiate ourselves in the market."
About Bridgescale Partners
Bridgescale is a new venture capital firm focused on expansion venture investments in technology companies. Bridgescale's capital is sourced from some of the most respected institutional investors who have a long-term commitment to venture capital. Since its inception in 2006, Bridgescale has invested in four companies including Cortina Systems, a leading communications semiconductor company focused on the carrier infrastructure market; Digital Chocolate, a developer of games and applications for mobile phones; and Proofpoint, the leading provider of enterprise-class messaging security solutions.
The Bridgescale team has more than 70 combined years of operational, venture capital, and investment banking experience including broad transaction expertise spanning early-stage to public-market transactions.
Collectively, the team members have invested in more than 40 companies that were either sold or went public including Atheros, CNET, FormFactor, GeoCities, ONI Systems, Pivotal Technologies, Quantum Effects Design, SupportSoft, and Sycamore. In addition, they have advised on more than 35 M&A and financing transactions representing in excess of $25 billion in transaction value. For more information, please visit Bridgescale's Web site at www.bridgescale.com.
About Open-Silicon, Inc.
Open-Silicon, Inc. is a fabless ASIC company delivering the most cost-effective, predictable and reliable custom ASIC solution to electronics product customers worldwide. Open-Silicon's OpenMODEL™ is the semiconductor industry's first end-to-end custom ASIC solution based on a revolutionary business model that provides a seamless, low-cost, low risk alternative to traditional models for complex ASIC design and development. For more information, visit Open-Silicon's website at www.open-silicon.com or call 408-240-5700.