Funds to be Used to Extend Bluespec's Success Worldwide, Further Expand Toolset Capabilities
Waltham, Mass. – October 31, 2007 – Bluespec Inc., developer of the only electronic system level (ESL) synthesis for control logic and complex datapaths in chip design, today announced it has raised $4.25 million in Series C funding. This brings the total amount raised in three rounds of financing to $17.25 million from investors Atlas Venture and North Bridge Venture Partners.
Funds will be used as working capital to extend Bluespec’s success worldwide and to provide for new product development.
“Bluespec’s strong customer momentum and its broad market opportunities are key criteria for our investment model,” notes Jeffrey P. McCarthy, partner at North Bridge Venture Partners. “Bluespec is able to deliver unprecedented value to those developing silicon systems and is changing the way chips and software are developed.”
“With a growing customer base using our ESL synthesis in a variety of applications, this infusion of funds will help us move to the next level of growth,” says Charlie Hauck, Bluespec’s chief executive officer.
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 through our offices in Boston, London, Munich and Paris. Since its inception in 1980, its partners have helped build more than 300 companies in more than 16 different countries. Since 1995, 44 portfolio companies have been acquired and 47 are now public companies with an aggregate market capitalization of over $15 billion. Atlas Ventures is currently investing from its seventh fund and manages more than $2 billion in capital. 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 industry standards-based Electronic Design Automation (EDA) toolsets that significantly raise the level of abstraction for hardware design while retaining the ability to automatically synthesize high-quality RTL, without compromising speed, power or area. The toolsets, including the only ESL synthesis tools focused on control and complex datapaths, allow ASIC and FPGA designers to 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.