Second round led by new investor GIMV
Bristol, England, 8 July 2003: Elixent, a reconfigurable semiconductor IP company, has closed a funding round of $10M. The round was led by new investors GIMV and NIF Ventures with the founding investor 3i fully participating. This is Elixent's second round and will be primarily used to expand its engineering group and accelerate the rollout of its technology to existing and prospective major international customers.
Elixent was co-founded by 3i and the management team and has established a leadership position in providing low-power reprogrammable algorithm solutions for Platform SoCs (System on Chip). These chips are used by Elixent's customers to reduce the power consumption in products requiring post-fabrication algorithm changes such as imaging and communications applications for the consumer and industrial markets.
"The commercial progress we have made in the last year and the interest in our technology from major, high profile international companies led us to seek additional funding in order to accelerate our product development and pace of engagements," said Kenn Lamb, Elixent's CEO. "Working closely with 3i we have secured significantly more funding than we originally sought and retained independence from industrial investors, giving Elixent an exceptionally solid financial foundation. Combining this with the maturity of our technology and our ability to supply differentiated versions of our low power platform technology, means that Elixent has indeed opened up clear blue water between ourselves and competitors in the reconfigurable space".
"We are very excited about this investment in Elixent, as it makes an excellent fit with GIMV's focus on innovative companies in design & engineering software. It is clear that Elixent's reconfigurable RAP technology offers a sweet spot of low power and re-programmability in the fast growing segment of high-end consumer electronics," added Rudi Severijns, Senior Investment Manager at GIMV. "The unique combination of full functional reconfigurability, low power usage, small silicon area, great performance and a completed integration within the EDA tool chain provides Elixent with all the trumps it needs to become a real winner."
"Since co-founding Elixent we have been impressed by the team's proven ability to engage and close business with a wide range of major international companies, such as the announced broad engagement with Toshiba," commented Laurence Garrett, 3i's Director. "This has been a significant factor in the success of this round and we believe that Elixent is now clearly positioned as the worldwide leader in this field."
Elixent is the leader in reconfigurable semiconductor IP, a technology that provides users with the ability to change the function of a chip even whilst in use.
D-Fabrix, the company's patented reconfigurable algorithm processing (RAP) technology, provides ASIC designers with a flexible alternative to fixed function chips but without consuming the level of power normally associated with programmable technologies.
This combination is of particular benefit to companies producing electronic products for imaging and communications applications in consumer and industrial markets. The low power consumption makes D-Fabrix particularly attractive for mobile and battery powered products. Visit www.elixent.com for more information.
In the 12 months to March 2003, 3i invested £176m (including co-investment funds) in 183 technology businesses. 3i makes technology investments in a broad range of sectors including Communications, Healthcare and Software & Internet. The portfolio includes businesses at all stages of development.
At 31 March 2003, 3i's technology portfolio was valued at almost £600m and included over 500 businesses.
In the last ten years to 31 March 2003, 3i has supported over 200 IPOs.
Since its incorporation in 1980, GIMV has grown into Belgium's most important venture-capital provider and company builder, as well as a major European and international market player. Both in Belgium and abroad, GIMV invests in information and communication technology, life sciences as well as in growth financing and management buy-outs (MBOs) of companies in more traditional sectors. Today, the net asset value of GIMV amounts to about EUR 839 million. GIMV has been listed on Euronext Brussels since 1997. For more information on GIMV, please go to www.gimv.com
About NIF Ventures
NIF Ventures Co Ltd manages approximately $1.5 billion in venture capital funds, and has invested in over 1,400 companies since its establishment in 1982. With offices in Japan, Taiwan, Singapore, and the United States, NIF offers worldwide representation. Its primary investment focus is in the information and communications technology industries.