Investment Will Help to Drive Development of New Products and Expand Sales Efforts
SAN JOSE, CA. - Aug 05, 2003 - Atrenta™ Inc., the Predictive Analysis Company, announced the closing of its Series B financing of $5.3 million, bringing the total amount raised to date to over $17 million. The round was led by Smart Technology Ventures, a leading early stage venture capital fund based in Southern California, marking its first investment in Atrenta. Also participating were Series A investors, Venrock Associates, TL Ventures and Finaventures. Funds raised in this financing will be used to expand Atrenta's research and development efforts and to support and expand the customer base for its SpyGlass Predictive Analysis tools. Atrenta was represented in the financing by Pillsbury Winthrop's Palo Alto office.
"Atrenta's award-winning product, impressive list of successful customers, and strong management team make it a first-rate investment and the EDA company to watch," said David Nazarian, Managing Member, Smart Technology Ventures. "The company's innovative SpyGlass Predictive Analysis platform continues to rapidly gain customers because it has demonstrated a unique and compelling value to chip designers worldwide."
"We are very grateful for the high level of confidence that Smart Technology Ventures and our existing investors have placed in us," said Dr. Ajoy Bose, Atrenta's chairman, president and CEO. "The fact that we were able to raise additional capital at an increased valuation and favorable terms in the current economic environment is a strong endorsement of our technology and business strategy. The additional funds will help lead us in achieving our long-term goals and vision and take the company to the next level."
Atrenta delivers predictive analysis solutions to the world's leading electronics companies, including eight of the top ten semiconductor companies. Its pioneering and award-winning SpyGlass Predictive Analysis tools accelerate the design of SoCs, ASICs, and FPGAs by detecting complex chip design problems that are not easily identified with conventional verification methods. During the past year, SpyGlass has been recognized with several distinguishing awards, including EDN magazine's Top 100 products for 2002 and "LSI Design of The Year 2002" award by Japan's Semiconductor Industry News. Atrenta was also chosen by Venture Reporter as one of the top 100 venture-backed companies for 2002 and recently named by AlwaysOn, as one of the Top 100 private companies.
Atrenta, with headquarters in San Jose, California, employs over one hundred people worldwide. It has European offices in England and France, a research and development center in India, and sales and support distributors in Central Europe, India, Israel, Japan, Korea, Singapore, Taiwan, and United Kingdom. For further information, visit the Atrenta website at www.atrenta.com, or call 408-453-3333.