Coreworks S.A. receives investment round from ES-Ventures

Lisbon, Portugal, September 29, 2006 – Coreworks S.A. (formerly Coreworks, Lda) has received a round of funding from ES-Ventures, to support the development of a proprietary reconfigurable computing IP platform to be used in the implementation of algorithms in the areas of audio and video transmission, sample rate conversion and compression/decompression. Expanding marketing and sales activities is another big objective of this operation. INESC-ID, the research institute from where Coreworks originated, has also taken part in this investment round.

“Having bootstrapped the company up to a point where we managed to sell to top fabless, IDM and OEM companies worldwide, we are now ready to take the next step. For that we count on the financial support and added value provided by a venture capital firm like ES-Ventures, and on the technology capabilities of INESC-ID” – José T. de Sousa, President and CEO of Coreworks.

”The audio and video consumer market has been tremendously dynamic, with new and innovative products being launched every day. It is not possible for OEMs to develop brand new systems, from scratch, every time they want to create a new product. We believe that the only way for OEMs to compete in this market is to innovate upon reusable IP already available. Coreworks has shown the capability to design high-quality, reusable intellectual property to support OEM’s specifications and time-to-market needs. We expect it to be a reference in this market in the near future.” – Joaquim Sérvulo Rodrigues, CEO of ES Ventures.

“The rapid transference to the market of technologies developed in universities and research institutes in this rapidly advancing and highly competitive area is seen by us as the best way to capitalize on existing know-how. INESC-ID is proud to have been at the origin of this technology, and to support the development of new ideas in the critical area of IP-based designs. It is now clear that IP-based design strategies represent the only realistic solution for the challenges posed by the conflicting objectives of fast time to market and the high complexity of modern electronic systems. – Arlindo Oliveira,
Director, INESC-ID

Coreworks is a leading provider of innovative and reusable IP cores focused on digital audio, video, communications and computing. In addition, Coreworks supplies high quality design services at competitive prices. The company emerged from a research group of INESC-ID. Coreworks is a Xilinx Alliance Program Member and a Design and Reuse Partner. www.coreworks.pt

Espírito Santo Ventures is a venture capital firm of Espírito Santo Group, providing equity financing, management support and market expertise to high potential companies who have developed innovative products, services and business models.  www.es-ventures.com

INESC-ID is a not for profit, privately owned institution, dedicated to advanced research and development in the domains of electronics, telecommunications and information technologies. INESC-ID was created in 2000 and integrates more than 70 PhDs and 100 pos-graduation students. INESC-ID funding comes from has national and international R&D projects, direct contracts between INESC-ID and national or international companies and exploration of IP rights. Address: Rua Alves Redol 9, 1000-029 Lisboa, Portugal .  www.inesc-id.pt