Contact Information: Press Contact: Darwa Peterson Open-Silicon 408-240-5720 Email Contact
Open-Silicon Inc. Secures $10 Million in Growth Financing
Bridgescale Partners Leads Financing Round, Joined by Norwest Venture Partners, Sequoia Capital, InterWest Partners, and Artis Capital Management
| Source: Open-Silicon
MILPITAS, CA -- (MARKET WIRE) -- 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.