Cortina Nabs $20M, Execs

Cortina Systems closes $20M in VC financing, led by Kodiak; hires Bruce Margetson as VP and CFO, Behrooz Yadegar as VP of operations

April 12, 2004

3 Min Read

MOUNTAIN VIEW, Calif. -- Cortina Systems, Inc., the leading builder of analog and digital integrated circuits for the networking and communications space, announced today that it has closed a $20 million round of venture capital financing. The round, an extension of the B Round of financing initially concluded in February 2003, was led by Kodiak Venture Partners and joined by Hotung Capital Management, Inc., both first time investors. Dave Furneaux, managing general partner at Kodiak, joins the Cortina board of directors.

All of Cortina’s existing venture capital investors participated in the extension, including Morgenthaler Ventures, Redpoint Ventures, El Dorado Ventures and INVESCO Private Capital.

“This supplemental funding, combined with the addition of a two key executives (link), effectively completes the foundation for what we believe will become a major, stand-alone semiconductor company,” says Amir Nayyerhabibi, co-founder and CEO of Cortina. “The funding is also a validation of the substantial progress Cortina has made with the world’s leading communications system vendors.” Cortina, he says, will use the funding to expand the company’s family of multiservice, multiprotocol integrated circuits.

Cortina Systems is currently shipping products to numerous customers in North America, Europe, China and Japan. Those shipments began in December 2002 when Cortina introduced its highly integrated devices that combine very high-speed analog and digital capabilities on the same chip. Cortina’s ICs are also designed to support such protocols as RPR and Ethernet MACs, SONET/SDH/Ethernet framers, and high speed SERDES, running at multiple rates from OC3 to OC192 and GE to 10GE. This capability significantly simplifies physical communication at Layers 1 and 2, and dramatically lowers the cost and electrical power requirement of routers, switches and transport equipment

In addition, Cortina was the first, and so far, only semiconductor company to successfully integrate the new XFP standard optical interface into its ICs. Use of XFP promises to significantly reduce power and footprint requirements across all communications systems.

"Today's announcement represents an exciting next step in Kodiak's ongoing support for the efforts of Amir and his proven team of entrepreneurs, who we backed in a past venture," said Dave Furneaux. "Cortina already is emerging as the clear leader in delivering mixed signal and digital ICs on schedule and with great sensitivity to customer needs. Cortina has what it takes to build a world-class, long-term company and we are very pleased to be a part of that."

In a separate release:

Cortina Systems Inc., the leading builder of analog and digital integrated circuits for the networking communications space, announced today that it had appointed two senior executives. Bruce Margetson becomes Vice President and Chief Financial Officer and Behrooz Yadegar becomes Vice President in charge of all operations.

“Bruce and Behrooz are world class additions to our strong management team,” says Amir Nayyerhabibi, co-founder and CEO of Cortina. “Along with the conclusion of our latest round of funding (link), we believe we are now well on our way to building a major, stand-alone semiconductor company.”

Bruce Margetson is a Silicon Valley veteran who has held CFO positions with several venture capital-backed, technology companies, including Luminous Networks, and Endwave Corporation, which he led to a successful IPO in 2000. Before that he held senior financial management positions with Cisco Systems, Silicon Graphics and Raychem. He holds an MBA degree from Stanford University

Behrooz Yadegar most recently was Senior Vice President of Engineering and Operations at MediaQ (acquired by nVidia). Earlier, he held senior technical management positions at Silicon Graphics, Mips, and Intel. He has extensive experience in the development of both hardware and software for ASIC and RISC processors. At MediaQ he helped worked closely with a number of strategic corporate partners to bring four new products to market that contributed to 100% year-over-year growth in revenues. He holds a M.S. degree in Electrical Engineering from the University of Missouri.

Cortina Systems Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like