Achronix Raises $52M

Achronix completes first close of $52M Series B preferred stock financing

October 15, 2008

1 Min Read

SAN JOSE, Calif. -- Achronix Semiconductor Corp., provider of the world’s fastest field-programmable gate arrays (FPGAs), today announced the first closing of a $52 million Series B preferred stock financing. The first $43 million of the unprecedented $52 million financing was closed on Oct. 10, with the remainder to close in the next several weeks. The proceeds from the financing will be used to fund the development of next-generation products and to support the rapidly accelerating demand for the recently-announced Speedster family of 1.5 GHz FPGAs.

Argonaut Private Equity led the financing, with the original group of Series A investors including Battery Ventures, New Science Ventures, Easton Capital Investment Group and Entrepia Ventures all participating significantly.

"The challenging macroeconomic environment has raised the bar for companies seeking financing of this magnitude," said Jason Martin, managing director at Argonaut Private Equity. "Achronix's disruptive FPGA technology packaged in a familiar design environment, a strong track record of execution and tremendous customer traction for Speedster all presented a compelling opportunity for us. With Speedster and a variety of exciting next-generation products, Achronix is in a unique position to address the current and future demands of high-performance ASIC and FPGA users," Martin added.

Argonaut Private Equity Management LLC

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