InSilica closes funding of 18 million US dollars
Bangalore July 6 (UNI) InSilica, an emerging supplier of high value, high volume ASIC and standard system-on-chip solutions, today announced closure of US dollar 18 million in new financing to enable the company accelerate its growth.
Contributors in the fresh round of funding were Intel Capital, Flextronics, Crossbow Ventures, Dow Ventures and NewPath Ventures.
InSilica would be utilising the financing to build its IP portfolio further, as well as adding scale to Sales and Marketing, Operations and Engineering which would enable the company to execute on more worldwide customers simultaneously, a company release here said.
InSilica was founded on an Indo-US model where executive and engineering leadership was driven in Silicon Valley by some of the industries' most respected veterans, combined with a highly skilled and scalable India-based implementation team.
Intel Capital India Director Kumar Shiralagi said ''in today's dynamic, fast-paced competitive market, a clear need exists for low power, high-performance customised 'system on chip' solutions.
InSilica's products provide customers with cost-effective, flexible, high volume solutions to satisfy these exact requirements.'' After initial financing, the company spent most of 2004 developing and proving a proprietary design flow and intellectual property base which would enable solutions that had lower power, higher performance, faster time to market and more competitively priced than typical standard ASIC suppliers were capable of delivering.
''InSilica has proven its ability to win and deliver on designs that are pushing the specification limits of what the multitude of typical standard ASIC companies can provide, and we are doing this more cost effectively and with faster time to market,'' InSilica President and CEO Balaji Baktha said.
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