$3 Million Investment Funds Snaketech Growth; Former Cadence CEO, Joe Costello, Takes 10% Stake.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Aug. 2, 1999-- Snaketech today announced that Joe Costello A number of people are know by the name Joe Costello
http://cadence.com/. See also Verilog. , Inc. (NYSE NYSE See: New York Stock Exchange :CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ), has taken a 10 percent stake in Snaketech. In addition to Mr. Costello, the latest round of financing included James Girand, consultant and former EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. industry executive, and four French venture capital companies: Auriga, Innovacom, R.A.C. and Sudinnova. Snaketech will use the funding to accelerate the development and marketing of its integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for (IC) substrate modeling and noise analysis solutions. "Snaketech captured my attention because it was the best business plan that I had read in the last couple of years," said Mr. Costello. "When I dug into the company, I found a team of brilliant technologists with an elegant solution to a growing problem in IC design. They aren't trying to solve the same old problems, but are instead expanding the market. I thought that my experience in building Cadence could help them get this important new technology to market more quickly." Snaketech's mission is to provide IC designers with the tools and methodologies required to design and produce RF, analog, and mixed-signal chips that work right the first time. The company's Layin(TM) suite of products enables designers, for the first time, to accurately model the IC substrate in 3-D and to analyze ICs for substrate noise. About Snaketech and its funding partners Snaketech was founded in 1996 to develop high-value-added integrated circuit (IC) design tools for RF, analog, and mixed-signal integrated circuits. The company's current products enable designers to model the IC substrate in 3-D, analyze ICs for substrate noise, and place-and-route their ICs. Snaketech U.S. is located at 650 Saratoga Avenue, San Jose, Calif., 95129, tel. 408/557-6838, fax 408/557-6882. Snaketech France is located at ZA du Parvis par·vis n. 1. An enclosed courtyard or space at the entrance to a building, especially a cathedral, that is sometimes surrounded by porticoes or colonnades. 2. One of the porticoes or colonnades surrounding such a space. , 38500 Voiron France, tel: +33 476 05 98 62, fax: +33 476 05 98 68. For more information, visit the company's website at www.snaketech.com. Auriga is an independent venture capital fund investing mostly in Europe and focusing on early-stage high-potential companies in information technology and life sciences. Auriga is based in Paris, France, and has currently 80 million euros under management. Innovacom, France Telecom's venture capital subsidiary, was founded in 1988 to provide capital to young and innovative telecommunications and information technology companies in Europe and North America. For more information: www.innovacom.com. R.A.C. (Rhone-Alpes Creation) is a regional venture capital fund dedicated to start-ups and seed money investments. Shareholders include a group of banks (53%), regional governments (40%) and industrial firms (7%). For more information: www.rac.com. SUDINNOVA, a French venture capital company based in Lyon, was incorporated in 1983 and is used to invest mainly in technology and life sciences. SUDINNOVA is now raising a new fund of $30 million. SUDINNOVA was the original investor in Snaketech. Layin and Snaketech are trademarks of Snaketech S.A. All other trademarks mentioned here are the property of their respective owners. |
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