Carnegie spin-off snares 1.25 m funding.PITTSBURGH, PA -- Desantage landed $1.25 million in funding led by the Spencer Trask Spencer Trask was an American financier, philanthropist, and venture capitalist. Beginning in the 1870s, Trask began investing and supporting entrepreneurs, including Thomas Edison's invention of the electric light bulb. Software and Information Technology Group. The company has raised $1.7 million so far this year. Desantage, a spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. from Carnegie Mellon University Carnegie Mellon University, at Pittsburgh, Pa.; est. 1967 through the merger of the Carnegie Institute of Technology (founded 1900, opened 1905) and the Mellon Institute of Industrial Research (founded 1913). , is developing automated CAD and 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. design synthesis software tools. As stated in a press release, these new tools will drastically reduce the amount of time it takes to design products in numerous sectors, from circuit boards to automobiles. The company will use the funds to complete the development and launch of its first product, LayoutSpace. The first commercial application for LayoutSpace, incorporating the patented CMU CMU - Carnegie Mellon University technology, will automate the placement of components on a PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. . "LayoutSpace solves one of the longstanding problems in the PCB industry by automating much of the placement of components even in complex designs," says Randy Eager, co-founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Desantage. "LayoutSpace will significantly shrink the design cycle of a complex PCB by drastically reducing the time-consuming step of manual placement of components." As part of the investment, Michael Korybalski, the founder, chairman and CEO of Mechanical Dynamics Inc., a pioneer in the field of mechanical system simulation and virtual prototyping, will join the Desantage board of directors. Also taking a seat on the board is Joe Porfeli, former CEO of TechRx and current CEO of the SPENCER Trask Software and Information Technology Group. "Desantage has done their homework by gathering user requirements from dozens of PCB designers, and are engaged in the development of a remarkable product that has created substantial interest in the industry," said Korybalski. Innovation Works, a state-funded organization that provides assistance to regional, early-stage technology companies, has invested $300,000 into Desantage to date. Desantage is the exclusive licensee of two patented platform technologies, including five patents. |
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