NEA Invests an Additional $4.8 Million in ReShape, Inc.; NEA's Investment Validates the Firm's Commitment to Its Portfolio Companies.
MENLO PARK, Calif.--(BUSINESS WIRE)--July 24, 2002
New Enterprise Associates (NEA) today announced that it has invested an additional $4.8 million in ReShape, Inc., as part of a $12 million Series B financing. ReShape is a pure-play physical design outsourcing service company based in Mountain View, California. NEA first invested in ReShape as a start-up in July 2000, and was joined by Canaan Partners in this financing.
ReShape has developed proprietary software that automates the integrated circuit (IC) building process. ReShape's technology works with IC design tools from Cadence, Synopsys and others to speed design throughput, improve schedule predictability and reduce the number of engineers needed on a physical design team. ReShape supports both Taiwan Semiconductor Manufacturing Corporation (TSMC) and United Microelectronics Corporation (UMC) silicon foundries.
"We strongly support ReShape and its management team in its quest to advance the IC building process through their proprietary technology," said NEA General Partner Mark Perry, who is on the board of ReShape. "ReShape's breakthrough technology provides their customers with a highly automated design process that results in faster and better chips. ReShape's value proposition is compelling."
Forest Baskett, NEA Venture Partner who has served on the ReShape board for the past two years, said: "Bringing ReShape to NEA has given us a great opportunity to share in the success of the company and their technology and to help it change the integrated circuit physical design world."
ReShape has used its technology to complete two high-performance multimedia chips, a 3800 pin switch fabric, and a mixed-signal chip. Current projects include a wireless communication chip, an image processor and two wireline networking chips. The additional financing will be used to expand the company's physical design center and advance the technology.
"ReShape is focused on automating the physical design process, allowing design teams to center their attention on creating strong product differentiation," said ReShape President and CEO David Gregory. "We are thrilled to have the continued support of NEA and their validation of our technology and our business model."
ReShape is a pure-play IC layout design service company. The company relies on a highly automated physical design flow to build GDSII from netlists faster and more reliably than traditional IC layout methods. For additional information, visit www.reshape.com.
New Enterprise Associates (NEA) is a leading venture capital firm investing primarily in information technology, biotechnology and medical/life sciences companies. Practicing classic venture capital for over 20 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $5 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 135 have gone public and more than 150 have been acquired. NEA has offices in Menlo Park, California, Reston, Virginia and Baltimore, Maryland. For additional information, visit www.nea.com.
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|Comment:||NEA Invests an Additional $4.8 Million in ReShape, Inc.; NEA's Investment Validates the Firm's Commitment to Its Portfolio Companies.|
|Date:||Jul 24, 2002|
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