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ReShape Secures $12 Million in Series C Funding; Company Delivers Fast Path to Full-Chip Layouts for Complex Systems on a Chip.

MOUNTAIN VIEW, Calif., June 30 /PRNewswire/ -- ReShape Inc., the leader in chip-level design automation, today announced the closing of a $12 million Series C round of funding. American River Ventures (ARV) led the round, which included the Bay Area Equity Fund managed by JP Morgan Chase & Co., and existing investors New Enterprise Associates and Canaan Partners. To date, ReShape has raised a total of $31 million in funding.

The company will use the proceeds of the round to expand their sales and customer support capability worldwide and to build operational infrastructure to support rapid growth.

ARV managing partner Corley Phillips will join the ReShape Board of Directors, which also includes Mark Perry of NEA; Jim Furnivall of Canaan Partners; Moshe Gavrielov of Verisity; David Gregory, Chairman; and Jim Douglas, president and CEO of ReShape.

"Corley will be a great addition to our already strong board," said Douglas. "As an entrepreneur and president of two successful software startups, he's been in my shoes. I look forward to his support and guidance as ReShape accelerates and brings chip-level design automation tools to the mainstream system-on-a-chip design market."

"ReShape's solution attacks a fundamentally hard and under-recognized problem in chip design that has not been addressed by the electronic design automation market," said Phillips. "Their chip-level design automation approach is practical and compelling, and customers are seeing excellent results in silicon. During our due diligence process, one of the companies we talked to said it well -- 'ReShape was founded with a great vision, which is to meet the need when Moore's law fails with current tools.'"

About American River Ventures

American River Ventures (ARV) is an early-stage information technology venture capital firm that focuses on bringing value and experience to high- growth information technology companies throughout the Western United States. The direct operational experience of the general partners enables ARV to understand the process, the pitfalls, and the day-to-day realities of preparing a company for rapid growth. ARV general partners have been directly responsible for successfully starting companies from the ground up, developing new products, and growing companies into attractive acquisitions. The firm's mission is to work with entrepreneurs to accelerate the growth of their company's products and services and to add value at all stages of the company-building process. More information can be found at http://www.arventures.com/ or by calling (916) 780-2828.

About the Bay Area Equity Fund, managed by JP Morgan Chase & Co.

The Bay Area Equity Fund is a double-bottom line fund whose goal is to deliver market-rate venture capital returns to investors while generating significant social returns to the communities around its portfolio companies. The Fund invests in the economic strengths of the Bay Area, focusing on growth companies in the technology, healthcare and consumer goods and services sectors. The Fund makes investments primarily in private, mid-to-late stage companies located in or near low-to-moderate income neighborhoods of the 10-county Bay Area.

About ReShape

ReShape Inc. is the leading provider of chip-level design automation (CLDA) software that enables fast design exploration and fully automated construction of full-chip mask-ready layouts for complex SoCs. Powered by its patented flow elaboration and cross-block optimization technologies, ReShape enables physical designers to capture design intent at a high level, freeing them to focus on exploring and optimizing the design instead of managing design tool complexity. Leading integrated device manufacturers and fabless chip companies use ReShape's CLDA software to improve turn-around time, engineering productivity, and chip quality of results. For more information, including a white paper on CLDA, please visit our website at http://www.reshape.com/.
 For further information, please contact:
 ReShape - Bob Dahlberg, (650) 230-3221, bob.dahlberg@reshape.com
 Cayenne Communication - Lois DuBois, (650) 851-8256,
 lois.dubois@cayennecom.com




ReShape is a registered trademark of ReShape Inc. All other trademarks are the property of their respective owners.

CONTACT: Bob Dahlberg of ReShape, +1-650-230-3221, bob.dahlberg@reshape.com; or Lois DuBois of Cayenne Communication, +1-650-851-8256, lois.dubois@cayennecom.com, for ReShape

Web site: http://www.arventures.com/

Web site: http://www.reshape.com/
COPYRIGHT 2004 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 30, 2004
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