Achronix completes first close of oversubscribed $45 million series C mezzanine financing

March 1, 2011 -- Achronix Semiconductor Corporation, provider of the world’s fastest fieldprogrammable gate arrays (FPGAs), today announced the first closing of a $45M Series C mezzanine financing. Over $40M has been committed to date. Due to significant interest from a number of strategic investors, the additional $5M will be closed in the next 60 days. The proceeds of the financing will be used to accelerate investments in Speedster22i FPGAs and future products. Based on Intel’s 22nm process technology, Achronix’s Speedster22i devices shatter the limitations of current FPGAs by offering cost-effective production of high performance, high density, IP-rich FPGAs.

The mezzanine financing was led by a syndicate of financial and strategic investors and all of Achronix’s existing investors participated in the financing. The Achronix Series C financing is one of the largest for a venture-backed semiconductor company in recent history and occurs on the heels of the agreement with Intel to build Speedster22i FPGAs.

About Achronix Semiconductor

Achronix Semiconductor is a privately held fabless corporation based in Santa Clara, California. Achronix builds the world’s fastest field programmable gate arrays (FPGAs) capable of up to 1.5 GHz peak performance. In addition, Achronix is the only FPGA provider building affordable high performance, high density, IP-rich FPGAs using Intel’s 22nm process technology. Achronix has sales offices and representatives in the United States, Europe, China, Japan, and Korea, and has research and design offices in Ithaca, N.Y., and Bangalore, India. Find out more at http://www.achronix.com.