Sonics lands $20 million in funding

Sonics lands $20 million in funding
By Michael Santarini, EE Times
January 18, 2002 (10:14 a.m. EST)
URL: http://www.eetimes.com/story/OEG20020118S0044

SAN MATEO, Calif. — Sonics Inc., a developer of intellectual property cores, has received $20 million in Series C financing from a group of investors. Sonics president and chief executive officer Grant Pierce said the company will use the money to increase its marketing and sales forces.

"We are building out our infrastructure to meet the demands of our growing customer base," said Pierce. "We've seen in this current economic climate that companies are looking for approaches that will allow them to build multiprocessor systems but with fewer engineers and less time to do it. Our solution aligns itself well with this market environment."

The round was lead by Smart Technology Ventures, Easton Hunt Capital Partners, Spinnaker Ventures, Omninet Capital LLC, Newlight Associates and Pacesetter Capital Group. Prior investors that increased their investments included Investar, Jafco, and H&Q Asia Pacific.

With the latest round, Sonics has received a total of $38.9 million in funding. The company is trying to secure another $5 million to complete this round of funding, which will close in February, Pierce said.