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European Start-up Accelerator Program
As the world's leading electronic design automation (EDA) company, Cadence Design Systems, has been intimately involved with the venture capital community for many years. Cadence has been the engine behind numerous successful start-ups - helping with design methods; the integration of intellectual property, and supporting tape-out to foundries for prototyping and manufacture - all under the intense scrutiny of VC investors.
Cadence recently formed the Cadence start-up accelerator program to respond to the critical challenges facing entrepreneurs and venture capital firms in Europe. These include rapidly shortening windows of opportunity, extreme worldwide competition, tight financial constraints, and of course the importance of first time right silicon and product development success. "No one should underestimate the costs or complexities of starting up a new semiconductor company", says Martin Gibson, Partner at Atlas Venture, "Cadence has recognized this with their start-up accelerator program which has the potential to deliver the combined benefits of shorter time to market, a strong partner network and great cost flexibility for emerging chip companies."
The essence of the program is an established eco-system of experienced VC investors, best-in-class design tools, services and hardware and leaders in IP supply, foundry, packaging and test. This eco-system is best able to facilitate the immediate and efficient start of development work once the investment is agreed. Based on a mutual decision with the investors, Cadence devotes its best human resources, platforms and kits to help qualify the technical aspects and risk mitigate the chip design or proof of concept projects — sometimes even before the actual start-up company is established!
| A Proven Route Start-up Success |
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Mike Gera of Pond Ventures said: "Success in today's highly competitive silicon industry depends on collaboration between investors, entrepreneurs, and key partners. Partnering with Cadence a leading EDA player along with the important key hardware, IP and plain foundry partners with the overall right attitude to start-ups, is a key part of this".
The initiative enables supported entrepreneurs and start-ups to enjoy turnkey Cadence VCAD (Virtual integrated CAD) solutions, in a flexible model, including the extended design experience of the Cadence team which can demonstrate a large portfolio of successful start-ups which used their services. This reduces project risk for both the start-up and the venture capitalists!
The successful launch of Altair Semiconductor demonstrates how this partnership works to everyone's benefit. Jerusalem Venture Partners (JVP) is lead investor and Cadence is the prime provider of design solutions and services.
Adam Fisher, general partner at Jerusalem Venture Partners is enthusiastic: "Establishing a new chip company requires a very large investment in design tools, intellectual property, and silicon foundry commitments. This capital is committed well before the founders and investors are sure that that the technology will work, or that the market and potential customers are interested in the product. The partners to this program work together to 'fast track' the chip development, to mitigate the risks in the design process, and to maximize the chances for success.
Altair Semiconductor CEO Oded Melamed, the first successful example from this initiative, highlighted some of the benefits to his company: "Even an experienced team faces new challenges in the startup environment. Reducing risk and increasing capital efficiency is crucial to delivering technical milestones and driving up the company valuation. We are excited about the contribution this initiative will make to the development of new semiconductor companies like ours."
Another successful example is Air Semiconductor. David Tester, Founder & CEO: "Focus is a key asset for an early stage semiconductor start-up. The Cadence Start-Up Accelerator Program provides Air with access to a wealth of technology resources but also it enables Air to focus our attention on delivery of our products to the market".
Cadence Start-Up Accelerator Program management (For VCs and Entrepreneurs) Erez Tsur is Director of Market Development for Cadence Design Systems in the EMEA region. erez@cadence.com or +972 (9) 971 2510
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Sean Redmond
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gideon@cadence.com
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