Open-Silicon raises $11 million in funding

By siliconindia   |   Monday, 10 May 2004, 19:30 IST
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MUMBAI: Chip design company Open-Silicon raised $11million in venture funding from its existing investors and one new venture fund, taking the total amount of funding received by the company in two rounds to $ 19.5 million. The second round of funding for Open-Silicon came from venture capital firms Norwest Venture Partners and Sequoia Capital, who co-led the first round of $8.5m in June 2003. The new investor is InterWest Partners. The company completed its second round in less than a year of its first round of funding. It is seen as getting traction for its products with revenues being reported and four customers already signed up. Tom Rosch, general partner of InterWest Partners, will join the board, whose other members include founder CEO Naveed Sherwani, of Open-Silicon, Pierre Lamond, partner at Sequoia Capital, and Pramod Haque, managing partner at Norwest Venture Partners. Open-Silicon was founded by three people including Naveed Sherwani, the founder and former general manager and vice-president of operations at Intel Microelectronics Services. The other founder is Scott Houghton, former senior vice-president and general manager of Synopsys Professional Services Group and vice-president of engineering. The third founder is Satya Gupta, former director at Intel Microelectronics.