Nusym raises $8 Million in series B funding
Date: Wednesday , October 01, 2008
While big bluechip companies such as Synopsys, Magma .Design Automation, Mentor Graphics, and Cadence Design System dominate the chip design software, Venkatesh Shukla, President and CEO of Nusym, which has received its second round of funding, bets on the design verification market with confidence.
Led by Voyager Capital and Simmons Goodspeed Investment Management, and a public company participating as a ‘strategic investor’, in addition to the participation of previous series A investors Woodside Fund and Draper Richards, the Los Gatos based company has raised $8 million in the second round of funding.
The biggest design automation companies as well as deep pocket chip companies like Intel and IBM have tried in vain to solve the verification problems, which have remained stubbornly unsolved for the last 15 years. The size and complexity of modern Integrated Circuits (ICs) require an extensive verification phase to ensure correct functionality prior to fabrication. In many cases there is no way to ascertain with 100 percent confidence whether a design has been fully verified, which raises the risk of undiscovered faults, or bugs, in the final product. Incorrect device operation not discovered during this process often results in a fabrication re-spin, driving extensive cost and schedule overruns.
“We bring in a new level of automation that promises as much as 33 percent reduction in time and resources, while giving a higher confidence in the design. In other words, we are solving a huge problem for a big market and in fact this generated an interest in Nusym among venture funds,” says Shukla.
The fund will be used by Nusym to refine and introduce intelligent verification product line, which utilizes design insight to enable rapid verification closure. The company’s 30 employees in Bangalore office and Los Gatos are working together to innovate intelligent verification solutions, which are superior to the current methods.