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Cambridge EDA Start–up Secures $4 million
Funding Led by Benchmark Capital
Cambridge, UK – May 28, 2003. Azuro Inc, a start-up
developing new EDA software tools, today announced it has
raised $4 million in first round funding. The investment, led
by Benchmark Capital, comes just 14 months after the company
was formed, and includes TTP Ventures and private investors
from the semiconductor industry.
“We are delighted to have Benchmark as the lead investor
for our first major funding round in the company,” said Paul
Cunningham, President & CEO of Azuro. “Benchmark’s global
reach and first hand experience of EDA software companies and
semiconductor vendors makes them an ideal partner for us as we
take the company to the next level.”
Azuro was founded in March 2002 by Cambridge University
post-doctoral graduates Paul Cunningham and Steev Wilcox. The
company attracted initial seed funding of $0.3 million from
TTP Ventures and The Cambridge Angels, a group of
Cambridge-based angel investors.
Commenting on the investment, Mark Evans, a general partner
with Benchmark Capital, said: “Paul and Steev have done an
outstanding job in developing a truly disruptive idea into a
prototype product and targeting it at a huge market
opportunity. We now plan to leverage our network into making
Azuro a large and successful global company.” David Gee, of
TTP Ventures, added: “Azuro has generated significant customer
traction in a very short space of time, and we are delighted
to have contributed to this process. This investment
emphasises our commitment to active early stage investment.”
The company, currently 6 people, expects to launch its
first product in Q4 2003, and is already focused on partnering
with early access customers on a global basis.
For more information on Azuro, please contact press@azuro.com.
About Benchmark
Benchmark
Capital was founded in 1995 with the mission of helping
talented entrepreneurs build major technology enterprises
focused on long term growth. Benchmark takes a
labour-intensive, team-oriented approach to venture investing
in order to deliver a superior level of service to its
portfolio companies. Benchmark's portfolio includes EDA
companies Synopsys (Nasdaq: SNPS) and Get2Chip; semiconductor
vendors, Abrizo, Comcore, and C-Port and franchise companies
such as eBay (Nasdaq: EBAY), Juniper Networks (Nasdaq: JNPR)
and Red Hat (Nasdaq: RHAT). Managing more than $2 billion in
committed venture capital, Benchmark focuses on early-stage
investment in markets where the partners have direct, relevant
experience. For more information on Benchmark, visit its web
site at http://www.benchmark.com/.
About TTP Ventures
TTP
Ventures is the venture capital investment arm of TTP Group,
one of Europe’s most successful innovation companies based
near Cambridge, UK. It invests in early stage science and
technology businesses and specializes in spin-offs from
R&D organizations. Investments include Element-14
(acquired by Broadcom), Alphamosaic (multimedia processors)
and Cambridge Semiconductor (integrated power semiconductors).
Its investors include Boeing and Siemens. For further
information visit http://www.ttpventures.com/.
About the Cambridge Angels
The
Cambridge Angels is a group of high-net worth investors who
have proven experience as successful entrepreneurs in
technology and bio-technology. Members invest in and mentor
high-quality technology and bio-technology companies mostly in
the Cambridge (UK) area. Members of Cambridge Angels have been
responsible for a large number of the Cambridge phenomenon
success stories over recent years. For more information see http://www.cambridgeangels.net/.
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