Mixed signal EDA testing firm secures £750,000
If there is any proof of how publicly supported initiatives can result in new high growth ventures, than ATEEDA - founded in 2006 to exploit technology previously developed with Scottish Enterprise’s ‘Proof of Concept’ funding – is a case in point. It initially raised funding from Peter Denyer, a serial technology entrepreneur who led a seed funding round in February 2007. Having validated its offering with blue chip customers, the company has now secured a further £750,000.
A provider of mixed-signal test tools and services, ATEEDA’s new investment of £750,000 was concluded with Archangel Informal Investment (AIIL) and the Scottish Co-Investment Fund (SCF) to support high levels of demand for its unique analogue semiconductor test technology. The investment also sees the addition to the board of senior EDA industry figure Colin Adams as a non-executive director.
ATEEDA’s CEO, David Hamilton commented, “Recognition of the benefits available from our EDA tool, OptimATE, is growing fast. This new investment will allow us to support the high levels of interest in replacing analogue tests with simple digital ones. In addition, Dr. Adams’ wealth of senior management experience at market leading EDA companies will be a great asset to ATEEDA’s board.”
John Waddell, CEO, AIIL said, “Despite the current economic challenges we are very pleased our investors and SCF have supported this opportunity to invest in an Edinburgh company which has real global ambition. We are confident that Colin, whom we know through our Edinburgh University ties, will add value.”
Colin Adams said, “ATEEDA has some great technology and a unique value proposition. It is a privilege to be able to work with a local company with such global potential.”
The company specialises in testing mixed signal devices which have both analogue and digital sections. It has developed an effective software tool that allows analogue sections to be tested on digital testers, enabling manufacturers to save substantial amounts of time, capital expenses and operating expenses.
Archangel Informal Investment is Scotland’s leading Business Angel Syndicate. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises around 100 investor members and invests c. £9m per year in early stage Scottish companies.
The Scottish Co-investment Fund (SCF) is a £72 million equity investment fund established by Scottish Enterprise, partly funded by the European Regional Development Fund (ERDF), to invest from £100,000 to £1 million in company finance deals of up to £2 million.
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© Chilli Publishing Ltd 2008 |
13 AUG 2008 |
