News Release from: Emulation and Verification Engineering (EVE)
Edited by the Electronicstalk Editorial Team on 10 April 2003
Verification startup secures $3.2 million
Emulation and Verification Engineering (EVE) has raised $3.2 million in Series A funding.
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Emulation and Verification Engineering (EVE) has raised $3.2 million in Series A funding. Funding will be used as working capital to build its research and development team, as well as for further expansion of its worldwide marketing, sales and support structure. Investors, who each contributed one third of the funding, include 3i, a global venture capital (VC) firm, Credit Lyonnais Private Equity, Private Equity asset management company of the French bank Credit Lyonnais, and Siparex, an independent French VC.
"We are excited about the prospects of our investment in EVE, a company that perfectly complements our global EDA and semiconductors portfolio", notes Pierre Martini at 3i.
"We are confident that EVE will continue to grow quickly and become a winner in the EDA industry.
We will use our global network to help EVE expand its position, especially in the Silicon Valley".
"We have been impressed by EVE's ability to develop a compelling product without outside funding", adds Pascal Demichel, Senior Investment Manager at Siparex.
"With a strong technical team, product and technology roadmap, as well as an early traction with global semiconductors players including Texas Instruments, EVE is likely to become a leader in the advanced verification arena", comments Vincent Ollivier, Senior Partner at Credit Lyonnais Private Equity's Venture team.
"Moreover, EVE is an excellent addition to our investment portfolio in EDA".
Concludes Dr Luc Burgun, EVE's Chief Executive Officer and President: "The reputation of our investors reflects well on the EVE team and the leading position of our product portfolio.
We are pleased that they each see our potential and have committed to helping us meet the pent-up demand for our outstanding verification platform".
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