Capital Lite Working Group

  • Overview
  • Meeting Schedule
  • Presentations
  • Papers
  • Minutes
  • Group Members
  • News

Overview

The Capital Lite Working Group is a result of discussions that took place during multiple VC panel discussions in 2011 that were chaired by GSA’s ECCEO Council and the publication of the paper The Capital-Lite Semiconductor Model: Revitalizing Semiconductor Startup Investment. The purpose of this Working Group is to foster discussion regarding the current state of funding for semiconductor start-ups; postulate alternative models and solutions; and ultimately turn our discussion into actionable events that will benefit our industry by encouraging entrepreneurship and innovation.

Vision

To create a seamless consortium of representatives from the entire semiconductor ecosystem that fully cooperate in enabling start-ups to prosper and return significant multiples to all its constituents and to establish a pipeline of funded, innovative semiconductor companies with an appropriate capital structure to make this the largest segment in tech financing.

Mission

To develop, promote and execute expanded investment models that can be used by semiconductor start-ups to innovate and prosper.

Objective
  • Invigorate semiconductor start-up investment and subsequent returns
  • Enable high quality innovation
  • Stimulate sustainable M&A and new IPO deal flow
Participants
  • CEOs, CFOs, and senior leadership from within the entire semiconductor ecosystem, OEMs, VCs, Finance, Banking and M&A executives
Approach
  • Identify concerns in existing funding models for semiconductor start-ups
  • Quantify the problem within the semiconductor industry
  • Postulate the impact of the problem to the semiconductor industry and the markets served by this industry
  • Propose alternative solutions; e.g. Capital-lite
  • Build internal consensus and solicit external feedback
  • Solicit industry participation and support
  • Agree on and implement solution(s)

Contact Information

Wade Giles
M 214.794.6619
E wgiles@gsaglobal.org

Working Group Chair
Matt Rhodes, CEO, Semitech Semiconductor

Meeting Schedule

No meetings are scheduled at this time.  Please check back at a later date.

 

 

 

 

 

Presentations

May 1, 2013

Nov 7, 2012

Mar 14, 2012

Jan 24, 2012

Dec 7, 2011

Oct 13, 2011

Oct 6, 2011

Sept 13, 2011

Sept 1, 2011

May 24, 2011

Papers

Innovation Center (PDF, 269 KB)
This white paper by SK telecom Americas outlines their funding model to seed new start-ups, mitigate risk, and ensure a successful exit.

Innovation Evolution in the Semiconductor Industry
Authors: Ken Lawler, General Partner, Silicon Ventures; Warren Savage, President and CEO, IPextreme; and Michael Fancher, Associate Professor of Nanoeconomics, College of Nanoscale Science and Engineering

Capital Lite Business Model Strategies & Tools: A Startup’s Guide to Surviving an Investment Drought
This white paper focuses on invigorating semiconductor start-ups to enable high quality innovation, increased investment and subsequent returns, and stimulate sustainable M&A, as well as new IPOs.

Capital-Lite Semiconductor Model: Revitalizing Semiconductor Startup Investment (PDF, 98 KB)
Authors: Amer Haider, Vice President of Corporate and Business Development, Cavium and Awais Nemat, former Vice President of Enterprise Business Unit, Marvell Semiconductors

Startup Outlook 2012 Report (PDF, 886 KB)
Author: Silicon Valley Bank

A Lean Fabless Semiconductor Business Model (PDF, 285 KB)
Author: Andreas Olofsson, Adapteva, Inc.

Minutes

2012 Meeting Minutes
2011 Meeting Minutes

Group Members

Contact Wade Giles for membership information.

Battery Ventures Battery Ventures
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News

TTTech Raises 50 Million Euros to Scale its Robust Network Solutions for the Industrial Internet of Things and Autonomous Driving Cars
Wednesday, March 25, 2015
Business Wire
Today TTTech announced a 50 million euro investment round involving two new key strategic partners: General Electric (GE Ventures) and Infineon Technologies AG. This funding is backed by the strong commitment of the existing shareholders, led by premium car maker AUDI AG.

Silvaco Acquires Invarian to Accelerate Adoption of Concurrent Power-Voltage-Thermal Analysis
Thursday, March 19, 2015
Marketwired
Silvaco, Inc. today announced that it has acquired Invarian, Inc., a recognized leader in block-level to full-chip sign-off analysis for complex, high-performance integrated circuits.

Everlight and Edison Opto Deny Merge Rumor
Wednesday, March 18, 2015
LEDinside
Representatives from Everlight and Edison Opto have recently rebutted an earlier Digitimes report claiming the two companies were in acquisition talks.

Microsemi Corporation to Acquire Vitesse Semiconductor Corporation
Wednesday, March 18, 2015
PR Newswire
Microsemi Corporation, a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, and Vitesse Semiconductor Corporation, jointly announced today that Microsemi has entered into a definitive agreement to acquire Vitesse for $5.28 per share through a cash tender offer, representing a premium of 32 percent based on the average closing price of Vitesse's shares of common stock during the 30 trading days ended March 17, 2015. The board of directors of Vitesse unanimously recommends that Vitesse's stockholders tender their shares in the tender offer. The total transaction value is approximately $389 million.

Spansion, Cypress Close $5B Merger
Monday, March 16, 2015
EE Times
Cypress Semiconductor and Spansion have finalised their merger in an all-stock, tax-free transaction valued at about $5 billion. In a recent meeting, Cypress shareholders have approved the issuance of 2.457 shares of Cypress stock to Spansion shareholders for each Spansion share they own.

ISSI Enters Into A Definitive Merger Agreement To Be Acquired By Consortium For $19.25 Per Share
Thursday, March 12, 2015
PR Newswire
Integrated Silicon Solution, Inc. , a global fabless semiconductor company, and a Chinese consortium of investors led by Summitview Capital (the "Consortium"), today jointly announced that they have entered into a definitive merger agreement under which the Consortium will acquire all of the outstanding shares of ISSI for US$19.25 per share in cash.

Silicon Line GmbH Closes an Investment Round of 6.3 Million Euro
Thursday, March 12, 2015
Business Wire
Silicon Line GmbH today announced that the Company successfully raised Euro 6.3 M from new and existing investors, Limburgse Reconversie Maatschappij NV, Hasselt Belgium, MVP Fund I and II GmbH & Co. KG, Munich, and Capital-E I and II Arkiv Comm. V.A, Antwerp.

TSMC Affiliate Xintec to List on OTC in End-March, Says Report
Thursday, March 12, 2015
DIGITIMES
Image sensor packaging house Xintec, an affiliate of Taiwan Semiconductor Manufacturing Company (TSMC), will list on Taiwan's over-the-counter (OTC) stock market at the end of March 2015, according to a recent Chinese-language Apple Daily report.

Semtech Announces Acquisition of Triune Systems
Wednesday, March 4, 2015
Business Wire
Semtech Corporation, a leading supplier of analog and mixed-signal semiconductors, today announced that it has completed the acquisition of Triune Systems, L.L.C., a privately-held supplier of wireless charging and power management platforms targeted at high and low power, high efficiency applications.

Brite Semiconductor Secures Series C Round of Finance from Norwest Venture Partners, Gobi Partners and China-based Foundry SMIC
Tuesday, March 3, 2015
Design & Reuse
Brite Semiconductor, an emerging ASIC design services firm headquartered in Shanghai, China, announced today it has raised $8 million in a Series C round of funding led by Norwest Venture Partners, Gobi Partners, and Semiconductor Manufacturing International Corporation.

Mentor Graphics Acquires Tanner EDA
Tuesday, March 3, 2015
PR Newswire
Mentor Graphics Corp. today announced it has acquired the business assets of Tanner EDA, a leading tool provider for the design, layout and verification of analog/mixed-signal (AMS) and MEMS integrated circuits. W

NXP, Freescale Plan Mega Merger
Sunday, March 1, 2015
EE Times
In one of the biggest consolidations in the semiconductor industry to date, NXP and Freescale have announced plans for a merger. If the deal is approved, they would create a top-ten chip maker and embedded processor giant with more than $10 billion in combined revenues.

Avago Technologies Limited to Acquire Emulex Corporation for $8 Per Share in Cash
Wednesday, February 25, 2015
MarketWatch
Avago Technologies Limited and Emulex Corporation today announced that they have entered into a definitive agreement under which Avago will acquire Emulex, a leader in network connectivity, monitoring and management, in an all-cash transaction valued at approximately $606 million, or $609 million net of cash and debt acquired.

Guerrilla RF Closes on $500K Funding Round
Wednesday, February 25, 2015
Triad Business Journal
Guerrilla RF Inc., a Greensboro-based provider of microchips for wireless network infrastructure, has closed on a $500,000 funding round and is set to begin mass production of its first products this summer.

eASIC Files Registration Statement for Proposed Initial Public Offering
Thursday, February 19, 2015
Business Wire
eASIC Corporation today announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not been determined. eASIC intends to apply to list its common stock on the Nasdaq Global Select Market under the ticker symbol "EASI".

Woburn Semiconductor Company Nantero Gets $32M in Funding
Wednesday, February 4, 2015
Boston Business Journal
Nantero Inc., a Woburn semiconductor company, has raised $31.5 million in new equity funding out of a $41.5 million proposed offering, according to a recently regulatory filing.

IXYS Announces the Acquisition of RadioPulse
Tuesday, February 3, 2015
Business Wire
IXYS Corporation, an international power semiconductor and IC company, today announced that it has signed a definitive agreement to acquire RadioPulse. Based in Seoul, Korea, the fabless semiconductor company develops, manufactures and sells innovative wireless network technology solutions based on the ZigBee protocol (which combines MCUs and RF). RadioPulse's energy-friendly solutions are designed to enable a broad range of power-sensitive applications in the industrial, medical, consumer, smart grid and Internet of Things (IoT) markets.

KnCMiner Raises $15M Led by Accel Partners and Completes 16nm Tape-Out with TSMC
Tuesday, February 3, 2015
Design & Reuse
KnCMiner, the professional bitcoin mining company, announces a Series B investment of $15M led by Accel Partners with participation from existing investors Creandum, GP Bullhound and private investor Martin Wattin. KnCMiner plans to use the new capital, in addition to cash generated through operations, to increase its bitcoin mining capacity and continue to build the bitcoin-processing infrastructure of the future.

MaxLinear to Acquire Entropic, Reaffirms Its Fourth Quarter 2014 Guidance and Provides Outlook for First Quarter 2015
Tuesday, February 3, 2015
GlobeNewswire
MaxLinear, Inc., a leading provider of integrated radio frequency (RF) and mixed-signal integrated circuits (ICs), and Entropic Communications, Inc., a world leader in semiconductor solutions for the connected home, today announced that they have signed a definitive agreement for MaxLinear to acquire Entropic. The boards of directors of both MaxLinear and Entropic have unanimously approved the transaction.

Silicon Labs Acquires Bluegiga, a Leader in Bluetooth and Wi-Fi Connectivity Solutions
Tuesday, February 3, 2015
Business Wire
Silicon Labs, a leading provider of microcontroller, wireless connectivity, analog and sensor solutions for the Internet of Things (IoT), today announced the acquisition of Bluegiga Technologies Oy. A privately held company based in Espoo, Finland, Bluegiga is one of the fastest growing independent providers of short-range wireless connectivity solutions and software for the IoT.

Intel to Acquire Lantiq; Advancing the Connected Home
Monday, February 2, 2015
Business Wire
Intel Corporation has signed a definitive agreement to acquire Lantiq, a leading supplier of broadband access and home networking technologies. The transaction is subject to customary closing conditions and regulatory approvals. The transaction is expected to close in approximately 90 days. Deal terms were not disclosed.

Luna and API Agree to Merge
Monday, February 2, 2015
Business Wire
Luna Innovations Incorporated, which develops and manufactures fiber optic sensing and test & measurement products for the telecommunications, aerospace, automotive, energy, and defense markets and Advanced Photonix, Inc., a leading supplier of optoelectronic sensors, devices, and instrumentation for the telecommunications, defense, medical, and industrial markets today announced their agreement to merge.

Micralyne Ramps Up with New Ownership
Wednesday, January 28, 2015
Business Wire
Micralyne Inc. is pleased to announce that Canadian private equity investor FTC Technologies Inc. has purchased 98 percent of the corporation and is on track to acquire the remaining shares. Micralyne is one of the leading independent providers of development and manufacturing services for micro-electro mechanical systems (MEMS) and micro fabrication in the life sciences, telecommunications, automotive, energy and aerospace industries.

Lattice Semiconductor to Acquire Silicon Image for Approximately $600 Million
Tuesday, January 27, 2015
Business Wire
Lattice Semiconductor Corporation), a leading provider of programmable connectivity solutions, and Silicon Image, Inc., a leading provider of wired and wireless connectivity solutions, today announced that they have signed a definitive agreement, pursuant to which Lattice will acquire Silicon Image in an all-cash tender offer of $7.30 per share, representing an equity value of approximately $600 million (or approximately $450 million on an enterprise value basis) and a 34.6% premium to the average closing price over the last 90 trading days and a 23.7% premium to the closing price on January 26th.

Everspin Increases Series B Funding to $29M With Strategic Investments From GLOBALFOUNDRIES and Western Digital Capital
Monday, January 26, 2015
MarketWatch
Everspin Technologies, Inc., the world's leading developer and manufacturer of discrete and embedded MRAM, today announced that the company has closed its $29 Million (USD) Series B round of venture capital and strategic investment.

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