Capital Lite Working Group

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


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.


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.


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

  • Invigorate semiconductor start-up investment and subsequent returns
  • Enable high quality innovation
  • Stimulate sustainable M&A and new IPO deal flow
  • CEOs, CFOs, and senior leadership from within the entire semiconductor ecosystem, OEMs, VCs, Finance, Banking and M&A executives
  • 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

Working Group Chair
Matt Rhodes, CEO, Semitech Semiconductor

Meeting Schedule

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







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


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.


2012 Meeting Minutes
2011 Meeting Minutes

Group Members

Contact Wade Giles for membership information.

Battery Ventures Battery Ventures


Infineon Technologies AG to Acquire International Rectifier Corporation for US-Dollar 40 per Share, Approximately US-Dollar 3 Billion in Cash
Wednesday, August 20, 2014
Business Wire
Infineon Technologies AG and International Rectifier Corporation today announced that they have signed a definitive agreement under which Infineon will acquire International Rectifier for US-Dollar 40 per share in an all-cash transaction valued at approximately US-Dollar 3 billion. The acquisition combines two semiconductor companies with leadership positions in power management technology.

SPIL to Take Over Idle ProMOS 12-inch Fab for NT$6.4 Billion
Tuesday, August 19, 2014
Siliconware Precision Industries (SPIL) has won the bid to take over the idle 12-inch fab of ProMOS Technologies for NT$6.4 billion (US$213.62 million). SPIL will use the fab to develop its high-end 2.5D/3D IC testing/packaging technologies.

ON Semiconductor Completes Acquisition of Aptina Imaging and Provides Guidance for Third Quarter on Impact of Acquisition of Aptina Imaging
Monday, August 18, 2014
Business Wire
ON Semiconductor, driving energy efficient innovations, today announced the completion of its acquisition of Aptina Imaging. The total consideration of approximately $400 million in cash for the acquisition of Aptina Imaging was funded by cash on the balance sheet and ON Semiconductor's existing revolving line of credit.

Intel Buys Avago's Networking Business
Wednesday, August 13, 2014
Wall Street Journal
Intel Corp. said it agreed to pay $650 million to Avago Technologies Ltd. for a networking business in an acquisition designed to bolster Intel's offerings in networking chips.

U-blox Pays $7M for Antcor Wi-Fi Base Band IP
Thursday, August 7, 2014
EE Times Asia
Switzerland-based u-blox has struck a $6.95 million deal with Wi-Fi base band IP developer Antcor Advanced Network Technologies S.A. in an effort to strengthen its foothold in the wireless M2M sector.

ARM Concludes its Acquisition of Duolog Technologies
Friday, August 1, 2014
Business Wire
ARM has concluded its acquisition of Duolog Technologies, a leader in design configuration and integration technology for the semiconductor industry. The acquisition strengthens ARM's IP configuration and integration capability, helping ARM partners design and deploy system IP and manage increasing SoC integration complexity.

Cavium Strikes $90M Acquisition Deal with Xpliant
Friday, August 1, 2014
EE Times India
Enterprise processor vendor Cavium, Inc. said it has reached an agreement to buy California-based switching firm Xpliant, Inc.--a move that is seen to accelerate deployment of software defined networks.

Microsemi Buys Mingoa to Boost FPGA Capabilities
Thursday, July 31, 2014
EE Times Asia
Microsemi Corp. has announced that it recently acquired Mingoa, a private venture capital funded company in Cork, Ireland, which develops IP that enables customers to add Ethernet OAM (operations, administration and maintenance) and/or test functionality to their Ethernet equipment.

Inphi Announces Definitive Agreement to Acquire Cortina Systems, Inc., a Leader in Network Infrastructure
Wednesday, July 30, 2014
Inphi Corporation, a leading provider of high-speed, mixed signal semiconductor solutions for the communications, data center and computing markets, and Cortina Systems, Inc., a leader in network infrastructure for optical transport and high speed networking interconnects, today announced they have entered into a definitive agreement, under which Inphi will acquire Cortina's High-Speed Interconnect and Optical Transport product lines for $52.5 million in cash and $73.5 million in stock.

Monolithic Power Systems, Inc. Acquires Sensima Technology SA, A Developer of Magnetic Sensors
Thursday, July 24, 2014
PR Newswire
Monolithic Power Systems (MPS), a leading fabless manufacturer of high-performance analog and mixed-signal semiconductors, today announced that it has acquired Sensima Technology SA located in Switzerland.

Mobileye Sets IPO Price Range, Aims for $3.6B-$4B Valuation
Monday, July 21, 2014
Seeking Alpha
Mobileye (pending:MBLY) has set a $17-$19 IPO price range. That spells a valuation range of $3.61B-$4.03B.

XMOS Adds Bosch, Huawei and Xilinx as Strategic Investors to Complete $26M Investment Round
Monday, July 21, 2014
Business Wire
XMOS Ltd. the fabless semiconductor company and leader in intelligent multicore microcontrollers, has today announced the completion of a $26.2m Series-D investment round.

Qualcomm Acquires Imaging Division from CSR
Monday, July 14, 2014
EE Times Asia
Qualcomm, a cellphone chipmaker, has announced that it is set to acquire the imaging operations of Israel-based CSR plc, according to local reports. CSR said it would be selling the business for $44 million.

Vishay Intertechnology to Acquire Capella Microsystems, a Fabless IC Design Company
Friday, July 11, 2014
Business Wire
Vishay Intertechnology, Inc., one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today entered into an agreement to acquire Taiwan based Capella Microsystems Inc. for approximately NT$6,051 million or US$205 million.

Audience to Acquire Sensor Platforms
Tuesday, July 8, 2014
Audience, Inc., the leader in advanced voice and audio processing, today announced that it has signed a definitive agreement to acquire Sensor Platforms, subject to customary closing conditions, for consideration consisting of $41 million of cash.

CEVA Acquires RivieraWaves, Expands IP Offering with Connectivity for Smartphones, Tablets, Small Cells and the Internet of Things
Tuesday, July 8, 2014
PR Newswire
CEVA, Inc., the leading licensor of DSP-based IP platforms for vision, audio, communications and connectivity, announced that it has acquired RivieraWaves, a privately held company and a leading provider of wireless connectivity IP for Wi-Fi® and Bluetooth® technologies.

InvenSense to Buy Movea for Sensor Fusion Software
Tuesday, July 8, 2014
InvenSense Inc., a fabless supplier of inertial MEMS sensors and MEMS microphones, has struck a deal to acquire sensor-hub firmware and software company Movea SA.

Atmel to Buy Newport Media, Adding to Chipmakers' Spree
Monday, July 7, 2014
Bloomberg News
Atmel Corp., a maker of chips for cars and home appliances, agreed to acquire Newport Media Inc. for $140 million in cash to gain wireless-radio capabilities, joining an industry buying spree.

Qualcomm Gets The Jump On WiGig 60 GHz Wireless With Wilocity Acquisition
Wednesday, July 2, 2014
Qualcomm announced that they acquired Wilocity, one of the pioneers in 60 GHz WiGig technology.

EZchip Buys Tilera
Tuesday, July 1, 2014
EE Times
In hopes of riding the growing build-out demands for a broad range of networks and datacenters, EZchip Semiconductor, an Israel-based network processor company, announced Tuesday, July 1, that it will acquire Tilera Corporation, a privately held US chip company that specializes in multicore processors.

Lattice Power Corp. Gets $80M in New Equity Funding
Tuesday, July 1, 2014
Private Equity
China-based company that is developing gallium nitride (GaN)-based LED chips manufactured on silicon substrates Lattice Power Corp., has closed on $80 million in new equity funding to advance its production, company's Executive Chairman Sonny Wu told Venture Capital Dispatch.

mCube Closes $37M Series C Financing Round
Wednesday, June 25, 2014
Business Wire
mCube, provider of the world's smallest MEMS motion sensors, today announced it has closed a $37 million Series C financing round. Existing investors participating in the round include Kleiner Perkins Caufield & Byers, MediaTek, iD Ventures America, and DAG Ventures. New investors include Keytone Ventures, SK Telecom (China) Ventures and Korea Investment Partners. mCube plans to use the new funds to further accelerate its growth and expand its line of motion sensors.

Qualcomm Buys Power Amplifier Developer Black Sand
Wednesday, June 25, 2014
Zacks Equity Research
Qualcomm Inc. acquired Black Sand Technologies, a leading fables semiconductor manufacturer. Black Sand deploys its flagship CMOS semiconductor technology to develop advanced power amplifiers for wireless applications.

Avago Technologies Limited to Acquire PLX Technology, Inc. for $6.50 per Share in Cash
Monday, June 23, 2014
Avago Technologies Limited and PLX Technology, Inc. today announced that they have entered into a definitive agreement under which Avago will acquire PLX, a leader in PCI Express silicon and software connectivity solutions, in an all-cash transaction valued at approximately $309 million, or $293 million net of cash and debt acquired.

Israel-based Mobileye Files for U.S. IPO
Friday, June 20, 2014
Mobileye N.V., which makes software and cameras that help cars avoid accidents, filed with U.S. regulators on Thursday to raise up to $100 million in an initial public offering.


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