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

Austin Microchip Maker Raises $2.1M Financing Round
Wednesday, September 10, 2014
Austin Business Journal
RFMicron Inc. reported raising $2.1 million of a planned $2.5 million financing. The Austin-based company collected the capital from six investors, according to a Tuesday filing with the U.S. Securities and Exchange Commission.

Intel Capital Leads $40 Mln Series B Funding in Avogy
Tuesday, September 9, 2014
peHUB
Avogy, Inc., a company revolutionizing technology that powers consumer and business electronics, today announced it has raised $40 million in Series B funding. New investor Intel Capital led the round with participation from existing investor Khosla Ventures.

Cree, Lextar Enter $83M Supply Agreement
Friday, August 29, 2014
EE Times India
Cree Inc. has inked a deal with Lextar Electronics Corp., a vertically-integrated LED company from Taiwan, which will see Cree invest $83 million in Lextar. The companies will also go into a supply agreement for sapphire-based LED chips.

UMC Makes Investments in Fujitsu Semiconductor Subsidiary
Friday, August 29, 2014
DIGITIMES
United Microelectronics Corporation (UMC) has said it will invest JPY5 billion (US$48.1 million) in a new subsidiary set up by Fujitsu Semiconductor. UMC will hold a 9.3% stake in the new company.

3M Invests in Smart Energy Instruments
Monday, August 25, 2014
Business Wire
3M New Ventures - the corporate venture arm of 3M - announced an equity stake in Toronto-based Smart Energy Instruments (SEI), a move that will further accelerate SEI's efforts in developing electronic chipsets with high-precision, real-time monitoring capabilities for smart grids, as well as give 3M a bigger presence in the energy sector.

Murata to Acquire Peregrine Semiconductor for $12.50 Per Share in Cash
Friday, August 22, 2014
Business Wire
Murata Electronics North America, Inc., a wholly owned subsidiary of Murata Manufacturing Co., Ltd., and Peregrine Semiconductor Corporation (Peregrine) today announced that they have entered into a definitive agreement under which Murata will acquire all outstanding shares of Peregrine not owned by Murata, for $12.50 per share in cash, or a total transaction value of $471 million ($465 million excluding Murata's existing holding).

Cirrus Logic Completes Acquisition of Wolfson Microelectronics
Thursday, August 21, 2014
Business Wire
Cirrus Logic, Inc. today announced that it has completed its acquisition of Wolfson Microelectronics. Cirrus Logic believes that the acquisition will strengthen its position as a market leader with a highly differentiated global customer base and end-to-end signal processing solutions, including integrated circuits and software for portable audio applications.

Newlans Scores Funding from In-Q-Tel
Thursday, August 21, 2014
peHUB
Newlans, Inc., a technology innovator in RF solutions, today announced it has entered into a strategic investment and technology development agreement with In-Q-Tel, Inc. (IQT), the independent strategic investment firm that identifies innovative technology solutions to support the missions of the U.S. Intelligence Community.

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
DIGITIMES
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.

CMOSIS Acquires AWAIBA, Maker of Innovative Industrial and Medical Image Sensors
Monday, August 11, 2014
Evertiq
CMOSIS has acquired all outstanding shares of the Swiss AWAIBA Group. AWAIBA develops and markets line-scan CMOS imagers for industrial web inspection, sub-mm CMOS camera modules for endoscopy, and on-board automotive cameras. The transaction was closed August 4, 2014.

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.

E2V Buys Spanish Image Sensor Specialist
Wednesday, August 6, 2014
EE Times
E2v Technologies plc, based in Chelmsford, UK, has announced it has agreed to acquire Innovaciones Microelectronicas SL, of Seville, Spain, which trades as AnaFocus and supplies CMOS image and vision sensors for the industrial, professional, scientific, medical, and high-end surveillance markets.

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
Marketwired
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
Marketwired
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.

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