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

PointGuard Ventures and Morningside Invest $13M in InSilixa's Semiconductor-Based Molecular Diagnostics Technology
Wednesday, October 22, 2014
Business Wire
PointGuard Ventures, a Silicon Valley venture capital firm, and Morningside, a privately-held investment group, announced today that they are leading a $13M financing round for InSilixa, Inc., a new Sunnyvale, California-based molecular diagnostic (MDx) platform developer.

IBM to Pay Globalfoundries $1.5 Billion to Take Chip Unit
Monday, October 20, 2014
Reuters
IBM Corp said it would hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc to focus on cloud computing and big data analytics. IBM will pay Globalfoundries $1.5 billion in cash over the next three years to take the chip operations off its hands, the companies said in a statement on Monday.

SiPaaS the Chips: Semiconductor Company VeriSilicon Holdings Files for a $75 Million IPO
Friday, October 17, 2014
Renaissance Capital
VeriSilicon Holdings, a China-based outsourcer of semiconductor design and development solutions, filed on Friday with the SEC to raise up to $75 million in an initial public offering.

Litho Options Sparse After 10nm
Thursday, October 16, 2014
Semiconductor Engineering
With EUV's viability still uncertain, multi-patterning may be the cheapest option at 7nm. Beyond that, 3D architectures could be a game changer. Leading-edge foundries are ramping up their 16nm/14nm logic processes, with 10nm and 7nm in R&D. Barring a major breakthrough in Lithography [KC], chipmakers will use 193nm immersion and multiple patterning for both 16nm/14nm and 10nm.

U.S. Chipmaker Qualcomm Hopes for Knock-Out Blow with $2.5 Billion CSR Bid
Wednesday, October 15, 2014
Reuters
U.S. Qualcomm Inc agreed to buy CSR Plc for $2.5 billion, offering what it hopes is a knock-out blow to win the British Bluetooth specialist which is growing in areas like automotive and wearable devices.

Awaiting SEC Go-Ahead, Phoenix Signals an IPO in Nov.
Sunday, October 12, 2014
BusinessWorld
Phoenix Semiconductor Philippines Corp. (PSPC), a unit of a South Korea's STS Semiconductor & Telecommunications Co. Ltd., said it is awaiting the regulator's permission to announce the exact date of its initial public offering (IPO) sometime in November.

Alien Technology Raises $35M to Make RFID Tags for the Internet of Things
Thursday, October 9, 2014
VentureBeat
Alien Technology has raised $35 million in a new round of funding to expand production of its radio frequency identification (RFID) tags and readers, which enable the Internet of things. The chip maker has also named Chris Chang as its new chief executive.

IntelliEPI Buys Soitec's GaAs Business
Monday, September 29, 2014
Electronics360
Intelligent Epitaxy Technology Inc. has acquired the gallium arsenide (GaAs) epitaxy business from Soitec in an effort to broaden its GaAs penetration into other applications.

Intel and Tsinghua Unigroup Collaborate to Accelerate Development and Adoption of Intel-based Mobile Devices
Friday, September 26, 2014
Business Wire
Intel Corporation and Tsinghua Unigroup Ltd. today jointly announced that both parties have signed a series of agreements. The purpose of the agreements is to expand the product offerings and adoption for Intel-based mobile devices in China and worldwide by jointly developing Intel Architecture and communications-based solutions for mobile phones. Intel also has agreed to invest up to RMB 9 billion (about US$1.5 billion) for a minority stake of approximately 20 percent of the holding company under Tsinghua Unigroup which will own Spreadtrum Communications and RDA Microelectronics, subject to regulatory approvals and other closing conditions.

Huawei Buys Neul for IoT Thrust
Wednesday, September 24, 2014
Electronics360
Global telecom equipment giant Huawei Technologies Co. Ltd. has bought UK internet-of-things (IoT) company Neul Ltd. (Cambridge, England) for a sum reported to be $25 million.

Intel Takes 20% Stake in China's Spreadtrum, Says Tencent
Wednesday, September 24, 2014
Barron's
According to a brief item put out by one Chen Liang of Chinese news service Tencent, Intel has taken a 20% stake in Spreadtrum, the wireless chip maker bought out last year by Chinese state-funded Tsinghua Unigroup.

SiTime Raises $25 Million
Tuesday, September 23, 2014
Reuters
SiTime Corporation, a MEMS analog semiconductor company, today announced that it has closed $25 million in new financing, which consisted of a combination of structured debt facility of $15 million provided by Capital IP Investment Partners LLC and strategic equity investment from other investors.

Cisco Announces Intent to Acquire Memoir Systems
Thursday, September 18, 2014
Design & Reuse
Cisco announced its intent to acquire privately held Memoir Systems, a company that develops semiconductor memory intellectual property (IP) and tools that enable ASIC vendors to build programmable network switches with increasing speeds. This acquisition will enable the proliferation of affordable, fast memory for existing Cisco switch ASICs and will help advance Cisco's ASIC innovations necessary to meet next-generation IT requirements.

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.

Microsemi To Acquire Centellax
Wednesday, September 10, 2014
PR Newswire
Microsemi Corporation, a leading provider of semiconductor solutions differentiated by power, security, reliability and performance, today announced it has signed an agreement to acquire Santa Rosa, Calif.-based Centellax, a supplier of high-speed analog and RF semiconductor products for the optical communications and Ethernet datacom markets. The terms of the transaction were not disclosed. The closing of the transaction is subject to customary closing conditions.

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.

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