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


Microsemi to Buy PMC-Sierra In Deal Valued at About $2.5 Billion
Tuesday, November 24, 2015
Bloomberg Business
Microsemi Corp. fell the most in seven months after agreeing to buy PMC-Sierra Inc. for about $2.5 billion, ending a month long bidding contest with Skyworks Solutions Inc. for the maker of semiconductors for network drives.

ColorChip Raises $25M to Support Major Data Centers Power Through the Data Tsunami
Monday, November 23, 2015
Business Wire
ColorChip, a privately held Israeli company that provides cost effective, dense, hyper-scale transceivers and advanced optical splitters, has raised $25M in growth-funding to scale up its operations and accelerate its product roadmap.

Skyworks Announces Termination of Merger Agreement with PMC-Sierra
Monday, November 23, 2015
Business Wire
Skyworks Solutions, Inc., an innovator of high performance analog semiconductors connecting people, places and things, today announced that it decided not to modify its amended and restated merger agreement with PMC-Sierra, Inc., entered into on October 29, 2015. Today PMC terminated the amended and restated merger agreement and, as a result, Skyworks is entitled to an $88.5 million termination fee from PMC.

ams Acquires CMOSIS, a Leading Supplier of High-End Area Scan and Miniature Medical CMOS Image Sensors
Friday, November 20, 2015
Business Wire
ams, a leading worldwide provider of high-performance sensor and analog solutions, has entered into an agreement to acquire 100% of the shares in CMOSIS, a leader in advanced area and line scan CMOS image sensors for high-end imaging applications, in an all-cash transaction.

ON Semiconductor to Buy Fairchild Semiconductor for $2.4 Billion
Wednesday, November 18, 2015
Wall Street Journal
ON Semiconductor has agreed to acquire fellow chip company Fairchild Semiconductor for about $2.4 billion in cash, the latest deal in the consolidating semiconductor space.

ANADIGICS Announces Definitive Agreement and Plan of Merger With Affiliates of GaAS Labs, LLC and Third Quarter Results
Thursday, November 12, 2015
ANADIGICS, Inc., a world leader in radio frequency solutions, today announced the Company has entered into a definitive agreement and plan of merger with affiliates of GaAs Labs, LLC and reported financial results for the third quarter of 2015.

TSMC to Invest in Tela for US$65 Million
Thursday, November 12, 2015
TSMC Partners, a TSMC unit engaged in making investments in semiconductor companies, will buy about 10 million shares of Tela Innovations for US$6.24 a share or a total of US$65 million, according to a company filing with the Taiwan Stock Exchange (TSE).

Pericom Enters Into Amendment to Merger Agreement With Diodes With Increased Purchase Price of $17.75 Per Share
Monday, November 9, 2015
Pericom Semiconductor Corporation announced that its Board of Directors has unanimously accepted a revised offer from Diodes Incorporated to acquire Pericom for $17.75 per share in cash without interest or an aggregate purchase price of approximately $413 million.

WiLAN Announces Patent Acquisition From Freescale Semiconductor
Wednesday, November 4, 2015
Market Watch
WiLAN announces that it has acquired more than 3,300 patents from Freescale Semiconductor, a leader in processing and sensing solutions. The portfolio was acquired under WiLAN's partnership model.

EDA Start-Up Intento Design Raises 900K Euros in Early Stage Funding
Tuesday, November 3, 2015
Design & Reuse
Intento Design today announced that it has raised 900K Euros in early stage funding. The equity allows Intento to focus on product development as well as expansion of the company's global sales and marketing efforts.

Sckipio Receives Investment from Intel Capital
Tuesday, November 3, 2015
Business Wire
Sckipio Technologies, the leader in modems, announced it has received investment from Intel Capital, the strategic investment and M&A arm of Intel Corp.

Tsinghu Unigroup to Buy 25% Stake in PTI for NT$19.4 Billion
Monday, November 2, 2015
China's state-owned Tsinghua Unigroup will invest a total of NT$19.4 billion (US$598 million) in Powertech Technology (PTI) through private placement, according to the Taiwan-based memory packaging and testing specialist.

PMC-Sierra Reiterates Commitment to Skyworks Transaction
Sunday, November 1, 2015
Business Wire
PMC-Sierra, Inc., the semiconductor and software solutions innovator transforming networks that connect, move and store big data, today announced that PMC's board of directors unanimously determined, after receiving the advice of its financial advisors and outside legal counsel, that the latest proposal received from Microsemi Corporation to acquire all of the outstanding shares of PMC common stock is not superior to PMC's existing agreement with Skyworks Solutions, Inc.

Toshiba to Sell Sensor Business to Sony, Overhaul Chip Unit
Wednesday, October 28, 2015
Japan's Toshiba Corp said it will sell its image sensor business to Sony Corp and overhaul its unprofitable semiconductor businesses as it works to recover from a $1.3 billion accounting scandal.

Adesto Technologies Prices IPO at $5.00, as Expected
Tuesday, October 27, 2015
Renaissance Capital
Adesto Technologies, which fabless provider of flash memory chips for Internet of Things devices, raised $25 million by offering 5 million shares at $5.00.

Brite Semiconductor Acquires Architectural License to Uniquify's DDR Technology to Consolidate Core IP Technology
Tuesday, October 27, 2015
Design & Reuse
Brite Semiconductor, an ASIC design and turnkey service provider headquartered in Shanghai, China, announced that it has acquired an architectural license to DDR (double data rate) technology developed by Uniquify, Inc. of San Jose, California a developer and supplier of on-chip DDR solutions.

Flex Logix Secures $7.4 Million in VC Financing
Monday, October 26, 2015
Business Wire
Flex Logix Technologies, Inc., innovative developer of patented FPGA-in-SoC technology, today announced it has secured $7.4 million in equity financing. The company's EFLX Arrays enable FPGAs (field programmable gate arrays) to be easily embedded into any SoC (system-on-chip), allowing key functions to be optimized or customized after the device is completely fabricated - even updating logic after a device is installed into a system in the field.

IDT to Acquire ZMDI for $310 Million
Monday, October 26, 2015
Business Wire
Integrated Device Technology, Inc. announced an agreement to acquire privately held ZMDI (Zentrum Mikroelektronik Dresden AG) for total consideration of $310M in cash.

Lam Research Bids $10.6B for KLA-Tencor, Creating Chip Giant
Wednesday, October 21, 2015
ABC News
Lam Research Corp. is buying KLA-Tencor Corp. for about $10.6 billion, creating a huge player in the semiconductor sector that will rival Applied Materials Inc.

ON Semi Buys Sub-GHz Radio Chip Vendor
Wednesday, October 21, 2015
EE Times India
ON Semiconductor has revealed that it has acquired Swiss-based Axsem AG, a vendor of sub-gigahertz radio chips, for an undisclosed amount.

Western Digital to Buy SanDisk for $19 Billion
Wednesday, October 21, 2015
Wall Street Journal
Western Digital Corp. agreed to buy SanDisk Corp. for about $19 billion in cash and stock, a deal that positions the disk-drive maker for growth in the struggling storage industry.

ARM to Offer Cycle-Accurate Virtual Prototyping for Complex SoCs Through an Asset Acquisition from Carbon Design Systems
Tuesday, October 20, 2015
Design & Reuse
ARM has acquired the product portfolio and other business assets of Carbon Design Systems (Carbon), a leading supplier of cycle-accurate virtual prototyping solutions, to deliver design optimization, time-to-market and cost-efficiency gains for its partners. As part of this acquisition, Carbon's staff will transfer to ARM.

VeriSilicon to Acquire Vivante Corporation in All-Stock Transaction
Monday, October 12, 2015
Business Wire
VeriSilicon Holdings Co., Ltd. and Vivante Corporation announced a definitive merger agreement under which the companies will be combined in an all-stock transaction.

Indice Semiconductor $10.14M Financing
Thursday, October 8, 2015
Indice Semiconductor Inc., Corporation submitted form D regarding $10.14 million equity financing.

Sony Acquires Belgian Innovator of Range Image Sensor Technology, Softkinetic Systems S.A., in its Push Toward Next-Generation Range Image Sensors and Solutions
Thursday, October 8, 2015
Design & Reuse
Sony Corporation is announcing that it has completed the acquisition of Softkinetic Systems S.A., after reaching an agreement with the company and its major shareholders.


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