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


EZchip to be Bought by Mellanox at 16% Premium
Wednesday, September 30, 2015
Market Watch
EZchip Semiconductor Ltd. said on Wednesday it agreed to be acquired by Mellanox Technologies Ltd. in a deal valued at about $811 million.

Kinetic Technologies Announces Acquisition of Akros Silicon
Monday, September 28, 2015
PR Newswire
Kinetic Technologies, a high-performance analog and mixed-signal semiconductor company focused on developing power management solutions for computing, consumer, industrial, and communications markets, announced the acquisition of Akros Silicon, a leading supplier of intelligent energy management ICs, which integrate high-voltage digital isolation and discrete components into a single device.

ASE Obtains 25% SPIL Shares
Wednesday, September 23, 2015
Advanced Semiconductor Engineering (ASE) announced on September 22 it has purchased 25% shares of Siliconware Precision Industries (SPIL), achieving its acquisition goal.

China Buys Swedish MEMS Foundry, Builds Fab
Wednesday, September 23, 2015
EE Times
Hong Kong investment holding company GAE Ltd. has acquired control of pure-play MEMS foundry Silex Microsystems AB (Jarfalla, Sweden) and has started the construction of a wafer fab in Beijing to expand the company's production capacity.

GigOptix, Inc. to Acquire Terasquare, Co. Ltd.
Tuesday, September 22, 2015
Business Wire
GigOptix, Inc., a leading supplier of advanced high speed semiconductor components for use in long-haul, metro, Cloud connectivity, data centers, consumer electronics links and interactive applications, through optical and wireless communications networks, announced signing a definitive agreement to acquire Terasquare, Co. Ltd., a Seoul, Korea-based, fabless semiconductor company and provider of low power, CMOS high speed communication interface semiconductors for 100Gbps Ethernet, Fiber Channel, and EDR Infiniband applications. The acquisition is expected to become effective on Wednesday, September 30, 2015.

Dialog Semiconductor to Buy Atmel for $4.6 Billion
Sunday, September 20, 2015
Wall Street Journal
Dialog Semiconductor PLC announced a $4.6 billion cash-and-stock deal to buy Atmel Corp., the latest sign that chip makers are betting on a technology trend called the Internet of Things.

Mentor Graphics Acquires Calypto Design Systems
Wednesday, September 16, 2015
Design & Reuse
Mentor Graphics Corporation announced that it has acquired its majority-owned subsidiary, Calypto Design Systems, Inc.

Adesto Technologies Files for IPO
Monday, September 14, 2015
Market Watch
Adesto Technologies Corp. of Sunnyvale, Calif., filed for a initial public offering to raise up to $50 million.

Crossbar Closes Series D Funding of $35 Million
Monday, September 14, 2015
Business Wire
Crossbar, Inc., the Resistive RAM (RRAM) technology leader, announced it has completed a $35 million Series D funding round. Tyche Partners, Oriza Holdings and Cheerful Link joined all of Crossbar's existing investors in the round, bringing total investment to $85 million to date. Crossbar plans to use the funds to continue the commercial ramp of its game-changing non-volatile (NVM) memory technology.

Freescale Accelerates Its Solutions for Crashless and Autonomous Vehicles with the Acquisition of CogniVue
Thursday, September 10, 2015
Business Wire
To solidify its strong position in solutions for the autonomous vehicles/advanced driver assistance systems (ADAS) market, Freescale Semiconductor announced the acquisition of Ottawa, Canada-based CogniVue Corporation, a leading developer of image cognition IP for automotive and consumer applications.

KKR Leads $42M Investment in Optimal+
Thursday, September 10, 2015
KKR is leading a $42 million growth equity investment in Optimal+, which included participation by existing investors Carmel Ventures and Pitango.

Intersil Corporation Expands Power MOSFET Expertise
Tuesday, September 8, 2015
PR Newswire
Intersil Corporation, a leading provider of innovative power management and precision analog solutions, today announced the acquisition of Great Wall Semiconductor (GWS), a private technology company developing state-of-the-art power metal-oxide semiconductor field-effect transistor (MOSFET) technology for cloud computing, space and consumer applications.

MediaTek Pursues PMIC Market with Richtek Buy
Monday, September 7, 2015
EE Times
Taiwanese fabless chip company MediaTek has announced it plans to bid to buy Richtek Technology Corp., a fabless vendor of analog ICs and power management ICs also based in Hsinchu, Taiwan.

Chipmaker Diodes to Buy Pericom in $400 Million Deal
Thursday, September 3, 2015
Chipmaker Diodes Inc. said it would buy Pericom Semiconductor Corp in a deal valued at about $400 million to boost its analog and mixed-signal chip businesses.

Austin Chipmaker Loads Up with $10M More Funding
Tuesday, September 1, 2015
Austin Business Journal
Chipmaker Vorago Technologies Inc. has completed a $10 million round of funding to be used for new product and technology development.

Credo Semiconductor Scores Over $8M Series A
Monday, August 31, 2015
Milpitas, California-based Credo Semiconductor, a provider of mixed-signal semiconductor solutions, has secured over $8 million in Series A funding. Walden International led the round.

Tessera to Acquire Ziptronix, Inc. for $39 Million
Thursday, August 27, 2015
Business Wire
Tessera Technologies, Inc. announced the acquisition of Ziptronix, Inc. for $39 million in cash.

MStar to Acquire Ilitek for NT$51 Per Share
Wednesday, August 26, 2015
MediaTek has issued a company filing with the Taiwan Stock Exchange (TSE) that subsidiary MStar Semiconductor plans to acquire ILI Technology (Ilitek), which designs and develops displays driver ICs mainly for smartphones and other mobile devices.

Photovoltaic Chip Company Completes Funding Round
Tuesday, August 25, 2015
EE Times India
Sol Chip Ltd., a developer of an energy harvesting photovoltaic chip based in Israel, has concluded a round of funding led by Dowell Property Holdings Ltd of Hong Kong.

Cavendish Kinetics Raises $36 Million, Transforms LTE Smartphones
Monday, August 24, 2015
Design & Reuse
Building on the market success of its high performance RF MEMS antenna tuners, Cavendish Kinetics announced, that it has completed its final funding round with a strategic raise of $36 million, to accelerate the development of its next generation RF components.

MediaTek Buys ISSI Taiwan Subsidiary to Enable Acquisition of ISSI by Uphill
Wednesday, August 19, 2015
The acquisition of US-based Integrated Silicon Solution (ISSI) by China's Uphill Investment is expected to run more smoothly after ISSI's Taiwan subsidiary Chingis Technology is taken over by MediaTek, industry observers believe.

M/A-COM Completes Divestiture of Automotive Business
Monday, August 17, 2015
Business Wire
M/A-COM Technology Solutions Holdings, Inc. today announced it has completed the previously announced divestiture of its Automotive business to Autoliv ASP Inc.

Docea Power Has Been Acquired by Intel Corporation
Friday, August 14, 2015
Design & Reuse
Docea Power has been acquired by Intel Corporation. The transaction was completed on July 31, 2015.

Qualcomm Completes $2.4 Billion Acquisition of CSR
Thursday, August 13, 2015
PR Newswire
Qualcomm Incorporated today announced that its indirect, wholly-owned subsidiary, Qualcomm Global Trading Pte. Ltd, has completed its acquisition of CSR plc, a leading fabless provider of end-to-end semiconductor and software solutions for the Internet of Everything and automotive segments.

Aricent Subsumes SmartPlay for $180M
Wednesday, August 12, 2015
EE Times India
Aricent, a design services firm, has acquired SmartPlay Technologies of Bangalore for roughly $180 million. The merged company will pursue a rise in demand for custom versions of server chipsets.


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