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

Mentor Graphics Acquires Tanner EDA
Tuesday, March 3, 2015
PR Newswire
Mentor Graphics Corp. today announced it has acquired the business assets of Tanner EDA, a leading tool provider for the design, layout and verification of analog/mixed-signal (AMS) and MEMS integrated circuits. W

Everlight Electronics Reportedly to Merge with Edison Opto
Monday, March 2, 2015
DIGITIMES
LED packaging service provider Everlight Electronics, in order to quickly expand LED packaging capacity to compete with China-based fellow providers, plans to merge with Taiwan-based Edison Opto which is specialized in LED packaging for LED lighting, according to industry sources.

NXP, Freescale Plan Mega Merger
Sunday, March 1, 2015
EE Times
In one of the biggest consolidations in the semiconductor industry to date, NXP and Freescale have announced plans for a merger. If the deal is approved, they would create a top-ten chip maker and embedded processor giant with more than $10 billion in combined revenues.

Avago Technologies Limited to Acquire Emulex Corporation for $8 Per Share in Cash
Wednesday, February 25, 2015
MarketWatch
Avago Technologies Limited and Emulex Corporation today announced that they have entered into a definitive agreement under which Avago will acquire Emulex, a leader in network connectivity, monitoring and management, in an all-cash transaction valued at approximately $606 million, or $609 million net of cash and debt acquired.

Guerrilla RF Closes on $500K Funding Round
Wednesday, February 25, 2015
Triad Business Journal
Guerrilla RF Inc., a Greensboro-based provider of microchips for wireless network infrastructure, has closed on a $500,000 funding round and is set to begin mass production of its first products this summer.

eASIC Files Registration Statement for Proposed Initial Public Offering
Thursday, February 19, 2015
Business Wire
eASIC Corporation today announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not been determined. eASIC intends to apply to list its common stock on the Nasdaq Global Select Market under the ticker symbol "EASI".

Woburn Semiconductor Company Nantero Gets $32M in Funding
Wednesday, February 4, 2015
Boston Business Journal
Nantero Inc., a Woburn semiconductor company, has raised $31.5 million in new equity funding out of a $41.5 million proposed offering, according to a recently regulatory filing.

IXYS Announces the Acquisition of RadioPulse
Tuesday, February 3, 2015
Business Wire
IXYS Corporation, an international power semiconductor and IC company, today announced that it has signed a definitive agreement to acquire RadioPulse. Based in Seoul, Korea, the fabless semiconductor company develops, manufactures and sells innovative wireless network technology solutions based on the ZigBee protocol (which combines MCUs and RF). RadioPulse's energy-friendly solutions are designed to enable a broad range of power-sensitive applications in the industrial, medical, consumer, smart grid and Internet of Things (IoT) markets.

KnCMiner Raises $15M Led by Accel Partners and Completes 16nm Tape-Out with TSMC
Tuesday, February 3, 2015
Design & Reuse
KnCMiner, the professional bitcoin mining company, announces a Series B investment of $15M led by Accel Partners with participation from existing investors Creandum, GP Bullhound and private investor Martin Wattin. KnCMiner plans to use the new capital, in addition to cash generated through operations, to increase its bitcoin mining capacity and continue to build the bitcoin-processing infrastructure of the future.

MaxLinear to Acquire Entropic, Reaffirms Its Fourth Quarter 2014 Guidance and Provides Outlook for First Quarter 2015
Tuesday, February 3, 2015
GlobeNewswire
MaxLinear, Inc., a leading provider of integrated radio frequency (RF) and mixed-signal integrated circuits (ICs), and Entropic Communications, Inc., a world leader in semiconductor solutions for the connected home, today announced that they have signed a definitive agreement for MaxLinear to acquire Entropic. The boards of directors of both MaxLinear and Entropic have unanimously approved the transaction.

Silicon Labs Acquires Bluegiga, a Leader in Bluetooth and Wi-Fi Connectivity Solutions
Tuesday, February 3, 2015
Business Wire
Silicon Labs, a leading provider of microcontroller, wireless connectivity, analog and sensor solutions for the Internet of Things (IoT), today announced the acquisition of Bluegiga Technologies Oy. A privately held company based in Espoo, Finland, Bluegiga is one of the fastest growing independent providers of short-range wireless connectivity solutions and software for the IoT.

Intel to Acquire Lantiq; Advancing the Connected Home
Monday, February 2, 2015
Business Wire
Intel Corporation has signed a definitive agreement to acquire Lantiq, a leading supplier of broadband access and home networking technologies. The transaction is subject to customary closing conditions and regulatory approvals. The transaction is expected to close in approximately 90 days. Deal terms were not disclosed.

Luna and API Agree to Merge
Monday, February 2, 2015
Business Wire
Luna Innovations Incorporated, which develops and manufactures fiber optic sensing and test & measurement products for the telecommunications, aerospace, automotive, energy, and defense markets and Advanced Photonix, Inc., a leading supplier of optoelectronic sensors, devices, and instrumentation for the telecommunications, defense, medical, and industrial markets today announced their agreement to merge.

Micralyne Ramps Up with New Ownership
Wednesday, January 28, 2015
Business Wire
Micralyne Inc. is pleased to announce that Canadian private equity investor FTC Technologies Inc. has purchased 98 percent of the corporation and is on track to acquire the remaining shares. Micralyne is one of the leading independent providers of development and manufacturing services for micro-electro mechanical systems (MEMS) and micro fabrication in the life sciences, telecommunications, automotive, energy and aerospace industries.

Lattice Semiconductor to Acquire Silicon Image for Approximately $600 Million
Tuesday, January 27, 2015
Business Wire
Lattice Semiconductor Corporation), a leading provider of programmable connectivity solutions, and Silicon Image, Inc., a leading provider of wired and wireless connectivity solutions, today announced that they have signed a definitive agreement, pursuant to which Lattice will acquire Silicon Image in an all-cash tender offer of $7.30 per share, representing an equity value of approximately $600 million (or approximately $450 million on an enterprise value basis) and a 34.6% premium to the average closing price over the last 90 trading days and a 23.7% premium to the closing price on January 26th.

Everspin Increases Series B Funding to $29M With Strategic Investments From GLOBALFOUNDRIES and Western Digital Capital
Monday, January 26, 2015
MarketWatch
Everspin Technologies, Inc., the world's leading developer and manufacturer of discrete and embedded MRAM, today announced that the company has closed its $29 Million (USD) Series B round of venture capital and strategic investment.

Novachips Acquires HLNAND Flash Memory Technology
Monday, January 26, 2015
Design & Reuse
Novachips Co., Ltd. today announced it has signed a definitive agreement to acquire HyperLink NAND (HLNAND®) Flash memory technology assets, including 256 HLNAND Flash memory and system patents, from Conversant Intellectual Property Management Inc.

Amazon to Buy Israeli Start-up Annapurna Labs
Thursday, January 22, 2015
Reuters
U.S. tech giant Amazon confirmed on Thursday that it has agreed to buy Israeli chipmaker Annapurna Labs for its cloud computing unit, Amazon Web Services.

Sunplus to Sell STB Chip Business to China Firm
Wednesday, January 21, 2015
DIGITIMES
Sunplus Technology, a Taiwan-based IC design house specializing in multimedia and PC peripheral chips, has announced plans to sell its STB (set-top box) IC business to China-based Availink for NT$330 million (US$10.47 million).

Semtech Acquires Assets of EnVerv
Thursday, January 15, 2015
Design & Reuse
Semtech Corporation, a leading supplier of analog and mixed-signal semiconductors, today announced that it has completed the acquisition of assets of EnVerv, Inc., a privately-held supplier of Power Line Communications and Smart Grid solutions targeted at advanced metering infrastructure, home energy management systems and Internet of Things applications.

Mentor Graphics Acquires Flexras Technologies
Tuesday, January 13, 2015
PR Newswire
Mentor Graphics Corp. today announced that it has acquired Flexras Technologies, a leading developer of proprietary technologies that reduce time required for prototyping, validation, and debug of integrated circuits (ICs) and systems on chip (SoCs).

Epistar to Buy 94% of TSMC SSL from TSMC and Subsidiary
Friday, January 9, 2015
Design & Reuse
Epistar Corp. and Taiwan Semiconductor Manufacturing Co. (TSMC ) held Board of Directors' meetings today and approved a sale of TSMC Solid State Lighting (TSMC SSL) shares. Epistar will acquire all shares of TSMC SSL held by TSMC and TSMC's subsidiary TSMC Guang Neng Investment Ltd. for NT$825 million, or NT$1.46 per share. After the transaction, Epistar will own 94% of the company, and TSMC will completely exit TSMC SSL . The company will be operated by Epistar and TSMC SSL's current team.

Merger of RFMD and TriQuint Is Now Complete, Qorvo™ Emerges as a New Leader in RF Solutions
Friday, January 2, 2015
PR Newswire
RF Micro Devices, Inc. and TriQuint Semiconductor, Inc. announced today they have completed their merger of equals to form Qorvo™ (Nasdaq: QRVO), a new leader in RF solutions. Qorvo is expected to begin trading today on the NASDAQ Global Stock Market.

Vishay Intertechnology Completes Acquisition of Capella Microsystems, a Fabless IC Design Company
Wednesday, December 31, 2014
Business Wire
Vishay Intertechnology, Inc., one of the world's largest manufacturers of discrete semiconductors and passive electronic components, today acquired all of the remaining outstanding shares of Taiwan based Capella Microsystems Inc. for approximately NT$668.2 million or US$21.0 million, pursuant to the terms of its previously announced merger agreement with Capella. Capella is a fabless IC design company specializing in optoelectronic products.

PSI to List on Taiwan Emerging Stock Market
Tuesday, December 23, 2014
DIGITIMES
Phoenix Silicon International (PSI) will start trading on the Emerging Stock Board of the Taiwan Stock Exchange (TSE) on December 23, with a planned listing price of $55 (US$1.74), according to the company.

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