Cadence, Sumitomo and Private Investors; LSI Logic CEO to Join Ambit Board of Directors Business Editors & High Tech Writers SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 22, 1997--Ambit Design Systems, Inc. today announced it has accepted $19 million in new funding from several investors, including charter customer LSI Logic, technology/marketing partner Cadence Design, Sumitomo Corp. of Japan and leading Wall Street investors. The new distribution of equity brings the investment total to approximately $24 million since the founding of the company in 1994. Ambit also announced that Wilfred Corrigan, chairman, CEO and president of LSI Logic, has joined to the Ambit board of directors. "There can be no better business endorsement for a start-up than having customers and corporate partners tie themselves directly to the future of the company," said Ambit CEO and President Prakash Bhalerao. "We are doubly honored that a significant portion of that investment comes from the undisputed leaders in both the EDA and ASIC industries." LSI Logic was one of Ambit's first customers and became the first ASIC vendor to support Ambit when it announced a three-year technology partnership with Ambit in February 1997. Cadence endorsed BuildGates, Ambit's logic synthesis tool, in November when it announced it would be reselling BuildGates as a replacement for its own Synergy tool and will be using BuildGates in the Cadence Design Factory(TM) network. Sumitomo is the parent corporation of SC Hightech, Ambit's Japanese distribution partner. Ambit Design Systems, Inc., the Superior Synthesis Alternative, is a privately held California company that develops innovative synthesis solutions for high-end chip design. Ambit's first product, BuildGates, is a logic synthesis tool delivering increased productivity on million gate chip designs without a significant change in the design methodology. Ambit tools are tested and proven by major microprocessor, multimedia and communications vendors worldwide. For more information, call 888/GO-AMBIT or visit the Ambit website at http://www.ambit.com .
AMBIT ANNOUNCES $19 MILLION INVESTMENT FROM LSI LOGIC,
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