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
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
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
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