Achronix completes first close of oversubscribed $45 million series C mezzanine financing

SAN JOSE, USA: Achronix Semiconductor Corp., provider of the world’s fastest field-programmable gate arrays (FPGAs), announced the first closing of a $45 million Series C mezzanine financing.

Over $40 million has been committed to date. Due to significant interest from a number of strategic investors, the additional $5M will be closed in the next 60 days. The proceeds of the financing will be used to accelerate investments in Speedster22i FPGAs and future products. Based on Intel’s 22nm process technology, Achronix’s Speedster22i devices shatter the limitations of current FPGAs by offering cost-effective production of high performance, high density, IP-rich FPGAs.

The mezzanine financing was led by a syndicate of financial and strategic investors and all of Achronix’s existing investors participated in the financing. The Achronix Series C financing is one of the largest for a venture-backed semiconductor company in recent history and occurs on the heels of the agreement with Intel to build Speedster22i FPGAs.