CebaTech Inc., a start-up aimed at delivering high-value Internet Protocol intellectual property cores and breakthrough ESL technology, today announced the closing of $4 million in Series C financing. The Series C round was led by existing investor 2M Technology Ventures and included all other existing investors: SAS Investors and NJTC Venture Fund.
The new funding will enable CebaTech to focus on productizing ESL compiler technology and Internet Protocol cores developed using the ESL compiler. In particular, the funding allows CebaTech to continue to invest in and expand sales, marketing and the support infrastructure.
“CebaTech has a very high caliber management and R&D team who have worked together for almost two decades. This has allowed them to ramp up quickly and grow the business to plan,” said Steven Leeke, Partner, 2M Technology Ventures. “CebaTech has met or exceeded expectations, and the company is looking forward to bringing products to market in Q4 ’06.”
The Series C round leaves the company’s existing board of directors the same: Tim Sullivan, founding CEO of CebaTech; Jay Fahey, General Manager, Lucent’s Metro Access business unit; Steven D. Leeke, Partner, 2M Technology Ventures; Ramana Jampala, Partner, SAS Investors; and Robert Chefitz, Partner, NJTC Venture Fund.
“The ESL market has matured over the course of the last three to five years, and CebaTech’s ESL compiler technology represents a true-paradigm shift in chip design methodologies,” said Ramana Jampala, Partner, SAS Investors. “This team has a proven track record of effectively developing companies and technology and we look forward to their continued success at CebaTech.”
“NJTC Venture Fund is excited to back an excellent management team which has developed a critical technology in the evolution of chip design,” said Robert Chefitz, Partner, NJTC. “The company’s ability to integrate multiple standards and proprietary IP on a common design platform is essential to the compositeness of chip and device manufactures.”
“This round of funding will accelerate CebaTech’s ability to move from a stealth mode, predominantly R&D-centric organization to a public organization with active sales and marketing infrastructure and activity,” said Tim Sullivan, founder and CEO, CebaTech. “The on-going investment in CebaTech by our existing Series B investors reflects their continued confidence that the company’s technologies and early customer engagements are progressing well.”
About 2M Technology Ventures
2M Technology Ventures, L.P. invests primarily in early-stage, high technology firms. 2MTV focuses on businesses using technology to solve well-understood market needs. 2MTV currently has holdings in the following markets: semiconductors, microdisplays, and wireless communications.
About NJTC Venture Fund
NJTC Venture Fund is an $80M early stage venture capital fund investing in promising companies located in the New Jersey region. Industries of interest include communications, energy, information technology, healthcare/life sciences, and materials. NJTC Venture Fund will invest $250K – $5M per company and supports its portfolio with an unparalleled network of local, active partners and advisors. NJTC Venture Fund is seeking new investments in seed and early stage companies.
About SAS Investors
SAS Investors (formerly known as Silicon Alley Seed Investors) facilitates the creation and growth of seed and early-stage core technology companies in the Mid-Atlantic and Northeast regions. Located in New York City and backed by Canaan Partners, Rho Capital Partners, and Sevin Rosen Funds, SAS Investors targets companies that provide solutions based on technologies emerging out of tech transfer centers, universities, and/or corporate labs.
Founded in early 2004 and headquartered in Eatontown, NJ, CebaTech Inc. develops ESL tools and intellectual property modules that accelerate the development and realization of software algorithms and complex communication protocols in silicon. CebaTech’s products will include high-value, 10G TCP/IP cores for networking, storage, and communication systems and servers as well as ESL technology that transforms SoC/ASIC/ FPGA development into a top-down design process, alleviating existing verification bottlenecks, reducing costs and accelerating time to market. CebaTech is privately held.