Pyxis Technology, Inc., EDA software provider, closes $5.5 Million in Funding
from Austin Ventures and CMEA Ventures
Appoints Jim Solomon and Joe Hutt, both Industry Veterans to its Board of Directors
Austin, TX -- July 26, 2004 - Pyxis Technology, a developer of EDA software,
today announced that it has closed a $5.5 million series A funding from Austin
Ventures and CMEA Ventures. The funding will allow Pyxis to bring to market
its initial software product and expand the engineering and management team.
Pyxis was founded earlier this year by industry veterans P.T. Patel, Sharad
Mehrotra, and Joe Rahmeh, with extensive experience in chip design and
algorithmically complex software development from previous companies such as
IBM, Sun Microsystems, and Monterey Design Systems. Using Pyxis\u2019 software,
chip designers for sub-100nm designs will achieve faster design closure and
allow optimization of their chip designs on cost, area, yield, and other key
parameters.
"Pyxis has a well respected and highly experienced team with rare
multi-disciplinary expertise required to make this product possible",
said Krishna Srinivasan, principal, Austin Ventures. "We are confident
that the company will achieve a leadership position in the EDA software market.
"
The company also announced the appointment of Jim Solomon, EDA pioneer and a
founder of Cadence Design Systems, and Joe Hutt, an industry veteran to its
board of directors.
"Pyxis is very fortunate to have Jim Solomon and Joe Hutt join the board.
Both of them have been intimately involved in building industry’s most
significant companies in our domain", said Faysal Sohail, general partner
at CMEA Ventures.
"With the support of Austin Ventures and CMEA Ventures we can now focus
on delivering our flexible infrastructure and multi-variable optimization
software designed to solve the problems arising from physical effects of
sub-100nm technologies efficiently", said P.T. Patel, president and
CEO of Pyxis Technology. "We have strong validation from our potential
customers that they will significantly benefit from our innovative technology.
"
About Pyxis
Pyxis Technology is a privately held company headquartered in Austin, Texas.
Pyxis Technology develops and markets EDA software for chip design and analysis,
primarily focused on design closure, manufacturability, and time-to-market
issues for sub-100nm process technologies. Visit
www.pyxistech.com for more information.
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build valuable
companies since 1979. With $2.4 billion under management, AV is the most active
venture capital firm in Texas, and one of the most established in the nation.
With a focus on enterprise software, computer and communications hardware, and
business services, Austin Ventures invests at all stages of company development,
from $100,000 "planned experiments" to $50+ million investments in
management buyouts.
About CMEA Ventures
CMEA Ventures is a San Francisco based venture capital firm that was established
in 1989 and specializes in high technology and life sciences investments. CMEA
invest in both early and late stage companies, and actively partner with our
extended network of companies, other VC firms, institutional investors, strategic
partners as well as entrepreneurs. CMEA was originally formed as an affiliate of
New Enterprise Associates (NEA) in 1989 and became independent in 1997. CMEA
currently manages 6 funds with over $750 million dollars of venture capital.
