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Carbon Raises Additional $10M Funding

January 13, 2004 - Waltham, MA

Carbon Design Systems — a fast moving EDA company that reduces the time-to-profit for chip companies by enabling pre-silicon system validation—announced today that in just 90 days, it has raised a $10M series B second round of funding. Carbon further announced that 22 year EDA veteran and former Viewlogic, Innoveda, and Silerity CEO, Will Herman, will immediately join Carbon’s board of directors, along with Edgar Masri of Matrix Partners.

Participating venture capital firms included Matrix Partners and existing series A investors Commonwealth Capital, Flagship Ventures, and Allan Wallack. This round of investment brings Carbon’s total financing to $15 million with the series A close in April 2002.
“Carbon will use this cash infusion to build out its sales and support structure on a worldwide basis and develop its next generation of products,” said Steve Butler, president and CEO of Carbon. “We are pleased that Will Herman and Edgar Masri are joining a seasoned Board that includes Allan Wallack, former CEO of Spring Tide Networks and Chrysalis Symbolic Design.”

“I’m excited to be working with Carbon and see the parallel to an early Viewlogic breaking new ground,” said Will Herman, Carbon Board member. “Validation is a tough problem—software validation needs a fast hardware representation to be practical. Until now, silicon has been the only choice, as EDA solutions have fallen short. Carbon changes the rules with its pre-silicon validation strategy.”

“We invest in companies that have global impact potential and are positioned to be prime movers in their space. Carbon is the first EDA vendor to recognize that software validation is just as important as hardware verification to achieve first-turn chip success,” said Edgar Masri, a general partner at Matrix Partners. “By enabling validation to be done prior to chip fabrication, Carbon reduces the time-to-profit equation for an entire industry.”

“Carbon has an opportunity to expand the reach of the traditional EDA tools market by delivering a deployable software-only solution for ASIC and SoC validation,” stated Steve Ricci, managing director and vice chairman of Flagship Ventures. “The validation market has been held back by the need for functional silicon before validation can begin in earnest.”

 “We supported Carbon early in its maturation cycle and continue to help them fuel their expansion. We could see they were solving a big problem with enormous upside as the first to establish its brand,” noted Stephen McCormack, cofounder of Commonwealth Capital. “With the successful introduction of Carbon’s first products at the end of last year, it’s time to invest in scaling the business.”