Semiconductor co ZikBit raises $8m: Evergreen, STATA Venture Partners, and Argonaut Private Equity invested in the company, which is designing a cost...
(Globes Via Acquire Media NewsEdge) Dec. 15--Israeli semiconductor start-up ZikBit Ltd. has completed an $8 million financing round from current investor Evergreen Venture Partners, together with two US funds, STATA Venture Partners and Argonaut Private Equity.
ZikBit CEO Dr. Yair Alpern and chief scientist Dr. Avidan Akerib founded the company in February 2008. Alpern is a former member of the investment team of BRM Capital and ran the Infineon-Saifun Semiconductor joint venture, Ingentix, and CyOptics Inc. Akerib co-founded Associative Computing Ltd. (ACL), which was acquired by NeoMagic Corporation (Nasdaq: NMGC) in 1999.
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ZikBit develops technology designed for integration with DRAM flash memory processors. The company's first product line targets the mobile device market. The new flash memory processors are intended to enable a cost and power-saving rich user experience. Later, the company intends to expand the target markets of its processors to home entertainment and other electronic systems.
Alpern said, "I believe that the company's technology, which is based on Akerib's ideas, will be a step forward in the functioning of memory processors in electronic systems. I am pleased at the confidence shown in us by the company's investors in such difficult times."
Both STATA and Argonaut are familiar with the Israeli market. Argonaut, which has $3.5 billion under management, has invested in Amimon Inc., eGlue Ltd., Flash Networks Ltd., Transpharma Medical Ltd., and Veraz Networks Inc. (Nasdaq:VRAZ). STATA has made one investment in Israel so far, a joint investment with Argonaut in Amimon. STATA Venture Partners is the investment arm of Ray Stata, the founder of Analog Devices Inc. (NYSE: ADI).
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