Cambridge-based software company Tenison Technology EDA said it has closed a £700,000 ($1 million) first round of funding led by London-based venture capital firm Axiomlab plc at a valuation of £2 million. Other participants included Sigma Technology Venture Fund and rovidence Investment Company Ltd. The company was spun out of the University of Cambridge's computer laboratories in 2000. IT designed software that is supposed to enable hardware and software engineers to work together when developing microchips.