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| Tenison Technology receives GBP 700,000 |
Tenison technology EDA has received a £700,000 round of financing from a consortium led by Axiomlab plc. Axiomlab has invested £260,000 for 13 per cent of the equity with an option of a further 3 per cent. The other investors were Sigma technology group, via its Sigma Technology Venture Fund, Providence Investment Company and Dr Robert Samson.
Tenison, founded by Dr David Greaves in 2000, is a spin-out from the University of Cambridge's Computer Laboratories. The company designs software that enables hardware and software engineers to work together when developing microchips. This proprietary software, VTOC, is targeted at reducing the cost and time to market for semiconductor design by allowing embedded software groups to work closely with hardware design teams. An early release of VTOC has been in use at 11 companies worldwide. The funding will be used to launch VTOC into the North American and European markets.
Dr Robert Sansom will join the board as non-executive chairman and Fred Mendelsohn of Axiomlab and Dr Keith Monserrat, a director of Sigma Technology Group plc, will join as non-executive directors.
The Tenison management team has vast experience in technology start-ups. Chief scientist, Dr David Greaves previously co-founded Virata, a chip design company, which was acquired in 2001 for $545 million. CEO, Jeremy Bennett, was most recently vice president solution sales for Marconi, having previously held senior management positions in marketing and engineering. Chief technology officer, Dr William Stoye, has 15 years of experience in managing hardware/software projects in Cambridge hi-tech firms. New non-executive Chairman, Robert Sansom, was co-founder of Fore Systems in 1990 and helped build it to $600 million revenues before the company was sold for $4.5 billion in 1999.
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