The Danish manufacturer of software for chip optimizing has just closed an investment round of over 18 million DKK. The investment will be used to intensify Nangate's sales activities in the U.S., where its software portfolio in the past year has been proven most popular as a tool to improve the efficiency of a.o. chips in consumer electronics.
Nangate develops a portfolio of software tools that help manufacturers and designers of chips to more efficiently create smaller and faster chips with lower power consumption. It solves a key challenge for all manufacturers of consumer electronics who increasingly have to provide better performance and longer battery life.
Nangate was crowned this year's startup firm by Ernst & Young in 2007 and was listed in 2010 at the prestigious Red Herring Top 100 as one of the most innovative companies in Europe. Nangate has over the recent years gained a significant foothold in the global market with a revenue in 2010 of more than 20 million DKK. - A fraction of the potential market for Nangate solutions.
"We sell solutions to a complex and competitive market" said Ole Christian Andersen, CEO of Nangate and continues: "Our solutions makes it possible to create complex electronic designs that can perform at the highest level and we are experiencing a very positive reception from the leading companies in this market. We have no doubt that we offer the best solution and we consider our current order book as an indicator of our relevance in the marketplace."
As an example of Nangate's huge potential, TSMC, the world's largest producer of semiconductors (the foundation of modern electronics) said that using Nangate's solutions on their products has resulted in speeds that they have not seen before. The current success and the ambition to pursue this further has resulted in an investment round of over 18 million DKK from the company's existing investor group, comprising among others SEED Capital and Sunstone Capital.
In connection with the investment the company's senior management inc. Ole Christian Andersen moves to the United States, while the development department will remain in Denmark. The Nangate organization is today about 50 people.
"We see a huge potential in the company's technology," said Lars Andersen, Partner at SEED Capital and the new chairman of Nangate and continues, "coupled with the current management's ability to execute in a demanding and competitive environment, we believe that Nangate stands on the threshold a remarkable success over the next year.