Flex Logix Raises $5 Million In Series B Funding

Company Plans Expansion to Support Customer Adoption of Embedded FPGA in Networking, Data Centers and Deep Learning

MOUNTAIN VIEW, Calif. -- May 8, 2017 -- Flex Logix™ Technologies, Inc., the leading supplier of embedded FPGA IP and software, today announced it has secured $5 million in Series B equity financing. Led by existing investors Lux Capital and Eclipse Ventures, with participation from the Tate Family Trust, this new round of funding will enable Flex Logix to expand its sales, applications and engineering teams to meet the growing customer demand for its embedded FPGA platform in a variety of applications such as networking, government, data centers and deep learning.

"We believe that Flex Logix's embedded FPGA has the potential to be as pervasive as ARM's embedded processors have become today," said Peter Hebert, Managing Partner at Lux Capital. "The company's software and silicon are proven and in use at multiple customers, paving the way to become one of the most widely-used chip building blocks across many markets and for a broad range of applications."

Market leaders in networking, data centers and deep learning are embracing Flex Logix's technology because it significantly increases the return on investment required to bring complex chips to market. With readily-available, high-density blocks of programmable RTL in any size and with the features a customer needs, designers now have the powerful flexibility to customize a single chip for multiple markets and/or upgrade the chip while in the system to adjust to changing standards such as networking protocols. Customers can also easily update their chips with the latest deep learning algorithms and/or implement their own versions of protocols in data centers. In the past, the only way to accomplish these updates was through expensive and time-consuming new mask versions of the same chip.

"The Flex Logix platform is the best, most scalable and flexible embedded FPGA solution on the market today, delivering significant competitive advantages in time to market, engineering efficiency, minimum metal layers and high density," said Pierre Lamond, Partner at Eclipse Ventures. "These patented technology breakthroughs combined with an experienced management team led by Geoff Tate, the founding CEO of Rambus, strongly position the company for rapid growth in the future."

"We now have customers with working silicon, multiple licensees and are seeing our first repeat designs," said Tate, CEO of Flex Logix. "With a large number of customers in active, detailed evaluation of our technology for a wide range of applications, we expect significant growth of our customer base in the near term. As a result, we're staffing up 'ahead of the curve' to ensure we can satisfy the demand."

About the Flex Logix Embedded FPGA Platform
Addressing a wide range of chips in multiple markets, the Flex Logix EFLX™ platform can be used with networking chips with reconfigurable protocols, datacenter chips with reconfigurable accelerators, deep learning chips with real-time upgradeable algorithms, base stations chips with customizable features for multiple markets, MCU/IoT chips with flexible I/O and accelerators, and aerospace/defense applications including rad-hard embedded FPGA. EFLX is available for the most popular process nodes already and is being ported to additional process nodes based on customer demand.

About Eclipse Ventures
Eclipse Ventures is redefining the way investments are made in hardware-focused companies. We see a world where hardware, robust software architecture, and compelling data insights are no longer three separate business models. Rather, they are the three pillars that define successful systems companies of the future. Eclipse Ventures manages two funds.

About Lux Capital
Lux Capital is a venture firm based in New York City and Silicon Valley investing in counter-conventional, seed and early stage science and technology ventures. The firm manages $1.1 billion in assets across five funds. For more information please see www.luxcapital.com. Follow Lux on Twitter @Lux_Capital.

About Flex Logix
Flex Logix, founded in March 2014, provides solutions for reconfigurable RTL in chip and system designs using embedded FPGA IP cores and software. The company's technology platform delivers significant customer benefits by dramatically reducing design and manufacturing risks, accelerating technology roadmaps, and bringing greater flexibility to customers' hardware. Flex Logix has raised more than $12 million of venture capital. It is headquartered in Mountain View, California and has sales rep offices in China, Europe, Israel, Japan, Taiwan and Texas. More information can be obtained at http://www.flex-logix.com