Presto Receives Funding to Fuel Growth to Service the Worldwide Semi Industry
New Investment Enables Further Expansion of Presto's Integrated Test and Product Engineering Solutions
SAN JOSE, Calif. And GRENOBLE, France — Presto Engineering Inc., the pioneer of the labless business model for semiconductor companies, announced today that it has received US$6 million in funding to support its expansion and future growth in servicing the worldwide semiconductor industry. This round of funding was led by CM-CIC Capital Prive and included existing investor Masseran Gestion.
Operating from Hubs in Silicon Valley, Grenoble and Normandy, Presto delivers product engineering services and hardware to IDMs and fabless vendors, from first-silicon characterization to product release and testing. Presto is currently engaged in a multi-year collaboration with CEA-Leti to develop test and analysis capabilities for 3-D/TSV devices. The new funding will enable the company to further strengthen its services for RF and 3-D semiconductor integration from the existing Hubs and for regional expansion of new Hubs.
"We're extremely excited to help expand the business, as Presto has demonstrated an impressive track record of revenue growth, operational management and customer momentum. It is clear to us that the company is poised to be a major player in the semiconductor industry supply chain on a worldwide basis," stated Alexandre Azan, Director of Investments, CM-CIC Capital Prive.
Like the fabless business model that has changed the nature of chipmaking, Presto's labless model enables chip companies to outsource critical functions that require high rates of capital investment, substantial facility space, and specialized personnel. This reduces costs and frees up corporate resources for their core business of designing advanced devices and bringing them to market. Presto maintains hubs with state-of-the-art lab capabilities, staffed by experienced engineers and scientists; their work on a wide range of leading-edge chip projects enables Presto to offer world-class testing capabilities and insightful advice during the critical late stages of product development, thus accelerating time to market.
"We are very pleased to have CM-CIC join our group of investors, as well as receiving increased confidence from Masseran Gestion. We see this as a strong endorsement of our labless strategy and will assist us as we expand our services model to the major semiconductor regions around the globe," stated Michel Villemain, founder and CEO of Presto Engineering.
"In a little more than a year, Presto has established a strong presence in the European semiconductor community. We look forward to working alongside CM-CIC and the Presto management team to chart a course for further penetration of the semiconductor industry," stated David Manjarres, deputy general manager of Masseran Gestion and a member of Presto's board of directors.
About CM-CIC Capital Prive
CM-CIC Capital Prive manages 400 million euros of mutualized venture capital funds invested mainly in technology companies all over France. Further information can be found at the company website, www.cmciccapitalprive.com
About Masseran Gestion
Masseran Gestion, a subsidiary of GCE Capital (Groupe BPCE), manages venture capital funds dedicated to technology companies, from start-up to mature, innovative SMEs or industrial spin-offs. Additional information is available on the company's website at www.masseran.com
About Presto Engineering
Presto Engineering introduced the labless business model to the semiconductor industry in 2007 when it acquired Cypress Semiconductor's product-engineering lab and created a hub of analytical capabilities in Silicon Valley. In 2010, the first European Hub was opened when Presto acquired the NXP product-engineering lab infrastructure in Normandy, France. The company helps IDMs and fabless customers improve new device predictability and time to market by complementing their internal resources with comprehensive chip testing and analysis services. Supported by unique technical experience and extensive industry exposure, Presto's product-engineering services include RF and 3D integration and state-of-the-art ATE, reliability testing, failure analysis and fault-isolation. Presto Engineering, an ISO 9001 company, is based in San Jose, California, and has multiple operations in Europe. Additional information is available on the company's website at www.presto-eng.com.