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Semiconductor Company Aquantia Raises $16M, Says It’s Preparing for IPO

03/17/2014

Aquantia Vice President of Business Development Phil Delansay, the company’s founding chief executive, declined to give a timetable for an IPO or a company valuation. But he said Aquantia has been speaking at investor conferences and meeting with tier-one bankers for about a year in order to educate the market so that public investors aren’t taken by surprise.

Aquantia’s latest investor is San Jose-based Xilinx Inc., which makes programmable integrated circuits and led the Series G round.

Current investors including New Enterprise Associates, Greylock Partners, Lightspeed Venture Partners, Pinnacle Ventures and Rusnano, which is charged with developing the Russian nanotechnology industry and is owned by the Government of the Russian Federation, participated. 
The financing brought the company’s total funding to about $160 million.

The company makes 10Gigabit Ethernet integrated circuits that send data over cables that enable high-speed Internet connections to data centers, the cloud and ultimately to businesses.

“There are not many opportunities left out there for semiconductor companies to access such a big market,” Mr. Delansay said. 
10Gigabit Ethernet is one of a series of standards that have enabled Internet connections that are each 10 times faster than the previous generation.

Each generation of Ethernet has had a new leader, according to Mr. Delansay, who cites National Semiconductor Corp., Broadcom Corp. and Marvell Technology Group Ltd. as the leaders of previous generations.

He says Aquantia, which is based in Milpitas, Calif., and is about 10 years old, holds 70% of the market for 10GBASE-T, an emerging standard for 10Gigabit Ethernet going over copper wire, and says the company’s main target is Broadcom.

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