Manchester software spinout Silistix raises £3M

Silistix Ltd, a spin out from the University of Manchester that produces software and related circuit designs for on-chip communications solutions, raised GBP 3m in a final closing of an oversubscribed first round.

The company’s lead product, Silistix CHAINworks is a suite of software tools for the design and synthesis of customised on-chip interconnects using self-timed asynchronous circuits. Increasingly, such on-chip interconnect structures are referred to as Network on Chip (NoC) solutions.  Silistix  says its NoC approach overcomes many of the problems associated with the current synchronous approach to chip design, including those relating to timing closure, power consumption, design complexity and product time to market.

“I'm very pleased to have a strong and supportive group of professional venture capital investors participating in this round of funding,” said David Fritz, Silistix CEO. “The addition in the final closing of Partnerships UK to our investor team is yet another vote of confidence in the Silistix' management team, technology and products.”

Other investors are Intel Capital, British Smaller Technology Companies VCT, The Northwest Business Investment Scheme, Seven Spires Investment, and the Manchester Technology Fund.

Elaine Loukes, Investment Director at Partnerships UK, who will be joining Silistix Board of Directors said, "We are continually seeking to invest in world class companies emerging from the UK science base and we believe Silistix represents an excellent example of such technology.”

Partnerships UK invests in high-growth opportunities which have originated from the UK public sector, or have received significant UK public sector financing. The firm has a GBP25m fund to invest in early stage technology companies, mature public sector assets or in funds which focus on such areas.