Argonaut Private Equity is leading a $52 million Series B financing round for Achronix Semiconductor, which has held a first close for the financing on $43 million.
The remainder of the financing round is expected to close in the next several weeks.
The $25.4 million Series A round was led by technology investor Battery Ventures and New Science Ventures and closed in January 2007. The Series A investors, all of which participated alongside Argonaut, also included growth investor Easton Capital Investment Group and Japan-focused Entrepia Ventures.
San Jose, California-based Achronix produces semiconductor devices called field programmable gate arrays. The company will use the capital to fund product development and support growing demand. Achronix has research operations in the US and India and has sales offices in the US, Europe and Asia.
Argonaut has $3.5 billion in capital under management for investments of diverse size, stage, sector and geography.