Cadabra Pulls $6M Round Out of Hat

Cadabra Design Automation Inc. recently received $6.25 million in its second round of private equity financing. The Santa Clara, Calif.-based company sells software to companies that design integrated circuits.

CMEA Ventures led the funding, which also saw investments from Synopsis Inc. and Access Technology Partners. Several executives in the circuit design industry also made individual investments in the round. No placement agent was retained for the deal.

Cadabra had previously received $1.2 million from Capital Alliance Ventures Inc. in January 1997.

“We now have seven individuals or groups of individuals who have a vested interest in ensuring the success of Cadabra,” said Chief Executive Martin Lefebvre.

The company will use the proceeds from the investment for research and product development.

Cadabra designs cell libraries that aid in the manufacture of silicon chips. Its customers include semiconductor manufacturers, such as Intel and Hitachi, and telecommunications providers.

Lefebvre said the company plans to establish additional distribution channels in Europe and Asia Pacific.

The company currently has no plans for additional private equity financings. Prior to the Capital Alliance investment, the company managed “to raise more than $8 million in revenue on a shoestring,” Lefebvre said.

As part of the deal, CMEA General Partner Gordon Hull will join Cadabra’s board.

“Our intention in the round was to get the attention of valuable board members,” Lefebvre said.