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Q1 Report.Pub Volume 1 Issue 1 Fabless Fundings Methodology The Fabless Semiconductor Association (FSA) has published its first Fabless Fundings quarterly report. The Q1 2002 Fabless Fundings report is based on secondary research collected by the FSA and includes an overview of the fabless funding deals and the IPOs that occurred in 2000, 2001 and the first quarter of 2002. The fundings are listed as they occurred by month. In addition to the listing, the Fabless Fundings report segments funding activity by a variety of criteria, including (for 2000 and 2001): • The total number of fundings • The total amount of all private equity investments • The average amount per deal • The average number of deals per quarter • The average amount per quarter • The median amount per quarter • The average number of fundings per round • The average amount per round • Percent of fundings by geography For 2002, the funding activity is segmented by: • Average funding amount • The average number of deals per round • The average amount of funding per round • Percent of funding deals by geography Data was collected using information from both private and public information sources, such as Venture Economics, the funded companies’ Web sites, FSA surveys, IPO.com, press releases and industry articles posted on respective Web sites. Fabless Fundings Analysis The first edition of the FSA’s Fabless Fundings quarterly report reviews all fundings received by fabless companies in 2000, 2001 and Q1 2002. Summary of Fabless Funding In 2000, the fabless semiconductor industry experienced a banner year. Public fabless companies grew an amazing 68% in 2000, practically doubling the growth of the worldwide semiconductor industry (38%)! Because of their total focus on prod- uct and design innovation, fabless companies are quick to respond to market changes. The fabless industry’s total focus on design innovation is a direct result of continued investment in fabless companies by the financial community. The venture capital community invested $2.6 billion in fabless companies in 2000, with 156 fundings identified throughout the year. And although 2001 jolted everyone in the semiconductor industry with the biggest downturn in history, fabless fundings remained relatively unaffected. Despite performance declines in revenues, a drop in initial public offerings, fewer mergers and acquisitions, a reduction in capital spending and dramatically reduced foundry utilization rates, the fabless segment con- tinued to receive an unprecedented amount of funding from the venture capital community. Riding on the tail of a success- ful 2000, 2001 funding amounted to $2.5 billion, with 162 fundings identified throughout the year. Funding deals started slowly in 2000, with only 26 occurring in Q1, but 45 in Q2, 40 in Q3 and 45 in Q4. The amount of funding also rose throughout the year, with the average investment amount of $5.9 million in Q1, $17.0 million in Q2 and $23.2 million in Q3. However, fundings dropped to $16.6 milion in Q4, as the semiconductor economy began slowing. Comparatively, funding received by fabless companies in Q1 2001 was higher than any quarter in 2000, with $954.8 million being invested in 52 deals in Q1, suggesting that a carry-over of Q4 2000 fundings finally made their way to fruition in Q1. Thereafter, however, the number of fundings dropped to an average of 37 per quarter for an average amount of $507.7 mil- lion from Q2 to Q4 2001. Of the $2.5 billion in total investments in 2001, 32% of these occurred in Q1. © 2002 Fabless Semiconductor Association www.fsa.org Fabless Fundings — Q1 2002 Fabless Funding Summary 2000 2001 2002 Quarter Fundings Amount Fundings Amount Fundings Amount Q1 26 $154.1M 52 $954.8M 26 $506.4M Q2 45 $765.7M 38 $468.1M N/A N/A Q3 40 $927.0M 35 $561.7M N/A N/A Q4 45 $748.3M 37 $493.3M N/A N/A Total 156 $2.6B 162 $2.5B 26 $506.4M As might be expected, companies seeking first-round funding fared better in 2000 and 2001 than those seek- ing additional funding, with 35% and 33%, respectively, to companies seeking first-time venture capital. How- ever, this changed substantially in Q1 2002, with only 12% of first-round funding doled out, and 50% achiev- ing second or third rounds of funding. Fabless Funding Summary Round 2000 2001 Q1 2002 Percent Average Percent Average Percent Average Amount Amount Amount First Round 35% $15.8M 33% $8.8M 12% $14.3M Second Round 25% $14.0M 29% $16.9M 35% $10.8M Third Round 16% $20.8M 20% $22.8M 15% $30.8M Fourth Round 8% $13.2M 8% $21.5M 4% $56.0M Fifth Round 7% $21.1M 3% $15.7M 4% $21.0M Sixth Round 7% $27.4M 3% $11.8M 8% $26.8M Undisclosed 3% $15.8M 5% $11.1M 22% $18.8M Twenty-two percent of investments were made to companies seeking a fourth or higher round of funding in 2000, compared to 14% in 2001 and 16% in Q1 2002. Companies seeking a first-round investment raised an average of $15.8 million per deal in 2000, compared to $8.8 million for first-round investment in 2001 and $14.3 million in Q1 2002. Those seeking a third or higher round of funding received an average of $20.6 million per deal in 2000, an average of $17.6 million in 2001 and $33.7 million in Q1 2002. Who’s getting this investment? The 10 fabless companies that raised the most money in 2001 and 2000 are listed in the following table. 2001 2000 Month Funded Company $M Month Funded Company $M Aug. Accelerant Networks $104.3 Aug. Legerity $375.0 Jan. Network Elements $77.0 April Transmeta $88.0 Jan. Terawave Communications $73.0 Oct. VxTel $62.0 Mar. Atheros Communications $66.7 Aug. Silicon Wave, Inc. $56.7 Jan. NetLogic Microsystems $54.0 Sept. Silicon Access Networks $56.0 June ZettaCom $47.5 Feb. EmpowerTel Networks $54.0 Feb. Chameleon Systems $47.0 Nov. Chameleon Systems $47.0 July Velio Communications $45.0 May eSilicon Corporation $44.1 Sept. Tropian $45.0 May Ubicom $42.1 Jan. Morphics Technology $44.0 Dec. Chinook Communications $42.0 2 © 2002 Fabless Semiconductor Association www.fsa.org Fabless Fundings — Q1 2002 The five fabless firms that raised the most money in Q1 2002 are Mellanox Technologies at $56 million, Pri- marion at $47 million, Legerity at $40 million, Ikanos Communications at $35 million and Silicon Access Net- works at $34 million. Conclusion Although Q1 2002 witnessed a drop in VC activity, the year-to-date is still outperforming the long-run historical trend, according to IPO.com. Fabless companies received the same number of funding deals in Q1 2002 as they did in Q1 2000 (26), receiving $352.3 million more in investments in that timeframe. This indicates that funding is still available, but it is more difficult to close. Now more than ever, chip start-ups looking to get their first- round funding must come to the table with designs that push the envelope and that are unique. Second and third rounds are difficult in this environment, but are critical to getting product to market and ultimately show- ing a return on investment. Chip start-ups at the early stages are not expected to introduce a product for 18 to 24 months, and don’t typically get acquired or go public until three to five years after that. The ultimate goal of the private equity investor and the entrepreneurial team is the eventual transition to tapping into public equity through an initial public offering (IPO). The total number of IPOs in 2001 was one-tenth of 2000’s total, but several semiconductor companies finished above their IPO price. Though a number of fabless companies withdrew their offerings in 2001, one company, Multilink Technology [NASDAQ: MLTC], bravely faced the market and priced in June. In addition, there were several semiconductor-related companies that com- pleted successful IPOs including software design and services companies, such as Simplex Solutions [NASDAQ: SPLX], PDF Solutions [NASDAQ: PDFS], Magma Design Automation [NASDAQ: LAVA] and LogicVision [NASDAQ: LGVN]. All of these companies finished the year above their IPO price. 2001 Fabless Initial Public Offerings Company Ticker IPO Date Offer Price Price 12/31/01 Multilink Technology MLTC 6/20/01 $9.00 $6.48 “Cutback has been the VC industry buzzword during Q1 2002, but the industry’s most severe reductions have nothing to do with management fees or fund sizes. Instead, VCs are feeling the greatest pinch from their dras- tically shrinking piece of the IPO market pie,” indicated a report from Venture Economics. The good news, said Mark Heesen, President of the National Venture Capital Association, is that valuations are stabilizing and venture-backed companies that have gone public are performing well. In 2001, the FSA created a Venture Capital Advisory Board, which includes veteran fabless semiconductor venture capital investors from Austin Ventures, Battery Ventures, Greylock, Interwest, Mohr Davidow, Se- quoia Capital, Sevin Rosen and 3i. According to Stephen Straus, General Partner at Austin Ventures and Chair of the FSA VC Advisory Board, “the creation of the FSA’s VC advisory board was timely as the venture capital industry and the semiconductor markets face a period of both uncertainty and opportunity. Fabless startups have been a strong focus of the venture capital industry since the fabless model first emerged. And, despite the rapid decline in investment pace in 2001, there is an overwhelming consensus in the VC community about the long-term nature of entre- preneurial opportunities that can be exploited by fabless semiconductor companies.” For More Information The FSA encourages any fabless company that seeks a listing in the Q2 2002 Fabless Fundings report to con- tact the FSA to submit the appropriate information.
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