SOURCE: DesignAdvance

February 08, 2006 11:33 ET

DesignAdvance Achieves Funding Milestone; Graduates From Technology Collaborative

PITTSBURGH, PA -- (MARKET WIRE) -- February 8, 2006 -- DesignAdvance™ Systems, Inc., an Electronic Design Automation (EDA) and Computer Aided Design (CAD) design-synthesis software developer, announced today that it has completed a second round of funding worth $3 million and has graduated from The Technology Collaborative's Jumpstart program.

"We have a field proven solution for PCB design and are now focused on building our company and growing our EDA and MCAD business," said Randy Eager, CEO of DesignAdvance. "This round of funding represents an important milestone for DesignAdvance as it enables us to add the necessary sales, support and marketing staff to hit our sales targets for 2006 and beyond."

Along with this round of funding, DesignAdvance has graduated from The Technology Collaborative Jumpstart program. The Technology Collaborative is an economic development organization that supports the growth of Pennsylvania's world-class digital technologies, robotics and cyber-security industries.

"The resources and infrastructure of The Technology Collaborative gave us many advantages we needed to start and run our business," continued Eager. "They provided us with initial contacts to potential customers; rent free office space next to Carnegie Mellon University, our technology licensor; and a sounding board for new ideas."

"DesignAdvance is among the growing number of companies, we have supported that have been able to achieve market momentum and success," stated, David Ruppersberger, President and CEO of The Technology Collaborative. "We are pleased to have technology companies benefit from our resources, and be able to build their businesses and move on to the next level of growth."

DesignAdvance's first product, CircuitSpace™, is installed at Fortune 100 companies. DesignAdvance also has strategic partnering agreements with Cadence Design Systems, Inc., Mentor Graphics Corporation, and Valor Computerized Systems, Ltd., which bring the company validation of its technology and credibility in the marketplace.

About The Technology Collaborative

Formed in January 2005 as the result of a merger between The Pittsburgh Digital Greenhouse and The Robotics Foundry, The Technology Collaborative (TTC) is focused on growing companies and streamlining efforts to secure a balanced mix of federal, state and local funding to support the growth of Pennsylvania's world-class robotics, cyber-security and digital technologies industries. TTC's mission is to develop an effective end-to-end strategy for integrating digital technologies developed by the state's universities into commercial products that are designed, engineered, produced, marketed and sold by companies based in Pennsylvania. www.techcollaborative.org.

About DesignAdvance Systems, Inc.

DesignAdvance Systems, Inc. develops automated EDA and MCAD design-synthesis software solutions that reduce the amount of time it takes to design electrical and mechanical products. DesignAdvance is a member of the Cadence Connections and Mentor Graphics OpenDoor programs. Corporate headquarters are located at The Crane Building, 40 24th Street, Pittsburgh Pennsylvania 15222. World Wide Website: www.designadvance.com

About CircuitSpace

CircuitSpace, DesignAdvance's award winning flagship product, delivers user-assisted automation to the current manual process of PCB component placement, reducing design time and pushing products to market sooner at reduced costs. CircuitSpace integrates with established PCB design tools and utilizes advanced patented algorithms, developed over 12 years at Carnegie Mellon University, to solve difficult placement automation problems. With input from over 75 PCB designers, including many from Fortune 100 companies, CircuitSpace is quickly gaining wide acceptance. To learn more please visit: www.circuitspace.com

CircuitSpace and DesignAdvance are trademarks of DesignAdvance. All other trademarks and registered trademarks in this document are the properties of their respective owners.

Contact Information

  • Press Contacts:

    DesignAdvance:
    John Arnold
    DesignAdvance
    412-434-0601
    Email Contact

    Georgia Marszalek
    ValleyPR for DesignAdvance
    650-345-7477
    Email Contact

    The Technology Collaborative:
    Lynn Seay
    PRwerks, LLC
    412-918-0094
    Email Contact

    Kelley Denny
    PRwerks LLC
    412-918-0094
    Email Contact