Yuri Panchul (panchul) wrote,
Yuri Panchul
panchul

Слоны, Бабаян и Алхимия

Вчера в мой журнальчег зашел Михаил Сваричевский и оставил коммент об инвайтах на Хабр.

Я в свою очередь посмотрел на его сайт и выловил там вот какую фразу:



http://3.14.by/ru/read/russia-hitech-skolkovo-rosnano

Когда Бабаян (при всей неоднозначности его личности) просил жалкие (по меркам индустрии) 100млн$ на разработку и производство процессора в кремнии - все только пальцем у виска покрутили, хотя в реальности как мы видим сейчас нужны десятки и сотни миллиардов.




Потом я походил по ссылкам, указанным Михаилом Сваричевским и до меня неожиданно дошло, что он не видит важный аспект ситуации. Как в притче о слепых мудрецах и слоне, Михаил держал слона за хобот, а я за э-э-э, другой орган.

Короче: Из того, что Бабаян все время сравнивал себя с Интелом, Михаил Сваричевский делает implicit assumption, что и инвесторы сравнивали Бабаяна с Интелом, т.е. видели Бабаяна как карликового мамонта с острова Врангеля.

Казалось бы, такая assumption имеет основания - ведь и на американских форумах проект Бабаяна все время сравнивали с Интелом.

Но я считаю, что американские венчурные инвесторы видели в Бабаяне другого зверя. Почему я могу видеть то, что не увидел Михаил Сваричевский, его оппоненты, а также американские форумы? Потому что в 2000 году, аккурат когда Бабаян искал $100 миллионов в Silicon Valley, я был основателем стартапа в Silicon Valley, который получил 11 миллионов у тех же самых инвесторов, у которых Бабаян не получил 100.

Нет, я не утверждаю, что я умнее Бабаяна. Я просто в силу стечения обстоятельств тогда получил окно в мир американских венчурных инвесторов, в том числе инвесторов, которые инвестировали в процессорные компании.

Так вот, я полагаю, что в 2000 году венчурные инвесторы сравнивали предложение Бабаяна не с Интелом, а с предложением от стартапа Alchemy Semiconductor, который в это же время получил $15 миллионов инвестиций для разработки низкопотребляющего процессора на основании архитектуры MIPS64. Замечу, что одного из инвесторов в Alchemy я встречал лично (партнера из Telos).

Сходства:

1. И Бабаян, и Алхимики - процессорные компании
2. И Бабаян, и Алхимики были (поправьте про Бабаяна, если я ошибаюсь) небольшими коллективами (десятки человек)
3. И Бабаян, и Алхимики получали деньги под кучу кода на Верилоге
4. И Бабаян, и Алхимики были известны статьями на конференциях

Различия:

1. Бабаян не был известен в американских коммерческих проектах (UPD по крайней мере с точки зрения инвесторов, которые смотрят на то, делал ли основатель американские стартапы раньше), в то время как у Алхимиков были резюме с известными коммерчески успешными проектами в Texas Instruments, Analog Devices, Cirrus Logic, AMD, IBM, Motorola, Apple, Cyrix, Motorola и DEC.

2. Бабаян хотел сразу $100 миллионов, а Алхимики в первом раунде - всего $15 миллионов.

3. Бабаян упирал на самоубийственную конкуренцию с Интелом, причем в момент, когда вся индустрия испугалась Интела, а Алхимики напирали на нишу, в которой в 2000-м году Интела тогда просто не было - мобильные устройства и цифровые камеры.

Надеюсь, теперь вам до боли понятно, что 1) VC видели в Бабаяне не карликового мамонта, а несуразно переоцененного для первого раунда саблезубого кота? 2) если бы Бабаян скооперировался с западной executive team, брал в первом раунде не $100M, а в десять раз меньше, и при этом не упирал бы на прямую конкуренцию с Интелом, то деньги бы он скорее всего получил? После чего он мог бы взять больше на втором и третьем раундах.

Замечу, что кроме Alchemy, я мог бы обосновать этот же тезис еще несколькими примерами - сетевыми процессорами типа XSTream Logic (которых я тогда хорошо знал), той же Трансметой (с бывшим CEO которой я как-то заходил в Роснано) и т.д. и т.п.

Но так или иначе, в результате инвестором Бабаяна оказались не американские VC, а Путин. Хорошо это или плохо - покажет будущее. Оно еще не случилось.









Интервью Бабаяна в 1999 году:


Russian computer chip gets banker, says beats Intel
By Peter Henderson

MOSCOW, Nov 24 (Reuters) - British investment bank Robert Flemings said on Wednesday it hoped to nail down funding by the middle of next year for Russian computer engineers who say they have developed a microprocessor that beats anything in the West.

The engineers, who developed computers operating Soviet missile defences, say their E2K chip runs several times faster than a chip in development by Intel Corp and could roll off assembly lines in three years if they can secure funding.

But the Russian team, Elbrus International, has not made an E2K chip yet -- it has designed and run simulations.

Elbrus engineers say their chip, based on ones developed by the same team for the Soviet Union's military complex, will be fast and cheap, though a factory might cost well over a billion dollars to build.

Flemings is looking to attract at least the $60 million needed to finish engineering and develop prototype chips and is looking ideally for a strategic investor. So far the Elbrus team has used its own money from other work to develop the chip.

"Ideally you would expect the deal to crystallise somewhere in the middle of next year," Vladimir Zamai, associate director of investment banking at Flemings's Moscow unit, Fleming UCB, told reporters after a news conference.

"You are talking about a company that could have market capital of billions of dollars with this kind of IP (intellectual property)," said UCB Fleming investment banking Director Alexei Matveyev.

"In two or three years -- it is quite realistic."

Elbrus has been looking for funding for at least a year. Initial suspicion eased after a February article in trade journal Microprocessor Report.

It said Elbrus's estimates for the E2K chip were faster than Microprocessor Report's estimate for Intel's Merced chip, in development. But it said the E2K had not been completely tested.

The E2K is based on a type of parallel processing which breaks down tasks -- widely used in Soviet defence computers.

"Of course there is a stereotype now that if something is not begun in America, it is not real," lead engineer Boris Babayan told reporters. "The second problem is that the market is so strongly monopolised."

Elbrus does software work for Sun Microsystems , which has declined to finance the chip.

Patents for the chip are held by Cayman Islands-based Elbrus International, which in turn is held by Cayman-based Elbrus Services, controlled by the Russian engineers.

Flemings said the company took the decision to register offshore because of poor intellectual property protection under Russian law.

13:48 11-24-99

Copyright 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. All active hyperlinks have been inserted by AOL.





Русская википедия:




Русская википедия:

Alchemy — семейство микропроцессоров с низким энергопотреблением, в основе которых лежит архитектура MIPS. ... было разработано в Alchemy Semiconductor. В 2002 Alchemy Semiconductor была приобретена компанией AMD, а летом 2006 линия процессоров Alchemy была продана компании Raza Microelectronics. В декабре 2007 Raza Microelectronics изменила своё название на RMI. В июне 2009 NetLogic Microsystems приобрела RMI за $183.4 миллионов.






Статья 1 для обоснования:




http://www.design-reuse.com/news/1653/alchemy-semiconductor-secure-15-million-funding-enter-internet-edge-device-market.html

ALCHEMY SEMICONDUCTOR SECURES $15 MILLION IN FUNDING TO ENTER INTERNET EDGE DEVICE MARKET

Microprocessor Design Group Spins off from Cadence, Projects June Product Launch

AUSTIN, TX - May 1, 2000 - Alchemy Semiconductor, Inc., an Austin-based fabless semiconductor company targeting the Internet Edge Device market, today announced a $15 million first-round of venture capital financing from US Venture Partners, Austin Ventures and Telos Ventures. Winston S. Fu, Ph.D. with US Venture Partners, and Jim Clardy, Venture Partner, Austin Ventures, join Alchemy?s board of directors.
Fu applauded Alchemy for targeting the burgeoning Internet Edge Device market. ?Alchemy has the technology to enable next generation applications for the Internet Edge Device market,? said Fu. ?Other companies are scrambling to adapt their technology to the spectrum of applications and devices in this market-Alchemy already has that advantage.?
Alchemy Semiconductor will utilize the funds to complete development and marketing of its first product and to create a corporate infrastructure as the company spins off from Cadence Design Systems. Cadence provided seed money for the microprocessor design firm in 1999 when Alchemy Semiconductor was founded by several members of the former StrongARM design team. The company licensed the 32-bit MIPS architecture to develop high performance, very low power, integrated systems-on-a-chip (SOCs), leveraging the MIPS technology with Alchemy?s proven design implementation. Alchemy is set to make their first product announcement at the Embedded Processor Forum in San Jose, California, June 12-16, 2000. Alchemy will continue to utilize
Cadence?s leading edge EDA software tools. After the spin out, Cadence will remain an Alchemy shareholder.


"We are very proud of the company's ability to secure this financing,? said Eric Broockman, CEO, Alchemy Semiconductor. "It reflects on the technological and management strengths of the company that firms of such financial strength and market position believe in our product, our market and our ability to attract customers. We see a growing market in the edge of the network products, and our team has been working steadfastly to make a low power, high output chip to satisfy the requirements of this product arena."
Broockman also noted that with the funding comes additional expertise and experience of the board members.
"These notable gentlemen are investing their talents and energies into Alchemy Semiconductor,"said Broockman. "That will considerably raise our exposure as we seek to attract additional business alliances and partnership opportunities."
The board appointments will take effect immediately. Each board member brings experience in the semiconductor and communications industries. Jim Clardy was a co-founder and CEO of Crystal Semiconductor, following years of experience with Harris Semiconductor and Texas Instruments. Winston Fu, the 1997-99 Ewing Marion Kauffman Fellow in Venture Capital and Entrepreneurship has expertise in communications, semiconductors and optics.

About Alchemy Semiconductor
Founded in Austin, Texas, in 1999, Alchemy Semiconductor is a fabless semiconductor company that designs, develops and markets high performance, yet very low power systems-on-a-chip (SOCs) for the Internet Edge Device market. The company's founding team includes several of the most prominent embedded microprocessor architects and developers in the world, allowing for a combination of proven design execution and MIPS performance technology to achieve high performance, low power dissipation and system integration in its Internet Edge ProcessorÔ. Alchemy?s headquarters are at 7800 Shoal Creek Blvd., Suite 222W, Austin, Texas 78757; or go to www.alchemysemi.com.

About US Venture Partners
US Venture Partners (USVP) is one of the largest and most active early stage venture capital firms in the country with approximately $1 billion raised partnerships since 1981. USVP invests in a diversified portfolio of technology and health care related companies with a focus on the Internet, communications, semiconductor and software industries. Notable USVP investments include Sun
Microsystems, Ask Jeeves, Nuance Communications, Stratacom, Checkpoint Software, Minerva Networks, New Focus, Packetcom and Procket. More information can be obtained from www.usvp.com.

About Austin Ventures
Austin Ventures is the largest venture capital firm in Texas and among the largest in the U.S., with more than $1.6 billion of capital under management. The investment in Alchemy Semiconductor is funded by Austin Ventures through their Semiconductor practice area, a core focus of the firm?s investment strategy, which is intended to be a catalyst for entrepreneurship in semiconductor-related industries in Austin and the Southwest. Other semiconductor companies in Austin Ventures? portfolio include: Silicon Laboratories (NASDAQ: SLAB), Agere, Extreme Devices, Cygnal Integrated Products, Interactive Silicon, and INH Semiconductor. For more information, go to www.austinventures.com.

About Telos Venture Partners
Telos Venture Partners is a leading, early stage venture capital firm located in the Silicon Valley. Telos invests in Internet software, services, and infrastructure companies, including silicon and intellectual property providers whose products enable the continued growth of the Internet infrastructure or the creation of Internet edge access devices. A focus on providing its portfolio companies with business guidance and executive staff mentoring leverages the considerable high-tech senior management experience of the Telos partners. More information can be found at www.telosvp.com.






Статья 2 для обоснования:



http://www.eetimes.com/document.asp?doc_id=1134862

AMD to buy MIPS processor startup Alchemy
David Lammers
1/29/2002 02:11 PM EST

AUSTIN, Texas — Advanced Micro Devices Inc. plans to acquire Alchemy Semiconductor Inc. and pit that company's MIPS-based processor architecture against Intel Corp.'s Xscale processors, broadening an already fierce rivalry to the embedded front, sources said.

The acquisition will also position AMD against other MIPS licensees, including Integrated Device Technology Inc., NEC Corp., PMC-Sierra Inc., and Toshiba Corp.

Founded in 1999, Alchemy Semiconductor recently started shipping standard embedded products based on its Au1000 processor core, which dissipates 1 watt at 500 MHz or 0.5 W at 400 MHz. That performance-to-power ratio places the Alchemy's products in the mid-to-high performance range that Intel targets with its Xscale processor.

The acquisition will return Advanced Micro Devices to the embedded processor market. The company withdrew from embedded competition when it dropped its RISC-based Am29000 product line in the mid-1990s. Intel, meanwhile, found a gem in the StrongARM processor it acquired in its purchase of some Digital Equipment Corp. semiconductor resources. Intel currently sells products based on the StrongARM core, and is preparing chips based on the Xscale core, which is compatible with StrongARM.

Ironically, two of Alchemy's founders — chief technology officer Rich Witek, and vice president of engineering Greg Hoeppner — led the StrongARM design effort while at Digital Equipment's design center in Austin, Texas. The two decided not to join Intel it acquired Digital's StrongARM assets and the fabrication facility in Hudson, Mass. where StrongARM products were made.

Along with other members of the original StrongARM design team, Witek and Hoeppner found early support from Cadence Design Systems Inc. In May 2000, Alchemy became independent from Cadence and attracted funding from U.S. Venture Partners, Austin Ventures, and Telos Ventures.

Difficult round
Though Alchemy achieved more than 15 design wins for its Au1000 product over the past year, the 75-person startup faced difficulty as it tried to raise funds for its second round of financing. While many venture capital firms were willing to play a supporting role for Alchemy's Round B funding, the process of finding a lead investor proved to be "a long and complicated process, given the market conditions and the post-Sept. 11 environment," one source said.

Alchemy had also targeted the mobile Web browser market and other digital consumer systems with still-unproven market potential. Disagreements about the company's market focus were in part responsible for the departure of Eric Broockman as chief executive officer in May 2001, and a summer layoff of about 10 percent of Alchemy's employees. Jim Moore, the former chief operating office of Crossroads Systems, a storage network systems company, is the current chief executive.

Moore said he could not comment on any impending acquisition or the funding issue. "We've got two products shipping, and just got back first silicon on an unannounced product aimed at the portable, low-power market, all based on the Au1000 core," Moore told EE Times. "We're in an interesting position, because we are in the pre-revenue phase. The market may be affected by recent events, but as far as design wins go there has been no slowdown in intensity by our customers. We're doing great as far as design wins go."

An AMD spokesman said the company is unable to comment, prior to public release, on impending business deals that could impact on the company's stock price. AMD operates a 200-mm wafer fab in Austin, and its president, Hector Ruiz, maintains a home and office here.





Что бы вы предпочли?

Чтобы инвесторами Бабаяна были бы американские венчурные капиталисты
2(10.5%)
Чтобы инвесторами Бабаяна были бы Путин с его кликой во главе с Прокуроршей Крыма
13(68.4%)
Чтобы инвесторами Бабаяна были бы Европейские Инвесторы, в которых верит/верил Киевский Евромайдан
1(5.3%)
Чтобы инвесторами Бабаяна был бы Госдеп США, верилог писали бы блоггеры Эха Москвы, а в маркетинге - Пусси Райот
2(10.5%)
Из-за бугра плюете?
1(5.3%)
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