Designing silicon chips is becoming harder as they become more complex. Celoxica’s software allows designers to write programs for a microchip that can be used for different purposes, enabling electronic devices to perform different functions. The Japanese giants Mitsubishi and Fujitsu are key customers, using programmed chips in car navigation systems and MP3 music players. Celoxica has raised £40m in venture-capital funding. A new chief executive, Phil Bishop, took over in July 2002 to stem the company’s losses. He has slashed operating costs by 40% and the company hopes to break even in a year. Its sales grew 99% a year from £571,000 in 2000 to £2.3m in 2002.
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