Silicon South West

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Foils from the Silicon South West 'A Leap of Faith' event

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Silicon South West

  1. 1. In Need of Air Lessons from Air Semiconductor, 2005 to 2010 David Tester Founder, Air
  2. 2. In Need of Air Lessons from Air Semiconductor, 2005 to 2010 Ten Lessons from Air (…with more lessons I’m happy to share privately) Lesson #1 Figure out the ‘Big Vision’ and then just get started! #2 Include additional ‘launch’ market in the go-to-market strategy #3 Take the time to build a strong team … quality people are essential #4 Get an early adopter ‘architecture license’ customer #5 Just accept it will take 4 years to create initial (system level) product #6 Spend every $1 as if it’s the last $1 … and get used to that experience #7 Be sure some early customers can be referenced by investors #8 ‘Stealth Mode’ is a myth … your investor pitch will go to competitors #9 Your founder peers will share their experiences with you, so just ask… #10 You will quickly get used to the start-up fear, uncertainty and chaos! Air Founder Blog ‘In Need of Air’: http://blog.ex-air.co.uk/ Air Website: http://www.ex-air.co.uk/air_website/index.html Air History: http://www.crunchbase.com/company/air-semiconductor/ Email: david.tester@structured-custom.com Tel: +44 7958 052933
  3. 3. Sell Tesco’s car park to Sainsbury’s Car park Special offers at Sainsbury’s today! Press # for directions 1_.@ 3 DEF 2ABC Location targeted advertising is only possible with 4GHI 6 MNO 5 7 ‘Always-ON’ positioning in mobile phones PQRS JKL 9 WXYZ 8TUV # * 0+
  4. 4. ‘Always-ON’ GPS The Key to Proactive Location Based Services Nokia 6233 Motorola RAZR V3i Samsung E900 SEMC K610im LG KG800 Chocolate BenQ-Siemens SL91 Minimum standby Minimum standby Minimum standby Minimum standby Minimum standby Minimum standby current: current: current: current: current: current: 2.1 mA 2.4 mA 3.6 mA 2.6 mA 4.0 mA 3.1 mA Average current*: Average current*: Average current*: Average current*: Average current*: Average current*: 7.3 mA 7.8 mA 8.3 mA 9.4 mA 8.3 mA 9.9 mA * Current draw based on “average” use assuming battery recharge once every 4 days How often does phone battery needs to be recharged if GPS active? GPS must be limited to 1-2mA (or 10% of phone power) Consumers need almost-instant response; push-to-fix delay of 1 second Must maintain awareness of location since GPS does not work indoors !
  5. 5. Initial Market: Digital Camera Market and Geotagging GPS enabled DSC's DSC shipments 160 M 164 M 150 M 155 M 146 M 62 M 38 M 22 M 9M 2008 2009 2010 2011 2012 GPS modules developed by DSC partners
  6. 6. GPS 101 Receive Power is -130dBm to -160dBm … 20dB to 50dB below the Thermal Noise Floor! Earth radius 86 k m 35,7 6,378 km km Geo-stationary 100 19, Regional geo-stationary augmentation satellites 0 km 20,20 WAAS Wide Area Augmentation System – USA EGNOS 23,222 km European Geostationary Navigation Overlay System – Europe GPS 6 orbital planes; 55° to equator Galileo Moon Galileo Approx. 400,000 km 3 orbital planes; 56° to equator GLONASS GPS 3 orbital planes; 65° to equator Orbit 11 hours 58 minutes 13,900 km/h GLONASS
  7. 7. The Air Team David Tester Hugh Thomas Founder & CTO CEO Steve Graham Andy Heaton Hank Izumi Co-Founder & VP Marketing VP Operations VP Sales Asia RFIC Design System Design ASIC Design Software Design Staff Staff Staff Staff Employee #1 (20 years experience) Employee #3 (20 years experience) Employee #4 (10 years experience) Employee #7 (20 years experience) Employee #2 (20 years experience) Employee #1 (20 years experience) Employee #5 (15 years experience) Employee #8 (15 years experience) Employee #6 (15 years experience) Contract Contract Contract Contract #1 (15 years experience) Contract #3 (20 years experience) Contract #8 (20 years experience) Contract #2 (15 years experience) Contract #4 (20 years experience) Contract #9 (15 years experience) Contract #5 (20 years experience) 2x Synopsys IC layout contractors Board of Directors Support Staff Hugh Thomas CEO ex-CEO TapRoot 1x General Admin David Tester CTO 1x Finance Manager ex-CEO Andromedia (acquired Macromedia ‘99) Kent Godfrey Pond Ventures ex-CEO Frictionless Commerce (acquired SAP ‘06) Michael Gera Pond Ventures ex-CEO PortalPlayer (NASDAQ: PLAY) Gary Johnson Independent ex-CEO S3 (NASDAQ: SIII)
  8. 8. Initial Idea (in 2005) to Prototype Silicon (in 2009) Dual-Mode GPS system design SPECIFICATION Dual-Mode GPS COMPLIANT software design GPS RECEIVER Acquisition DSP $1M Bridge Finance Tracking DSP Architecture September ‘08 Architecture $1M Bridge Finance Tracking DSP June ‘09 Tracking DSP Implementation Implementation $1M Bridge Finance Acquisition DSP February ‘09 Implementation J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F Radio IC Radio IC A1250 A1250 silicon evaluation Implementation Implementation IC design Tracking DSP Air tracks GPS satellites with RFIC Architecture March ‘08 PVT & RFIC + FGPA platform First VC Meeting… Kalman Filter May ‘08 February ‘06 Air tracks GPS satellites with RFIC + FPGA A1225 RFIC (v1) June ‘08 $1.25M Series-A1 Termsheet April ‘07 Air first PVT, confirms lab in Swindon September ‘06 June ‘08 A1225 RFIC (v2) A1250 single die GPS receiver February ‘08 January ‘09 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 2006 2007 2008 2009 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F Electra Start-Up of the Year 2008 November ‘08 Gary Johnson joins Board of Directors 2x NASDAQ CEO (PortalPlayer & S3) IET Start-Up of the Year 2008 May ‘07 November '08 Prof Izzet Kale joins Technical Advisory Board October ‘08 Engage with TSMC for silicon Sept ‘06 Demonstrate GPS technology July ‘08 Development starts! June ‘06 Recruit external CEO Sell Air Patent Portfolio to u-blox May ‘08 February ‘10 Air Inc + Ltd incorporated May ‘06 Red Herring 100 Europe 2008 April ‘08 $1.75M Series-A Termsheet $3.8M Series-A2 Termsheet April ‘06 November ‘07 Exit stealth mode Announce 1st product January ‘08
  9. 9. airwave1 system development platform and prototype sample silicon module
  10. 10. Air Technical Demonstration Platform … in Japan
  11. 11. Air Technical Demonstration Platform … in USA
  12. 12. GPS with airwave1 silicon
  13. 13. Prototype Product Performance Unfiltered CEP50 position accuracy is 2.8 metres CEP50 position accuracy with Kalman Filter <2 metres Push-to-Fix TTF @ -130dBm: 2.5s Push-to-Fix TTF @ -150dBm: 2.5s (Future push-to-fix TTF could be <1s) Unaided cold start: -140dBm Unaided hot start -150dBm (Future hot start sensitivity -154dBm) Tracking sensitivity: -152dBm (Future tracking sensitivity -160dBm) Plot shows 20m (x axis) by 20m (z axis) Positions grouped into 20cm x 20cm bins Stationary receiver over 12 hour period
  14. 14. Air Prototype SOC GPS Receiver Performance Exceeds ‘Push-to-Fix’ Requirements for LBS Market
  15. 15. Air Prototype SOC GPS Receiver Performance Lowest Power, Lowest Die Area GPS Radio (2.1mm2 10.7mW)
  16. 16. Monthly Burn ($K) $100 $150 $250 $300 $350 $400 $450 $500 $550 $600 $200 $50 $0 Jun… Jul… Aug… Sep… Oct… Nov… 2006 Dec… Jan… Feb… Mar… Apr… May… Jun… Jul… Aug… Sep… 2007 Oct… Nov… Dec… Jan… Monthly Burn $K Feb… Mar… Apr… May… Jun… Jul… 2008 Aug… Sep… Total Burn $M Oct… Nov… Dec… Jan… Feb… Mar… Apr… May… 2009 Jun… Air Operating Costs - 2005 to 2010 Jul… Aug… Sep… $0 $1 $2 $4 $5 $6 $7 $8 $9 $3 $10 $11 Total Burn ($M)
  17. 17. Customer Status: 174 Active Customer Leads Markets: Camera, Cellphone, Laptop PC, Netbook, Digital Watch, Asset Tracking 37 active leads generated proactively by Air Including: Ability; Apple; Canon; Casio; DoCoMo; Foxconn; Fujifilm; LG; NEC; Nikon; Nokia; Olympus; Panasonic; Pentax; Ricoh; Samsung Electronics; Samsung Techwin; Sanyo Digital Imaging; Sony Ericsson; Softbank; Sony 20 active leads from VC introductions Including: Google; Motorola; O2; Spreadtrum; Swatch; Vodafone 117 unsolicited enquiries resulting from PR activity Including: Mediatek; Microsoft; RIM; Altek; Fujitsu; Hitachi; HTC; Mitac; Compal Proactive VC Introductions Unsolicited enquiries
  18. 18. CSR / SiRF follow Air Semiconductor ‘Always-ON’
  19. 19. In Need of Air Lessons from Air Semiconductor, 2005 to 2010 Ten Lessons from Air (…with more lessons I’m happy to share privately) Lesson #1 Figure out the ‘Big Vision’ and then just get started! #2 Include additional ‘launch’ market in the go-to-market strategy #3 Take the time to build a strong team … quality people are essential #4 Get an early adopter ‘architecture license’ customer #5 Just accept it will take 4 years to create initial (system level) product #6 Spend every $1 as if it’s the last $1 … and get used to that experience #7 Be sure some early customers can be referenced by investors #8 ‘Stealth Mode’ is a myth … your investor pitch will go to competitors #9 Your founder peers will share their experiences with you, so just ask… #10 You will quickly get used to the start-up fear, uncertainty and chaos! Air Founder Blog ‘In Need of Air’: http://blog.ex-air.co.uk/ Air Website: http://www.ex-air.co.uk/air_website/index.html Air History: http://www.crunchbase.com/company/air-semiconductor/ Email: david.tester@structured-custom.com Tel: +44 7958 052933

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