Back to the complete issue
Monday, 12 April 2021

Software startup Suitera lands USD 230k in investments

AUC software spinoff Suitera has received USD 230k in investments from electronic design automation firm Mentor Graphics’ former CEO Walden Rhines and three other private investors, according to a press release (pdf) from AUC. Rhines invested USD 100k, while the other three investors put up a combined USD 130k. Suitera plans to use the funding to hire talent and continue building its product pipeline.

What is Suitera? The semiconductor startup — which was founded in 2020 by AUC professor of electronics Yehea Ismail and electronic design automation industry veterans Magdy Abadir and Eby Friedman — creates analysis and optimization tools. These tools are designed to reduce the computational time and resources required to perform complex modeling, analysis, and simulation tasks. Suitera has one viable product currently being tested by global market leaders, with another product in development and more products in the pipeline.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.