Covington Advises Motivo on 12M Financing Round

PALO ALTO—Covington advised Motivo, developer of AI-enabled chip design and data analytics solutions, on its $12 million Series A preferred stock financing round led by Intel® Capital, along with other new investors Storm Ventures and Seraph Group as well as participation from Inventus Capital and other existing investors that include multiple IC industry C-suite executives.

This financing follows earlier seed rounds of $8 million, bringing total capital raised to $20 million. With this oversubscribed funding round, Motivo plans to apply the funding to scale the business and double the team within the next 12 months.

The Covington team included Tom DeFilipps, Stephen Bartenstein, Caterina Benson, Denny Kwon, Nira Pandya, Christen Sewell, Lindsey Tonsager, Jonathan Wakely, and Yan Wang.