Nangate, a Sunnyvale, Calif.-based developer of electronic design automation software, is looking to raise $10 million in a third round of venture funding, according to VentureWire.

The company previously raised $15 million from Sunstone Capital, NorthCap Partners and Seed Capital Partners. Its revenue was about $500,000 for the first quarter of 2008.

Nangate says its software improves design speed, design area and power consumption.