Achronix Semiconductor, a San Jose company developing “multi-GHz Field Programmable Gate Array (FPGA)” technology, has raised a $25.4 million first round of venture backing.

New Science Ventures (of New York) and Battery Ventures led the round, which also included Entrepia Ventures and Easton Capital Investment Group.

The company says the there is a $20 billion-plus market in the “high-performance segment of global ASIC/ASSP/FPGA.”

Here’s the full statement.