Tesoro Venture Capital announced landmark startup initiatives in Phoenix, AZ, where it will serve as the lead operator to oversee accelerator programs and design-center operations. Tesoro Venture Capital will collaborate closely with industry partners, including Amkor, Cadence and TSMC, as well as the City of Phoenix and Greater Phoenix Economic Council, to drive the growth of the local semiconductor ecosystem growth.
“Phoenix is a global semiconductor and tech hub, and this announcement further cements our status,” Phoenix Mayor Kate Gallego said. “Collaborating with Tesoro, TSMC, Cadence, Amkor and our university partners accelerates our already significant bevy of cutting-edge technology companies investing in our region and the high-quality, middle- class jobs you can raise a family on that come with them.”
Tesoro’s AI + Semiconductor Accelerator is a launchpad for high-potential startups advancing AI and chip innovation. Working closely with ecosystem partners, Tesoro delivers an end-to-end pathway — from design and prototyping to packaging and high- volume manufacturing — helping founders shorten development cycles and scale breakthrough technologies. By anchoring this innovation pipeline in Phoenix, the initiative strengthens U.S. competitiveness and advances national leadership in critical AI and semiconductor technologies.
The accelerator gives startups access to capital, mentorship, and a network of industry partners to speed development and scale. Teams tap Cadence’s EDA tools, advanced prototyping and high-performance compute, while benefiting from TSMC process technologies, Amkor packaging and test, and Phoenix’s broader innovation ecosystem that links talent, infrastructure, and industry leadership.
The initiative also drives regional impact: hundreds of specialized engineering, design, and support roles across Greater Phoenix, plus university partnerships that convert research into high-growth spinouts through tech transfer and proof-of-concept funding. A curated global pipeline—from the U.S. to Asia, Europe, and Latin America—provides a direct path from design to prototyping and manufacturing, helping the next generation of AI-and-semiconductor leaders scale.
“Startups are the lifeblood of innovation in AI and semiconductors. Our mission is to give them a seamless path from idea to impact – accelerating their journey from concept to design to global scale” said Andy Lombard, Founder & Managing Partner, “Tesoro Venture Capital By partnering with TSMC, Cadence, Amkor, the City of Phoenix, and GPEC we are creating the next generation ecosystem designed to cultivate the very companies that will design and then deliver technology the world has yet to imagine.”
“We’re excited to partner with Tesoro and industry leaders to power startups with Cadence’s world-class design tools. Together, we’re creating an ecosystem that accelerates AI, semiconductor and systems innovation vital to U.S. leadership.” said Tom Beckley, Senior Vice President, Cadence Design Systems, “As a global leader in electronic design automation, Cadence is committed to giving startups cutting- edge technologies and solutions trusted by the world’s top semiconductor companies.”
