Zeugma Systems Inc., a Vancouver-based provider of broadband networking solutions, has raised US$22.5 million in Series B funding. Vertex Venture Capital led the round, and was joined by GTD Capital, BC Advantage Funds and return backers Granite Ventures, Ventures West, Yaletown Venture Partners, GrowthWorks Capital and BDC Venture Capital.
Zeugma Systems Inc., a company developing a telecommunications system for next generation high speed broadband networks, today announced completion of its US$22.5 million Series B financing.
The financing was led by new investor Vertex Venture Capital. The syndicate members include returning investors Granite Ventures, Ventures West, Yaletown Venture Partners, GrowthWorks Capital Ltd. and BDC Venture Capital, as well as new investors GTD Capital and BC Advantage Funds.
“Zeugma is our first Canadian investment from our latest fund. We are excited about the opportunity as we strongly believe in the team, the technology and the market potential. We are confident that Zeugma's team of strong industry experts, with their proven experience in building successful companies, will create an industry leader. We plan to leverage our global relationships to help the company achieve its goals,” said Rob Genieser of Vertex Venture Capital.
Zeugma Systems is led by Andrew Harries, co-founder, President and CEO and who previously co-founded Sierra Wireless Inc.; Siegfried Luft, founder, CTO and formerly a senior development executive at Redback Networks; Jeff Dillabough, VP Engineering, formerly at PMC-Sierra; Tom Meehan, VP product management, previously at Redback Networks; Wayne Shackelford, SVP Worldwide Sales who formerly led sales at several startups and at Newbridge Networks USA; and Justin Currie, VP Finance, who joined the company from Creation Technologies Inc.
“The Zeugma team has made tremendous progress in product development and customer engagements in the 18 months since their Series A financing,” said Sam Kingsland of Granite Ventures, which led the company's Series A financing in the Spring of 2006. “We look forward to working with our new co-investors to build a world class company.”
“We are very pleased with the results of this round, in terms of the syndicate's composition, the amount raised and the company's increased valuation,” said Andrew Harries, President and CEO. “We welcome our new investor partners and are happy to see all our existing partners return. We are now ready to take our company to the commercial stage.”
The Series B funding will be used to launch the company's products and services and to ramp the company's revenues.
About Zeugma Systems
Zeugma Systems Inc. is a venture-backed company developing intelligent solutions for next generation broadband networks. Zeugma Systems has attracted a strong team of industry professionals from leading networking companies around the world. The company's plans remain confidential as it moves towards its first commercial release www.zeugmasystems.com .
About Vertex Venture
Capital Vertex Venture Capital is a unique top-tier Israeli VC with a strong international investor base, an experienced multi-disciplinary team of professionals and an impressive track record of exits through M&A and IPO. Vertex provides unparalleled possibilities for companies in facilitating potential growth, business opportunities and leveraging synergies throughout Israel, Europe, North America, and Asia Pacific. Vertex has $550 million under management and invests throughout the development of early stage high tech companies in the fields of information networking and communications systems, software and components, digital media and enterprise software. For more information, please visit: http://www.VertexVC.com .