TapRoot Secures $7M

Embedded software company TapRoot Systems closes $7M financing round led by Intersouth Partners

April 5, 2004

2 Min Read

MORRISVILLE, N.C. -- TapRoot Systems, an embedded software company focused on the smartphone and wireless network industries, announced today it has closed a round of venture funding.

Durham-based venture capital firm Intersouth Partners led the financing round, with Mid-Atlantic Venture Funds also participating. This is the first round of institutional investment for the company, which was founded in 2000. The funding will be used to speed product development and to build a marketing and customer support infrastructure.

"TapRoot is attacking a fast-growing market and we are keen to take advantage of the solid reputation we have developed over the past 3 years," said Hugh Thomas, CEO of TapRoot. "This funding will help us to expand to meet the increased demand for our products by broadening our software development capabilities and providing the industry with complete software solutions for smartphone platforms."

"TapRoot is an interesting company because it's solving a problem in a very large market. By delivering the embedded software its customers need to make their products work, TapRoot is making it easier for those customers to get their products to market," said Mitch Mumma, a partner with Intersouth and a member of the TapRoot board of directors. "In addition, the company is led by a terrific management team with the experience and passion to drive the company to real market success."

TapRoot creates embedded software, which provides the communications infrastructure within smartphones. This critical functionality allows wireless mobile handset manufacturers and semiconductor vendors to move their products to market more quickly, resulting in more technologically advanced mobile phones in the hands of consumers sooner. TapRoot currently partners with such companies as Nokia Corporation, Texas Instruments and Symbian Ltd.

"There's a lot of industry attention around the move toward smarter phones and the ability to be connected anytime and anywhere," said Peter Krawiec of Mid-Atlantic Venture Funds, who also joined TapRoot's Board of Directors. "TapRoot is powering that revolution by providing the underlying software to make it happen."

TapRoot Systems Inc.

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