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Next-gen broadband startup Zeugma Systems completes $13.5M financing
May 26, 2006
VANCOUVER -- Zeugma Systems Inc., a venture-backed company developing a telecommunications system for next generation, high speed broadband networks, today announced completion of a US$13.5 million financing.
The financing was led by new investor San Francisco-based Granite Ventures and syndicated by Ventures West and Yaletown Venture Partners, both founding institutional investors, as well as by GrowthWorks Capital Ltd., manager of the Working Opportunity Fund and by company insiders. The new funding will be used to continue with development of the company's first commercial system release, including hardware, software and early customer trials, as well as to ramp the company's sales and marketing capabilities.
The outside members of the board of directors are now Sam Kingsland, Managing Director, Granite Ventures; Sam Znaimer, Senior Vice President, Ventures West; Mike Satterfield, Founding Partner, Yaletown Venture Partners; John DuBois, independent director and former head of North American ILEC sales at Redback Networks.
"Zeugma has assembled an excellent team of industry veterans and technical experts" said Sam Kingsland of Granite Ventures. "They have a clear product vision for next-generation broadband networks, and they are well positioned as carriers around the world upgrade their broadband networks to enable triple-play services."
"Since the Company's seed financing in September 2004, Zeugma has made terrific progress honing its product definition, gathering strategic partner support, and building the team. This financing provides the fuel required to take Zeugma to the market" added Sam Znaimer of Ventures West.
Zeugma Systems Inc.
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