Stealthy Zeugma Pockets $22.5M
The round was led by a new investor, Israeli firm Vertex Venture Capital.
So what's the money for? That's currently the, er, $38.25 million question, as Zeugma is still officially in stealth mode and not talking about its product. Its Website says it's doing "intelligent solutions for next generation broadband networks," if that narrows it down for you.
It seems, though, that the company is developing a packet-aware broadband subscriber management router -- and that's a good place to be just now, with management of traffic, resources, and subscribers among the hottest development areas in the telecom sector. (See AlcaLu Identifies Deep Packet Potential and IP Traffic Smarts Hit Berlin.)
Which is why Zeugma sits proudly in our Top Ten New Startups list.
Justin Currie, Zeugma's VP of finance, isn't giving anything more away today, not even a headcount level. The company has been hiring, though, and has outsourced some development work to India, though the offshore staffers account for less than 10 percent of the company's staff. (See Zeugma Expands Team.)
So when is Zeugma coming out of the technology closet? Currie says it'll be during the current funding period, which is the next 15 months, though some announcements will likely be made during the next four to five months.
— Ray Le Maistre, International News Editor, Light Reading