Next generation high speed broadband networks manufacturer, Zeugma Systems Inc. has announced they have secured $22.5 US million Series B financing led by Vertex Venture Capital. Granite Ventures, Ventures West, Yaletown Venture Partners, GrowthWorks Capital Ltd. and BDC Venture Capital all are returning investors, 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 funds will be used to help the company launch new products and services and allow the company to ramp revenues.
