Zeugma Systems Raises US$22.5m in Series B Financing

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 and the amount raised" 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.



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