Tuesday, May 23, 2006

Zeugma Systems Raises $13.5 Million

Zeugma Systems (pronounced "zoogma"), a start-up based in Vancouver, British Columbia, raised US$13.5 million in venture financing for its work developing a telecommunications system for next generation, high speed broadband networks. Product plans have not been disclosed.



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.



Zeugma Systems is led by Andrew Harries, co-founder, President and CEO, co-founder of Sierra Wireless Inc. and formerly at Motorola, Siegfried Luft, founder, CTO and formerly a co-founder of Siara Systems, which merged with Redback Networks, Jeff Dillabough, Vice President of Engineering and formerly Director of Product Development at PMC-Sierra and HP and Tom Meehan, who was previously Director of Product Management at Redback Networks and at Wellfleet/Bay Networks/Nortel.

http://www.zeugmasystems.comAccording to the company's website, the name "Zeugman" refers to an ancient city founded in 300 B.C. by Seleukos, one of Alexander the Great's generals, on the banks of the Euphrates River in Mesopotamia. The city became synonymous with "bridge", because of its bridge across the river and also because of its vital link between east and west along the Silk Road.

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