- Vancouver Venture Firms Invest in Telecoms Product Startup.
Vancouver, BC –October 26, 2004 – Ventures West and Yaletown Venture Partners, two leading venture capital firms in Vancouver, today announced their investment in a seed stage financing of Zeugma Systems, a startup currently developing telecom products.
Leading the Zeugma Systems team are President and CEO Andrew Harries, co-founder and former Senior Vice President of Sierra Wireless Inc., and Chief Technology Officer Siegfried Luft, former software director of Redback Networks Inc., founding member of Siara Systems Inc., and former Architect at Fiberlane Communications Inc. (later Cerent Corporation).
“For four years the telecom market has faced limited investment and innovation” said Andrew Harries, President & CEO of Zeugma Systems. “Emerging broadband applications will call for a new wave of innovation in the network. We plan to deliver valuable new products to our customers in the years ahead.”
“Zeugma’s founding team have pinpointed some critical limitations in broadband space, and have proposed attractive solutions,” said Sam Znaimer, Senior Vice President of Ventures West Management Inc. “This is the start of an exciting and dynamic enterprise.”
“Zeugma’s founders have exceptional track records building and selling innovative data communications products for emerging global markets,” said Mike Satterfield, Partner of Yaletown Venture Partners Inc. “We are delighted to be a founding financial partner in this exciting new business.”
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada’s leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information Technology. For more information, visit www.ventureswest.com.
About Yaletown Venture Partners
Based in Vancouver, British Columbia, Yaletown Venture Partners is a venture capital firm that invests time, expertise, and money in seed and early-stage technology companies. Yaletown focuses on Western Canada's vibrant Information Technology and Energy Technology clusters. Yaletown’s investment managers bring a combined sixty years of early-stage company-building and financing experience to each portfolio company. For more information, visit www.yaletown.com
Contact:
Mike Satterfield
Yaletown Venture Partners Inc.
(604) 688-7807 ext. 107
mike@yaletown.com
Sam Znaimer
Ventures West Management Inc.
(604) 891-3264
sznaimer@ventureswest.com
