Mysterious Broadband Start-Up Raises More $$
Nothing like a good summer mystery, right? Zeugma Systems has raised another $2.25-million to close its first financing round at a sweet $15.75-million. So what's the Vancouver-based start-up going to do with the cash? Well, they're not telling. In fact, they're not even disclosing what they're working on other than a system, which won't be ready for at least another year, for “next-generation broadband networks” that will be used to TV, video and VoIP. The latest cash injection came from BDC Ventures (aka the Canadian government), Zeugma executives and staff. Existing investors include Granite Ventures, Ventures West, Yaletown Venture Partners and GrowthWorks Capital. Zeugma expects to raise another round of private equity later this year. Zeugma's press release can be found here.
Update: Zeugma was recently named as one of LightReading.com's top 10 start-ups.
