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BURNABY, British Columbia, December 17, 2004 --
Teradici Corporation, a
new fabless semiconductor company developing solutions for
next-generation personal computers, tablets, and handhelds, today
announced completion of an initial US $8.3 million ($10.2 million
Canadian) financing program.
The funding round was led by Vancouver-based GrowthWorks Capital Ltd.,
manager of the Working Opportunity Fund, and syndicated with strong
participation by two of Canada's leading early stage investment firms,
the Business Development Bank of Canada (BDC), and Skypoint Capital
Corporation. The new funding will be used to develop the company's
initial product, including silicon, software, and customer reference
designs.
Investors joining the board include Geoff Catherwood, a Director with
BDC's Venture Capital Group, Peter Diedrich, a Partner with Skypoint
Capital, and Joseph Timlin, Vice President, GrowthWorks Capital.
"The application of Teradici's technology to enterprise and distributed
computing will redefine how PC functionality is deployed and managed,"
Diedrich said. "With this funding, the Teradici team is emerging as an
innovative leader that is delivering a key enabling technology to the
market. Skypoint Capital is excited to be investing in Teradici as our
first Vancouver-based investment."
"When the Teradici executives approached BDC, they brought a compelling
concept for the technology required to address a unique and widespread
problem. They have built an excellent team, and with this financing are
well-positioned to execute their plan," added Catherwood. "The Teradici
founders have done a spectacular job in recruiting top tier talent, and
in getting visibility into the leaders of the personal computer
industry," said Timlin. "GrowthWorks is also very pleased that the
financing was completed with two of Canada's largest and most respected
financial partners."
Teradici is founded by a group of successful leaders from world-class
semiconductor companies. Dan Cordingley, President and CEO, has held
general management roles at Intel Corporation and Level One
Communications. Maher Fahmi, VP of Silicon Engineering, was previously
Director of Product Development for service provider products at
PMC-Sierra. Ken Unger, VP of Software Engineering was previously
Director of Engineering at Broadcom for VoIP products. David Hobbs,
Chief Architect, was VP of Engineering and CTO for Spectrum Signal
Processing and held lead technical roles at Gemini Technologies, now
Seiko-Epson. Sam Davison, VP of Finance, served as Controller for
Broadcom's Carrier Access and Mobile Communications business units.
Teradici also announced today the appointment of two industry
visionaries to the company's Board of Directors.
Joining as Chairman is Kevin Huscroft, who brings a wealth of silicon
and systems development expertise to Teradici. Mr. Huscroft was a
founder of PMC-Sierra, and led PMC-Sierra's product development efforts
from 1992 through 2002 where he served as VP, R&D and CTO. "Teradici has
developed a unique business plan that requires talent from many
different industry disciplines and sectors," Huscroft said. "With a
strong founding team in place, I am very confident of Teradici's ability
to deliver world-class solutions."
Also joining the Teradici board is Randy Groves, most recently CTO for
Dell, Inc., of Austin, Texas where he had also served as General Manager
of Dell's Enterprise Systems Group. His career also includes leadership
positions in server and microprocessor development for IBM. "Both
computer users and IT departments can realize exciting new benefits from
Teradici's technology," Groves said. "The worldwide market opportunity
is truly significant."
"It is a privilege to be associated with such a blue chip group of
investors and board members," said Cordingley. "We look forward to
leveraging their industry relationships, deep domain knowledge, and
strategic advice as critical elements for Teradici's success."
Teradici Corporation is a fabless semiconductor company
developing innovative technology for next-generation computer form
factors. Through a combination of unique algorithms and high-performance
silicon processing, the company is focused on enabling a new approach
for how personal computers are deployed and managed. Teradici is
headquartered in Burnaby, British Columbia, Canada. More information
will be made available at www.teradici.com.
Capital GrowthWorks is a recognized leader in venture
capital fund management with proven experience in the raising, investing
and managing of capital. GrowthWorks managed funds, including the
Working Opportunity Fund and GrowthWorks WV Funds, have a combined $750
million in assets. GrowthWorks has a team of skilled and knowledgeable
investment professionals with a combined 200 years of experience. The
investment team has a proven track record of identifying, structuring
and negotiating investments in companies in emerging sectors.
GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. For
more information, visit www.growthworks.ca.
Skypoint Capital™ forms and manages venture
capital funds that stimulate and leverage the ever-changing
telecommunications and information technology sector. Its funds provide
early-stage equity capital to new or growing businesses with the
potential to become major enterprises. The firm, which currently has US
$185 million under management, invests primarily in Canada, but also in
the US, Israel and the UK. The members of the Skypoint Capital team have
participated in more than 75 technology start-ups in the Ottawa and
Montreal regions. For more information, visit www.skypointcorp.com
BDC Venture Capital is a major venture capital
investor in Canada, active at every stage of the company's development
cycle, from seed through expansion, with a focus on technology-based
businesses that have high growth potential and that are positioned to
become dominant players in their markets. BDC Venture Capital has been
involved in venture capital since 1975 and has to date invested in more
than 400 different companies. It currently manages approximately $500
million in venture capital assets invested in the areas of Life
Sciences, Telecommunications, Information Technology, Advanced
Technologies and Funds Investments. For more information, visit www.bdc.ca
For more information:
Phillip Bergman
Roher Public Relations
(914) 238-2200, ext 302
pbergman@roherpr.com
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