News
Press Releases
FOR IMMEDIATE RELEASE
Concludes Initial US $10 Million Funding
BURNABY, British Columbia, Jan. 26, 2005 -- Teradici Corporation,
a new fabless semiconductor company developing solutions for next-generation
personal computers, tablets, and handhelds, today announced that Alta Berkeley,
the London-based venture capital firm focusing on leading technology companies
in the communications and computing sectors, has provided funds to Teradici.
Alta Berkeley's investment brings Teradici's initial financing
round to US $10 million.
Teradici also announced that Kevin Fielding, partner at Alta Berkeley,
will join the company's board of directors. Fielding has extensive
operating experience in the microprocessor business, notably as general manager
of the StrongARM business which was purchased by Intel in 1998. He was also
part of the team that developed the original Alpha microprocessor within
Digital Equipment in the early '90s. More recently, Fielding held CEO
and President roles at ParthusCeva [Nasdaq: CEVA] and took Parthus Technologies
to a Nasdaq IPO in 2000. He will focus on helping Teradici build a world-class
semiconductor team and develop partnerships with leading OEM customers in
the USA and in Europe.
"The completion of this oversubscribed funding round has provided
Teradici with an outstanding foundation to deliver on our vision. After significant
interest from venture organizations throughout North America and Europe,
it was clear that Kevin Fielding and Alta Berkeley were an ideal partner
and investor for Teradici," said Dan Cordingley, Teradici's co-founder
and chief executive officer. "Kevin's extensive background in
world class microprocessor development and experience as a successful semiconductor
CEO is invaluable to Teradici going forward. We are very pleased to be working
closely with Mr. Fielding as we build the company."
The investment by Alta Berkeley continues the firm's stated strategy of
seeking out exciting companies in the IT sector, with sufficiently differentiated
reason, many high-profile executives have chosen to be part of the company.
Alta Berkeley's strategy of investing in unique technology businesses
with global reach makes Teradici a strong strategic fit with our portfolio."
Teradici has attracted a formidable management team, including former executives
from leading semiconductor companies Level One Communications, PMC Sierra
and Broadcom. Teradici's chairman is Kevin Huscroft, who brings decades
technology to allow them to be the leading player in a fast-growing market
sector. Fielding added, "Teradici's semiconductor technology
will have ramifications across the entire computing industry and for that
of silicon and systems development expertise to Teradici. 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. Also on the
Teradici board is Randy Groves, most recently CTO for Dell, Inc. where he
also served as General Manager of Dell's Enterprise Systems Group.
His career also includes senior management roles at IBM in server and microprocessor
development.
Teradici's initial funding round has been led by GrowthWorks Capital
Ltd and syndicated with participation by the Business Development Bank of
Canada (BDC) and Skypoint Capital Corporation. The funds will be used to
develop Teradici's unique semiconductor products for the computing
industry.
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
Founded in 1982, Alta Berkeley is a London-based
venture capital firm focusing on the next generation of leading technology
companies in communications and computing across Europe and Israel. Alta Berkeley
follows a US-style VC model, in that its partners have deep operational experience
of successfully launching and managing technology businesses in both the private
and public markets and consequently, they take a hands-on approach with their
portfolio companies. Alta Berkeley has raised and invested six funds since
1982, providing superior returns for institutional investors and has been
responsible for over 50 exits via acquisition or IPO. The firm is currently
investing from its sixth fund. Recent investments include Siliquent Technologies,
Frontier Semiconductor, Touch Clarity, Dune Networks, Native Networks, and
Synad. For more information, please go to: www.altaberkeley.com
For more information:
Phillip Bergman
Roher Public Relations
(914) 238-2200, ext 302
pbergman@roherpr.com
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