Oversubscribed financing round to accelerate go-to-market timeline and next generation product development
Vancouver, British Columbia, February 14, 2007 – Teradici Corporation, a fabless semiconductor company developing innovative solutions for next-generation computer form factors, today announced the company has secured U.S. $18 million in venture capital funding. Alloy Ventures led the round with participation from return investors the Working Opportunity Fund, Skypoint Capital, BDC Venture Capital and Alta Berkeley Venture Partners.
Teradici concurrently announced that Daniel Rubin, partner at Alloy Ventures, will join the company's board of directors. Mr. Rubin has extensive operational and management experience in the semiconductor industry notably as a co-founder of Artisan Components. He held positions of Vice President of Sales and Marketing and Vice President of Business Development for Artisan through its initial public offering in 1998.
"The completion of this oversubscribed funding round has provided Teradici with an excellent foundation to execute on our vision," said Dan Cordingley, Teradici's President and Chief Executive Officer. "Dan Rubin's extensive background in business development, sales and marketing is invaluable to Teradici as the company transitions from product development to product delivery. We are thrilled to have Mr. Rubin as a member of our board as Teradici continues to drive widespread adoption of our technology in 2007."
The investment by Alloy Ventures continues the firm's strategy of seeking out exciting, entrepreneurial companies in the IT sector with technology that is not only unique but also can force disruptive change to existing infrastructure. "Alloy Ventures believes that Teradici's approach in developing unique graphics algorithms driven by purpose-built silicon will enable new thinking in how enterprises approach computer and network deployment," said Rubin. "The combination of Teradici's experienced management team impressive first silicon success and customer traction is outstanding."
Teradici will use this capital to fund its 2007 go-to-market plan while, in parallel, accelerating its second and third generation product strategies. Building upon its highly successful first product development, Teradici will expand its engineering teams to deliver further optimizations and advancements in graphics compression and high-speed chip design. Teradici will also strengthen its operations, sales and marketing functions as it approaches volume production and broad-based customer adoption.
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 is available at www.teradici.com.
Alloy Ventures invests primarily in seed and early stage companies in information technology and the life sciences. The firm's total committed capital under management exceeds $1 billion, including $368 million committed to Alloy Ventures in 2005. The firm's partners have been founders and CEOs of successful start-ups, officers of large companies, and have decades of venture capital experience. The firm offers entrepreneurs the experience, connections and capital necessary to build lasting, market-leading companies. For more information, visit www.alloyventures.com.
GrowthWorks is a recognized leader in venture capital fund management with proven experience in the raising and managing of capital. GrowthWorksŠ managed funds have $800 million in combined assets and include the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund and GrowthWorks Atlantic Venture Fund. 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, analyzing, and structuring investments in emerging sectors. GrowthWorks refers to affiliates of GrowthWorks 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 U.S. $185 million under management, invests primarily in Canada, but also in the U.S., Israel and the UK. The members of the Skypoint Capital team have far-reaching experience in the industry, fund management and the cultivation of technology companies. 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 $550 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology and Advanced Technologies Investments. For more information, visit www.bdc.ca.
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 U.S.-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.
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