Zeugma Systems still in Stealth Mode

Vancouver-based start-up Zeugma Systems Inc. announced a $22.5 million B round of financing last week, taking its total funding to $38.25 million. The financing was led by new investor Vertex Venture Capital. The syndicate members include returning investors Granite Ventures, Ventures West, Yaletown Venture Partners, GrowthWorks Capital Ltd. and BDC Venture Capital, as well as new investors GTD Capital and BC Advantage Funds. Ray Le Maistre, International News Editor of Telecom Industry blog Light Reading, asks what all this money is for?

That’s currently the, er, $38.25 million question, as Zeugma is still officially in stealth mode and not talking about its product. Its website says it’s doing “intelligent solutions for next generation broadband networks,” if that narrows it down for you.

Zeugma Systems currently sits at #7 on Light Reading’s Top Ten New Startups list.