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TimeSys announces $15.5 Million in financing

Mar 11, 2002 — by LinuxDevices Staff — from the LinuxDevices Archive — 2 views

Pittsburgh, PA — (press release excerpt) — TimeSys Corporation today announced that it has secured $15.5 Million in equity financing. Adams Capital Management led the round with participation from The Hillman Company, Sun Microsystems, Philips Electronics, a division of Royal Philips Electronics, and Nissin Systems. Larry Weidman, TimeSys' CEO also participated in the round with a personal investment.

Funds from these strategic investors and two leading national venture capital firms provide TimeSys with the capital necessary to execute its aggressive product strategy and bring the technology it pioneered into the marketplace. “With a significant round of funding from these strategic investors, we're about to make our revolutionary products more relevant and widely available,” said TimeSys CEO Larry Weidman.

Design and analysis tools for Embedded Linux and Java are in greater demand within telecommunications, automotive and aerospace, industrial/process control and military sectors. Technology leaders in these market segments are placing significantly greater functionality and performance requirements on their systems. The industry has responded with both proprietary and open solutions, some offering true real-time capabilities while others can't. TimeSys is the leading vendor of development tools that allow customers to build true real-time functionality in systems in Linux or Java.

“We expect embedded, real-time Linux and real-time Java will become increasingly important to our network equipment provider, telecommunications service provider and wireless infrastructure customers as they develop the functionality of their applications. Building robust applications based on real-time technologies requires tools and runtime environments that lead the industry,” said Brian Sutphin, vice president of Strategic Investments for Sun Microsystems. “TimeSys has considerable expertise in developing real-time Java, real-time tools and real-time operating environments. We expect TimeSys' offerings ultimately will bring Java's many benefits — including ease-of-use, application portability, fast time-to-market and low cost of ownership — to real-time, embedded applications.”

Rene Savelsberg, vice president of corporate venturing, Philips International added, “Open, reliable and ready to use software tools are key to the future of our embedded systems technology development efforts. The investment in TimeSys is a strategic investment that positions Philips to meet increasing customer demand for superior Linux-based consumer electronics products.”

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