The Canadians are doing some early stage investing...
OCTIGABAY SYSTEMS CORPORATION SECURES RECORD $24 MILLION SEED FINANCING
Vancouver, Canada - January 30 2003 – In the largest information technology seed financing deal in Canadian history, OctigaBay Systems Corporation today announced that it has closed a record $24 million in financing from four top-tier investors: Celtic House Venture Partners, Ventures West Capital, Working Opportunity Fund, managed by GrowthWorks Capital, and Business Development Bank of Canada.
“We’re delighted to be working with such a strong group of investors,” said John Seminerio, President and CEO of OctigaBay. “To set a financing record in this market is truly a testament to the team and the business plan. We’re out to change the information technology infrastructure used by the most demanding business and research institutions worldwide. Our specific product plans will be announced at a later date, but based on our track record with our last company, Abatis, and the level of endorsement from our investors, you can expect something big.”
The OctigaBay management team includes the founders and senior managers from Abatis Systems Corporation and Alcatel Canada. Abatis was acquired in September 2000 for over $1 billion in one of the largest acquisitions of a private technology company in Canadian history.
“The OctigaBay management team has tremendous clarity of vision and has a proven track record in delivering on that vision. These serial entrepreneurs plan to change the world in a very pragmatic way and if anyone can do it, they can,” said Andrew Waitman, Managing Partner at Celtic House.
“John Seminerio was an integral part of the Ventures West Entrepreneur in Residence program and is a savvy and seasoned entrepreneur,” adds Sam Znaimer, Senior Vice President of Ventures West. “John and his team are the best management team in the country – bar none. And the only ones with the skill, experience and audacity to take on this challenging opportunity.”
“This is an excellent time to start a company,” added Seminerio. “In a market typified by corporate downsizing, we’re actually growing by 50 people over the next year. We are doing some very innovative things at OctigaBay and are able to attract the best and brightest professionals with an exciting opportunity to work in a fast-paced and growing company.”
About OctigaBay Systems Corporation
OctigaBay Systems Corporation was founded in December 2001. Headquartered in Burnaby, BC, Canada, the company is pioneering an innovative new category of information technology products. Addressing the most challenging needs of business and research institutions, OctigaBay’s products radically change the performance, operating costs and reliability of traditional solutions. For more information, please visit www.octigabay.com or contact us at info@octigabay.com.
About Celtic House Venture Partners
Celtic House Venture Partners is a leading venture capital firm focused on building high-growth technology companies in North America and the United Kingdom. Celtic House invests in early-stage companies in the storage, networking, Internet infrastructure and communications sectors. Founded in 1994, Celtic House has lead investments in more than 40 technology start-ups, a number of which have been acquired by or become public companies. For more information, please visit www.celtic-house.com.
About Ventures West
Ventures West Capital Ltd. is a privately held venture capital investment group that invests in early stage technology companies across North America from offices in Vancouver, Toronto and Ottawa. Since its founding in 1968, Ventures West has invested over $400 million in more than 125 companies. Ventures West has the people, the expertise, and the capital to develop emerging technology companies into market leaders. Our investment strategy focuses on four technology sectors: Information Technology, Telecommunications, Biotechnology and Power Technology. For more information, visit www.ventureswest.com.
About GrowthWorks
GrowthWorks (www.growthworks.ca) is a recognized leader in venture capital fund management with proven expertise in raising and investing capital. Managing several funds, with a combined $700 million in assets under management across Canada, GrowthWorks has substantial capital resources and expertise. 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 making investments in the fastest growing sectors of the economy, primarily in information technology, life sciences, advanced manufacturing and early stage investing.
About BDC Venture Capital
BDC Venture Capital (www.bdc.ca) is a major venture capital investor in Canada, active at every stage of the company's development cycle from seed through to Initial Public Offering, 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 more than $400 million in venture capital assets and over 80% of its portfolio is invested in the areas of biotechnology, medical and health related technology, telecommunications, information technology and electronics.
Contact:
Adam Lorant
Vice President, Product Management & Marketing
OctigaBay Systems Corporation
604-202-3488
alorant@octigabay.com |
