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Posted
Tuesday, July 23, 2002 Seaway's financing topped up to $23M By Leo Valiquette, InBusiness Media Network A late comer to the venture capital party added another $5 million to Seaway Networks' first round of financing on Tuesday, bringing the total for the semiconductor startup to $23 million. Toronto-based VenGrowth Capital Partners joins other first round investors JK&B Capital, Novacap, and Venture Coaches. Seaway secured the financing early in the New Year but did not reveal the names of the investors until May. The company was founded in January 2001 by 13 former Nortel employees under the name Camelot Content Technologies. The fabless semiconductor maker is developing products for use in Internet infrastructure equipment. The financing will be used for research and development, as well as marketing. Its first product is expected to hit the market by the end of the year.
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