TORONTO -- MM Venture Partners today announced the completion of a $3.5 million venture financing with Zucotto Systems Inc., the global leader in Java™ semiconductor solutions for the Wireless Internet. The funding will be used for working capital purposes.
Zucotto Systems, located in San Diego, California and Ottawa, Ontario, makes wireless Java a pervasive reality by providing a one-stop solution to embedded customers who require hardware and software solutions, as well as the appropriate development tools for a consistent, predictable development process. Zucotto Systems equips its customers with all of the components to tackle the design constraints of high-performance, semiconductor-based, wireless Java, by lowering the overall integration investment and accelerating time-to-market for Java enabled wireless devices.
"Zucotto Systems is paving the way in the development of Java semiconductors for burgeoning Wireless Internet and Bluetooth™ markets as the company's enabling technology will allow Java programmers to seamlessly develop applications for next generation wireless devices, which are expected to exceed one billion units in 2003" said MM Venture Partners Managing Partner, Minhas Mohamed. "Zucotto Systems' ability to assemble an industry-leading management team, and secure relationships with key companies like Alcatel and Sun Microsystems, prove the company to be an ideal investment opportunity for MM Venture Partners."
"We are pleased to have MM Venture Partners come on board as a venture investor" said Mark Wells, CEO and president of Zucotto Systems. "MM Venture Partners' outstanding reputation and extensive experience as a leading venture investor firm, as well as its strong network of contacts within the wireless industry and capital markets will be invaluable to Zucotto Systems."
The winner of Sun Microsystems' JavaOne 2000 "Best of the Pavilion" award, Zucotto Systems is poised to become a dominant player in the embedded wireless Java solutions market. Zucotto Systems provides developers of wireless applications a one-stop solution by combining the company's Xpresso™ semiconductor, an embedded KVM with Jini and a strong development environment. The Xpresso chip far exceeds the speeds of C compiled Java VM's running on traditional hardware. Devices that incorporate Xpresso technology deliver 20 to 40 times the performance with less power consumption than comparable devices running on existing virtual machines, making it ideal for running compelling applications on Wireless Internet and Mobile Multimedia devices.
About Zucotto Systems Inc. Zucotto Systems is the global leader in Java semiconductor solutions for the Wireless Internet. Zucotto Systems provides developers with a one-stop solution through the combination of Sun Microsystems' Java 2 MicroEdition technology and powerful Jacknife™ development platforms. The family of solutions enables rapid development and revenue producing downloadable applications for wireless Internet and mobile multimedia devices. Zucotto Systems is the first company in the world to bring together Java and Bluetooth technology into one seamless development and integration platform. Zucotto Systems is a high-growth company with offices in San Diego, CA and Ottawa, Canada. For further information please visit
http://www.zucotto.com/.
About MM Venture PartnersMM Venture Partners is the General Partner of the $150 million GATX/MM Venture Finance Partnership. This privately held venture capital fund focuses exclusively on public and private technology companies in Canada. MM Venture Partners has focused specifically on a niche in the capital markets by providing venture debt financing to Canadian information technology and biotechnology companies. The fund's partner, San Francisco based GATX Capital Corp., is a global diversified investor. For more information visit us online at
http://www.mmvp.com/.
For more information, please contact:
Zucotto Systems Inc.
Ellie Sanchez
Tel: 858-551-4222
esanchez@zucotto.com MM Venture Partners
Minhas Mohamed, Managing Partner
Tel: 416-977-9718
mmohamed@mmvp.com