(PRWEB) September 11, 2002
SANTA CLARA, CA September 9, 2002 Zeevo, Inc., a leader in the delivery of fully integrated System-on-a-Chip (SoC) solutions for Bluetooth communications, announced today it has secured $ 20 million in a Series D round of funding, led by WK Technology Fund. WK Technology is Taiwans premier Venture Capital firm. Previous investors, Sequoia Capital, Raza Venture Fund and Focus Ventures also participated in this round.
“We are pleased to participate in a great company like Zeevo,” said Dr. Keh-Shew Lu from WK Technology Fund. Zeevo has established itself as one of the market leaders in the huge Bluetooth market. Zeevos strong technology and systems-level expertise positions it extremely well in a very large, and exploding wireless connectivity market. We look forward to assisting Zeevo in its rapid market expansion. Dr. Keh-Shew Lu will join the companys board of directors. Dr. Lu retired from Texas Instruments (T.I.) last year after a distinguished career at T.I. He was Senior Vice President running T.I.s worldwide operation in Analog, Logic and Mixed-Signal products. Before that, he was Asia President of Texas Instruments from 1994 to 1997.
Zeevos CEO and President, Anil Aggarwal, states We are very excited to have Dr. Keh-Shew Lu join Zeevos board, he brings tremendous value to Zeevo based on his industry experience and key relationships in Asia Pacific. Anil continued, The confidence that our customers and investors have in us is also a strong vote of confidence in the Bluetooth industry and the growing importance of wireless microcontroller solutions.
With this investment, Zeevo has raised a total of $ 65.9 million since inception in late 1999. Zeevo has obtained commitments from additional investors, and is anticipating a second closing. This funding will be used to ramp the companys Bluetooth System-on-a-Chip TC2000 into high volume production, and expand sales and marketing activities.
Zeevo is also announcing the appointment of Bob Van Steenburgh as their new Vice President of Marketing. Mr. Van Steenburgh joins Zeevos corporate executive management team from LSI Logic where he held marketing responsibility for various consumer products including DVD, Set top box and CDMA wireless chipsets. Prior to that, Bob held several engineering and marketing positions at IDT, Cypress and Intel and has more than 20 years of experience in the semiconductor industry.
Bob is a great addition to the Zeevo management team and is focused on moving Zeevo to the next level of prominence in the wireless semiconductor industry commented Anil Aggarwal. Anil continued, With financing behind us, we will be able to apply great focus on ramping the product to high volume production and building a valuable company.