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Wasabi Systems Secures An Additional $2.0 Million In Funding
Wasabi Systems, the leading provider of the NetBSD operating system for embedded computing, announced that it has secured an additional $2.0 million in its Series A round of financing. Praxis Capital Ventures and Himalaya Capital have each committed money to the round, bringing the total Series A investment to date to $4.0 million. Newlight Associates, the initial Series A investor, led the round. Li Lu of Himalaya and Peter Venetis of Praxis will join Newlight's Robert Raucci on Wasabi's Board of Directors.
"As the world becomes increasingly networked, the market for embedded devices is rapidly expanding. These devices demand a robust operating system that offers the functionality necessary for tomorrow's needs: NetBSD is very well positioned to meet that challenge," said Li Lu, General Partner of Himalaya Capital.
"Praxis believes Wasabi Systems and NetBSD will be an integral component of the next generation of networked devices," said Peter Venetis, General Partner of Praxis Capital Ventures. "This investment demonstrates our confidence in the substantial market opportunity available to the NetBSD operating system as the level of sophistication and number of networked devices continues to increase."
Wasabi Systems, founded in May of 2000, is the leading provider of custom products and development services for the NetBSD operating system. NetBSD's ability to run on dozens of hardware platforms with low overhead makes it ideal for next-generation embedded systems -- the computers hidden in everyday devices such as cell phones, telecom switches and cable set-top boxes. Wasabi's customers have included manufacturers of Internet infrastructure products, storage devices, and set-top boxes.
About Praxis Capital Ventures
Praxis Capital Ventures provides expansion stage capital for companies whose products and services are focused exclusively in the telecommunications, digital media and information technology sectors. The close relationship between Praxis and its founding sponsor enables its portfolio companies to gain unique insight and support from a wide range of industry participants in the telecommunications market.
About Himalaya Capital
Himalaya Capital Ventures seeks to capitalize on the growth opportunities of early-stage, technology-driven companies. Himalaya invests in software and hardware companies that fulfill the promise of the networked economy, biotechnology and healthcare companies capitalizing on the advances in medical research and technology, and new media destinations that feature multimedia content.
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