PITTSBURGH, March 11 /PRNewswire/ -- TimeSys Corporation today announced
that it has secured $15.5 Million in equity financing. Adams Capital
Management led the round with participation from The Hillman Company, Sun
Microsystems (Nasdaq: SUNW), Philips Electronics, a division of Royal Philips
Electronics (NYSE: PHG; AEX: PHI), and Nissin Systems. Larry Weidman,
TimeSys' CEO also participated in the round with a personal investment. Funds
from these strategic investors and two leading national venture capital firms
provide TimeSys with the capital necessary to execute its aggressive product
strategy and bring the technology it pioneered into the marketplace. "With a
significant round of funding from these strategic investors, we're about to
make our revolutionary products more relevant and widely available," said
TimeSys CEO Larry Weidman.
Design and analysis tools for Embedded Linux and Java(TM) are in greater
demand within telecommunications, automotive and aerospace, industrial/process
control and military sectors. Technology leaders in these market segments are
placing significantly greater functionality and performance requirements on
their systems. The industry has responded with both proprietary and open
solutions, some offering true real-time capabilities while others can't.
TimeSys is the leading vendor of development tools that allow customers to
build true real-time functionality in systems in Linux or Java.
Lead investor Joel Adams, general partner at Adams Capital Management
stated, "The open source market has been of interest to us for some time and
TimeSys allows us to access this movement while maintaining a proprietary
software business model. TimeSys directly benefits from discontinuities
created by the emergence of open architecture and interoperable standards.
Its product positioning is unique as the reference platform of choice for
real-time applications in both the Linux and eventually the Java communities."
"We expect embedded, real-time Linux and real-time Java will become
increasingly important to our network equipment provider, telecommunications
service provider and wireless infrastructure customers as they develop the
functionality of their applications. Building robust applications based on
real-time technologies requires tools and runtime environments that lead the
industry," said Brian Sutphin, vice president of Strategic Investments for Sun
Microsystems. "TimeSys has considerable expertise in developing real-time
Java, real-time tools and real-time operating environments. We expect
TimeSys' offerings ultimately will bring Java's many benefits -- including
ease-of-use, application portability, fast time-to-market and low cost of
ownership -- to real-time, embedded applications."
Rene Savelsberg, vice president of corporate venturing, Philips
International added, "Open, reliable and ready to use software tools are key
to the future of our embedded systems technology development efforts. The
investment in TimeSys is a strategic investment that positions Philips to meet
increasing customer demand for superior Linux-based consumer electronics
A Global Leader
Among the investors in TimeSys is its strategic partner Nissin Systems
Company in Kyoto, Japan. Nissin is an embedded systems integrator and key
marketing and technology partner in one of the world's most demanding markets.
Nissin System's President Osamu Nakamura said, "TimeSys is providing
technology that allows our customers to build and deploy mission critical
systems with the utmost confidence and minimal lead time to get the systems
running. We believe that TimeSys Linux is the best choice of robust and high
quality embedded Linux and that their out of the box solutions give our
customers a significant advantage in the market."
TimeSys is committed to providing its customers with either open source or
proprietary tools specific to the unique demands of their customers. TimeSys
develops and distributes design, development and analysis tools for Embedded
Linux and Java as well as Embedded Real-Time Linux and Java. TimeSys Linux
GPL is a full Linux distribution for all supported embedded boards that
includes everything needed to develop, deploy, and maintain an embedded
platform. For each board, this distribution includes not only the world's
lowest-latency Linux kernel, but also all the libraries, tool chains,
utilities, drivers, scripts, and documentation, all distributed under the GNU
Public License (GPL). TimeSys Linux GPL is now available for embedded boards
based on the UltraSPARC(TM), PowerPC, ARM, Super-H and XScale(TM) processor
TimeSys is a pioneer and leader in Embedded Linux and Java development
technologies. Its products allow design engineers to leverage the power,
flexibility and reliability of a new class of development tools for advanced
embedded systems for a variety of markets and applications. TimeSys is
considered the top choice by systems architects for developing more robust,
less expensive, single API Linux solutions for embedded systems. TimeSys was
the first to create a reservation technology that guarantees system response,
even in overloaded systems. TimeSys solutions offer completely predictable
and fast response time performance. For more information about TimeSys, please
visit http://www.timesys.com email to email@example.com or call 1-888-432-TIME.
Sun, Sun Microsystems, the Sun logo and Java are trademarks or registered
trademarks of Sun Microsystems, Inc. in the United States and other countries.
All SPARC trademarks are used under license and are trademarks or registered
trademarks of SPARC International, Inc. in the United States and other
countries. Products bearing SPARC trademarks are based upon an architecture
developed by Sun Microsystems, Inc.
Intel and Xscale are trademarks or registered trademarks of Intel
Corporation or its subsidiaries in the United States and other countries.
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SOURCE TimeSys Corporation