TimeSys secures $8M second-round funding

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Oct. 21, 2003

TimeSys Corp. reports that it has concluded an over-subscribed $8 million round of funding that it will use to pursue its long term strategy of building embedded Linux development tools. Led by Adams Capital Management, the round's additional investors include The Hillman Company, Philips Electronics (a division of Royal Philips Electronics), and TimeSys CEO Larry Weidman. All investors had participated previously in the first round of funding, which brought in $15.5M in Mar. of 2002.

TimeSys says the investments will fund continued expansion of its embedded Linux development tool set. The company currently offers "ready to run" software development kits (SDKs) for 70-plus certified hardware platforms, and has added steadily to its list of supported platforms during what the company describes as "four quarters of growth."

Timesys SDKs are available in Standard versions with GNU tools priced around $2,000, or in Professional editions priced around $3,500 that include the company's TimeTrace debugger and TimeStorm integrated development environment. TimeTrace and TimeStorm can be hosted on Windows or Linux, and support development in C/C++ and Java.

TimeSys also sells performance enhancing add-ons such as its "Reservations" technology, which the company claims can be added to its real-time operating system to guarantee deterministic hard real-time performance even on overloaded systems.

In addition to its SDKs, TimeSys offers freely downloadable board support packages for people designing custom boards. Whereas its SDKs "cover the board to the edges," the free BSPs may only support the processor, Ethernet, and possible a serial connection.

Timesys says its markets include industrial/process control, consumer electronics, military, and avionics.

"Pursuing our long term strategy of focusing on developers' needs has resulted in significant growth in customer wins, new partnerships, increased revenues, and overall market traction," said TimeSys CEO Larry Weidman. "Our investors recognize this success and their continued financial support will help us continue to meet the needs of embedded engineers working with Linux."

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