Espial completes financing for Java-based software

Ottawa-based Espial has secured US$11 million in financing from a venture capital syndicate led by VenGrowth Capital Partners. Vengrowth invested $7 million in the developer of Java-based software applications that reduce risk and time to market for delivery of smart devices in sectors including the Internet, digital TV, wireless devices and automotive systems. Also participating in the financing are existing investors Greylock Management Corp LLC and Sussex Capital Inc, the private investment group of Ottawa venture capitalist Michael Potter. Founded in 1997, Espial has a strong core in embedded device technology and is the first firm to provide open software for the next generation of Internet — the so-called Pervasive Internet. Its corporate partners include Motorola, NEC, Sun Microsystems, National Semiconductor, Samsung, Home Depot, Delphi and Intel….