meVC Draper Fisher Jurvetson Fund I, Inc. Invests $10 Million In Ishoni Networks
SAN FRANCISCO, March 5 /PRNewswire/ -- meVC Draper Fisher Jurvetson Fund I, Inc. (NYSE: MVC), an information technology venture capital fund providing individual investors access to venture capital investments, today announced a $10 million Series C investment in Ishoni Networks, a leading developer of broadband communication gateway technology. The meVC Draper Fisher Jurvetson Fund I, Inc. led Ishoni's third round of funding which totaled $40 million. Other investors in the round included Brad Peery Capital, Bessemer Venture Partners, Chancellor Private Capital, CitiVenture, Credit Suisse First Boston, Deutsche Banc Alex. Brown, Information Technology Ventures, Infinity Capital, Lucent Venture Partners, Invesco Private Capital, PacRim Venture Partners, SinoStar Capital and ULG.
Founded in 1998, Ishoni Networks develops highly integrated "Broadband Engines" that allow original equipment manufacturers (OEMs) and service providers to offer secure voice and Internet services over a single broadband connection to residential and business customers.
"The Ishoni technology has already proved its mettle in our labs, and now we are taking that next step to aggressively market our technology," said William Lee, President and CEO of Ishoni Networks. "This additional round of funding also allows us to expand our product portfolio, so we can deliver the caliber of broadband engine that OEMs and service providers will be demanding over the next decade -- not just the next year."
"As a leader in providing broadband communication services, Ishoni Networks allows small businesses and residential customers to combine their voice and data traffic using a single broadband connection," said John M. Grillos, Chairman, Chief Executive Officer and Managing Member of the meVC Draper Fisher Jurvetson Fund I, Inc. "We believe that Ishoni Networks' strong management team, coupled with key strategic partners and the increasing demand for a more advanced broadband platform will allow Ishoni to remain a leader in this high growth market."
In addition to the Ishoni investment, the meVC Draper Fisher Jurvetson Fund I, Inc. also announced a $200,000 Series A investment in Yaga, Inc., which provides a fast, reliable and secure way to find, receive, send and share files over the Internet. Other investors in the round, which totaled $6 million, included AltoTech II, Beachhead Capital, The Individuals Venture Fund Q, LP and Anthelion Capital II, LP.
About the meVC Draper Fisher Jurvetson Fund I, Inc.
meVC Draper Fisher Jurvetson Fund I, Inc., an information technology venture capital fund, was formed through a collaborative effort between meVC, a Delaware corporation, and Draper Fisher Jurvetson, a leading venture capital firm. The Fund's investment objective is long-term capital appreciation from venture capital investments in information technology companies, primarily in the Internet, e-commerce, telecommunications, networking, software and information services industries. Additional information on the Fund and its investments may be obtained by writing to meVC Draper Fisher Jurvetson Fund I, Inc., 991 Folsom Street, San Francisco, California 94107, Attention: Secretary, via the website at www.meVC.com or by calling 877-474-meVC (6382).
About meVC
meVC is the first venture capital investment management firm to provide all individual investors access to private equity investments. meVC plans to sponsor a family of venture capital funds that invest in various venture capital industry sectors and geographic regions. In March of 2000, meVC launched its first Fund, a $330 million venture capital fund emphasizing investments in information technology companies. The Fund is publicly traded on the New York Stock Exchange under the symbol "MVC." The company is headquartered in San Francisco, California, and can be reached via the website at www.meVC.com or by calling 415-977-6150.
About Ishoni Networks
Ishoni Networks builds Broadband Engines for the New Internet(TM) that allow OEMs to offer residential and business customers secure voice and Internet services over a single broadband connection. Ishoni offers OEMs a silicon and software solution that allows them to more quickly, more easily and more affordably build broadband gateway products offering voice, data and security services. Ishoni was founded in May 1998 and is headquartered in Santa Clara, California, with a development site in Bangalore, India. Additional information about Ishoni can be found at www.ishoni.com.
Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. Potential risks and uncertainties may include, but are not limited to, recent changes in senior management, fluctuations in operating results, market conditions and changes in technology and increased competition.
SOURCE meVC Draper Fisher Jurvetson Fund I, Inc.
CO: meVC Draper Fisher Jurvetson Fund I, Inc.; Ishoni Networks
ST: California
Pagoo also claims we were a smaller investor in their current round. Anyone know how mature Pagoo is at this point? |
