<LPG> Definitely in Convergent. To what degree remains to be seen. Also have some nice company.
x
SAN JOSE, CA, February 23, 1999 - ConvergeNet Technologies Inc., a
developer of enterprise storage solutions, announced today that it has
accepted an additional $5 million in venture financing, bringing its total funding
since inception February 2, 1998 to over $30 million. Among the existing
investors taking advantage of the option to participate in the additional $5
million financing were Citicorp, London Pacific Life & Annuity Company,
Lucent Venture Partners, Sierra Ventures, and TeleSoft Partners.
"We see a great deal of potential in ConvergeNet," said Camilo Amenedo,
vice president in Citicorp's Office of Corporate Finance. "Our information
technology professionals extensively evaluated ConvergeNet's technology,
and we are enthusiastic about the company's ability to take advantage of the
growing opportunities in enterprise storage."
"The progress ConvergeNet has made in building its organization and
developing its products has generated a lot of interest and support from
investors," according to Jeffrey Drazan, ConvergeNet's chairman and a
general partner of Sierra Ventures. "ConvergeNet is putting the pieces in
place to become a leader in its segment of the enterprise storage industry."
To date, ConvergeNet has raised over $30 million in venture funding and
lease financing, making it one of the best-funded early-stage startups in
Silicon Valley. The company plans to use the latest $5 million to accelerate
product development, sales and marketing.
In a related development, ConvergeNet today announced the appointment of
two new senior-level executives (see separate announcement issued today).
"ConvergeNet has progressed very well, and we are delighted by this vote of
confidence from our investors," said ConvergeNet President and CEO Dick
Watts. "We continue to achieve product development milestones and are
successfully building our organization. Even in this tight market for high-tech
employees, we are successfully recruiting star talent for our California, New
Hampshire, and Iowa facilities."
In addition to individual investors, ConvergeNet is funded by the following
leading venture capital firms:
Citicorp invests in emerging high technology companies.
East River Ventures is a private venture capital firm, which invests in
information technology and healthcare companies.
London Pacific Life & Annuity Company is a life insurance and
annuity company which invests through Berkeley International Capital in
high technology companies.
Lucent Venture Partners is designed to identify and invest in emerging
technologies focused on technology in high growth areas such as wireless,
data networking, semiconductors, communications software and
professional services.
MKS Ventures is a venture company focused on investing in partnerships
with data communications and telecommunications entrepreneurs.
Sierra Ventures is a private venture capital firm focused on building
leading companies in information technology and healthcare.
SunAmerica is an active investor in Information Technology
opportunities.
TeleSoft Partners is a venture capital firm focused on next generation
communications opportunities.
About ConvergeNet Technologies, Inc.:
ConvergeNet designs, manufactures, and markets enterprise storage systems
and software. ConvergeNet is headquartered in San Jose, California, and is a
member of the Fibre Channel Association and the Storage Networking
Industry Association. For more information about ConvergeNet, call
1-408-545-0320, email info@convergenet.com, or visit the web site at
www.convergenet.com.
Contact: Jim Dougherty
Marketing Manager
ConvergeNet Technologies, Inc.
408-954-9700
info@convergenet.com
###
convergenet.com
ConvergeNet Technologies closes $20 million second round fundings
Believed to be one of the largest second-round fundings in Silicon Valley
SAN JOSE, CA, September 24, 1998 - ConvergeNet Technologies Inc., a developer
of enterprise storage solutions, announced today the closing of the company's
second round of funding. ConvergeNet raised $20 Million from venture capital firms,
financial investment companies and strategic corporate partners. Investors included
Citicorp; East River Ventures, LLP; London Pacific Life & Annuity Company; Lucent
Venture Partners; MKS Ventures, the general partner of SunAmerica's venture
capital fund; Sierra Ventures; and TeleSoft Partners. It is believed to be one of the
largest second rounds of funding in Silicon Valley. Founded in November 1997,
ConvergeNet received its seed funding in February 1998 from Sierra Ventures and
TeleSoft Partners.
"Dick Watts, our new CEO and President, had a great impact on securing this large
amount of money," said Jeffrey Drazan, ConvergeNet's Chairman and a General
Partner of Sierra Ventures. "With this new round and Dick's appointment, we have
the management and the capital to pursue our vision with vigor."
"Obtaining this large amount of capital in so short a time is a ringing endorsement of
our plans for enterprise storage solutions," said Shari Nolan, ConvergeNet's founder
and C.T.O. "We are now positioned to develop and deliver our first major product,
and we are partnered with strategic investors to help us achieve a leadership position
in this rapidly growing market."
About ConvergeNet Technologies, Inc.:
ConvergeNet designs, manufactures and markets enterprise storage systems and
software. ConvergeNet is headquartered in San Jose and is a member of the Fibre
Channel Association and the Storage Networking Industry Association (SNIA).
Contact: Jim Dougherty
Marketing Manager
ConvergeNet Technologies, Inc.
408-954-9700
info@convergenet.com
convergenet.com |
