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June 15, 2005

Veriwave Secures Series B Funding Led by Woodside Fund

Participating Investors Include U.S. Venture Partners (USVP) and TL Ventures

June 15, 2005 Redwood Shores, CA: Woodside Fund, an early-stage venture capital firm, today announced that they recently led the Series B equity funding for VeriWave, Inc., a Portland, Oregon-based provider of wireless local area network (WLAN) test solutions. Existing investors U.S. Venture Partners (USVP) and TL Ventures also participated in the round. Woodside Fund Venture Partner Ashish Gupta joined the VeriWave Board of Directors in conjunction with the investment. Venture Partner Rick Shriner also attends Board meetings and supports the company on behalf of Woodside Fund.

The company will use the new capital primarily to support product development and sales and strengthen its operational capabilities for international growth as the company extends its leadership in the WLAN test solutions space. According to the Telecommunications Industry Association the market for WLAN-enabled products is growing dramatically, representing over $5 billion of revenue in 2005 and driving the need for comprehensive test solutions for WLAN development, QA, and manufacturing.

“VeriWave is on track to be the solution of choice and dominate the Wireless LAN development, validation, and manufacturing test market,” said Ashish Gupta of Woodside Fund. “We are pleased to provide VeriWave with both the financial resources and strategic guidance to support its market leader position and global expansion.”

“We are pleased that we have generated such tremendous interest from the venture capital community and especially with Woodside Fund, a premier venture firm with a strong track record in building successful companies,” commented Christopher DeMonico, Chief Executive Officer at VeriWave. “We welcome the support of Ashish Gupta, Rick Shriner, and the entire Woodside Fund team; we look forward to their participation and contributions to our strategic planning efforts, as well as their assistance in forming key partnerships that will be critical to maintaining our first-to-market leadership position.”

VeriWave is recognized as the leader in WLAN performance testing space. Its customers include leading WLAN equipment vendors, such as Aruba and Colubris, as well as major carriers. VeriWave’s recent announcement of the first real-world Voice over WLAN test system was recognized by the industry’s most prominent labs, as this solution was used for ground-breaking comparative tests conducted by Network World and Network Computing magazines.

About VeriWave
VeriWave was formed to address the need for reliable performance testing for wireless local area networks. VeriWave’s WaveTest products are built specifically for wireless performance and verification testing offering a high degree of data and timing accuracy, and a complete and flexible wireless test solution.VeriWave is based in Portland, Oregon and is backed by major venture capital companies. For more information about VeriWave, go to www.veriwave.com, or call (503) 473-8350.

About Woodside Fund
Woodside Fund is a leading venture capital firm that excels in developing early-stage technology companies. Founded in 1983, Woodside Fund attributes its long record of success to the high value it places on building productive partnerships with entrepreneurs, other investors and service providers. Typically a lead investor, Woodside Fund invests from $5 million to $10 million in early-stage software, fabless semiconductor and network infrastructure companies located primarily on the West Coast. Woodside Fund has more than $330 million in capital under active management. For more information, go to www.woodsidefund.com.

 

For all press related questions or comments, please contact Carole Sinclair at caroles@woodsidefund.com
or phone 925.818.1038.

www.woodsidefund.com

 

                                      
 

 

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