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June 28, 2000 Woodside Fund Investment HotRail Acquired by Conexant Woodside Fund is Three-time Investor in Innovative Internet Switching and Interconnect Technology Company, HotRail Woodside, CA -- Venture capital firm Woodside Fund gets the checkered flag as one of its star portfolio companies, HotRail exits the portfolio through acquisition by Conexant. Woodside Fund was the first active investor to partner with the company after its founding in 1995, and has continued to play a critical role in its funding, development and strategic partnerships. HotRail, Inc. is an Internet infrastructure IC company that develops highly scalable switch fabrics with integrated, multi-gigabit CMOS interconnects that enhance the development of fast, sophisticated network switching systems. HotRail's proven technology is designed to significantly increase the performance of next generation networking systems by eliminating data-flow bottlenecks. The acquisition of HotRail will enable Conexant to deliver complete system solutions for next-generation Internet infrastructure equipment, including multi-terabit routers, asynchronous transfer mode (ATM)/Internet protocol (IP) switches, gigabit Ethernet switches, and optical networking equipment. Conexant will exchange 7.8 million shares, worth approximately $394 million for all the shares of HotRail. Beginning in 1995, Woodside Fund has been an important partner to HotRail, Inc. " Woodside Fund has brought invaluable business and technical expertise to our board," said HotRail's President and CEO Rick Shriner. He added, "Dr. Robert Larson and the Woodside Fund team have been extremely supportive of our efforts to develop our company. "Dr. Larson is a Managing Director of Woodside Fund and an advisor and board member of HotRail since 1995. "Having been intimately involved with HotRail since the beginning, I am very pleased and proud of HotRail and their acquisition. Working closely with the HotRail team has been an immensely rewarding experience," says Dr. Larson. For the first round of financing, Woodside Fund brought in the ideal co-lead -- Gordon Campbell of TechFund Capital. Mr. Campbell had originated the concept of the fabless semiconductor company while CEO of Chips 'N Technologies. Woodside Fund and Techfund led the $7.5 million first round. Woodside Fund then participated in the second round, investing funds from Woodside Fund IV, as well as in the third and final round of funding. About Woodside Fund Founded in 1983, Woodside Fund has one of the longest and strongest track records of success in early stage venture capital investing. All Woodside Funds have performed in the upper quartile of the industry for venture capital partnerships formed in their respective years. Woodside Fund’s latest partnership, Woodside Fund IV, which had its final close in April, invests between $5 and $10 million in early stage ventures in Internet and electronic commerce, computer software, telecommunications, and networking. The Fund serves as the lead or co-lead investor in most of its portfolio companies. About HotRail, Inc. HotRail, Inc., a venture-backed startup by Woodside Fund, Techfund Capital, Selby Venture Partners, Chase Venture Capital, and others is an Internet infrastructure IC company developing advanced, integrated CMOS technologies for high-speed switching, interconnect, and scalable processing for Internet systems. The company's multi-Gigabit interconnect cores and integrated switch fabric technologies eliminate data flow bottlenecks for greatly increased performance in networking and computing applications, while providing for cost effective, reliable and highly scalable systems.
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