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Continuous Computing Successfully Closes $15 Million In New Venture Financing
Taiwan's CDIB Leads Latest Financing Round
SAN DIEGO, CA - June 9, 2004 - Continuous Computing, the leading provider of high-availability Network Service-Ready Platform (NSRP) solutions for telecom equipment manufacturers, today announced it has received $15 million in equity funding from several venture capital organizations. The round was led by China Development Industrial Bank (CDIB), based in Taiwan, with additional participation from Harbinger Venture Management and CDIB Ventures based in Silicon Valley, plus several of Continuous Computing's existing investors including Technology Crossover Ventures, Intel Capital, Palomar Ventures, and Viterbi Group.
With approximately $45 million in equity raised since the company's founding in 1998, Continuous Computing has been able to grow significantly into a global leader in the 3G Wireless and Voice over Internet Protocol (VoIP) markets with a broad array of software and hardware products and a blue-chip customer base of leading telecom equipment manufacturers. Continuous Computing intends to use the proceeds of the latest funding round for various purposes, including, among others, to further expand its presence worldwide, advance the company's product lines, and invest in further growth. The new capital also enables the company to explore additional merger and acquisition opportunities.
"Our ability to secure such strong financial support from CDIB, Harbinger Venture Management, and CDIB Ventures is a key indication of our market potential and our ability to execute on our business plan," said Ken Kalb, chairman and chief executive officer of Continuous Computing. "This round of funding fulfills yet another one of our strategic objectives, which is to lay the groundwork for rapid expansion into the Asia Pacific marketplace while also developing new products to drive our next wave of revenue growth."
Dr. David Lin, head of U.S. direct investments for CDIB, will join the board of directors of Continuous Computing. Dr. Lin commented, "Continuous Computing is clearly well positioned to take advantage of the tremendous growth occurring globally in the wireless and VoIP markets, particularly in the Asia Pacific region. Having all the requisite hardware, software, and middleware pieces under one roof and providing integrated NSRPs makes Continuous Computing a must see' supplier for any telecom equipment manufacturer looking to deploy advanced applications quickly. We are delighted to be part of the team."
"We have been extremely impressed with Continuous Computing's ability to build a profitable and rapidly growing business, particularly during the difficult days of the telecom downturn," said Will Griffith, general partner with Technology Crossover Ventures. "With this new funding in place, a significantly improved telecom business climate, and an already robust product line, Continuous Computing is set to generate significant market share gains in the VoIP and wireless markets."
About China Development Industrial Bank
Since its funding in 1959, China Development Industrial Bank Inc. (CDIB) has been a strong supporter of government economic development policies and has actively played a visionary and pioneering role to contribute to the advancement of Taiwan's economic and industrial progress. Direct investment has been among CDIB's most important business activities; its Overseas Business Department has invested in nearly 160 companies and the amount of investments outstanding exceeds US $900 million to date. Portfolio companies are located throughout the United States, Korea, Japan, Australia, England, Thailand, Indonesia, Malaysia, Hong Kong and Israel. Core investment sectors include semiconductors, biotechnology, computers and communications, electronic components, financial services, internet and software. CDIB's goal is to nurture promising next-generation industries and companies by constantly expanding its overseas investment opportunity, setting up an international marketing and financial service network, and establishing strategic partnerships through investments in high-tech venture capital funds. For more information, visit www.cdibank.com.
About Harbinger Venture Management
Harbinger Venture began as the investment arm of the MiTAC-SYNNEX Group, a multi-billion dollar global IT conglomerate that manufactures and distributes PCs, PDAs, smart phones and other IT products. Harbinger focuses on investment opportunities in Telecommunications & Networking, Wireless Technologies, Semiconductor & Photonics, and Internet-related software and infrastructure. Through its connections to the MiTAC-SYNNEX Group, Harbinger helps its portfolio companies extend their reach to exploring various opportunities in Asia. Additional information is available at www.harbingervc.com.
About Technology Crossover Ventures
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to expansion, late-stage private, and public companies. TCV employs a crossover investment model which combines venture capital with public market investing and enables TCV to continue to invest in its portfolio companies at the IPO and beyond. TCV manages over $3.3 billion in assets and has invested in over 135 companies to achieve over 35 IPOs and 22 strategic sales or mergers. Leading investments include: Actuate, Alteon Websystems, Altiris, C|Net, Expedia, Netflix, RealNetworks, Solect Technology and Xylan. TCV has 10 partners and is headquartered in Palo Alto, California. For more information about TCV, visit the website at www.tcv.com.
About Intel Capital
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy in support of Intel's strategic interests. Intel Capital invests in hardware, software, and services companies in several market segments, including computing, networking, and wireless communications. For more information, visit www.intel.com/capital.
About Palomar Ventures
Palomar Ventures was launched in 1999 by veteran venture capitalists to focus on early stage information technology companies that demonstrate the potential for exceptional growth and market leadership. Palomar Venture's core areas of expertise and strategic focus are datacom/telecom/broadband communications, infrastructure software for e-business, and business-to-business IT infrastructure. Palomar Ventures has over $300 million under management with premier investors including J.P. Morgan, Bank of America, SunAmerica and Lehman Brothers. The partners at Palomar Ventures have assisted in building nearly 50 public companies and are currently investing Palomar II, a $220 million fund. Additional information is available at www.palomarventures.com.
About Viterbi Group
Viterbi Group, LLC, was founded in 2000 by Dr. Andrew Viterbi and his daughter Dr. Audrey Viterbi to advise and invest in startup companies predominantly in the fields of wireless communications and network infrastructure. Dr. Andrew Viterbi co-founded QUALCOMM, Inc. and LINKABIT Corporation and was a Professor at the UCLA School of Engineering and Applied Science. He has received numerous awards for his substantial contributions to the communications industry, such as the Viterbi Algorithm, a decoding algorithm used in most digital communication systems. Dr. Andrew Viterbi is a Fellow of the IEEE, a Marconi Fellow, and a Member of both the U.S. National Academy of Engineering and the U.S. National Academy of Sciences.
About Continuous Computing
Continuous Computing provides integrated systems and services that enable telecom equipment manufacturers to rapidly deploy Next Generation Networks (NGN). Over 150 customers worldwide benefit from the company's unique blend of customized professional services, Trillium protocol software, AdvancedTCA and CompactPCI systems, and BladeCenter hardware. Continuous Computing helps customers reduce platform lifecycle costs, optimize data delivery, and accelerate deployments of NGN, 3G/4G Wireless, and IP Multimedia Subsystem (IMS) infrastructure. The company is ISO-9001 and CMMI certified and based in San Diego with development centers in China and India. For more information, visit www.ccpu.com.
Continuous Computing is a member of the Intel Embedded and Communications Alliance (www.intel.com/go/ica), Communications Platforms Trade Association (www.cp-ta.org), Femto Forum (www.femtoforum.org), IMS Forum (www.imsforum.org), Service Availability Forum (www.saforum.org), and the Blade.org ecosystem (www.blade.org).
Continuous Computing, the Continuous Computing logo, Create | Deploy | Converge, FlexTCA, Flex21, FlexChassis, FlexCompute, FlexCore, FlexDSP, FlexPacket, FlexStore, FlexSwitch, FlexTCA, Network Service-Ready Platform, Quick!Start, TAPA, Trillium, Trillium+plus, and the Trillium logo are trademarks or registered trademarks of Continuous Computing Corporation. Other names and brands may be claimed as the property of others.
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