Blueair Networks Secures Third Round of Financing.Business Editors OTTAWA--(BUSINESS WIRE)--Dec. 18, 2001 Blueair Networks Inc., a leading edge supply chain collaboration software See collaborative software. company, today announced that it has raised $4m in a third round of financing from VenGrowth Capital Partners and BDC (Backup Domain Controller) In a Windows NT server, a copy of the Primary Domain Controller (PDC). The BDC is periodically synchronized with the PDC. See PDC. BDC - Backup Domain Controller Venture Capital. "This investment is a strong endorsement of our approach to solving some of the most serious problems in the high tech supply chain," said Martin Horne, chief executive officer. "Untold millions of dollars have been spent on promised solutions, but the bottom-line challenges of excess inventory and chronic material shortages still plague the industry. We have developed our PartSage software product to answer these challenges." "PartSage marks a turning point," says Horne. "Before PartSage, attempts to fix in-bound supply chain problems were focused on connecting supply chain partners' planning systems, an approach that hasn't had much success. We have turned the conventional thinking around. PartSage focuses on the need for collaboration between the people who operate the systems - buyers, planners, program managers, customers, suppliers and partners. PartSage breaks through the barriers that obstruct ob·struct v. To block or close a body passage so as to hinder or interrupt a flow. ob·struc  tive adj. that critical collaboration and enables an order of magnitude A change in quantity or volume as measured by the decimal point. For example, from tens to hundreds is one order of magnitude. Tens to thousands is two orders of magnitude; tens to millions is three orders of magnitude, etc. improvement in supply chain execution." Ron Warburton, Director, BDC Venture Capital describes PartSage as leading edge technology that will provide exceptional benefits to electronic equipment manufacturers. "Blueair Networks has the technology, the domain expertise, and the team to quickly help high tech manufacturers bring the excess inventory into line and keep it there," said Warburton. Peter Carrescia, Director, VenGrowth Capital Partners, emphasizes that Blueair Networks' technology raises the bar for the supply chain collaboration market as a whole. "Our analysis going into this round of funding suggests that PartSage may be as much as 12 to 18 months ahead of the competition with it's fully distributed Fully distributed A new stock issue that has been completely resold to the investing public and is no longer held by dealers. fully distributed Of or relating to a new issue of securities that has been sold out. peer-to-peer computing See grid computing. and communications architecture," says Carrescia. The company says that the investment will be used for continued technology and product development and to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale the sales and marketing activities. PartSage Version 2 is scheduled for general release in the first quarter of 2002. About Blueair Networks Blueair Networks provides supply chain collaboration software systems. The company's flagship offering, PartSage enables high tech manufacturers, their partners, and their suppliers to come together "here and now" to resolve exceptions and avoid disruptions in the in-bound supply chain. Martin Horne, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. founded Blueair Networks in 2000. It is Horne's third software start-up focusing on unique solutions for high tech manufacturers. The company is headquartered in Ottawa, Canada and employs 25. About VenGrowth Capital Partners With close to $1 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , VenGrowth Capital Partners is a Tier One Canadian venture capital management group, widely known and respected in the industry. Since it began operations in 1982, VenGrowth's accomplished team of seasoned venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. has invested over $580 million in more than 120 companies. These investments have been made on behalf of 145,000 investors including leading pension funds, insurance companies, family foundations, and individual investors. Investee companies benefit from VenGrowth's substantial experience, resources, and hands-on investment style. VenGrowth's offices are located in Toronto (Corporate Headquarters), Ottawa and Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New . About BDC Venture Capital BDC Venture Capital is one of Canada's largest and most successful venture capital investors. BDC invests in early to mid stage technology based businesses that have a high growth potential and are positioned to become dominant players in their markets. Established in 1983, BDC Venture Capital manages a $400 million evergreen fund that includes over 125 companies across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . BDC has had a particularly successful track record in Ottawa including previous investments in Tundra and Philsar with on-going investments in Sibercore, IceFyre, SiGe Semiconductors, Symagery, Atmos, Tarian and Databeacon. One of the keys to BDC's success has been its ability to bring its team of experienced senior executives to work closely with the investee's management group. Further information can be found at www.bdc.ca. |
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