Bluesocket Raises $16 Million Second Round; Ridgewood Capital and Boulder Ventures Lead Round With Investments From Intel Capital and St. Paul Venture Capital.Business/Technology Editors
BURLINGTON, Mass.--(BUSINESS WIRE)--April 29, 2002
Bluesocket Inc., www.bluesocket.com, the fast-growing developer of Wireless Local Area Network (WLAN See wireless LAN.
WLAN - wireless local area network ) solutions to secure and manage wireless access to corporate networks and the Internet, today announced it has raised $16 million in its second round of financing.
Co-leading the Series B round is Ridgewood Capital (Ridgewood, NJ) and Boulder Ventures, Ltd. (Owings Mills, MD).
Other investors participating in the round include Intel Capital and St. Paul St. Paul
as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26]
See : Bravery Venture Partners as well as private investors. The funding will be used to further expand Bluesocket's domestic and international reseller channel program, for sales and marketing, and for next generation product development.
Today's investment follows the Company's initial investment of $4 million led by St. Paul Venture Capital in November 2000--bringing total investment to $20 million.
Bluesocket today also announced the addition of three members to its Board of Directions: Lou Mazzucchelli, Venture Partner, Ridgewood Capital; Larry Macks, General Partner, Boulder Ventures, Ltd; and Matt McConnell, formerly 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. of Compatible Systems and most recently an executive at Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation).
Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. .
Bluesocket's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , the WG-1000 Wireless Gateway offers a scalable, single component solution for security, class of service (CoS), and management of 802.11 b, a, g; Bluetooth and HiperLAN-based wireless networks for enterprises and service providers. Configured via a Web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. , the WG-1000 Wireless Gateway sits between an enterprise's access points (wireless base stations) and the rest of the network, acting as a gateway between wireless and wired components.
"Bluesocket has grown in the past year to take the leadership position among WLAN Gateway companies," said Eric Janszen, president and chief executive officer of Bluesocket. "That fact combined with the growth of the WLAN market enabled us to complete this round of financing at a time when venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed
5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M  are highly selective with their investments. We are pleased to welcome Ridgewood Capital, Boulder Ventures and Intel Capital as new investors, and deeply appreciate the continued support of St. Paul Venture Capital and other previous investors. This investment demonstrates the continued support of the financial community of our rapidly growing company and will allow us to continue growing our sales, marketing and technology to maintain our lead."
"I am thrilled to have Lou Mazzucchelli and Larry Macks join our board of directors. Their highly relevant experience will help ensure we maintain the proper focus to maintain our leadership position," Janszen added.
"We think the enterprise wireless networking See wireless network. market has arrived, and Bluesocket is playing a leading role by proving the security, mobility and management solutions customers need to deploy these networks on a large scale," said Lou Mazzucchelli, Ridgewood Capital. "Ridgewood is looking forward to helping Bluesocket extend its lead and develop into a substantial company."
"Boulder Ventures looks for companies that are ahead of the curve and aimed at significant market opportunities," said Larry Macks, General Partner, Boulder Ventures. "We believe that secure, mobile, easy-to-use wireless gateways will become ubiquitous in the marketplace within the next 30 months. Bluesocket is uniquely positioned to capture the lion's share of this WLAN gateway market. Bluesocket has innovative products, a solid management team and proven sales results. Boulder Ventures is thrilled to invest in the company and looks forward to helping the management team achieve the full potential that the WLAN gateway market represents."
"Intel Capital invested in Bluesocket to help accelerate adoption of 802.11-based wireless networks," said Taizoon Doctor, general manager of Intel's Mobile Communications Group. "Easy to use and secure wireless networking solutions, like Bluesocket's, will help enable Intel's vision of mobile PCs that are always on and always connected."
"Bluesocket has emerged as the market and technology leader in the WLAN gateway sector," said Zenas Hutcheson, managing partner, St. Paul Venture Capital. "This financing recognizes Bluesocket's progress and is credit to the management team. St. Paul Venture Capital is pleased to continue our support of Eric and his team as they build a great company in an important market."
About Ridgewood Capital
Ridgewood Capital is a technology venture capital firm with nearly $300 million in committed capital across three venture funds. Comprised of former executives from leading technology companies and investment banks The following is a list of investment banks Financial conglomerates
Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. , the investment team brings operational, technical and financial expertise to our portfolio companies. Ridgewood Capital's highly focused investment strategy is to build a diverse portfolio of premier technology companies in sectors where the partners have direct, relevant experience and that promise the most growth over the next several years: Communications, Semiconductors, Software and Optical Networking Communications between computers, telephones and other electronic devices using light. An optical network is far more reliable and has far greater potential transmission capacity than networking in the electrical domain. See optical fiber. . Ridgewood Capital, part of the Ridgewood Companies founded in 1982, has a proven track record over multiple industries for close to 20 years. We have offices located in Ridgewood, New Jersey Ridgewood is a village in Bergen County, New Jersey, United States. As of the United States 2000 Census, the village population was 24,936.
The Village of Ridgewood was created on November 20, 1894, with the same boundaries as Ridgewood Township. and Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation).
Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. . For more information, visit www.ridgewoodcapital.com
About Boulder Ventures, Ltd
Boulder Ventures has more than $250 million in capital under management and investments in 35 companies. The firm manages venture capital partnerships, making equity investments in start-up, early-stage and emerging-growth companies. Boulder Ventures primarily seeks opportunities in communications infrastructure and services, and Internet-based business applications and services. Boulder Ventures works in partnership with entrepreneurs, providing easily accessible, active support to develop novel business concepts and grow ideas into important companies. The company is headquartered in Owings Mills, Maryland Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall. with offices in Boulder, Colorado The City of Boulder (, Mountain Time Zone) is a home rule municipality located in Boulder County, Colorado, United States. Boulder is the 11th most populous city in the State of Colorado, as well as the most populous city and the county and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . Boulder Ventures can be contacted through its website www.boulderventures.com
About Intel Capital
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. 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 wireless communications
System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. . For more information: www.intel.com/capital
Bluesocket, Inc. www.bluesocket.com manufactures solutions to secure and manage wireless local area networks (WLANs) in enterprises and public hotspots worldwide. Bluesocket's product family of Wireless Gateways reduce the total cost of ownership (TCO (1) (Total Cost of Ownership) The cost of using a computer. It includes the cost of the hardware, software and upgrades as well as the cost of the inhouse staff and/or consultants that provide training and technical support. See ROI. ) of wireless LANs while maximizing their benefits--from small businesses and departments; to warehouses, hospitals, universities and large enterprises. Bluesocket provides organizations including KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm)
KPMG Kaiser Permanente Medical Group
KPMG Keiner Prüft Mehr Genau (German)
KPMG Kommen Prüfen Meckern Gehen Consulting, Best Western Hotels and the University of Texas with simple yet comprehensive systems to secure, manage and profit from their WLANs (802.11 family, HiperLAN2, Bluetooth).
Bluesocket's Wireless Gateways give users of laptops and PDAs wireless access to corporate networks and the Internet while moving within their campus buildings, other corporate premises and public coverage areas with Secure Mobility(TM).
With offices in Burlington, Mass., Silicon Valley (USA), London (UK) and the Asia/Pacific region, Bluesocket, Inc. is a privately held, global corporation managed by executives from 3Com, British Telecom, Ericsson, Intel; other industry leaders.
Secure Mobility is a trademark of Bluesocket, Inc. All other trademarks, trade names and company names referenced herein are used for identification only and are the property of their respective companies.