Canaan Partners Promotes John Balen and James Furnivall to Partners.

Business Editors

MENLO PARK, Calif.--(BUSINESS WIRE)--Dec. 20, 1999

Canaan Partners, a national venture capital investment firm, today announced it has promoted John V. Balen and James C. Furnivall to partners in the firm.

John Balen, with Canaan since 1995, was elected a general partner, serving in Canaan's Menlo Park, California offices. He focuses on electronic commerce investments, and has been responsible for some of the industry's most successful e-commerce investments including recently-public CommerceOne (CMRC), E-Stamp (ESTM), Intraware (ITRA); and Rightpoint, recently acquired by E.piphany (EPNY), among many others. Balen serves on the board of all these companies.

Previously, Balen served as a managing director of Horsley Bridge Partners, a San Francisco-based private equity investment firm with over $1 billion in assets. During his nine-year tenure at Horsley Bridge Partners, he was responsible for a wide spectrum of investments in venture capital partnerships, buyout partnerships and high technology companies. Earlier in his career, he was a senior applications engineer at Codenoll Technology Corporation, a start-up fiber optic communications company, and an engineer at Digital Equipment Corporation. Balen received a BS in electrical engineering and an MBA from Cornell University. He is actively involved in Silicon Valley Scholars, a mentoring program for high school students aimed at helping them develop skills and career direction in the sciences.

James Furnivall, appointed as a partner, joined Canaan Partners in 1996, and serves in the Rowayton, Connecticut offices. He is focused on investments in the information technology marketplace. Furnivall manages a number of highly successful investments for Canaan in firms such as BDS, Indus River Networks, MarketSoft Corporation, Ganymede Software Inc., Synchronicity, Inc., and 0-in Design Automation.

Prior to joining Canaan in 1996, Furnivall specialized in information technology as an Associate Director in Bear Stearns' Investment Banking Department. Furnivall's investment banking experience includes mergers and acquisitions and a full range of capital-raising for technology companies throughout their growth cycle. Earlier in his career, he worked as Vice President of 3I Capital Corporation, Vice President Acquisitions and Divestitures for Atari Corporation and Vice President in PaineWebber's Investment Banking Department. Furnivall is a graduate of Princeton University with BSE degree in chemical engineering and received a MBA from the Wharton School at the University of Pennsylvania.

Canaan also announced today it has closed a $500 million equity fund, Canaan Equity II. See related press release.

About Canaan Partners

Canaan has led seven high-profile IPOs and five acquisitions in 1999. Canaan was an early backer in CommerceOne (CMRC), E.piphany(EPNY)/Rightpoint, Copper Mountain Networks (CMTN), DoubleClick (DCLK), E-stamp (ESTM), iPrint, IntraWare (ITRA), mortgage.com (MDCM) and SalesLogix (SLGX) along with dozens of other market-leading companies.

Canaan Partners (http://www.canaan.com) is a national venture capital investment firm formed in 1987. Canaan specializes in startup and emerging-growth companies in information technology and services, as well as health care and financial services.