SiNett Corporation Secures $15M in Series B Funding; Developer of Semiconductor Devices for Integrated Wired and Wireless Networks Led by Successful Industry Veterans.

Business Editors/High-Tech Writers

SUNNYVALE, Calif.--(BUSINESS WIRE)--June 14, 2004

SiNett Corporation, a developer of groundbreaking wireless local area network (WLAN) packet processing silicon and software, today announced it has raised $15 million in Series B funding. The round was led by Clearstone Ventures and includes previous investors Matrix Partners and Alliance Ventures. The financing will be used primarily for research and development, expanded marketing and sales initiatives and to fund expanded operations in its offices in California and Bangalore, India.

SiNett was formed in September 2002 by Shiri Kadambi, Shekhar Ambe and Shrikant Sathe. The company is developing leading edge, packet processing silicon and software for network equipment OEMs targeting seamless wireless access in the enterprise. Kadambi and Ambe previously founded Maverick Networks, later acquired by Broadcom, and architected the highly successful StrataSwitch family of enterprise switching devices.

"The strong interest we've seen from potential customers, the quality of our investors, and the significant amount of capital we have raised in a challenging venture climate all clearly signify the industry's support for our market and product vision," said Shiri Kadambi, co-founder and CEO of SiNett Corporation. "With enterprises showing a tremendous amount of interest in wireless networks, there is an urgent need to develop infrastructure products that seamlessly integrate WLANs with wired networks. We have the resources and the experience to provide the silicon foundation for those products."

SiNett's ICs and software will be available in the second half of 2004. Leading network equipment OEMs are already exploring the potential for products based on SiNett's silicon architecture using an FPGA-based development platform.

"In less than 18 months, SiNett has built real support for its market vision among networking OEMs and has demonstrated solid execution capability. We are very confident that the company's seasoned executive and technical teams can deliver for customers," said Sumant Mandal, a partner at Clearstone Ventures. "We look forward to working closely with SiNett as they establish themselves as a preeminent player in the networking market."

"SiNett offers a compelling value proposition for network equipment OEMs. SiNett's advanced silicon architecture allows OEMs to lower production costs, improve performance and build more intelligence into their products to maintain a competitive advantage," said Shirish Sathaye, general partner at Matrix Partners. "We are delighted to deepen our relationship with SiNett through this round of funding."

About SiNett Corporation

Founded in 2002, SiNett Corporation develops leading edge packet processing silicon and software for network OEMs targeting seamless wireless access in the enterprise. With a track record of success in building valuable products and companies, SiNett's executive and technical teams have won the support of top-tier prospective customers and blue chip investors, including Alliance Ventures, Clearstone Venture Partners and Matrix Partners. For more information, visit SiNett's website at www.sinett.com or call the company directly at 408-522-4800.