Sierra Logic Secures $12 Million in Second Round Funding; InterWest Partners Leads a Strong Series B Round for the Roseville High-Tech Startup.
Business Editors/High-Tech Writers
ROSEVILLE, Calif.--(BUSINESS WIRE)--Sept. 17, 2002
Sierra Logic, a fabless storage semiconductor startup, announced today that it has raised $12 million in its second round of financing, bringing its total funds raised to $17.25 million. The round was led by InterWest Partners, a leading diversified Venture Capital firm, and included existing Sierra Logic investors TPG TPG Texas Pacific Group
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TPG Trésorier Payeur Général Ventures, JP Morgan Partners, and QTV QTV QuickTime TV (Apple Computer, Inc.)
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"We back the absolute highest quality teams we can find, and Sierra Logic has the combination of vision and industry experience to succeed," said Tom Rosch, General Partner at InterWest Partners. "The level of confidence that customers and prospective customers have in the SLI (Scalable Link Interface) A multi-GPU interface from NVIDIA for connecting two or four NVIDIA display adapters together for faster graphics rendering on one monitor or two monitors. team is remarkable."
"After being part of the Sierra Logic investor group for the past six months and witnessing the Company's tremendous progress in achieving design wins, JPMorgan Partners is delighted to significantly increase our commitment to the Company relative to our Series A investment. This continues to be a compelling opportunity to back an exceptional team with strong customer traction in an appealing market segment," adds JPMorgan Partners' Vikram Gupta.
"We are extremely pleased with the addition of such a top tier venture firm as InterWest Partners to our team, as well as the strong support from our existing investors," said Bob Whitson, President and 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 Sierra Logic. "The investor base supporting Sierra Logic is superb, and represents a tremendous asset to the Company. The success of this round allows us to continue to strengthen our partnerships throughout the storage industry, as we deliver world class storage solutions and support to our customers."
Headquartered in Roseville, California Roseville is a city in Placer County, California, located in the metropolitan area of Sacramento. As of January 1 2007 the population was 106,266. Interstate Highway 80 runs through Roseville and California Route 65 bisects the northern part of the city. , Sierra Logic was founded in 2001 by four veterans of storage silicon products, all formerly of HP and Agilent Technologies This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. . Sierra Logic is currently operating in "quiet mode", and specific product plans are being shared with customers under NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any .
InterWest Partners, founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. With $1.6B capital under management, and a current fund of $750 million, InterWest's experienced partners bring together deep domain knowledge in medical technology, telecommunications and information technology. InterWest takes a long term, collaborative approach to venture funding, providing early stage and ongoing enlightened capital, management coaching and access to a broad network of resources. Previous InterWest investments include CIENA Corporation Ciena Corporation NASDAQ: CIEN develops and markets communications network platforms and software, and offers professional services. The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom , Silicon Graphics, SiTera (acquired by Vitesse), Stratacom (acquired by Cisco), and Xilinx, Inc. InterWest Partners has offices in Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation).
The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. .
JP Morgan Partners ("JPMP") is a global private equity organization which provides equity and mezzanine capital financing primarily to private companies. With over 150 investment professionals, JPMP invests globally, and currently manages a $31 billion portfolio which includes $20 billion of direct equity and mezzanine investments. JPMP has closed more than 1,800 direct equity and mezzanine transactions since its inception in 1984.
QTV Capital ("QTV") is a private equity venture fund focused on the storage infrastructure of the enterprise. The QTV team leverages their real-world business backgrounds and deep domain expertise to help entrepreneurs create and build successful companies. Founded in March of 2000, QTV Capital invests across the storage value-chain in innovative start-ups that improve the capacity, reliability, flow, and safekeeping Safekeeping
The storage of assets or other items of value in a protected area.
Individuals may use self-directed methods of safekeeping or the services of a bank or brokerage firm. of data throughout the enterprise.
TPG Ventures, a venture capital firm with over $440 million under management, invests in early-stage companies focused on information technology and life sciences. TPG Ventures is an affiliate of Texas Pacific Group, a private equity investment firm. Texas Pacific Group and its affiliated partnerships have aggregate committed capital of more than $7.0 billion, with more than $2.5 billion invested in technology and telecommunications worldwide. Formed in 2001, TPG Ventures has offices in Palo Alto, San Francisco, and London.