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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 Ventures, JP Morgan Partners, and QTV Capital.

"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 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 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, Sierra Logic was founded in 2001 by four veterans of storage silicon products, all formerly of HP and Agilent Technologies. Sierra Logic is currently operating in "quiet mode", and specific product plans are being shared with customers under NDA.

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, Silicon Graphics, SiTera (acquired by Vitesse), Stratacom (acquired by Cisco), and Xilinx, Inc. InterWest Partners has offices in Menlo Park, California and Dallas, Texas.

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 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.
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Publication:Business Wire
Geographic Code:1USA
Date:Sep 17, 2002
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