Dust Networks Secures $22 Million in Series B Financing to Meet the Demand for Wireless Sensor Networks
Crescendo Ventures leads the round with new investment from Cargill Ventures
Berkeley, CA – February 3, 2005 – Dust Networks™, (http://www.dustnetworks.com), the leading provider of enterprise-class low-power wireless mesh networking systems, today announced that it has completed a $22 million round of equity funding led by Crescendo Ventures. Cargill Ventures participated in this series B round, along with existing investors Foundation Capital and Institutional Ventures Partners. This new funding, which brings Dust Networks' total investment to-date to $30 million, comes after a recent product launch and successful customer trials.
"Dust Networks has a breakthrough technology in a compelling market space," said John Borchers, General Partner of Crescendo Ventures. "The market for Dust Networks' enterprise-class wireless sensor networks is both broad and deep with a huge range of potential applications. We are very impressed with Dust Networks' unique technology, experienced management team and compelling market vision, and are pleased to be leading Dust Networks' series B financing round."
Monica Morse, Cargill Ventures Managing Director added, "Cargill Ventures is excited about Dust Networks' potential to transform wireless networking in hard-to-network environments, such as industrial locations. Dust Networks can lower the cost and expand the boundaries of an industrial sensor network, bringing connectivity to areas where it was never before possible."
By providing a reliable and cost-effective way to deploy wireless sensors and collect data about physical environments, Dust Networks enables organizations to reduce costs, increase efficiency, and gain greater visibility into the condition of physical assets and operating environments. Dust Networks' SmartMesh products are designed for enterprise-class monitoring and control applications in building automation, industrial monitoring and security markets, including energy monitoring, HVAC systems, machine-health, and perimeter security.
"We are pleased to have such an experienced and committed group of investors supporting the company," said Joy Weiss, President and CEO of Dust Networks. "Our series A funding brought us through product development, successful customer pilots, and ultimately the successful launch of our flagship product: the SmartMesh wireless sensor network system. With this additional funding, we will expand Dust Networks' sales and marketing efforts to satisfy growing customer demand for the products and solidify Dust Networks' position as the market leader."
About Dust Networks
Dust Networks™ provides low-power wireless mesh networking systems to solution providers, integrators and OEMs for enterprise-class monitoring and control applications. Dust Networks' SmartMesh™ combines sophisticated mesh networking software and low-power wireless nodes to provide unmatched reliability, manageability and ease of implementation. SmartMesh enables unprecedented access to information about the physical world, allowing companies to monitor and control processes and systems for increased efficiency and enhanced profitability. For more information, please visit http://www.dustnetworks.com.
About Cargill Ventures
Cargill Ventures (www.cargillventures.com) invests in early stage technology-driven companies that enhance business processes, growth and innovation in global industries relevant to Cargill. Cargill Ventures maintains offices in San Mateo, Calif., and Minneapolis. It is a business unit of Cargill, www.cargill.com, an international provider of food, agricultural and risk management products and services. With 105,000 employees in 59 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. Additional information about Cargill Ventures is available at: http://www.cargillventures.com.
About Crescendo Ventures
Crescendo Ventures is a global venture firm that provides early-stage funding and growth resources to highpotential companies in the communications and enterprise infrastructure industries. By collaborating with entrepreneurial teams to grow market-leading companies, Crescendo Ventures uses its industry expertise, teambased development model and global network to help high-growth companies achieve their full potential. Founded in 1993, Crescendo Ventures manages more than $1 billion from its headquarters in Palo Alto, California and offices in Minneapolis and London. For additional information on Crescendo Ventures or its portfolio companies, please visit http://www.crescendoventures.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software. Foundation Capital funds total over $1.1 billion and include Harvard, Yale, CalTech, the Hewlett Foundation and MacArthur Foundation as investors. Paul Koontz is a general partner and also led investments in, and serves on the boards of, United Online, Financial Engines, Apexon, Oberon Financial Technology, Pacific Edge, and CloudShield. He also serves on the board of the Stanford University DAPER Fund. For more information, visit www.foundationcapital.com or contact: Tim Turpin (415) 392-8282, tim@outcastpr.com.
About Institutional Venture Partners
IVP was founded in 1980 and manages over $1.3 billion of committed capital. Throughout its history, IVP's partnership with innovative companies has led to the creation of market leaders in technology industries such as enterprise software, wireless infrastructure, communications equipment, semiconductors, storage and technologyenabled services. The firm has financed over 200 companies and recorded more than 80 IPOs. IVP is currently investing IVP X, a $225 million expansion-stage venture capital fund. IVP's website is located at http://www.ivp.com.
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Contact Information:
Courtney Hohne
OutCast Communications
415-392-8282
dust@outcastpr.com