FOUNDATION CAPITAL PROMOTES STEVE VASSALLO TO PRINCIPAL

Vassallo to Focus on Firm's Expanding Cleantech Practice

Menlo Park, Calif. ,  October 10, 2007 — Foundation Capital, a venture capital firm committed to early stage company building, today announced that Entrepreneur-in-Residence Steve Vassallo has been promoted to Principal. An entrepreneur who lives at the intersection of business, technology, and design, Vassallo brings over 13 years of start-up experience to the firm. Prior to Foundation, Vassallo was VP of Product and Engineering at Ning, a consumer Internet company focused on creation of social Web applications. As a member of Ning's founding management team, he led all product development from initial concept to a massively scalable platform. Before launching Ning, Vassallo worked on several alternative energy projects including an independent study with Bloom Energy.

“Steve has done an outstanding job in our Entrepreneurs-in-Residence Program,” said Adam Grosser, General Partner, Foundation Capital. “Steve's breadth of knowledge and passion for technology are a valuable addition to the team. With Steve's strengths adding to the Foundation Cleantech team, we're confident we can continue the early successes of EnerNoc, one of the first large cleantech IPOs. Foundation has been a thought leader in Green investing and we expect to continue to provide a unique perspective on this sector of our investment portfolio.”

Vassallo will continue to help Foundation Capital cultivate new opportunities in Cleantech. Steve currently holds 19 patents; and earned a B.S. in Mechanical Engineering from Worcester Polytechnic Institute, an M.S. in Mechanical Engineering from Stanford University, and an M.B.A. from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar.

“Venture capital is at a turning point with today's brightest minds setting their sights on the business of changing the world,” commented Vassallo. “My time as an EIR with Foundation Capital has been a fantastic experience as I've had the pleasure of working with entrepreneurs truly passionate about the next wave of innovation they are ushering through with their ground-breaking work.”

Prior to his time with Ning, Steve was Senior Director of Mechanical Engineering at Immersion, a development and licensing firm that pioneered tactile feedback and human touch technology. While at Immersion, Steve led the development of all mobility and automotive initiatives, and was a key member in defining and executing several strategic partnerships to license Immersion's intellectual property. Previously, Steve was a project leader and design engineer at IDEO where he earned several accolades including Business Week Design of the Decade Bronze Award, IDEA99 Gold and Bronze Awards, NeoCon Gold and Most Innovative New Product Awards.

About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $1.7 billion. For more information, visit www.foundationcapital.com.

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