American River Ventures Leads Series A Investment in SynapSense26 May 2006
American River Ventures (ARV), an early-stage high technology venture capital firm focusing on high-growth, underserved markets, today announced that it has closed a Series A investment in SynapSense Corporation, developer of a configurable, scalable wireless sensor networking platform. ARV led the financing with additional investment participation from DFJ Frontier, an early-stage venture capital firm located in Sacramento. In conjunction with the Series A investment, Corley Phillips, an ARV Partner, joined SynapSense's Board of Directors. The initial funding will support the continued growth of the company as it focuses on product development and hiring of key employees.
The two founders of SynapSense, Peter Van Deventer, a former Intel executive, and Dr. Raju Pandey from the University of California, Davis, were introduced to one another by ARV, working through UC Davis CONNECT, a university program that facilitates the development of new business ventures in the Sacramento region.
"The investment from American River Ventures and DFJ Frontier provides us with partners that offer productive and valuable insight and share a common vision of the wireless sensor networking industry," stated Peter Van Deventer, President and CEO of SynapSense. "The next phase of the computing revolution will be the ubiquitous deployment of wireless sensors and accompanying mesh networks. This will provide the ability to monitor and control just about everything ... anywhere, all the time. By extending the IT infrastructure to people, places and things that were previously unreachable, creative solutions are being developed that will permeate the fabric of our society within the next 12-18 months. We are excited to be at the forefront of this emerging technology."
Years of Research and Development
Dr. Pandey, founder and CTO of SynapSense, led several years of extensive research and development in the area of wireless sensor networking platforms that was funded, in part, by the United States Government.
"Wireless sensor networks represent the next paradigm in computing, moving away from traditional desktops, workstations and servers, and into the physical world -- the world we live in," said Dr. Pandey, CTO of SynapSense. "The proximity of the tiny embedded devices will provide us with an enhanced and unobtrusive view of the physical world that was not previously available. This enhanced view is critical for real-time monitoring and control of real world phenomena."
According to recent research by OnWorld Inc., a leader in emerging wireless research, wireless sensor networks will have a "profound impact on many markets and become ubiquitous within the next decade." OnWorld believes that wireless sensor networks will reach 500 million wireless sensing nodes by 2010.
"The formation of SynapSense is a true success story for UC Davis and the CONNECT program. Connecting the right people with the right technology at the right time to spur innovation in the Sacramento region is our goal. We look forward to continuing to support SynapSense as it grows to achieve its potential," stated Meg Arnold, Director of UC Davis CONNECT.
Company Founders
As President and CEO of SynapSense, Peter Van Deventer is an established veteran of global technology market development. Prior to founding SynapSense, Van Deventer spent over 10 years at Intel Corporation. Most recently, he served as Director of Marketing for Intel's $2.3 billion Flash products group. He was previously the Director of Worldwide Sales and Marketing for Intel(R) Centrino(TM) mobile technology and has ramped numerous technologies in all major markets around the globe. Prior to Intel, Van Deventer founded three start-up companies.
As the Chief Technology Officer for SynapSense, Dr. Raju Pandey is an Associate Professor with the Department of Computer Science at the University of California, Davis (UCD). While at UCD, Dr. Pandey and his students developed the SENSES project, which is funded, in part, by research grants from the National Science Foundation (NSF). He has been an NSF panel member on Career, Sensor Networks, Languages, Operating Systems and Security and has authored numerous papers on sensor networks and distributed computing.
"Our mission is to invest in emerging companies that have unique solutions for high-growth markets. SynapSense has an innovative platform for the wireless sensor network industry, which is one of the most explosive markets today," said Corley Phillips, an American River Ventures General Partner. "In addition, we believe in investing in strong teams. Pete and Raju have a great depth of professional experience and a complementary skill set that makes for a great founding team. We look forward to working with the SynapSense team to help build a great company."
Two Local Venture Firms Working Together
The investment in SynapSense is the first deal that American River Ventures and DFJ Frontier have done together, marking a "first" for the two local Sacramento venture capital firms.
SynapSense is the 15th company in ARV's portfolio, which includes companies in specific emerging technology segments, including Communications, Semiconductors, Software, Display Technology, Storage and Wireless.
About American River Ventures:
American River Ventures (ARV) is an early-stage information technology venture capital firm that uses its broad range of expertise and relationships to help build start-up companies located in high-growth, underserved technology markets primarily outside of Silicon Valley. Founded in May of 2001 by three successful business entrepreneurs, Harry Laswell, Corley Phillips, and John Kunhart, the firm offers entrepreneurs direct experience in the day-to-day realities of building great companies. ARV general partners have a solid blend of operating and management experience in both corporate and start-up environments -- they have been directly responsible for successfully starting or running companies, developing new products, and growing companies into attractive acquisitions. Located in Sacramento, California, ARV has over $100 million under management and a portfolio that includes companies in a variety of sectors: semiconductors, communications, wireless, display technologies, and software. For more information, visit http://www.arventures.com or call 916-780-2828.
The statements contained in this press release that are not historical facts are forward-looking statements. Actual events or results may differ materially based on market conditions. All brands, products, or service names are or may be trademarks or service marks of their respective owners.
MEDIA CONTACT:
Allyson Wyles
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Source: prnewswire
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