| March
29, 2004
WiDeFi Secures $6.8 Million in Venture
Capital
FOR IMMEDIATE RELEASE
The Aurora Funds and Axiom Venture
Partners co-led a Series A investment
in WiDeFi, Inc., a Florida-based company
with innovative and proprietary wireless
chip technologies for the growing
802.11 and 802.16 markets
Satellite Beach, FL (March 29, 2004)
WiDeFi, Inc., a fabless provider of
semiconductor chips used to dramatically
increase the range of Wi-Fi networks,
announced today that it recently closed
a Series A financing round of approximately
$6.8 million dollars. The funding
was co-led by The Aurora Funds of
Durham, North Carolina and Axiom Venture
Partners of Hartford, Connecticut.
The financing also included Grace
Venture Partners and funds managed
by Silicon Valley veteran venture
investor Bill Draper of Draper Richards/Draper
Associates. Previous investors The
Inflexion Fund, Camp Ventures, and
the Band of Angels completed the round.
“We are particularly pleased
to have the combination of investment
from Aurora and Axiom with their direct
involvement on WiDeFi’s Board
of Directors,” remarked Jim
Proctor, President and CEO of WiDeFi.
“Further, winning the confidence
of a legendary venture capitalist
such as Bill Draper attests to the
accomplishments of the WiDeFi team
to date. We’ve been able to
attract such an impressive group of
investors because WiDeFi has invented
a new platform technology. This platform
can be adapted to many different wireless
systems, and has the capability to
fundamentally change the way people
use wireless networks. Our first chip
set will provide Wi-Fi systems with
full coverage throughout the home
to allow new applications such as
voice and video over Wi-Fi. The technology
will allow wireless Internet access
at over ten times the speeds possible
today in many situations. Additionally,
our technology is applicable to the
emerging Wi-Max (802.16) standard.”
Rich Brown, a new WiDeFi Director
and General Partner of The Aurora
Funds said: “We are very excited
by WiDeFi’s prospects. Their
platform technology is an enhancement
to the rapidly growing wireless LAN
installed base and solves the usability
and coverage problems experienced
with this equipment. The impact WiDeFi’s
technology will have on the wireless
market place will make for a valuable
company.”
Marc Fogassa, a new WiDeFi Director
and Principal with Axiom Venture Partners
stated: “WiDeFi is the type
of deal that I like to fund and be
involved with. It has the capability
to deliver a strong product to the
growing Wi-Fi market and create a
valuable company in the near term.
The unique technology can also be
used to provide products in many other
wireless markets in the longer term,
providing for sustained growth and
value.”
Recent market research reports estimate
as many as 50 million homes worldwide
will be enabled with Wi-Fi networks
by the end of 2007. “The combination
of continuing coverage problems and
accelerating growth of Wi-Fi equipment
provides for an exciting opportunity
for WiDeFi,” remarked Dr. Kevin
Negus, board member and previous CTO
of leading Wi-Fi equipment provider,
Proxim. “Our unique technology
offers some real benefits to consumers.
It’s as easy to use as plugging
in a nightlight.”
About WiDeFi, Inc.
WiDeFi is a wireless technology development
company that provides solutions, which
make existing wireless products work
even better. WiDeFi’s innovations
enable enhancements in range, performance,
quality of service (QoS), capacity
and security for wireless networks.
WiDeFi’s leading Xtender™
product doubles the range at twice
the performance and half the cost
of competing solutions in wireless
local area networks. For more information
on WiDeFi, Inc., visit the company
website at www.widefi.com.
About The Aurora Funds
The Aurora Funds is a venture capital
firm that provides capital, connections
and strategic help to entrepreneurs
with early stage life science and
information technology companies,
primarily in the Southeastern and
Mid-Atlantic United States. Aurora
typically invests in seed and first
round financing opportunities. The
firm has more than $155 million of
total capital under management and
is currently investing out of its
fourth fund of $85 million. More information
is available at www.aurorafunds.com.
About Axiom Venture Partners
Axiom Venture Partners is a venture
capital firm with approximately $220M
under management and currently deploying
its third fund. Based in Hartford,
Connecticut, and founded in 1994,
it has a limited partner base encompassing
large insurance companies and banks,
as well as some high net worth individuals
and families. Axiom invests in both
Information Technology and Biotechnology.
For more information, visit www.axiomventures.com.
For more information contact:
Lynn Van Wyk
WiDeFi, Inc.
lynn@widefi.com
321.777.2085
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