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August 8, 2004

Intelleflex Announces 'Series A' Funding From Alloy Ventures, Selby Ventures and Woodside Fund

$11.3M Investment to Accelerate Development of Long-Range, High-Reliability RFID Products

SAN JOSE, CA -- (MARKET WIRE) -- 08/10/2004 -- Intelleflex Corporation, a San Jose-based supplier of radio frequency identification (RFID) products, announced today the closing of their $11.3 million 'Series A' investment round. The round was co-led by early-stage investment firms -- Alloy Ventures, Selby Ventures and Woodside Fund.

"In a highly selective venture capital market, we are pleased to announce this vote of confidence from leading investors in Silicon Valley. The funds allow us to accelerate our product development to keep up with customer demands for high-reliability RFID products. We believe our combination of complying with global standards and offering 'best-in-class' functionality presents a compelling proposition to our customers as they tackle their current issues with RFID deployment," said Naresh Batra, CEO of Intelleflex.

Jim Marshall of Selby Ventures, who also seed financed the company, commented that "Intelleflex's products will provide a clear differentiation and a sustainable competitive advantage, both of which are key investment criteria for Selby."

Intelleflex is led by a seasoned group of executives with successful track records in large companies, startups, and solutions leadership in the semiconductor market and RFID technologies. Rick Shriner, partner at Woodside Fund, confirms the promise of RFID tags and acknowledges that the strength of Intelleflex's management team set it apart from emerging companies in its space. "Intelleflex has an extremely agile and high-caliber team. Responding quickly to evolving standards and changing customer needs is going to be critical to achieve success. We have every confidence Intelleflex is poised to do that," stated Shriner.

"Intelleflex presented an integrated vision for complete RFID hardware solutions, which is a key requirement for mass deployment," remarked David Ezequelle of Alloy Ventures.

In conjunction with the investment, Jim Marshall, Rick Shriner, and David Ezequelle have joined the Intelleflex Board of Directors.

About Intelleflex
Intelleflex is a Silicon Valley company focused on the next generation of radio frequency identification (RFID) products and applications. RFID enables real-time information to be remotely read by computer systems, providing huge labor savings and improved accuracy. Intelleflex's patent-pending technology provides global interoperability, high reliability, omni-directional range, encrypted security, superior longevity of battery life, and flexibility to integrate multiple functions such as sensors, displays, and other customer-driven functionality.

About Alloy Ventures
Alloy Ventures is an early-stage venture capital firm, and is currently investing out of their 8th fund -- a $300 million limited partnership raised in April 2002. Each year, Alloy invests in a small number of entrepreneurial ideas and young companies, and strives to guide entrepreneurs in building successful companies by leveraging Alloy's industry expertise, operating knowledge, and extensive contacts. For more information, go to www.alloyventures.com.

About Selby Ventures
Selby Ventures is a Silicon Valley-based venture capital fund and focuses on seed and early-stage companies developing disruptive, next generation technologies in software and fabless components for the information technology, communications and consumer sectors. Formed in 1998 to bridge the gap between seed investors and later-stage venture funds, Selby grows companies through hands-on involvement and leveraging 150 years of combined operational experience. For more information, go to www.selbyventures.com.

About Woodside Fund
Woodside Fund is a leading venture capital firm that excels in developing seed- and early-stage technology companies. Founded in 1983, the Fund attributes its long record of success to the high value it places on building productive partnerships with entrepreneurs, other investors and service providers. Typically a lead investor, Woodside Fund invests from $5 million to $15 million in early-stage enterprise software, fabless semiconductor and network infrastructure companies located on the West Coast. Woodside Fund has more than $330 million in capital under active management. For more information, go to www.woodsidefund.com.

Intelleflex Contact:
Naresh Batra
CEO
408-350-6101
info@intelleflex.com

 

For all press related questions or comments, please contact Matt Bolton at mattb@woodsidefund.com
or phone 650.610.8050.

www.woodsidefund.com

 

                                      
 

 

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