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January 29, 2001

Woodside Fund Leads $30 Million Investment In TrueSAN Networks, Inc.

Delivering Storage Solutions With Unparalleled Scalability and Flexibility at Lower Cost.

Redwood Shores, CA -- January 29, 2001 -- Woodside Fund is the lead investor in the $30 million first institutional round of funding for TrueSAN Networks, Inc.  Founded in 1999, the company delivers enterprise storage networking systems, software and services for building scalable, intelligent, and universally accessible storage infrastructures.  TrueSAN's next-generation storage solutions are designed to meet the unrelenting and unpredictable demand to store endless amounts of data. TrueSAN's technology provides unparalleled scalability, versatility, ease of use, as well as lower cost.

In addition to Woodside Fund, the other investors in this round are Merrill Lynch, QLogic Corporation, JT Venture Partners, Credit Suisse First Boston, Spring Creek Partners, and Finisar Corporation. TrueSAN will use the funding to expand its sales, marketing, and recruiting efforts as well as accelerate engineering initiatives that will enable the company to take a dominant position in open storage infrastructure solutions.

"TrueSAN has the people, vision and technology to deliver open storage solutions that will fundamentally change the storage landscape," stated Vincent M. Occhipinti, co-founder and Managing Director at Woodside Fund. "TrueSAN's aggressive market strategy, coupled with strong industry and enterprise confirmation, indicated to us that TrueSAN will secure a leadership position in the storage networking arena.

We are honored by the tremendous show of support by this impressive list of investment partners," stated Thomas Isakovich, Founder, President and CEO of TrueSAN.  "This validation will help us continue to recruit top engineering talent, build a world-class direct sales force, and strengthen our brand presence in enterprise and service provider accounts. Combined with the knowledge and experience of our talented team, we now have the tools necessary to execute on our vision for more scalable, more manageable, and more cost-effective storage networking solutions."

TrueSAN redefined the storage paradigm with the introduction of Paladin™, a breakthrough in storage architecture that combines a modular and massively scalable storage foundation with intelligent storage network management software and flexible connectivity options. With Paladin, TrueSAN is the first to deliver SAN and NAS functionality in a unified solution. As a result, corporations are able to turn mission-critical information management into a competitive advantage.

About Woodside Fund

Founded in 1983, Woodside Fund has one of the longest and strongest track records of success in early stage venture capital investing. All Woodside Funds have performed in the upper quartile of the industry for venture capital partnerships formed in their respective years. Woodside Fund's latest partnership, Woodside Fund IV, which had its final close in April, invests between $5 and $10 million in early stage ventures in Internet and electronic commerce, computer software, telecommunications, and networking, located in Northern and Central California. The Fund serves as the lead or co-lead investor in most of its portfolio companies.

 

www.woodsidefund.com
www.truesan.com

 

                                      
 

 

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