January 29, 2001
Woodside Fund Leads $30 Million
Investment In TrueSAN Networks, Inc.
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
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.