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VALERE POWER RAISES $11 MILLION IN THIRD ROUND OF FINANCING
COMPANY INCREASES VALUATION IN DIFFICULT MARKET
RICHARDSON, TX - Mar. 05, 2003
- Valere Power, an innovative provider of DC power distribution
systems for the telecommunications industry, today announced it has closed
its third round of venture capital financing, raising $11 million to fund
sales growth and new product development.
This round of venture capital brings Valere's total
financing to $27.5 million and provides the company with e nough capital
to fund operations for three years at its current level of spending. The
financing round was led by Sierra Ventures and also included existing
investors Alcatel Ventures and Dali, Hook Partners.
"With this capital, Valere is one of the most
financially stable new companies in this market," said Andy Marsh,
president and CEO of Valere Power. "We increased our valuation about
60% in this round which is a testimony to the strong team we have here
and the strong customer acceptance of our product line.
The company has sold its Compact DC Power Systems
to more than 25 customers since the second quarter of 2002. Telecommunications
service providers use the Compact DC Power System to distribute power
to their voice and data switching systems in remote locations. It provides
up to 250 amps of the DC power in a unit that is 60% smaller than competing
products and which dissipates 35% less heat - allowing its customers to
free up valuable space for more networking equipment.
ABOUT VALERE POWER
Valere Power was founded in January 2001 to develop
innovative power solutions that reduce customers' operating expenses in
a dvanced telecom and enterprise applications. Headquartered in Richardson,
Texas, Valere has created high-efficiency DC power distribution systems
that take less space, dissipate less heat and provide new remote management
capabilities.
ABOUT SIERRA VENTURES
Sierra Ventures, founded in 1982, is a privately held
venture capital firm focused on investments in communications, enterprise
software, software infrastructure hardware infrastructure and semiconductor
and optical components. Sierra Ventures manages eight venture capital
partnerships with more than $1.25 billion of capital under management.
The firm's investments include StrataCom (STRM - acquired by Cisco), Teradata
(TDAT - acquired by NCR), Centex (CNTX - acquired by MFS-Worldcom), Combinet
(acquired by Cisco), ConvergeNet (acquired by Dell), Active Software (ACTV
- acquired by WebMethods), FatBrain (FATB - acquired by Barnes and Noble),
Healtheon/WebMD (HLTH), Interact Commerce (IACT - acquired by Sage), Intuit
(INTU), Micromuse (MUSE), OnLink (acquired by Siebel), Quinta (acquired
by Seagate), Terayon (TERN), Vina (VINA) and Vertel (VRTL). More information
is available at www.sierraventures.com.
ABOUT ALCATEL VENTURES
Alcatel Ventures is a privately held venture capital
firm focused on investments in wireless, networking, optics, telecom equipment,
integrated circuits, and software.
ABOUT DALI, HOOK PARTNERS
Dali, Hook Partners is a venture capital firm with
a primary focus on early stage enterprise software, communications and
semiconductor companies. We are committed not only to working with entrepreneurs,
but also to providing them with our expertise in areas of relationships
and operating experience. We have a history of co-investing with other
top-tier venture firms, and our partners have more than 30 years of successful
venture capital experience and have 60 years of distinguished operating
backgrounds to assist early stage companies.
Dali, Hook Partners is a venture capital firm with
offices in Menlo Park, California and Dallas, Texas dedicated to helping
entrepreneurs create leading information technology companies of lasting
value. We offer entrepreneurs a network of people and resources that provide
strategic counsel and operating support from our team of seasoned professional
managers and their firms who have been involved in the success of companies
such as Apple Computer(NASDAQ:AAPL), Clarify (NYSE:NT)*, Cybermedia, Entegrity
Solutions, Etec Systems (NASDAQ:AMAT)*, Harmonic (NASDAQ:HLIT), IC Works
(NYSE:CY)*, NetSolve (NASDAQ:NTSL), Power Integrations (NASDAQ:POWI),
Maxtor (NYSE:MXO), MediaVision, Octel Communications (NYSE:LU)*, Promatory
Communications (NYSE:NT)*, Repeater Technologies (NASDAQ:RPTR), Serius,
TriQuint Semiconductor (NASDAQ:TQNT) and Vitesse Semiconductor (NASDAQ:VTSS).
PRESS CONTACT
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