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Control4 Raises $15 Million
Foundation Capital Joins Frazier Technology Ventures, Thomas Weisel Venture Partners and vSpring Capital to Complete New Funding Round
Salt Lake City, UT – July 15, 2005 - Control4 today announced it has raised an additional $15 million in private capital after a new funding round led by Foundation Capital. Existing investors Frazier Technology Ventures, Thomas Weisel Venture Partners and vSpring Capital also participated. Adam Grosser, General Partner of Foundation Capital, has been appointed to Control4’s Board of Directors. The financing will be used to continue Control4’s rapid growth through the development and sale of broad market home automation products.
“Control4 is making home automation a reality with a unique line of wired and wireless home automation products,” said Adam Grosser, General Partner, Foundation Capital. “At Foundation Capital, we believe the market for digital home products is on the verge of explosive growth, and Control4 has the management team, products and market position to take advantage of this important market.”
Control4, which began shipping products in April of this year, is the first to deliver 802.15.4 (ZigBee) wireless products, that can be retrofitted into any home, to provide reliable, cost-effective home control. The company will be showcasing its award-winning home automation products and services at the CEDIA trade show in September.
“Since we started shipping products in April, the demand has exceeded our already high expectations,” said Will West, Chief Executive Officer, Control4. “We are pleased that customers, partners and investors are responding to our value proposition of delivering affordable, easy-to-use home automation solutions to a broad consumer market. This latest round of funding from outstanding investment partners allows Control4 to continue building on its momentum.”
Control4 makes home automation and control a practical option for any home by combining innovative technology with today’s wired and wireless networking standards. From home theater control, to complete music and lighting management in every room, Control4 products provide lifestyle benefits previously available only in luxury homes. The company is delivering tomorrow’s lifestyle today, by providing a new breed of home automation solutions that are affordable, modular and easy to use. The company is headquartered in Salt Lake City, Utah. For more information, please visit www.control4.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software. Foundation Capital funds total over $1.1 billion and include Harvard, Yale, CalTech, the Hewlett Foundation and MacArthur Foundation as investors. For more information, visit www.foundationcapital.com.
About Frazier Technology Ventures
Frazier Technology Ventures (FTV) is a Seattle-based, early-stage venture capital firm focused on wireless, communications, media and enterprise technologies. The partnership has deep, executive operating background from ATT, CCube, Immunex, LSILogic, Microsoft, RealNetworks, Visio and other successful startups. FTV is part of 13-year-old Frazier Healthcare and Technology Ventures and has over $1.3B in capital under management.
About Thomas Weisel Venture Partners
Thomas Weisel Venture Partners (TWVP) is an early stage venture capital firm that invests in emerging information technology companies. As a partner with a long-term perspective, TWVP plays an active role in helping entrepreneurs turn ideas into sustainable businesses. TWVP portfolio companies benefit from the knowledge, energy and resources of the TWVP team and from TWVP's commitment to working with management to build industry-leading companies. TWVP was founded in 2000 in partnership with Thomas Weisel Partners, a San Francisco-based merchant bank, and is located in E. Palo Alto, California. For more information, visit www.twvp.com.
About vSpring Capital
vSpring is a traditional early-stage venture capital firm with over $180 million of committed capital under management. The firm specifically targets information technology and life sciences companies headquartered in the Intermountain West region. Its primary areas of focus include enterprise software, networking and communications, security software, Internet, mobile computing, drug discovery, drug delivery, diagnostics and medical devices, all markets where the firm has deep experience.