Press Release
RidgeRun Secures $5 Million in Funding Led by Texas Instruments
Strategic TI investment leads first venture round including PAC West Technology, TechSpace Xchange, and Matthew G. Norton Company
Boise, ID - November 15, 2000 - RidgeRun, Inc., a leader in embedded Linux solutions for Internet appliances using DSP components, today announced it has secured $5 million in its first major funding round from Texas Instruments a global semiconductor technology company, and leading venture capitalists. In addition to TI, the round includes venture investments from TechSpace Xchange, LLC, a Safeguard Scientifics, Inc. (NYSE:SFE) affiliated fund; PAC West Technology Fund I, L.P.; and the Matthew G. Norton Company.
"RidgeRun leverages the fast growing popularity of Linux, yet addresses the unique demands placed on Linux when used in DSP based embedded applications," said Leon Adams, Worldwide Manager, DSP Strategic Marketing for Texas Instruments. "We're excited about the myriad of new Internet enabled end products that can be realized using RidgeRun's innovative DSPLinux TM coupled with TI's leadership DSP technology."
Texas Instruments is the world's leading designer and supplier of digital signal processing (DSP) components which are found in more than 60% of the world's digital mobile phones and in a wide range of wireless, broadband and multimedia appliances.
"RidgeRun is a great strategic fit for us and with many of the Internet infrastructure companies in the Safeguard Scientifics network," said Steve Nordahl, Managing Director of TechSpace Xchange. "By combining the reliability and flexibility of Linux with the tremendous power of wireless and broadband connectivity, RidgeRun is well positioned to provide the leading open source platform for next generation Internet appliances."
TechSpace Xchange, LLC, is a venture capital fund that was formed by TechSpace, LLC, a provider of technologically-advanced office environments and premier start-up services to early and expansion stage technology companies, and Safeguard Scientifics, Inc., a leader in incubating and operating Internet companies. The fund is a premier syndicate partner that focuses on investments in Internet enabling service and technology companies.
Akers Capital, LLC, is the general partner of Pac West Technology Fund I, LP, a venture capital investment fund. The Pac West Technology Fund I makes private equity investments in high-growth technology companies focused in the networking and Internet infrastructure, computer software and Internet/Intranet software and services industry sectors. Additional information may be found at www.akerscapital.com.
Matthew G. Norton Co. (MGN) is a private investment company based in Seattle, Wash. Focused on investments in high-growth, private companies and venture capital funds, MGN also manages a portfolio of public company investments and international equities. Through its subsidiary Northwest Building LLC, MGN manages and develops a significant portfolio of real estate properties throughout the nation.
About RidgeRun, Inc.
RidgeRun, Inc. is exclusively focused on bringing the reliability and flexibility of Linux to embedded Internet appliances based on DSPs (digital signal processors). RidgeRun's DSPLinux TM is the operating system that leverages the power of Texas Instruments' DSP architectures to deliver the performance-leading platform for Internet, broadband and multimedia appliances. DSPLinux TM is optimized for high performance OEM devices including mobile phones, digital cameras, audio and video players, automotive systems, set-top boxes, home networking gateways, and PDAs. The RidgeRun team has extensive experience in developing world-class embedded systems, fault-tolerant software and high performance Linux solutions. RidgeRun can be reached at http://www.ridgerun.com/ or by e-mail to info@ridgerun.com.