REDWOOD SHORES, Calif. -- Woodside Fund, an early-stage venture
capital firm, today announced that they recently led the Series B
equity funding for VeriWave, Inc., a Portland, Oregon-based provider of
wireless local area network (WLAN) test solutions. Existing investors
U.S. Venture Partners (USVP) and TL Ventures also participated in the
round. Woodside Fund Venture Partner Ashish Gupta joined the VeriWave
Board of Directors in conjunction with the investment. Venture Partner
Rick Shriner also attends Board meetings and supports the company on
behalf of Woodside Fund.
The company will use the new capital primarily to support product
development and sales and strengthen its operational capabilities for
international growth as the company extends its leadership in the WLAN
test solutions space. According to the Telecommunications Industry
Association the market for WLAN-enabled products is growing
dramatically, representing over $5 billion of revenue in 2005 and
driving the need for comprehensive test solutions for WLAN development,
QA, and manufacturing.
“VeriWave is on track to be the solution of choice and dominate the
Wireless LAN development, validation, and manufacturing test market,”
said Ashish Gupta of Woodside Fund. “We are pleased to provide VeriWave
with both the financial resources and strategic guidance to support its
market leader position and global expansion.”
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