iControl Networks Secures Series A Funding
Charles River and Intel Capital Co-Invest
April 26, 2006
FOR IMMEDIATE RELEASE
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Palo Alto, CA – April 26, 2006 – iControl Networks, Inc., a leading provider of active personal content via Web-enabled remote management services, today announced that it has secured $5 million in a Series A round. Charles River Ventures (www.crv.com) led the round, with additional funding from Intel Capital (www.intel.com).
“The proceeds from this round will help fuel our sales and channel expansion plans, fund new product development, and allow us to make additional investments in our engineering and corporate infrastructure,” said Reza Raji, president and CEO of iControl Networks. “We now believe iControl is well positioned to capitalize on the tremendous market opportunity to deliver compelling personal content via the Internet about what matters most to people – their families, property and business.”
The company’s software and services platform provides a new level of information and control over busy lifestyles. iControl’s services offer a solution for every family, and every small business. Beyond home and business use, the company’s services can be used for specialized applications — real estate and property management, energy management and elder care.
“More and more people are looking for a way to stay plugged into what's happening at their home or office when they can't be there – whether it's to watch over their children, an elderly parent, or just safeguard their property. Yet until now, the technology to do it has been too expensive and complex,” said Bruce Sachs, general partner, Charles River Ventures. “iControl removes those barriers and makes remote monitoring easy and inexpensive. Their market opportunity is tremendous, and they have the technology, know-how and people to make it happen.” Sachs will now join the iControl Board of Directors.
“Today’s increasingly mobile society is fueling the demand by consumers for innovative remote monitoring solutions” said Curt Nichols, vice president Intel Capital and managing director for the Digital Home Sector. “iControl’s products address this demand and support the emergence of remote monitoring, and the company’s direction aligns with Intel’s comprehensive Digital Home vision.”
About Charles River Ventures
Founded in 1970, Charles River Ventures (CRV) is one of the oldest and most successful early-stage venture capital firms with nearly $2B under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in the data communications and software and services sectors. The firm’s investment returns are consistently among the highest of any venture capital firms. This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sybase, Sonus Networks, SpeechWorks International and Vignette. CRV has offices in Boston and Menlo Park, Calif. For more information, visit www.crv.com.
About Intel Capital
Intel Capital, Intel’s venture capital organization, makes equity investments in innovative technology companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$4 billion in more than 1,000 companies spanning more than 30 countries. During this time, about 160 portfolio companies have been sold and another 150 have gone public on exchanges around the world. In 2005, Intel Capital invested about US$265 million in companies worldwide with approximately 60 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
Since 1991, Intel Capital has invested more than U.S. $4 billion in approximately 1,000 companies in more than 30 countries. In that time, about 160 portfolio companies have been acquired by other companies and another 150 have gone public on various exchanges around the world. Last year alone, Intel Capital invested more than U.S. $130 million in about 110 deals with approximately 40 percent of its investments made outside the United States.
iControl Networks helps people manage what matters most to them — their family, home, and business. It is the online service that enhances an individual’s busy life, offering an easy, affordable, and centralized way to see, know and respond remotely to the comfort and safety of family, property or business — from anywhere, anytime. To bring the company’s services to market, iControl partners with service providers, Internet portals, telecommunications companies, consumer electronics retailers and manufacturers. iControl is a venture-backed software and services company headquartered in Palo Alto, CA. For more information, visit the company’s Web site at www.icontrol.com.
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