DeviceVM Receives Investment from Merus Capital and Welcomes Larry Augustin to Board...

Tue Jan 22, 2008 8:01am EST

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DeviceVM Receives Investment from Merus Capital and Welcomes Larry Augustin to
Board of Directors
Investment brings total equity funding to $22 Million

SAN JOSE, Calif., Jan. 22 /PRNewswire/ -- DeviceVM, the award-winning
developer of Splashtop(TM), today announced closing of a $1 million investment
from Merus Capital. The investment represents one of the first investments by
the venture capital firm founded by Salman Ullah, former Vice President of
Corporate Development at Google, Sean Dempsey, former Principal of Corporate
Development at Google, and Peter Hsing, former Managing Director of Corporate
Strategy at Microsoft.
    DeviceVM also further strengthened its Board of Directors with the
addition of Larry Augustin. Augustin founded VA Linux (now SourceForge), where
he served as CEO, and brings an extensive background in open source software
to DeviceVM.
    "We view the expertise that Larry, Salman, Sean, and Peter bring to the
table as a great fit for DeviceVM's continued expansion," says Mark Lee, CEO
and co-founder of DeviceVM. "2007 was a great year for us, and we see 2008 as
our year to break into the consumer mass market."
    This latest investment follows a series B round of $10M in October 2007
led by venture capital firm DFJ Dragon with participation from Sumitomo's
venture arm, Presidio, HTC Founders Cher Wang and Wen-Chi Chen, and WR
Hambrecht Ventures. DeviceVM announced their series A round of $10.5M in
August 2006, which was led by Storm Ventures, with DFJ Dragon, ASUS,
iDInnovations (Acer), Harbinger (Mitac-Synnex), and various strategic angels
contributing.
    DeviceVM works with a wide range of manufacturers and OEMs to incorporate
their Splashtop rapid-start technology into computers. Splashtop enables users
to read e-mail, chat with friends, or surf the Web seconds after turning on
their PC. The company plans to have numerous Splashtop-enabled motherboards,
desktops, and laptops available internationally in 2008.
    "I'm excited to be working with an innovative company like DeviceVM at the
forefront of where software and hardware are headed," says Larry Augustin. At
VA Linux, Augustin created SourceForge.net, the world's largest Open Source
software development community with over 1.7 million registered users and a
reach of more than 33 million unique monthly visitors. He currently serves on
the Boards of Directors of Compiere, Fonality, Hyperic, Medsphere, Pentaho,
and SugarCRM. Augustin previously was a Director of virtualization software
vendor XenSource, acquired by Citrix.
    "Splashtop represents a new paradigm in computing that brings value to
both consumers and PC OEMs," says Salman Ullah, founder of Merus Capital. "We
are enthusiastic to join the great team behind this technology." Ullah is best
known for his work as Vice President of Corporate Development at Google where
he led the acquisitions of DoubleClick, YouTube, and others.
    About DeviceVM
    DeviceVM, Inc. is a privately held software company offering Splashtop, an
award-winning 'instant-on' platform that improves the personal computing
experience. In cooperation with OEMs and system vendors DeviceVM integrates
Splashtop into personal computers worldwide. Founded in 2006, DeviceVM is
headquartered in Silicon Valley with offices in Taiwan and China. Discover
more at http://www.splashtop.com.
    About Merus Capital
    Merus Capital is a Silicon Valley-based venture capital firm founded by
three senior executives from Google and Microsoft. The firm invests in
early-stage software companies in both the consumer and business
segments. For more information, visit http://www.meruscap.com.
    Press contact:
    Andrew Kippen
    Stage Two Consulting
    andrew@stagetwoconsulting.com
    415-287-7710

SOURCE  DeviceVM, Inc.

Andrew Kippen of Stage Two Consulting, +1-415-287-7710,
andrew@stagetwoconsulting.com, for DeviceVM, Inc.
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