DeviceVM Receives Investment from Merus Capital and Welcomes Larry Augustin to Board...
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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 firstname.lastname@example.org 415-287-7710 SOURCE DeviceVM, Inc. Andrew Kippen of Stage Two Consulting, +1-415-287-7710, email@example.com, for DeviceVM, Inc.
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