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NComputing Raises $28 Million to Fund Global Expansion

01-14-2008 05:23 PM CET | IT, New Media & Software

Press release from: NComputing Inc

/ PR Agency: Mutual PR
Series B Investment Reflects Rapid Adoption of NComputing’s Virtual PC Technology

New Delhi, January 14, 2008 – NComputing, the leading provider of desktop virtualization software and hardware, today announced it has secured $28 million in a Series B round of financing. The funds will be used to expand sales and operations in key countries where affordable computing is out of reach for many schools, businesses and governments. The funds will also be used to support ongoing research and development into the company’s patented virtual computing technology that enables computing access for as little as $70 per user.

The funding round was led by Menlo Ventures with participation from existing investors Scale Venture Partners and Korea’s Daehong Technew Corporation.

“This important round of funding will help NComputing expand our global reach and will help the company meet the growing demand for our virtual computing technology in new and existing markets,” said Stephen Dukker, Chairman & CEO of NComputing. “The investment demonstrates that NComputing has a powerful technology and business model for bringing affordable computing to the next billion users around the world.”

“The company’s proven results, combined with an experienced management team, make NComputing a very attractive investment,” said H. Dubose Montgomery, Managing Director and founder at Menlo Ventures. “NComputing is well-positioned to continue growing its leadership in providing truly affordable computing to under served markets around the world.”

NComputing also announced that Mr. Montgomery has joined its board of directors. Mr. Montgomery leads investments in the technology sector for Menlo Ventures and was a founder of Menlo Ventures in 1976. Mr. Montgomery has been an active director in many of Menlo’s portfolio companies over the past 30 years. His prior investments include: Asyst Technologies (ASYT); EndoVascular Technologies, acquired by Guidant Corp. (GDT); Frame Technology Corporation, acquired by Adobe Systems (ADBE); Gilead Sciences (GILD); Infoseek Corporation, acquired by the Walt Disney Co. (DIG); LSI Logic Corporation (LSI); Micro Therapeutics (MTIX); Network Equipment Technologies (NWK); Valid Logic Systems, acquired by Cadence Design Systems (CDN) and VNUS Medical Technologies (VNUS). Mr. Montgomery is a graduate of the Massachusetts Institute of Technology and the Harvard University Graduate School of Business Administration.

“Scale Venture Partners first invested in NComputing recognizing the potential for the technology to bring truly affordable computing to the masses. In just two years NComputing has shipped more than 500,000 virtual PC systems around the world, “said Jim Jones, managing director with Scale Venture Partners. “With this substantial funding round, and a proven business model, NComputing can accelerate expansion to new countries and market segments.”

The NComputing solution is based on a simple fact: today’s PCs are so powerful that the vast majority of applications only use a small fraction of the computer’s capacity. NComputing’s virtualization software and hardware tap this unused capacity so that it can be simultaneously shared by multiple users. The NComputing virtualization software is loaded onto a standard Windows or Linux PC. Each user’s monitor, keyboard, and mouse connect to the shared PC through a small and highly reliable NComputing access device. The device itself has no CPU, memory, or moving parts so it is easy to deploy and maintain. Over 500,000 NComputing systems have been deployed by 15,000 organizations to slash their computing costs as much as 70% and electric consumption by 90%. NComputing has been deployed by schools, colleges, governments and businesses to bring computing access to its students and employees.

About NComputing, Inc.
Winner of the Wall Street Journal’s Technology Innovation Award, NComputing, Inc. was founded with the goal of making desktop computing affordable for everyone. Headquartered in Redwood City, CA, NComputing is a privately held virtualization software and hardware company. The company's patented technology drastically lowers desktop computing costs, improves manageability, and reduces both energy consumption and e-waste. NComputing has offices in Australia, Canada, China, Germany, India, Korea, Poland, Russia, the United Kingdom, and the United States and distributes products to over 70 countries.

About Menlo Ventures
Menlo Ventures has spent the past 32 years investing in entrepreneurs that Think Big. With more than $4 billion in capital and hundreds of years of collective venture and technology management experience, Menlo brings the resources and expertise necessary to help see the most ambitious visions through to success. Investments span the entire information technology landscape with stage ranging from startup to pre-IPO. Representative investments include Cavium Networks, Acme Packet, IronPort (Cisco), 3Par Data, F5 Networks, Hotmail, MobiTV, LiveOps, and TeleNav. For more information, please visit www.menloventures.com.

About Scale Venture Partners
Scale Venture Partners employs an insight-driven investment strategy to identify innovative development-stage technology and healthcare investments. The Scale VP team works with technology and healthcare companies to accelerate their growth and become more valuable to entrepreneurs, investors and consumers. Based in Foster City, California, the Scale VP team collectively offers decades of technology and venture industry experience to development-stage companies in hardware, software, healthcare and medical devices. Representative portfolio companies include Alimera, Discera, Frontbridge, Glu Mobile, Monolithic Power Systems, Omniture, Orexigen, PlayPhone, ScanSafe, Somaxon, Vantage Media, Wayport, Xceive and Zogenix. For more information, please visit www.scalevp.com.

About Daehong Corporation
Daehong Technew Corp. has been supplying raw materials to the Korean Semiconductor/LCD manufacturing industry for over 20 years. In 1995 Daehong established Clean Factomation Inc. (CFI), a joint venture with Daifuku — a 2 billion material handling company from Japan — to develop, produce, and distribute auto transport system to Semiconductor/LCD manufacturers. In 1997 Daehong established Korean based Matheson Gas Products (MGPK), a joint venture with Matheson-Tri Gas, a US based company and a member of the Nippon Sanso Corporation — the largest supplier of gases and gas handling equipment, to produce specialty gases for use in the Semiconductor/LCD industry. MGPK is a major supplier in specialty gases. Since 2000, Daehong has also strategically invested in a number of Information Technology (IT) Ventures in Silicon Valley, and has worked with those companies as their business partner in Korea and other countries in Asia.

Media Contacts:
Mr. Swetank Kumar / Mr. Sunit Rai
skumar@mutualpr.com / sunit@mutualpr.com

Mutual PR
18 Rouse Avenue, JJJK Trust Bhawan
New Delhi, India

Winner of the Wall Street Journal’s Technology Innovation Award, NComputing, Inc. was founded with the goal of making desktop computing affordable for everyone. Headquartered in Redwood City, CA, NComputing is a privately held virtualization software and hardware company.

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