Ruckus Wireless Secures $9 Million in Second Round Financing
Sutter Hill Ventures and Investor AB Lead Up-Round in Next-Generation Wireless Multimedia Technology Supplier
MOUNTAIN VIEW, CA, September 19, 2005 – Ruckus Wireless, Inc., formerly Video54, today announced that it has secured $9 million in its second round of financing, which increases total investment in the company to over $14 million since its formation in June of 2004. The proceeds will be used to enhance product development and to scale sales and marketing activities.
Ruckus Wireless develops and markets the only wireless multimedia system that delivers reliable and quality transmission of voice, video and data communications over standard Wireless Fidelity (Wi-Fi) technology throughout the home.
Sutter Hill Ventures and Investor Growth Capital, the venture capital arm of Investor AB of Sweden led the new financing. Existing investors Sequoia Capital and WK Technology Fund completed the oversubscribed round. WK Technology Fund led the $3.5 million first round of financing, while Sequoia Capital and private investors provided the initial $1.5 million of seed money.
Ruckus Wireless has also appointed Wen Ko, founding managing director of WK Technology Fund to its board of directors. In addition to Mr. Ko, the Ruckus board of directors is comprised of a who's who of networking industry veterans including Dominic Orr, chairman and former CEO of Alteon WebSystems, Selina Lo, president and CEO, Gaurav Garg, former founder of Redback Network and partner at Sequoia Capital and Bill Kish, CTO and co-founder of Ruckus Wireless.
In less than one-year of operation, Ruckus Wireless has developed and delivered the industry's next generation of wireless multimedia products, signed an worldwide agreement to license its BeamFlex™ technology to NETGEAR and announced its first customer shipments to PCCW, Hong Kong's primary telecommunications provider.