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InovaWave Secures Funding and Names VP
InovaWave, Inc., which develops the industrys first software solution proven to more than double the performance of server and desktop virtual machines and the applications that run on them, today announced it has secured $2 million in Series A financing from Silverton Partners. As part of the funding round, Bill Wood, general partner for Silverton Partners, joined the InovaWave board of directors.

InovaWave also announced the appointment of John Kellar to the position of vice president of research and engineering. In his new role, Mr. Kellar will direct and oversee all product development activities as the company continues to support growing demand for its virtualization performance boosting software. A distinguished and recognized leader in research and engineering, Mr. Kellars career spans more than 22 years in the fields of operating systems, cryptography and algorithms. He held key engineering and development positions with Quickshift, Interactive Silicon, Tandem/Compaq and Clam Associates. Mr. Kellar holds multiple degrees in electrical engineering and has prosecuted more than 30 U.S. patents.

InovaWave has developed a unique technology solution for the virtualization market that will transform the way organizations architect and run their desktop and server environments, said Bill Wood, general partner, Silverton Partners. We look forward to working with the companys talented management team to help organizations everywhere improve the performance of their networks and applications.

We are honored to have the support of Silverton Partners, an investor with a proven track record of tapping into some of the most important technology innovations in the industry, said Terry Ferose, president and CEO of InovaWave. We are also pleased to have someone with John Kellars depth of research, engineering and patent development experience join our management team. Their support will prove invaluable as we continue to bring solutions to market that help virtual machines perform like never before.

In November 2006, InovaWave released the first version of its patent-pending DXtreme software, which allows organizations to run more than twice the average number of virtual machines on a single hardware device, while doubling the speed of applications running inside the virtual machines themselves. The company currently has eight customers, including top technology and financial services firms as well as Fortune 500 organizations. The DXtreme software works with leading virtual machine solutions from VMware and Microsoft and can be purchased and downloaded at http://evals.inovawave.com/downloads/dx.

About InovaWave, Inc.

Founded by virtualization software pioneers, InovaWave develops software that greatly improves the performance of virtual machines and the applications that run on them. Based in Austin, Texas InovaWave is a privately held company backed by Silverton Partners, an early stage investor in leading enterprise software companies, including Tivoli Systems, Motive, Smart Technologies (acquired by I2) and Waveset (acquired by Sun). For more information on InovaWave, visit www.inovawave.com.

Published Friday, January 19, 2007 3:07 PM by David Marshall
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