News and press releases

Bluegiga News - May 13th 2002

Bluegiga Technologies successfully acquires its next round of funding

ESPOO, Finland
Bluegiga Technologies, a leading supplier of industrial Bluetooth solutions announces the successful completion of its second round of financing on May 13th. The investment round Lead Investor was Aura Capital Oy, while Eficor Oyj / Holtron Capital Fund acted as co-lead investors. The agreement also allows for further institutional investors to join the round at a later stage.

Bluegiga Technologies has developed a complete line of Machine-to-Machine (M2M) products for wirelessly connecting users, machines and backbone business systems utilizing Bluetooth, Internet and embedded Linux technologies. The company's Wireless Remote Access Platform (WRAP�) saves time and cost for customers by increasing the accessibility to a wide range of machines and devices for remote diagnostics, monitoring and other wireless transactions. The financing obtained will enable further company expansion and first volume production of the company's WRAP� 1000-series products, capturing a considerable wordwide demand for implementing wireless functionality in the industrial and enterprise sector. Today, an increasing number of companies emphasize strategic investments in process automation, remote monitoring, service automation and cable replacement which pay off quickly in increased time and cost savings.

"Short range wireless networks provide a flexible and cost-efficient way towards satisfying more real-time information flow requirements in a variety of complex and demanding industrial environments" says Ari Siponmaa, a new company board member from Aura Capital.

"The completetion of this round with a new lead manager shows that institutional investors are still actively engaging in earlier-stage venture capital rounds, despite the overall IT sector's sluggishness. It further demonstrates the investors' trust in Bluegiga Technologies growth potential", says Jarkko Jukarainen, MD of Bluegiga Technologies Oy.

About Bluegiga Technologies
Bluegiga Technologies is an innovative wireless technology company based in Espoo & Turku, Finland and Stockholm, Sweden who develops and markets integrated product solutions and design services tailored to industrial customers' needs. Our mission is to help the OEMs in creating wireless remote connectivity and pervasive access to machines and devices in order to realise substantial cost savings and productivity improvements. More information about Bluegiga is available at www.Bluegiga.com or send an e-mail to [email protected].

About Aura Capital
Aura Capital Oy is a venture capital company that makes investments in internationalizing high tech companies. Aura Capital was established in 1997 and it belongs to the Auratum Group (www.auratum.com). Aura Capital has so far made 28 investments, including three exits. During 2000, two of the invested companies in which Aura Capital still has ownership were listed on the Helsinki Stock Exchange. Aura Capital Oy makes private equity investments in unlisted small and medium sized companies. The investments are often unsecured investments in Finnish companies, which are considered to have realistic opportunities for significantly and profitably expanding their businesses.

About Eficor
Eficor Plc (www.eficor.com) is a technology focused investment bank operating in Helsinki, Finland. Eficor offers services in the areas of Securities Trading, Corporate Finance and Venture Investments.

For more information please contact Mr. Anders Lindeberg (Finance Director), [email protected] or +358 40 8485434

� Bluegiga Technologies 2002. All rights reserved. Bluegiga Technologies, the Bluegiga Technologies logotype and WRAP are trademarks or registred trademarks of Bluegiga Technologies. Terminology and products used in this document may be trademarks owned by third parties. The Bluetooth trademark is owned by Bluetooth SIG, Inc., U.S.A. and licensed to Bluegiga Technologies.