News and press releases

Bluegiga News - February 8th 2001

Bluegiga Technologies secures �1.5M in Seed Funding from leading Finnish VC, Eficor and a consortium of private investors

HELSINKI, Finland and STOCKHOLM, Sweden
February 8, 2001: Bluegiga Technologies, based in Espoo, Finland and Stockholm Sweden - a provider of a flexible, multi-purpose Bluetooth� platform, announced today the completion of a �1.5M round of seed financing lead by one of the leading Finnish VCs, Eficor and a consortium of private funds and investors. Bluegiga Technologies' Personal Area Networking (PAN) offering provides OEMs with a total Bluetooth� solution in a flexible, multi-purpose platform consisting of hardware and full software suites. The company's solution is especially aimed at enabling seamless connectivity between mobile terminals and electronic devices, and it is designed to significantly lower the investment and "time-to-market" for OEMs in developing Bluetooth� applications.

We expect the Bluetooth market to take of in 2002 as the early problems are taken care of", says Mr. Ari Torpo, partner at Eficor Venture Investments. "Bluegiga and its management represent solid experience from the electronics industry. We have high expectations on the Bluetooth market and Bluegiga", Mr. Torpo concludes.

"Bluegiga's technology is from the beginning designed to suit well into a wide range of application areas, both existing and emerging, where implementation of Bluetooth� is expected to be very significant", said Jarkko Jukarainen, Bluegiga's CEO."We are also delighted about the response and the support we have received from the investor community during this round, and are pleased of having teamed up with a strong industry network of seed investors and board advisers."

Bluegiga aims to close its next round of funding by autumn, 2001 enabling the expansion of the company beyond the prototype and pilot project phase.

About Bluetooth�
Bluetooth� is a wireless communication technology that allows mobile phones, PDAs, PCs and other electronic devices to talk to each other. Developed to promote the use of wireless communications worldwide, it is a specification for small form factor, low-cost, short-range radio links between a variety of portable and mobile computing devices. The Bluetooth� Special Interest Group (SIG) consists of over 2,000 telecommunications and computing companies.� For more information, visit the Bluetooth�� Special Interest Group Web site at www.bluetooth.com

The Bluetooth� trademark is owned by LM Ericsson AB, Sweden.

About Eficor
Eficor is a technology focused investment bank operating in Helsinki, Finland. Eficor offers services in the areas of Online Brokerage, Asset Management, Corporate Finance, Venture Investments and Business Development Consulting, with Internet and mobile solutions capabilities.

Eficor offers to both private and institutional investors the most sophisticated Internet and mobile financial services for corporate finance, venture investment and stock trading activities. Eficor currently employs over 60 investment and technology professionals.

In January 2001, Eficor and Holtron, a leading Finnish Venture Capital and ICT company, merged their businesses. Holtron, and its eight (8) technology experts, form the core of Eficor's Venture Capital and Business Development Consulting activities.

Contact for Bluegiga Technologies:

Finland
Jarkko Jukarainen, Managing Director
Bluegiga Technologies
Tel: +358 405 502264
e-mail: [email protected]

Sweden
Hans Holmberg, Marketing Director
Bluegiga Technologies
Phone: +46 733 327172
e-mail: [email protected]
 
 
Contact for Eficor:
www.eficor.com

Ari Torpo, Partner    
Tel: +358 50 338 0697
e-mail: [email protected]

Pekka Ruusunen, Director
Tel: +358 400 410 533
e-mail: [email protected]