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SANTA CLARA, CA – March 23, 2004 – Enigma Semiconductor, Inc., a leading provider of networking semiconductors, announced today that it has secured $12.5M in funding from a consortium including Techno Venture Management, Startupfactory, Northzone Ventures, InnovationsKapital and Vaekstfonden. The new investment will permit the Company to complete initial product development and provide customers with working prototype silicon. A fabless semiconductor company, Enigma plans to develop efficient, advanced solutions for networking and storage markets. Enigma was founded in mid-2001 to exploit novel architectural concepts and integration opportunities for future communications systems. Initial products will enable system developers to build and upgrade existing systems to efficiently deliver 10G and 40G capabilities, while providing a bridge to legacy infrastructure. "We believe that future networking equipment needs to become more cost and power efficient to remain competitive" said Rob Sturgill, CEO of Enigma Semiconductor. "In today's capital-constrained environment, semiconductor vendors like Enigma are increasingly responsible for the delivery of cutting-edge semiconductor solutions that OEMs rely upon to enable breakthrough end-user advantages." Enigma will make product samples available for customer evaluation later this year. This product will enable dramatic improvements for communications systems in power, density, and system cost. Enigma has assembled an exceptional team of professionals fluent in semiconductor and system development across a wide range of protocols and technologies. Today, engineering operations are located in Copenhagen, Denmark with executive and sales offices in Silicon Valley. Hans Schreck, General Partner at TVM, said, "We believe the trend towards merchant solutions for networking and storage systems will continue. Enigma Semiconductor's products will enable vendors of high performance systems in enterprise, telecom and storage to attain the next level of integration and density." Jonas Risberg, Investment Director at InnovationsKapital, noted, "We are excited about Enigma's technology and experienced team. Enigma's architecture is extremely well positioned to meet next generation communication system requirements." Arve Johan Andresen, Partner at Northzone Ventures, added, "Enigma is an example of a select group of companies with European based R&D, having a sufficiently powerful idea and the depth of management experience enabling it to compete in a global marketplace." Enigma's Series B capital will facilitate the completion of initial technology development and fund first customer samples. Announcements regarding Enigma's technology, products and markets will follow in the second half of 2004. About Enigma Semiconductor, Inc. Enigma Semiconductor is an emerging leader in 10G and 40G solutions for advanced networking systems. Enigma's novel architecture and component integration allows system developers to break new ground in system efficiency. Enigma opened its doors in August 2001 and with initial funding from Startupfactory AB began technology and product development in March 2002. Venture capital firms Techno Venture Management, Northzone Ventures, InnovationsKapital and Vaekstfonden are leading investors in the company while Startupfactory continues to invest. Visit Enigma at www.enigmasemi.com. For further information, please contact: Rob Sturgill |