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VERITAS LEADS INVESTMENTS TOTALING $10 MILLION IN 3 ISRAELI START-UPS

Date: Tuesday, January 09, 2001
9 January 2001 - (HERZLIA, ISRAEL)-Despite the ‘dry season’ for venture capital fund investments in start-up companies, Veritas Venture Partners continues to lead investments in innovative seed stage Israeli hi-tech companies led by strong management teams. During the last few months of 2000,Veritas led seed-round investment in 3 Israeli start-ups, totaling nearly $10 million. The investments are in the fields of cellular communications and Internet software infrastructure.

Veritas chose to invest in the three companies - Navicula, Bamboo and e-Ship-4u after being impressed by the strong management skills and distinct technological edge possessed by each of the companies’ lead teams and recognizing the excellent investment opportunity presented by these areas.

“By definition, Veritas chooses to work with people with long term motivation to build companies for the long term and, therefore, is not deterred by the current downturn in the market,” stated Gill Zaphrir, Veritas’ Venture Manager.” “We’re used to serving as lead investors for the long term and believe there are significant opportunities in these areas. We will continue to actively invest in areas presenting strong opportunities, albeit very selectively”, he added.

Veritas lead an investment of $3.5 million in Navicula in which the Aurum-SBC Fund also participated. Navicula develops Internet infrastructure technology that enables a dramatic improvement in the user experience on the Web. Navicula’s technology represents the next generation of the Internet, the “X-Internet,” allowing browser-based applications to perform like full-fledged applications. The result is a highly efficient and productive environment combined with the simple accessibility of the Web. Initial implementations include financial services and enterprise software.

Veritas lead an investment of $2.5 million in Bamboo and was joined in this investment by the Aurum-SBC Fund and the Link Fund. Bamboo provides real- time, high quality, rich media broadcasting solutions to the wireless market. Bamboo’s solution focuses on efficient bandwidth utilization, real- time delivery, and enhanced user experience over dynamic end-user reception capabilities. Bamboo’s solution will allow wireless carries to leverage their infrastructure and user bases by offering value-added services through underutilized resources.

Finally,Veritas lead an investment of $3.8 million in eShip-4u, in which the Yozma Fund and a private investor also participated. E-Ship-4u is developing a revolutionary solution to the ‘Last Mile’ problem in deliveries of physical goods. Through networks of Automatic Delivery Machines and centrally controlled customer web base interface installed at e-commerce sites and m-portals, e-Ship4-u enables package carriers to significantly reduce delivery and pick-up costs at residential and small- to medium- size business areas.
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