|June 24, 2004
RaySat Completes $10 Million First Round of Financing Led by Benchmark Capital
|5"-high product to deliver live satellite TV to rear-seat passengers in moving minivans and SUVs
|Mclean VA, June 24, 2004 RaySat, Inc. (RaySat), a leading supplier of in-motion, low-profile, phased-array satellite antennas, announced today the closing of a $10 million first round investment led by Benchmark Capital and assisted by Seed Partners.
With RaySat's first-generation TorpedoRay(TM) antennas, passengers on high-speed trains in Europe are now able to access broadband Internet while in motion. The current round of financing will help the company address the multi-billion dollar rear-seat entertainment market in the United States with its next-generation StingRay(TM) antenna. StingRay was designed to receive broadband data and live satellite TV broadcasts in moving vehicles such as minivans, SUVs, RVs, trucks and boats.
Headquartered in Mclean, VA, RaySat is led by experienced entrepreneurs who have created and managed leading telecommunications companies. The company is chaired by Mr. Yoel Gat, previously the Chairman and CEO of Gilat Satellite Networks Ltd. (Nasdaq: GILTF), a world leader in VSAT (Very Small Aperture Terminal) satellite communications. Mr. Samer Salameh recently joined as President & CEO. Mr. Salameh is an industry veteran who most recently served as CEO of rStar Corporation, which provides satellite-based telephony and high-speed Internet access. Prior to that, he was President and CEO at Telmex North America Ventures, where he managed a portfolio of companies including CompUSA. From 1997-2000, he served as Chairman and CEO of Prodigy Communications Corp. where he grew revenues from $20 million to over $300 million in two years and transformed the company into one of the largest consumer DSL Internet service providers in the US.
"We are honored to partner with Benchmark Capital and Seed Partners, and are committed to delivering satellite-based TV and high-speed Internet access to the private and public transportation markets, with rapid ROI," said Mr. Salameh
The two entrepreneurs are joined by Mr. Liav Even-Chen, CFO, a former partner at Ernst & Young. Mr. Even-Chen gained invaluable experience in the financing of high-tech companies while working at Ernst & Young in Palo Alto, CA.
Mr. Arad Naveh, of Benchmark Capital, and Mr. Michael Eisenberg, of Seed Partners, have joined RaySat's Board of Directors.
About Benchmark Capital
Benchmark Capital was founded in 1995 to help talented entrepreneurs build great technology companies. Benchmark's partners take a team-oriented, labor-intensive approach to venture investing to deliver a superior level of service to the firm's portfolio companies. Benchmark's portfolio includes franchise companies such as eBay, Juniper Networks and Red Hat. Managing more than $2 billion in committed venture capital, Benchmark focuses on investing in entrepreneurs with original ideas. For more information on Benchmark, visit its web site at www.benchmark.com.
About Seed Partners
Seed Partners is a leading early-stage venture firm with approximately $300 million under management in its four funds, focused on promising companies in life sciences, software, semiconductors and communications. Representative investments include Compugen, Shopping.com, Denx, Commtouch, Finjan, Native Networks, Xacct (acquired by Amdocs) and Business Layers (acquired by Netegrity).
In business since 1997, RaySat(TM) Mobile Antennas Inc. (RaySat) is a leading supplier of in-motion, low-profile, phased-array satellite antennas. With the company's TorpedoRay(TM) already enabling broadband Internet access on high-speed trains in Europe, RaySat intends to answer the growing need for rear-seat entertainment in the automotive industry with the launch of its StingRay(TM) in 2004 and EagleRay(TM) Internet-access antenna in 2005. Staffed by over 100 professionals, RaySat is headquartered in the US with R&D facilities in Bulgaria. For further information, visit www.raysat.com.
BatRay, BullRay, DevilRay, EagleRay, MantaRay, RaySat, StingRay, TorpedoRay and WhipRay are trademarks of RaySat, Inc.
Mr. Samer Salameh, President & CEO