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PathScale Secures $15M in Series C Financing to Expand Its Portfolio of Linux Cluster Acceleration Technologies

Posted on: Wednesday, 19 May 2004, 06:00 CDT

SUNNYVALE, Calif., May 19 /PRNewswire/ -- PathScale, Inc., developer of innovative software and hardware solutions to accelerate the performance and efficiency of Linux clusters, today announced it has closed an additional $15 million in funding to accelerate its aggressive growth plans. This latest financing round, led by Adams Street Partners of Chicago, follows A and B rounds totaling $14 million to equal $29 million now invested in PathScale. The new funds will be used for continuing technology development and an expansion of the company's global sales, support and marketing capabilities. PathScale's earlier investment partners included Charles River Ventures, Enterprise Partners Venture Capital, CMEA Ventures, ChevronTexaco Technology Ventures and the Dow Employees Pension Plan. All of the key existing investors participated in the oversubscribed Series C financing round.

"Our evaluation of PathScale's technology, its professional team and its target markets determined that this company represents a unique opportunity, because it is effectively solving some of the most critical problems in Linux cluster efficiency," said Tom Berman of Adams Street Partners, who is joining PathScale's board of directors. "In addition to their superior 64-bit compilers, PathScale will be introducing some highly disruptive technology for scaling clustered servers."

Over the past 60 days, PathScale shipped its initial product, the PathScale EKO Compiler Suite for AMD Opteron(TM) and AMD Athlon64 processor- based systems, and announced a teaming agreement with IBM to jointly market Linux compilers to IBM HPC customers on a global basis. The company also provided details on its PathScale FastPath Partner Program and announced the first sixteen distribution partners to join the program.

"PathScale has experienced tremendous demand for its 64-bit compiler products and intense interest in our future cluster acceleration technologies which is now reflected in a substantial increase in the valuation of our company," said Scott Metcalf, PathScale's president and CEO. "Everything is on track for us to continue our global product roll-out and fulfill our corporate goals of reducing the cost of deploying applications, enhancing their performance, and accelerating the adoption of cluster computing for a broad range of applications."

PathScale's EKO compilers have been proven to be the world's fastest 64-bit compiler suite for AMD Opteron(TM) and AMD Athlon64 processor-based systems running under Linux. SpecCPU2000 performance results, accepted and published by the SPEC committee on May 4, 2004, show the PathScale Complier Suite to be the fastest AMD64 compiler for both integer and floating point- intensive Linux-based applications.

About Adams Street Partners

Adams Street Partners is one of the largest global managers of private equity partnership investments in the world and has one of the longest histories. Together with its predecessor organizations, Adams Street Partners has been investing in and managing direct investments in private equity since 1972. Adams Street Partners has a comprehensive perspective on the industry through its established relationships and experience in all aspects of private equity. Adams Street Partners' direct investment team provides venture capital to growth and development-stage information technology, life sciences and business service firms primarily based in the United States. Adams Street Partners has invested over $400 million in 165 companies over the last 30 years.

About PathScale

Based in Sunnyvale, California, PathScale develops innovative technologies that substantially increase the performance and efficiency of Linux clusters, the next significant wave in high-end computing. Applications that benefit from PathScale's technologies include seismic processing, complex physical modeling, EDA simulation, molecular modeling, biosciences, computational chemistry, rendering, resource optimization, decision support and data mining. The company has developed the industry's highest performing C, C++, and Fortran 9X compilers for 64-bit AMD Opteron processor Linux-based computer systems. PathScale's investors include Adams Street Partners, Charles River Ventures, Enterprise Partners Venture Capital, CMEA Ventures, ChevronTexaco Technology Ventures and the Dow Employees Pension Plan. For more details, visit http://www.pathscale.com/, send email to sales@pathscale.com or telephone 1-408-746-9100.

PathScale, Inc.

CONTACT: Media, David Wright of MediaBridge Public Relations(TM),+1-650-618-1544, dwright@mbipr.com, for PathScale, Inc.

Web site: http://www.pathscale.com/

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