Asoka Announces New CEO and $7M in New Funding
Dano Ybarra appointed CEO of Asoka; Venrock and Storm Ventures Invest $7M
Foster City, CA (October 3, 2007) — Asoka USA, a leading Powerline Network Solutions provider, today announced the appointment of Dano Ybarra as the company's new Chief Executive Officer. Mr. Ybarra will assume leadership responsibilities for the company, including the advancement of its Powerline Communications product lines and global expansion plans.
Mr. Ybarra will succeed Founder and current CEO TK Chan, who will continue to serve as the company's Chief Technology Officer. In this role, Mr. Chan will focus on product innovation to deliver the best products for Asoka's commercial and residential customers.
Mr. Ybarra has more than 20 years senior leadership experience, including more than 10 years experience in the telecommunications industry and 13 in the information publishing industry. His expertise includes the management and success of operations, engineering, sales and marketing teams at both startup companies and accomplished brands, including Netopia, FlowPoint Corporation, Efficient Networks, Siemens, Adobe and QMS.
"We are extremely pleased to have Dano join Asoka as our new CEO. His success at Flowpoint, a DSL broadband router company, where he took the company from $800,000 to over $120 million in annual revenue makes him the perfect person to lead us to the next level of growth," said Mr. Chan. "He has a keen grasp of communications technologies and how to effectively bring them to market. The combination of Dano's excellent domain knowledge and entrepreneurial background is ideally suited to our company growth ambitions."
"Being a self-funded company for over six years, I am very proud to have the opportunity join Asoka who has done an amazing job of cultivating Tier 1 Carriers throughout the world," said Mr. Ybarra. "With its commercial Powerline network solution for multi-dwellings, I believe Asoka has a commanding lead in the commercialization of Powerline technology. I am impressed by what has been achieved and I am looking forward to contribute to its further expansion."
Asoka is also pleased to announce it has secured $7M in funding from Venrock Associates and Storm Ventures, which will directly support the company's plans to advance adoption of Asoka's Powerline networking products and continue to advance the technology.
"As the new CEO of Asoka USA, I believe Dano will be able to lead and further strengthen the company as one of the leading global Powerline communication solution providers", said Tony Sun of Venrock Associates.
"Mr. Ybarra has demonstrated the ability to build teams capable of growing young companies into world leaders," said Tae Hea Nahm of Storm Ventures. "His experience coupled with the advanced technology of Asoka USA will deliver quality products and solutions to carriers and system integrators worldwide."
About Asoka
Asoka is a leading developer of Powerline network solutions. Powering Connectivity™ through technology innovation, industry leadership and a specialization in Powerline technology, Asoka provides the market's most robust and complete Powerline network solution, encompassing both residential and commercial verticals through System Integrators and Service Providers. To learn more, visit www.asokausa.com.
About Venrock
Venrock is a premier venture capital firm with offices in Menlo Park, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $1.9 billion in 400 companies resulting in over 120 IPOs over the past 38 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, and StrataCom. For more information, please visit Venrock's website at www.venrock.com.
About Storm Ventures
Storm Ventures was founded by a seasoned group of industry veterans with the common vision of sharing their collective experience, passion and energy to help talented and driven entrepreneurs build great companies of enduring value. With over $500 million under management, Storm Ventures focuses on seed and early stage information technology companies which best leverages our operational experience and global network. Storm's limited partners include many prominent financial institutions, as well as over a hundred senior executives who have had successful careers in technology companies.