Radio Technology Firm Gets Funding

e-tenna corp. secured an additional $10.7 million as it continues to develop software programmable flexible antenna technologies for a future market that will have more available spectrum.

by Roy Mark of www.internetnews.com [September 11, 2001]

Unique radio frequency technology developer e-tenna Corp., which maintains a research facility in Laurel, Md., has closed new financing of $10.7 million led by Archery Capital with additional participation by the Titan Corp. The funding will be used to support product development activities, expand the engineering team, build the sales and marketing organization, and add to the management team. Following the financing, Titan will own approximately 63 percent of e-tenna.

The San Diego-based e-tenna develops and licenses radio frequency technologies for the commercial wireless industry. The company's intellectual property portfolio includes more than 10 patents or patents pending. Incorporating its RF Mirror (artificial magnetic conductor) technology, e-tenna allows a unique approach to RF system and antenna design that improves the size, performance, and price of wireless devices.

"In this selective investment climate, we seek companies that have fundamental-change technology, world-class technical expertise and proven management teams," said Bruce Smith, managing director of Archery Capital. "e-tenna not only excels in these three key areas but also has the support of The Titan Corp., a top-tier technology company. This creates a very unique and exciting investment opportunity."

Archery is a New York-based firm specializing in venture capital opportunities, with a particular focus on Internet technology and the e-commerce industry.

"Since its formation with just a few engineers, unique technology and a proven CEO, e-tenna has successfully expanded its intellectual property portfolio, grown the technical team, and built a seasoned commercial wireless management team. We decided to solidify our ownership position at 63 percent because we believe the risk/reward profile of e-tenna has changed over the past year as we have moved further into product development. We now feel that with this new level of funding and reduced commercialization risk, we have eliminated the need for further outside funding of e-tenna in the future," said Eric DeMarco, chief operating officer of Titan.

Also headquartered in San Diego, Titan creates, builds and launches technology-based businesses. Three of Titan's four core businesses develop and deploy communications and information technology solutions and services.

"e-tenna is extremely pleased to have the backing of a successful venture capital firm, Archery Capital, and an established New York Stock Exchange company, The Titan Corp. Together, they make a strong investment team for e-tenna," said Lee Stein, chairman and CEO of e-tenna. "This investment team will provide not only financial resources, but will also significantly contribute to e-tenna's business development and strategic partnering activities."

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