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At vSpring Capital™, we are proud of our portfolio companies and the entrepreneurs who founded them. Our portfolio companies have experienced teams, sound value propositions, and unfair advantages that will allow them to win. Consistent with our commitment to building and taking advantage of the resources and opportunities in the Intermountain West region, the majority of our investments are in Utah, along with promising opportunities on the West Coast.

We believe in the potential of four industries: Software, Communications, Internet, and Life Sciences. Our investments reflect this conviction. Additionally, our geographic and market-based investment focus allows us to leverage our extensive operational experience across the portfolio. The end result: Favorable returns to our investors and industry leadership in our region.

3Point5 (www.3point5.com) would like to improve the conversation between a retailer and a consumer at the point of sale. Currently the company is the leader in online sales force education for the outdoor sports market. The have patented a unique training methodology using incentives and innovative online “edu-games” that communicates new product information from manufacturers to retailers. The company helps its clients increase sales, build customer loyalty, and deal with challenges like high turnover by better training their sales force. For the first time, a consistent message is being delivered on behalf of the manufacturers, and each sales person’s progress is tracked in real time within the system. Unlike traditional training systems, 3point5 scales with the organization and provides data…resulting data is made available to managers online. Use of the service requires no additional IT time and almost no user training.

Aeroprise (www.aeroprise.com) is a leader in the mobile enterprise space with a focus on Mobile Service Management. Many of the most-respected IT organizations in the world including Safeway, the US Air Force, Ticketmaster, Lockheed Martin, and Harvard University have selected Aeroprise to improve productivity, reduce customer support costs, and leverage existing investments in IT infrastructure at the point of service delivery when front-line employees are untethered from PCs. The company is growing quickly as a result of partnerships with BlackBerry and wireless carriers like Cingular and Sprint Nextel. Aeroprise products have received numerous awards including first prize from among 25 leading mobile and wireless vendors at Mobile Showcase 2005. Aeroprise's core technology was developed by pioneers in the mobile enterprise space from Stanford and MIT.

Alianza (www.alianza.com) provides the first hosted, fully-integrated IP-based platform for delivering Unified Communications Applications via SaaS for Broadband Service Providers. Value-added applications include VoIP, hosted PBX, IVR, integrated messaging, conferencing, and much more. Alianza’s proprietary PowerPlatform enables Broadband Service Providers to launch private-labeled solutions in less than 30 days, with no capital expenditures. Alianza’s technology includes a robust combination of all key components required to offer advanced Unified Communications services to residential and SMB end-users including Soft Switch, Session Border Controller, Carrier Interface, Virtual PBX, Billing System and Hardware Provisioning Interface. In addition, the PowerPlatform includes two valuable web-based management portals; one for the Service Provider to manage their offering and one for the End-User to manage their account. In addition, Alianza’s technology is completely customizable to meet even the most unique requirements.

Alpha Bay Corporation (www.alphabay.com) was founded in 2004 by a serial entrepreneur along with retail and enterprise software veterans. The company has offices and development centers in Salt Lake City, Utah and Denver, Colorado. The Adaptive Integrated Retail System—AIRS—incorporates all the key modules and applications (POS, Merchandising, Inventory Management, Business Intelligence, Warehouse Management…) needed to allow enterprise retailers to plan, manage and sell merchandise with the same IT-leveraged competitive advantages Wal-Mart used to become the world’s largest retailer. AIRS is a completely SOA customizable solution that adapts to the business processes of each specific retailer. AIRS has a fifth-generation architecture offering performance, scalability, manageability, accessibility and high availability to any retailer. AlphaBay’s knowledge, talent, and state-of-the-art technology components provide a comprehensive, integrated, real-time solution for tier 1 and tier 2 retailers.

Altea Therapeutics (www.alteatherapeutics.com) develops pharmaceutical products using a non-invasive skin patch to deliver therapeutic proteins, conventional drugs and vaccines through the skin. The Company’s patented PassPort™ patch uses short bursts of focused thermal energy to create hundreds of tiny channels in the surface of the skin. These channels permit the rapid and sustained flow of proteins, peptides, carbohydrates, and small molecules into the body without the use of needles. Phase 1 clinical trials of both insulin and hydromorphone patch products are well underway. Additional pilot human studies have demonstrated the delivery of several protein drugs and vaccines via the skin including interferon-alpha, hepatitis B antigen, and parathyroid hormone. The Company's intellectual property includes 36 issued patents (16 U.S.), with numerous additional applications pending. Co-investors in Altea Therapeutics include Domain Associates, Venrock Associates.
In May 2002, Altiris ( NASDAQ : ATRS) completed a successful initial public offering, underwritten by Credit Suisse First Boston, Deutsche Banc Alex. Brown and UBS Warburg.

Aspen Avionics is in the business of designing, developing and distributing technically innovative low cost avionics to meet the economic and operational needs of the piston-engine aircraft market. The company, headquartered in Albuquerque NM, was founded in 2004 by a team of highly experienced avionics professionals and general aviation enthusiasts. The company can be found on the web at www.aspenavionics.com, or may be reached at (505) 856-5034.

Avinti Inc. (www.avinti.com) enables businesses to safely use e-mail as a critical communications tool without fear of emerging crimeware, keyloggers and Trojans for which no signature pattern exists. Avinti's iSolation Server® stops new e-mail crimeware, keyloggers and other attacks at the first-instance of any threat without waiting hours or days for suitable pattern updates. By testing and observing the actual behavior of attachments in a secure and isolated virtual machine environment, iSolation Server prevents first-instance threats when no known pattern exists, and prevents them before they compromise sensitive data. iSolation Server’s virtual e-mail testing delivers security beyond “day-zero” solutions, which typically detect only spam malware and are prone to false positives. iSolation Server also delivers instant ROI with reporting metrics on the number and names of unknown threats blocked before pattern file availability. Avinti's customers include government, healthcare, technology, educational and financial institutions, among others.

Founded in 2002 by a group of internationally recognized spine surgeons and geneticists, Axial Biotech, Inc. is focused on the use of genetics and the development of minimally invasive fusionless devices to advance the diagnosis and treatment of diseases and deformities of the human spine. Axial is the first company to pursue DNA-based pre-symptomatic and prognostic tests for common spinal conditions which will augment current clinical and surgical practices. In its initial genetic product development initiative, Axial has made significant progress towards the discovery of a location in the human genome that is associated with adolescent idiopathic scoliosis. In addition, Axial's founders have developed five motion preserving, fusionless surgical devices (including the only such device currently being implanted in humans) that have the promise of expanding the current treatable scoliosis patient population by a factor of ten. Axial intends to use its proprietary genetic intellectual property in the development of bio-mechanical devices, and to apply its gene discovery/product development methodology to other spinal diseases. Axial (www.axialbiotech.com) is located in Salt Lake City, Utah.

BioMicro Systems (www.biomicro.com) was founded in 2000 to develop and improve microfluidic microarray sample processing. Microarrays are tools used by major pharmaceutical companies and research laboratories to sift through and analyze information contained within a genome. A microarray consists of different nucleic acid probes that are chemically attached to a substrate, which can be a microchip, a glass slide or microsphere-sized beads. In 2003 BioMicro Systems launched the MAUI Hybridization System, a cutting-edge microarray instrument, designed to target the processing bottleneck encountered during the critical hybridization step in gene expression studies. To date, BioMicro Systems has sold over 100 MAUI Systems worldwide.
Founded in 2002, Cemaphore Systems (www.cemaphore.com) with offices in Provo, UT and Palo Alto, CA develops software that ensures availability, integrity and reliability of electronic messaging services. Over the past several years, the use of electronic messaging has gone through explosive growth and is now considered mission critical for corporate communications. Since many of these messaging systems are not based on "high availability" architectures, it is difficult for IT organizations to meet service level agreements (SLAs) with their end-user customers. In addition, corporate e-mail is now considered a business record and is subject to compliance regulations. Cemaphore was founded to address these issues. Cemaphore has defined the specifications and is developing the prototypes for its two main products, MailShadow, which replicates mailbox data, and NocMon, a management console that extends enterprise system management tools such as Microsoft Operations Manager (MOM) and NetIQ AppManager. Co-investors include Mayfield and Worldview Technology Ventures.
Cerberian was acquired by Blue Coat Systems, Inc. (NASDAQ:BCSI) in November 2004.
Cogito® (www.cogitoinc.com) offers the ultimate solution to enterprises searching for ways to leverage their existing data structures and applications while capturing and utilizing the implicit knowledge in their vast quantities of unstructured data. Its robust ontological framework provides for individually unique and dynamic databases, which allows any enterprise, regardless of industry or purpose, to model their own business practices and processes and reap the benefits of maintaining their existing systems while integrating all of these disparate systems across all departments and activities into one powerful, cohesive Knowledge CenterTM, which may be updated, changed or reorganized at a moment's notice to reflect an ever-changing business environment.
In June 2007, comScore (NASDAQ: SCOR) completed a successful initial public offering. Credit Suisse Securities (USA) LLC served as the sole book-running manager for the offering, with Deutsche Bank Securities Inc., Friedman, Billings, Ramsey & Co., Inc., Jefferies & Company Inc. and William Blair & Company, L.L.C. acting as co-managers.

Control4, (www.control4.com) is the first company to make whole-home automation a practical option for any residence. The company makes everyday life easier by providing one-touch control of both new and existing electronic systems in the home. By allowing different systems to work together, Control4 provides effortless entertainment, comfort, convenience and peace of mind to homeowners everywhere. Control4's affordable and easy to use products enable home theater control, multi-room music, smart lighting, temperature control and security, through a range of in-home and over-the-web remote control technology. The company delivers both wired and wireless solutions that can be installed in existing homes as well as homes under construction. vSpring co-invested with Foundation Capital, Thomas Weisel Venture Partners and Frazier Technology Ventures.

Cymphonix Corporation, (www.cymphonix.com) headquartered in Sandy, Utah, uses patent-pending Cross-Layer Intelligence™ (XLi™) technology to provide unmatched network threat protection and resource optimization. With the powerful XLi engine, Cymphonix products seamlessly integrate network protection, application performance, and traffic visibility into a single, easily managed solution. Leading the Cymphonix product line is Network Composer, a smart gateway appliance that helps organizations understand at a glance who is abusing network resources and with what applications – enabling problems to be corrected instantly through a clear, easy-to-manage interface.

DriveSafety (www.drivesafety.com) is a simulation software company providing the most advanced research based driver safety training and assessment solutions available on the market today. The company has validated the real world fidelity of its teen based driving simulator through, among other techniques, biometric sciences at Kansas State University. It has completed mulitple research based curriculum modules known as the "See You in SixC" program including rear end collisions which is the number one crash type among teen drivers representing over 30% of all accidents. It is currently conducting research in its living laboratory at the Jordan School District, the 40th largest school district in the United States. DriveSafety also sells driving research simulators to leading research institutions across the country including General Motors, Ford, Nissan, Motorola Labs, Johnson Controls, Delphi Automotive and the University of Michigan Transportation Research Institute, among others. The company is headquartered in Utah. Significant co-investors include EsNet and Wasatch Venture Fund.

Exagen Diagnostics (www.exagendiagnostics.com) is an emerging leader in the discovery and development of practical prognostic genomic markers that enable physicians and patients to make better choices when treating serious diseases. Exagen uses its computational technology to analyze huge volumes of genomic data, and the resulting proprietary platform has the capability to dramatically accelerate the identification, validation and commercialization of prognostic genomic marker tests. Exagen has successfully tested its platform on a number of published data sets and has demonstrated that it can rapidly generate accurate, informative and affordable prognostic aids, signaling the end of "one-size-fits-all medicine" for serious conditions like breast cancer and hepatitis C infections (HCV). Exagen intends to develop and test genomic marker sets using its proprietary FISH (fluorescence in situ hybridization) format, and then to distribute the test reagents through large diagnostic laboratories with broad reach.

FatPipe Networks (www.fatpipeinc.com) develops router clustering technology that provides highly redundant, reliable high-speed Internet access for the deployment of mission critical applications over a wide area network. FatPipe’s core technology involves patented and patent-pending methods that enable high-speed data transfer through multiple lines, multiple ISPs and backbones over wide area networks with seamless re-assembly of data streams. FatPipe has formed multiple strategic partnerships with companies that include Citrix, Novell, AMD and Nortel. Other significant co-investors include Utah-based firms Canopy Group and Wasatch Venture Fund and Draper Fisher Jurvetson.

GlobalSim (www.GlobalSim.com) develops advanced simulator-based systems for training operators of aircraft, ships, heavy-lift cranes, and a wide variety of complex equipment. The company specializes in sophisticated man-in-the-loop simulators that provide the most effective method of training students in the safe and efficient operation of the real devices. In addition to the successful implementation of computer-based simulators for a wide variety of custom applications, GlobalSim developed the MasterLiftÔCrane Operator Training System product line. Numerous ports and construction companies worldwide are using these training tools successfully to significantly reduce accidents and increase productivity.

Inflabloc Pharmaceuticals, Inc. (www.inflabloc.com) is engaged in the research and development of pharmaceutical treatments for inflammatory disorders. Inflabloc’s current product development is based on its discoveries of strong anti-inflammatory properties of dehydroepiandrosterone (DHEA), a steroid that is produced in the adrenal gland. The company’s lead product line is a proprietary DHEA combination treatment. The company has 4 products in development. IP-1001 is slated to enter Phase 2 clinical trials in Crohn’s disease later this year. IP-1002 has completed Phase 1. IP-1003 recently established proof-of-concept in an inflammatory bowel disease (IBD) animal model, while IP-1005 has just entered proof-of-concept testing in a C-reactive protein (CRP) mouse model.

InteliSum™, Inc.* (www.intelisum.com) has developed and patented innovative technology that fuses Light Detection and Ranging (LIDAR) XYZ coordinates, digital image (RGB) data, and geophysical position (GPS) information into every pixel. This intelligent pixel™ technology (InteliPixel™) creates Life Dimensional™ pictures (LD3™ files) that enable quick and easy capture of real world data – and fast, seamless translation into CAD. The LD3 post processing system integrates server hardware and LD3 files using ISI’s LD3 Studio software application suite: (LD3 Viewer, LD3 Executive and LD3 Designer). This gives LD3 Studio users the ability to interact with LD3 scenes that can be navigated in real time, with complete freedom to browse the scene and interact with objects at any desired level.ISI’s initial market for this new technology is the Architecture, Engineering and Construction (AEC) market. The technology enables engineers, designers and surveyors the ability to perform tasks such as field quality surveying from their computer desktops.

LANDesk was acquired by Avocent Corporation (NASDAQ:AVCT) in August 2006.

Levanta (www.levanta.com) is the developer of software to manage scale-out in the data center. The company, formerly known as Linuxcare, has long-standing expertise in data center operations and operating system design. Levanta partners with customers to help them realize the benefits of the scale-out architecture on Linux, on PC Servers and IBM mainframes. Customers include leaders in the financial services industry, such as The Northern Trust, as well as Electronic Arts and Boscov’s Department Stores. Levanta is in IBM's circle of Linux Leaders and is a partner of RedHat, SuSE, Oracle, and HP. Coinvestors in Levanta include Morgenthaler Ventures, and Walden International.

LignUP Corporation (www.lignup.com) delivers a powerful web services based VoIP communications platform deployed with IP-PBX, IP-Centrx, Voice Mail, Unified Messaging, and IVR web applications. The proven LignUP Communications Platform is powered by VoiceXML (CCTRL), and enables the fast and easy creation of unique, high margin VoIP solutions and services. The 100% software, SIP-based, future-ready LignUp Communications Solution enable enterprises to cost-effectively voice accelerate business processes and quickly adopt new interactive processes as business needs evolve. LighUp enables existing and emerging service providers to create recurring revenue streams by quickly developing enhanced services for their customer base or community.
MediConnect (www.mediconnect.net) is the leader in the $6 billion medical record retrival market. The company provides full-service retrieval, digitizing, copying and electronic delivery of medical records for insurers, government agencies and law firms. Unlike the traditional paper-based copy services that compete in the market, MediConnect receives orders and delivers records electronically over the Internet, a process for which the company holds a patent, to provide its customers with better service, lower cost and a significant increase in retrieval speed. MediConnect's technology provides advantages in cost, scalability, speed, regulatory compliance and customer service that are superior to other offerings. Co-investors in MediConnect include James LeVoy Sorenson and James lee Sorenson.
Mirabilis Medica (www.mirabilismedica.com) develops non-invasive solutions for conditions that have traditionally required invasive surgery. The company's patented technology combines the application of therapeutic ultrasound (i.e. high intensity focused ultrasound) under the guidance of conventional imaging (or "diagnostic") ultrasound. Led by experts in therapeutic ultrasound and gynecology, the company's vision is to facilitate office-based therapy for a wide variety of conditions; however Mirabilis will initially address a common problem plaguing millions of women, i.e. uterine fibroids. Established in 2004, the company is based in Seattle and privately-held.

Dedicated to the mission of connecting and strengthening families, MyFamily.com (www.myfamily.com) has grown to become one of the world's leading online subscription businesses. Through its family history and genealogy properties Ancestry.com, Genealogy.com, MyFamily.com has built the most comprehensive online database of family history records in the world, which has generated a dynamic and growing subscriber base. Investors in the company include Spectrum Equity, Sorenson Media, E-Net Three, CMGI, Tango Ventures, Canopy Group and Wasatch Venture Fund.

Founded in 1997 and headquartered in Irvine, Calif., Netaphor Software, Inc. (www.netaphor.com) develops and sells asset management tools that help companies control printer costs. The company’s flagship product, SiteAudit, is the industry’s first software suite to identify, reduce and manage printer costs, saving organizations up to 30 percent during the printer asset lifecycle. SiteAudit customers include organizations in the pharmaceutical, industrial, technology and education industries including Prometheus Labs, USS-POSCO and Invensys PLC.

Protalex (www.protalex.com) is a biotechnology company engaged in the development of a new class of immunomodulatory drugs for treatment of rheumatoid arthritis and other autoimmune diseases. The company takes a unique approach towards autoimmune diseases as its drugs act upon cells at the primitive level of function. The company will enter Phase I clinical trials within the next year for its first drug that addresses Rheumatoid Arthritis. Pre-clinical studies in Lupus and Chron’s disease are set to begin in the fourth quarter of 2004.

PS’SOFT (www.pssoft.com) is a specialist in IT Asset and Service Management software solutions. PS’SOFT provides solutions that rigorously manage all technical, operational and financial controls throughout the life cycle of any IT asset, starting with procurement and continuing all the way through to its retirement. The QP: Asset Management Suite can help companies implement ITIL best practices by centralizing information into a unique repository; improve usage of resources and infrastructure; limit user service and support costs and automated key processes. PS'Soft was founded in 1991 in France and has offices in the United Kingdom, United States and France. Control of the company was purchased by vSpring and Newbury Ventures in October, 2005.
Q Therapeutics, Inc. (www.qthera.com) is developing glial cell-based therapeutic products for central nervous system (CNS) disorders in which a disease or injury inhibits normal myelin growth and enzyme performance. Glial cells are the direct source of more than 90% of cells in the mammalian nervous system and are essential for maintaining its normal functions. Insufficient or defective myelin and/or enzyme function is responsible disorders such as multiple sclerosis, cerebral palsy, leukodystrophies, and certain lysosomal storage disorders and prevents recovery from white-matter stroke and spinal cord injury. Q Therapeutics’ technologies allow for GMP scale-up and treatment of large population disorders while holding the promise of restorative, not just preventive, therapy for these CNS conditions. Q is pursuing proof-of-concept in animal models of several potential disease targets.
S5, Inc. (www.s5w.com) is an innovator and leading provider of wireless technology, pioneering products and infrastructure to change the dynamics of wireless communications for the tracking and monitoring of remote and mobile devices. Founded in 2003, S5 creates wireless solutions that provide extremely long range, low cost and low power wireless technology for telemetry and tracking applications. S5 intends to help customers dramatically change the dynamics and economics of this market by making accessible real-time information from the array of remote and mobile devices that are currently silent. The S5 team possesses deep expertise in wireless technology and a proven track record of success in new enterprise formation. S5 is partnering with other industry leaders and customers to create unique monitoring solutions for remote and mobile devices.

Salus was acquired by Genta (NASDAQ:GNTA) in August 2003.

Senforce was acquired by Novell, Inc. (NASDAQ:NOVL) in August 2007.

Soronti was acquired by Avocent (NASDAQ:AVCT) in November 2003.

Headquartered in Sandy, UT, Symbiot Business Group (www.symbiot.biz) is a consolidator in the Property Services Market. It consolidates through the development of consortiums, recruiting top-tier regional players to act as its “branches.” To date, Symbiot’s has successfully developed consortiums in the landscaping, interior and pest industries that currently represent 537 partner companies and a combined annual buying strength of over $1 Billion. The phenomenal uptake of the Symbiot model is due to the credibility of the Symbiot management team in their target verticals and the tremendous value that Symbiot delivers to its partners. Symbiot delivers the benefits of scale in national marketing and sales, purchasing power and best practices sharing. In addition, the company is developing customized, high value subscription-based technology solutions for its loyal member base. This in turn provides property managers with the convenience of a property services option with national reach and pricing with the commitment and quality of the local entrepreneur.

VeraLight, www.veralight.com a spinout of InLight Solutions, is a medical device company that is developing Scout, a non-invasive screening device that will detect diabetes and pre-diabetes more accurately and conveniently than current methods. Scout uses fluorescent light to detect changes in a patient's skin indicative of diabetes. The Scout test can be performed anywhere, any time and is simpler than taking blood pressure. VeraLight's non-invasive diabetes screening technology will assist healthcare providers and patients in the global battle against the type 2 diabetes epidemic.

XAware, Inc. (www.xaware.com) is a worldwide provider of information integration, conversion, and exchange solutions based on Xtensible Mark-up Language (XML) and built on Service Oriented Architecture (SOA). The XAware integration suite enables the rapid delivery of standards-based information services empowering companies to extend information visibility across hundreds of application and legacy sources. Founded in 1999 with venture funding, XAware is based in Colorado Springs, Colorado. Co-investors include Sequel Ventures, Gefinor Ventures and ITU Ventures.
ZARS, Inc. (www.zars.com) is a specialty pharmaceutical company focused on the development and commercialization of topically applied drugs using its proprietary drug delivery technologies, with an initial focus on pain management. ZARS has developed a portfolio of proprietary products and product candidates based on its Controlled Heat-Assisted Drug Delivery (CHADD) and its phase-changing cream (Peel and DuraPeel) technologies. The Company’s products and product candidates include two products that have been approved for marketing (Pliaglis and Synera), one product candidate for which it plans to begin Phase 3 clinical trials in the third quarter of 2007 (ThermoProfen) and two product candidates which are in Phase 1 clinical trials.

Zonder (www.zonder.com) provides a unique and valuable service to renters, property owners, and travel agents. Zonder offers owners and managers of vacation rental properties an extensive marketing and distribution platform to include Google, Yahoo!, MSN, and thousands of online travel sites like Orbitz, Expedia, and Travelocity, in addition to traditional travel agencies world-wide. Property owners and management companies can extend their reach and increase bookings in a way that has not been possible to date. With a solid team, founded by experienced search engine executives, Zonder enables users to search through tens of thousands of properties using a variety of filters, including location, date, price range, attractions, proximity, and amenities. Renters book online using their credit card