Press Release

IDEO and Ning Veteran Continues Commitment to Foundation Capital’s Clean Tech Program and Leads Investments in Consumer and Software & Services

Menlo Park, CA, October 11, 2010 — Foundation Capital, a leading Silicon Valley venture capital firm committed to early stage company building, today announced that Steve Vassallo has been promoted to general partner. Steve’s expertise in cleantech, consumer and software & services has had a significant impact on the diversity and quality of Foundation Capital’s portfolio over the past three years. Steve currently serves on the board of directors of SunRun, Akiban, and Sentient Energy, and he is actively involved with eMeter, EnerNOC, and Serious Materials. Steve also serves on the board of the Nueva School and advises the Aquaya Institute, a nonprofit research and consulting firm focused on bringing safe water innovations to vulnerable populations.

“My role at Foundation Capital allows me to explore cutting edge technologies that can evolve into the products and services of tomorrow for consumers and businesses – many of which positively impact our environment as well,” said Steve. “I plan to continue to bring my personal passions for the investments we lead and work with innovative entrepreneurs who are committed to building great companies.”

Praise for Steve:

• “As a firm committed to disruptive technologies, Foundation Capital’s efforts are directed by our vision and purpose to make companies great. Steve brings a vibrant enthusiasm and energy to the companies whose technologies can literally change the world,” said Bill Elmore, general partner at Foundation Capital. “Steve’s creativity and unique foresight has had a profoundly positive impact on all of the investments he has worked with.”

• “Steve’s own innovations have won him several awards, and his expertise in personally understanding the creative process of building and shaping a product or service gives him unique insight into the next great idea,” added Mike Schuh, general partner with Foundation Capital. “All of us at Foundation Capital have entrepreneurial experience under our belts, but Steve brings a distinct perspective from the intersection of business, technology, and design.”

Before Foundation Capital, Steve helped launch Ning, a consumer Internet service where anyone can create their own social network for any passion, any cause, anything. Prior to Ning, Steve was Director of Mechanical Engineering at Immersion [IMMR], which pioneered the field of tactile feedback and human touch technology. He was also previously a project leader and design engineer at IDEO, where he developed more than a dozen successful products for market leading companies including Cisco, Nike, BMW, Steelcase, McDonalds, and Caterpillar.

Steve’s innovations have won him more than 28 patents and several design awards, including the Business Week Design of the Decade Award, red dot 2009, IDEA99 Gold and Bronze Awards, NeoCon Gold and Most Innovative New Product Awards.

About Foundation Capital
Foundation Capital is a venture capital firm driven by the singular goal of changing the world -- about leaving it a better place – by building great companies.  It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. Foundation Capital maintains investments in nearly 70 ventures, including Calix, Financial Engines, Netflix and Silver Spring Networks. For more information, visit www.foundationcapital.com.