PALO ALTO, Calif. (May 15, 2001) - - Earlybird, a leading international venture capital firm focused on early stage technology, communications and life science investments, today announced its investment in the Series D of Hayward, Calif.-based IQ Labs.

Steve Ciesinski, a Partner at Earlybird’s Palo Alto office, said “We’re pleased to welcome IQ Labs to our portfolio as our latest investment in the U.S. At Earlybird, we focus on investing in companies that solve real-life business problems in the enterprise – such as IQ Labs.” Pursuant to the financing, Ciesinski has been elected to the Board of Directors of IQ Labs.

“This latest round of funding will enable IQ Labs to aggressively expand market share and grow our sales and marketing team,” said Farzad Naimi, founder and CEO of IQ Labs.

IQ Labs provides enterprise software that automates and simplifies provisioning of telecommunication and data communication resources, in the context of the workforce. IQ Labs’ multi-platform, change management software dramatically reduces operating costs by empowering corporations to have greater control and the ability to manage enterprise-wide communications resources in real time. This optimizes resource utilization and increases workforce productivity. IQ Labs software enables seamless transition to wireless communications platforms, IP telephony, and directory service-centric resource management. More information about IQ Labs can be found at www.iqlabs.com.

Also participating in this round were Draper Fisher Jurvetson and Draper Richards.


About Earlybird

Earlybird is an international venture capital fund with about $300 million under management and investment focus on information technology, telecommunications and healthcare. With offices in Europe (Hamburg, Munich) and the US (Palo Alto), Earlybird is well positioned to take advantage of international opportunities and to assist its portfolio companies to gain access to the international market place and financial resources. Earlybird's investment professionals have extensive finance and start-up operating experience and actively support portfolio companies. In addition, a network of experienced industry specialists serves on the Earlybird advisory board and assists Earlybird and its portfolio companies in providing strategic advice and operational support. Additional information about Earlybird can be found at www.earlybird.com.


  www.iqlabs.com