DeviceVM, a San Jose, CA-based company, and the maker of the award-winning Splashtop™ instant-on environment, announced today a $15 million Series C round of funding led by top venture capital firm New Enterprise Associates, Inc. (NEA). Existing investors including Storm Ventures, DFJ Dragon, Tim Draper, and Larry Augustin also participated in this Series C investment, demonstrating continued commitment to DeviceVM's growth.

"Top companies are already embracing Splashtop, with ASUS shipping millions of units and HP introducing Splashtop on select notebooks," said Mark Lee, CEO and co-founder of DeviceVM. "As several additional large PC manufacturers are scheduled to begin shipping soon, our partnership with NEA will enable us to scale up DeviceVM to meet the worldwide demand for our product."

This latest round of financing builds on significant momentum for DeviceVM. Earlier this year Dow Jones VentureSource selected DeviceVM as one of the top 50 "Companies to Watch in 2008." PC World chose DeviceVM's Splashtop as one of the 25 Most Innovative Products of 2007 for its revolutionary approach to making computing fast and simple. Splashtop was also named one of the Greatest Linux Innovations of 2007 by computer hardware review site Phoronix.com and awarded a Best of 2007 Editor's Pick by HardwareZone.com.

"Splashtop is a game-changing product in the personal computing space," said NEA partner Peter Sonsini, who previously led NEA's investment in XenSource (acquired by Citrix Systems), and was an executive at VMware prior to joining NEA. "We are excited to invest in a revolutionary product and a team like DeviceVM."

Warren Lazarow and Paul Sieben of O'Melveny & Myers LLP represented DeviceVM in the transaction.