BERKELEY, Calif. - February 13, 2002 — WaveMarket, the leader in database technology for mobile location-based applications, today announced that it had received over $8 million in Series A funding. The round was co-led by Nokia Venture Partners and Saturn Venture Partners (whose lead investors include Telecom Italia). Several prominent wireless and software CEOs/entrepreneurs also participated, including Sanford Robertson - founder of Robertson Stephens; Pete Higgins - former Group VP and Office of President member at Microsoft; and Keith Grinstein - Vice Chairman of Nextel International. As a result of the financing, W. Peter Buhl, Partner at Nokia Venture Partners, and David C. Lee, Managing Partner at Saturn Venture Partners, will join the WaveMarket board of directors.

"We are very excited to have received this strong support from venture organizations associated with global wireless leaders. Saturn's largest investors are Telecom Italia, Telecom Italia Mobile and Olivetti, while Nokia Venture Partners brings to us its substantial experience in wireless, as well as contacts and resources in many geographies worldwide, which will help us address this opportunity globally," said Tasso Roumeliotis, co-CEO and Founder of WaveMarket. "This funding in the current economic and telecom climate is a testament to our technology and its benefits to wireless operators."

W. Peter Buhl, Partner at Nokia Venture Partners, sees a growing opportunity for WaveMarket to be the key player in wireless location-based services. "We examined over 80 companies offering location-based services. We invested in WaveMarket because its unique algorithms solve the complex data processing issues in deploying location applications", he said.

David C. Lee, Managing Partner of Saturn Venture Partners views WaveMarket as addressing the key technological issues facing carriers today. "Being affiliated with Telecom Italia Mobile, we were looking for a technology that actually protects the operator network. WaveMarket is the only company which uses advanced technology to build a truly carrier-class product that significantly reduces the network load generated by location-based services".

About WaveMarket
WaveMarket is a leader in software technology to power mobile location-based services. Its WaveIQ™ product suite outperforms current GIS and spatial engines with breakthrough spatio-temporal (i.e. location-time) algorithms. The results are a 75-90%+ reduction in location-polling load on carrier networks and $10M+ savings per 1M subscribers in hardware and software costs. WaveIQ is essential and complementary to location-based solutions and middleware offered by leading infrastructure vendors.

WaveMarket also offers robust location-based applications. Founded in 1999 by Iggy Ioppe and Tasso Roumeliotis, co-CEOs, the company is based in Berkeley, California. For more information, please visit www.wavemarket.com.

About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm based in Menlo Park, California. Launched in 1998, Nokia Venture Partners has USD$650 million under management and leads investments in early stage mobile technology companies around the world. The fund is backed by a number of limited partners including BMC Software, Goldman Sachs, Nokia, and others, and has a strong track record of leveraging its combined resources, experience and contacts to help build successful mobile businesses. The firm also has offices in Washington DC, London and Helsinki. For more information, visit www.nokiaventurepartners.com.

About Saturn Venture Partners
Saturn Venture Partners LLC, based in New York City, is a newly established $280 million venture capital fund investing in communications infrastructure and software companies. The fund was formed in partnership with Telecom Italia Lab, a subsidiary of Telecom Italia, and Ramius Capital Group, a New York based investment management firm. Saturn is a full-service venture capital firm with unique leverage from its sponsorship by its largest investors that include Telecom Italia Lab, Telecom Italia Mobile and Olivetti. For more information, see www.saturnvc.com, www.ramius.com, www.telecomitalialab.com.