Covigo, Inc. (formerly PhoneSpan) Raises $12 Million From Norwest Venture Partners, Nokia Venture Partners And Leading Angel Investors

Belmont, CA - August 1, 2000 - Covigo, Inc., an emerging global e-business platform provider of next-generation transactional wireless applications and services for mobile devices, today announced that it has received $12 million from Norwest Venture Partners, Nokia Venture Partners and leading angel investors.

The funds will be used for ramping up sales and marketing, and the expansion of sales offices throughout the U.S and Europe.

Founded in 1999, Covigo has developed the first scalable server architecture which enables intelligent, adaptable mobile applications and services immune to emerging mobile standards. Through its unique mService™ mobile commerce solution, Covigo offers these technologies in conjunction with design and hosting services to provide complete commerce solutions for transactions, messaging, and content delivery optimized for mobile smartphones, pagers and personal digital assistants (PDAs).

"Our mission is delivering new wireless transactional applications and services to e-businesses for their end users worldwide," said Dev Khare, CEO of Covigo. "Whether it's a consumer-to-consumer auction user, a day trader on the road or a busy professional on the go needing instant email and messaging, we offer groundbreaking technology that will drive the latest applications and services for mobile web users."

"We're extremely pleased that some of the leading VC and angel investors, and advisors in the world are backing our company," said Khare. "Their support reinforces our mission that a new generation of wireless applications and services based on open standards and built from the mobile users' perspective is needed for the mobile web worldwide."

"Covigo is well positioned to become a global leader in the hot, rapidly growing, wireless market space, "said Blair Whitaker, General Partner, Norwest Venture Partners. "Covigo's next generation technology enables enterprises to deliver transaction-enabled applications over any mobile wireless device. They have a strong technical and management team with a focused strategy that is very promising."

"We are extremely excited about the unique mobile application services platform that Covigo has developed," said John Gardner, Partner, Nokia Venture Partners. "The team has a razor sharp understanding of the need for a modular, scalable and adaptable solution that customers can rely on to deliver state-of-the-art performance in a rapidly changing technology environment."

About Covigo
Covigo addresses the need for rapid deployment of new, complete B2C and B2B mobile applications and services. Covigo assembles, hosts and manages wireless sites for businesses and enables seamless usage of an e-Business' services over mobile devices. The Covigo mService™ mobile commerce solution is powered by a unique modular architecture which delivers high impact functionality on demand and quickly incorporates best-in-class web technology. With mService, companies can activate their mobile channels faster, deliver value immediately and be immune to technology changes.

Covigo has attracted a world-class management and technical team from companies such as AOL/Netscape, Excite @ Home, Qualcomm, Sun/Netscape iPlanet, Apple, and Rational. Covigo's world headquarters are in Belmont, CA with European offices in London. Venture funded by Norwest Venture Partners and Nokia Venture Partners, the company can be reached at 650-632-4000. For more information, visit www.covigo.com

About Norwest Venture Partners
Since its founding in 1961, Norwest Venture Partners has raised more than $1 billion and invested in more than 300 companies. In 1999, Norwest's annual venture investment was $257 million. Eleven of its portfolio companies completed successful IPOs: Allied Riser Communications, Extreme Networks, Ondisplay, PeopleSoft, NetObjects, Brocade, Primus Knowledge, Verio, Netro, Showcase and Continuus Software. For more information, visit www.norwestvp.com.

About Nokia Venture Partners
Nokia Venture Partners is a leader in wireless investments. Nokia Corporation has committed US $150 million to the fund with the intent to gain exposure to markets and technologies beyond the reach of Nokia's current business unit strategies. Nokia Venture Partners seeks partnerships with leading edge wireless technology companies targeting high-growth market opportunities. Nokia Venture Partners has a strong track record of leveraging the firm's combined resources, experience and contacts to help build successful businesses. For more information, visit www.nokiaventurepartners.com.

Angel investors include Amicus Ventures; Sundeep Bhan, CEO of Medsite.com; Warren Adams, founder of PlanetAll.com; Ted Barnett, co-founder of When.com; Kevin Kinsella, chairman of Indiqu.com; and Ali Kutay, CEO of AltoWeb.