CODEFAST SECURES $6.5 MILLION TO COMMERCIALIZE
SOFTWARE LIFECYCLE AUTOMATION SYSTEMS

Foundation Capital and Trinity Ventures team up on Venture Funding

San Jose, CA – March 15, 2005 – Codefast Inc., a provider of solutions for automating software development processes, today announced that it has raised $6.5 million in a Series A round led by Foundation Capital and Trinity Ventures.

Codefast's core technology emerged from a multi-million dollar research project funded by the Government of Canada to address process automation within the software lifecycle. Under the guidance of Kevin Jameson, now Senior VP of Engineering with Codefast, the research effort resulted in an entirely new approach to dealing with the problems enterprises encounter when attempting to automate their software development processes.

"Codefast's breakthrough technology lets enterprise development teams realize substantial gains in efficiency and quality with minimal impact on overall productivity," said Paul Holland, General Partner at Foundation Capital. "We believe this technology, secured by the company's extensive patents, will become the standard for process automation in organizations that develop software."

Codefast was formed in 2004 to commercialize this core technology and bring it to the market. The company was founded by former senior management from one of the leaders in software development lifecycle products, Rational Software (now IBM), and is led by CEO Nick Berens, Rational Software's former Senior VP of Corporate Development.

"Trinity Ventures thrives on investing in innovative entrepreneurs who are visionary domain experts," said Tom Cole, General Partner at Trinity Ventures. "With Codefast, the depth of knowledge the founding team has in the software development market is well beyond what you would see in a typical start-up and we are thrilled to be partnering with them."

The company is expecting a fast entry into the market. "Our software platform is customizable, extensible, scalable, runs on all major UNIX and Windows platforms, and with thousands of production hours behind it, rock solid," said Nick Berens, CEO of Codefast. "We've already seen a number of large enterprises like ABB and WorldCom achieve great success with our solution. The investments from Trinity and Foundation will give us the ability to deliver that success to any enterprise."

About Codefast

Codefast provides software that allows customers to completely automate their back-end software development processes, resulting in substantial gains in productivity, quality and time-to-value. With the Codefast Software Lifecycle Automation Solution, customers replace the mass of infrastructure code that defines process activity with a system that generates perfect automation with all relevant dependencies included. No more writing and maintaining Make, Perl or Ant scripts. No more broken builds, incomplete packages, inadequate test coverage or deployments that don't work. For more information, visit www.codefast.com.

About Foundation Capital

Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in telecommunications and networking; Internet infrastructure; and enterprise software. Foundation Capital funds total over $1.1 billion and include Harvard, Yale, CalTech, the Hewlett Foundation and MacArthur Foundation as investors. Paul Holland is a general partner and serves on the board of directors for Edge Dynamics, Ketera, TuVox, Conformia, Mendocino, and Codefast, and previously for Talking Blocks (acquired by Hewlett-Packard) and RouteScience Technologies (acquired by Avaya). For more information, visit www.foundationcapital.com or contact Tim Turpin (415) 392-8282, tim@outcastpr.com.

About Trinity Ventures

Founded in 1986, Trinity Ventures is a value-added investor that provides capital, networks and resources to early-stage software, services, communications and networked systems companies. With more than $1 billion under management, Trinity Ventures has a proven track record of working in close collaboration with entrepreneurs to build leading companies, such as Extreme Networks, Crescendo Communications, Forte Software, Illustra, Starbucks and Blue Nile. Tom Cole is a general partner and works on the board of directors of Speedera Networks, Sygate, Yosemite Technologies and Codefast, and previously for Invio (acquired by VERITAS). For more information: www.trinityventures.com.