January 14, 2002 -- Radiant Networks Plc, the pioneer of broadband wireless mesh technology, has completed a third round funding totalling �16m (US$23m). The funding was lead by Advent Venture Partners, with additional investment from Intel Capital and Sandler Capital (existing investors). The funding will provide Radiant with the working capital it requires to fulfil its substantial order book, and on-going development.

MESHWORKS� Broadband Wireless

MESHWORKS� is a revolutionary technology that is now being deployed by service providers instead of conventional point-to-multipoint wireless systems and as a supplement to ADSL deployments, both which have failed to achieve service provider expectations.

Mesh networks overcome the economic limitations of existing wireless technologies, particularly important in the present economic climate. Initial investment is substantially lower than current alternatives, as base stations are not required, and fewer point-of-presence sites are needed. The scalable nature of deployment allows the Mesh network to grow organically, based on demand, reducing investment risk.

Radiant estimates that positive cash flow can be generated in less than half the time it would take with a conventional broadband network. No other broadband technology in the world is currently positioned to deliver these advantages.

Radiant has secured contracts globally for the deployment or evaluation of its MESHWORKS� technology. Recent gains include:

• In the UK, BT is performing an evaluation of MESHWORKS� with a network deployment in Cardiff, UK starting in February 2002.
• In the US, where Radiant recently opened an office in Tampa, Florida, Nsight Telservices has signed an agreement to commercially deploy MESHWORKS� this year, while TradeWinds Network Services has taken delivery of MESHWORKS� for a trial deployment.
• Radiant has also signed an evaluation contract in Spain with Banda 26, a subsidiary of Jazztel Group, who take delivery in Q1, 2002.
• Radiant has signed an agreement with Star 21, a leading European broadband wireless operator in Germany with a national licence. This trial is Radiant�s first mainland Europe deployment.

Radiant is also in discussions with a number of major vendors who are keen to provide sales channels for Radiant. The company has already signed an agreement with Mitsubishi in Japan and anticipates that further OEM deals will be realised during H2, 2002.

Nadeem Siddiqui, Chief Operating Officer, Radiant Networks said: �Radiant�s previous fundraisings in 1997 and 2000 were used specifically for product development and to fund investment into sales and marketing. In the past 12 months, we have achieved our objectives including signing both evaluation and deployment contracts with some of the worlds leading telecommunications service providers. Securing this latest funding round is a vote of confidence in the company, at a time when there has been increasing volatility across the high technology sector - in fact, given the level of interest there has been from both European and American investors during this round of funding, we expect to be able to expand this investment round further during 2002.�

Martin McNair, Director of Advent Venture Partners said: �Since the last round, Radiant has developed exceptionally well. The contracts that Radiant has signed in 2001 show that broadband applications, and more importantly, cost effective provision, remains at the forefront of the telecommunications service providers decision making. This funding will enable Radiant to fulfil its current order book.�

About Radiant Networks
Radiant was established in 1997 to develop and commercialise an innovative new broadband fixed wireless access technology, known as MESHWORKS". The first Radiant MESHWORKS" networks were deployed in Q4, 2001. During 1997-1999, Radiant raised US$10 million through private and institutional investors, which funded development of the technology. A further US$20 million was raised in 2000 by Advent Venture Partners, Intel Capital, executives of Kohlberg Kravis Roberts & Co., and Sandler Capital Management. This second round of financing was used in development of the Phase 1 commercial product, aimed at the SME (small and medium enterprise) market, and to fund investment in sales and marketing. Current customers include BT (UK), Jazztel (Spain), Mitsubishi (Japan), Nsight (USA) and Tradewinds (USA). Radiants innovative broadband wireless technology MESHWORKS" will be used by BT to deliver services to homes commencing in early 2002.

About Advent Venture Partners
Advent Venture Partners, based in London, was founded in 1981 and is one of the longest established independent technology venture capitalists. Advent specialises in technology (software, hardware, communications, and IT services) and healthcare (biotechnology, pharmaceuticals and devices) investments in the UK and Continental Europe. Advent Venture Partners and its associates currently have total funds under management in excess of �475 m (EUR 760 million). Since 1981, the company has funded over 150 companies in UK, Europe and the US. Advent invests between �5 m and �20 m in companies from start-up through to pre-flotation stage. For more information, visit: www.adventventures.com

About Intel Capital
Intel Capital, Intel�s strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel�s strategic interests. For more information, visit www.intel.com/capital.

About Sandler Capital Management
Sandler Capital Management is an investment management firm specializing in the communications industries, broadly defined to include telecommunications, media, entertainment, information services and communications related technology. The firm has been making public and private equity investments since 1980 and 1989, respectively, and its investment professionals have over 150 years combined investment experience, focused primarily on the communications industries. The firm has nearly $2 billion dollars in combined assets under management and uninvested commitments (including approximately $550 million of uninvested committed capital for new private equity investments). For more information, please visit Sandler's Web site at www.sandlercap.com.

CONTACT: Clare Maloney, Radiant Networks Tel: 44 (0)1799 533600/ +1 813 979 1118 Fax: +44 (0)1799 533634/ +1 813 979 1108 Email: Website: www.radiantnetworks.com