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Rand Notes Knoa Software $5.1 Million Series B Funding and New Executive Dashboards Software for Knoa EPM and SAP User Experience Management Solutions

BUFFALO, N.Y., July 30, 2014-- Rand Capital Corporation (www.randcapital.com) (NASDAQ: RAND) a Buffalo, New York based Business Development Company (BDC) and Small Business Investment Company (SBIC) notes that its New York City based portfolio company, Knoa Software, Inc. (www.knoa.com) has completed a $5.1 million Series B Funding. The Knoa press release can be seen at http://www.knoa.com/main/knoa-company-presscoverage.jsp

Knoa® Software delivers enterprise and cloud solutions that generate unique insights for the optimization of the end user experience for SAP, Siebel and other platforms. Knoa's software provides CIO's and business executives the actionable metrics needed to ensure organizations and end users realize the full value of their enterprise application investments.

"Today's organizations are heavily invested in enterprise software, but lack the insight to accurately measure the real ROI of these systems in key areas such as optimizing end user experience and performance, and application adoption. In collaboration with our customers and partners, we have identified compelling business value in extending our solution to provide organizations with the ability to determine if their software assets are being effectively applied to support organizational goals, and to motivate productive behavior by the employees in support of those goals," said Brian Berns, Chief Executive Officer of Knoa Software.

Knoa also recently announced the launch of its Executive Dashboards for Knoa Experience and Performance Manager (EPM); which is also offered by SAP as the SAP User Experience Management (UEM) application. The Knoa press release can be seen at: http://www.knoa.com/main/knoa-company-presscoverage.jsp

Allen F, Grum, President of Rand Capital stated: "Knoa has worked hard to strengthen its management team, its software, and its enterprise software relationships which, when combined with capital, should develop into even more robust business outcomes. Rand continued its support of Knoa through its participation in the series B financing with a $478,000 investment and increasing Rand's total investment in the Company to $1.2 million."

Safe Harbor Statement

Information contained in this release should be considered forward-looking, and may be subject to inherent uncertainties in predicting future results and conditions. Please see the Corporation's Form 10-Q, Item 1A, previously filed with the Securities and Exchange Commission for a detailed discussion of the risks and uncertainties associated with the Corporation's business.

ABOUT RAND CAPITAL

Rand Capital is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand provides capital and managerial expertise to small and medium sized private companies primarily located in the Northeast U.S. Rand is traded on the NASDAQ under the symbol "RAND" and is headquartered in Buffalo, NY. www.randcapital.com


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