We believe the team at NGD Systems has the right expertise and experience to deliver this new generation of Intelligent Storage devices and their progress to date has been remarkable. - Reza Malekzadeh, General Partner at Partech Ventures
IRVINE, Calif. (PRWEB) February 13, 2018
NGD Systems, Inc., the leader in computational storage, announced today the completion of Series B round of financing with $12.4M. The round was led by new investor Partech Ventures with participation from Orange Digital Ventures. Existing investors Alcor Micro and Benhamou Global Ventures (BGV) also participated in the round. In addition, the company has received a $4M credit facility from Silicon Valley Bank (SVB).
"NGD Systems is very pleased to announce the closing of our B-Series round," said Nader Salessi, President and CEO of NGD Systems. "We see the strong participation of both our existing investors and our new lead investor as validation of both our technology, and explosive market opportunity."
The proceeds will be used for strategic growth initiatives, including the acceleration of go-to-market activities, continued innovation of the company's technology, and migration of its advanced 14nm SSD controller to mass production. The new round of financing brings NGD's total capital investment to date to $26M.
"The new application architectures are increasingly requiring the capability to gather and process data at the edge of the cloud rather than send everything for central processing," said Reza Malekzadeh, General Partner at Partech Ventures. "We believe the team at NGD Systems has the right expertise and experience to deliver this new generation of Intelligent Storage devices and their progress to date has been remarkable."
"We are extremely pleased to see further validation of our initial investment thesis from a strong syndication led by Partech ventures," said Amir Nayyerhabibi, Chairman of the Board of NGD Systems and partner at Benhamou Global Ventures. "We believe the new paradigm shift created by NGD Systems will impact a wide array of industry applications such as AI, cloud computing, and content delivery."
"NGD Systems' in-situ processing approach revolutionizes the deployment of applications that today require huge clusters of expensive multi-socket servers with large amounts of RAM. When combined with high capacity and low power consumption, the result is significant cost, footprint, and power savings," said Mike Heumann, Managing Partner at G2M Research, a market research firm specializing in NVMe storage.
"We're excited to expand our partnership with NGD Systems in support of their growth and expansion," said Derek Hoyt, Managing Director at Silicon Valley Bank. "Our primary objective is to provide the right financing, connections and global services to help the NGD Systems team move their business forward quickly."
About NGD Systems
Founded in 2013 with HQ in Irvine, Calif., NGD Systems (formerly NxGnData) is a venture-funded company focused on creation of new category of storage devices that brings computation to data. NGD has designed its advanced proprietary controller technology which deploys patented Elastic FTL algorithm and Advanced LDPC Engines to provide industry leading capacity scalability. The controller also deploys the patented In-Situ Processing technology to enable Computational Storage capability. The company is led by an executive team that helped drive and shape the flash storage industry, with decades in leadership positions with storage companies such as Western Digital, STEC, and Memtech. Learn more about us and our products at http://www.ngdsystems.com.
About Partech Ventures
Founded in 1982 in Silicon Valley, Partech Ventures is a global investment firm with a team spread across offices in Paris, Berlin, San Francisco and Dakar. Most Partners have been entrepreneurs themselves or have held management positions within tech companies. The partnership acts and invests as a single team, helping entrepreneurs build fast-growing tech and digital companies addressing large markets across multiple continents. Partech Ventures partners with entrepreneurs at the seed, venture and growth stages. Companies backed by Partech Ventures have completed 21 initial public offerings and more than 50 major M&A transactions with leading international companies. Since 2012, the team has built a pioneering business development platform fostering synergies and business relationships between entrepreneurs and strategic partners. Learn more about Partech Ventures at http://www.partechventures.com
About Benhamou Global Ventures
BGV is an early-stage venture capital firm with deep Silicon Valley roots, with an exclusive focus on enterprise technology opportunities in global markets. BGV currently has 25 active companies in its portfolio. The BGV team of 8 investment professionals has successfully built and implemented a cross-border venture-investing model with companies from Israel, Europe and Asia. Eric Benhamou, former chairman and CEO of 3Com, Palm and co-founder of Bridge Communications, founded the firm in 2004. Comprised of an experienced partnership team of global operating executives and investors, BGV is often the first and most active institutional investor in a company and has a powerful network of technical advisors, executives and functional experts who actively engage with its portfolio companies. The company has offices in Palo Alto, California and Tel Aviv, Israel. For more information: visit http://www.benhamouglobalventures.com
About Orange Digital Ventures
Orange Digital Ventures detects and supports early-stage start-ups. Endowed with a budget of 20 million euros for the first year, Orange Digital Ventures finances start-ups that are transforming the telecommunications and digital sectors with innovative solutions, disruptive technologies or through the invention of new business models in the form of minority shareholdings. Orange Digital Ventures supports start-ups focused on new connectivity services, corporate cloud and data services, payments and the internet of things. It supports start-ups worldwide. http://www.digitalventures.orange.com
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at http://www.svb.com