Codelucida Announces Closing of a Syndicated Angel Investment Round Led by Desert Angels
Tucson, AZ (PRWEB) January 24, 2017 -- Codelucida recently announced the successful closing of a seed round of angel investment led by Tucson-based Desert Angels in syndication with Southern California-based Tech Coast Angels, Phoenix-based Arizona Tech Investors, and other private angel investors. This funding adds to the $750,000 that the company previously received through a Small Business Innovation Research (SBIR) Phase-2 award from the National Science Foundation (NSF) in August of 2015.
Codelucida develops cutting-edge error-correction algorithms, a pivotal technology used in every data storage or communication system, to ensure reliability in the data and prevent any data loss caused by errors introduced in the data. The startup was co-founded by Dr. Shiva Planjery, along with globally recognized error-correction coding experts, Dr. Bane Vasic and Dr. David Declercq. The foundations for Codelucida’s patented technology is based on their years’ of pioneering joint research work at the University of Arizona and the University of Cergy-Pontoise, France.
Codelucida’s initial target is the $25B flash-memory-based storage market. Flash memory is the type of memory medium used in USB sticks, smartphones, tablets, and laptops and data centers in the form of solid state drives (SSDs). The patented technology driven by proprietary machine-learning-type algorithms provides enhanced reliability and performance with significantly reduced silicon footprint and power usage compared to state-of-the-art. The technology is a critical enabler for cheaper and better performing flash memories, as the industry continues to drive down cost and increase storage densities creating a strong need for improved error-correction technology. Codelucida’s technology also has broader applications in other markets such as the optical communications market, and continues to gain traction in the industry.
The funding from the angel investment round in combination with the NSF SBIR Phase-2 award funding will allow the company to further advance its solutions to rapidly meet market needs.
“The overwhelming interest in Codelucida across our syndication network is a terrific example of geographically distributed angel groups coming together,” said Wayne Rickard, deal lead and member of both Tech Coast Angels and Arizona Tech Investors. “The last few years have seen huge advances in machine learning, natural language processing, and AI. However, the underlying technologies that move and store data are still relying on decades-old technology for error correction. Codelucida is dedicated to making sure error-correction technology can keep up with the demands of today’s most challenging applications, while saving power and lowering costs.”
“We are ecstatic to have finally closed this new round of investment from the various angel groups led by Desert Angels, which is a testament to our team and technology,” said Dr. Planjery, co-founder and CEO of Codelucida. “I feel a sense of pride in receiving the kind of backing we did from the various angel groups especially from our local Desert Angels in Tucson. I look forward to achieving our next milestones and capitalizing on our market opportunities.”
“Desert Angels was honored to have the opportunity to lead this round of funding for Codelucida,” said Curtis Gunn, chairman of Desert Angels. “It is particularly satisfying to help support a Tucson-based home grown company with ties to the University of Arizona and the Arizona Center for Innovation. We are excited to work with Dr. Planjery and his amazing team to bring this world-changing technology to market and improve the efficiency, speed and reliability of SSD memory and other communication technologies.”
About Desert Angels:
Desert Angels is a Tucson, Arizona based group of accredited investors that has emerged as one of the country’s leading angel investor groups, funding startups in Arizona and the Southwest. The group focuses much of its funding on early-stage tech and life sciences companies. Since 2000, Desert Angels has invested over $40 million in more than 95 companies. Desert Angels was ranked as the third most active angel group in the nation in 2015 after investing over $6.8 million in 32 companies in 2014. Desert Angels is a member of the Angel Capital Association. For more information, please visit http://www.desertangels.org.
About Tech Coast Angels:
Tech Coast Angels (TCA) is one of the largest and most active angel investor networks in the nation, and a leading source of funding for seed-stage and early-stage companies. TCA members are accredited investors who collectively invest in startup companies in the range of $250,000 to $2 million as a group. TCA members are themselves founders and executive level business leaders who have extensive knowledge of the investment process and world-class business practices. They provide companies with more than just capital; they also contribute counsel, mentoring, and access to an extensive network of investors, customers, strategic partners and management. Since its founding in 1997, TCA has invested over $176 million in more than 300 companies and has helped attract more than $1.5 billion in additional capital/follow-on rounds, mostly from venture capital firms. For more information, please visit http://www.techcoastangels.com.
About Arizona Tech Investors:
Arizona Tech Investors (ATI) is an active community of accredited investors who invest in early-stage technology companies located in Arizona and surrounding states. Since their first transaction in May 2007, ATI has invested in 49 companies, providing over $13.7 million in capital, making them the most active technology investor group in central and northern Arizona. ATI is also a member of the Angel Capital Association. For more information, please visit http://arizonatechinvestors.com
About Codelucida:
Codelucida is an early-stage startup that develops error-correction technologies for next-generation storage and communications with initial focus on the flash-memory-based storage applications. The patented technology is based on a proprietary design approach that provides significant improvements in reliability and speeds with savings in power and footprint compared to state-of-the-art. The technology has broader applications in emerging new memories, as well as communications, including optical communications markets. For more information, please visit http://www.codelucida.com
Shiva Planjery, Codelucida, Inc., http://www.codelucida.com, +1 520-239-6653, [email protected]
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