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…