Feb 26 2020
We recently announced the closing of our Series C funding round, bringing in $20 million to accelerate the production and deployment of the world’s first NVMe Computational Storage Drive (CSD). The latest round was led in a round led by MIG Capital with participation from blue chip strategic investor Western Digital Capital Global, Ltd. We were also excited to have participation from existing investors like Orange Digital Ventures, Partech, BGV and Plug-N-Play.
The investment is further proof that NGD’s innovative approach to Computational Storage is beginning to truly catch on. Organizations are increasingly seeing larger and larger data sets requiring localized analytics, especially at the edge.
Today’s explosive growth of data-intensive industries is pushing the physical limits of what is possible in traditional data storage and computational architecture. The traditional method of simply throwing more storage and compute power at the problem is costly and physical limitations of edge infrastructure further complicate the issue.
NGD’s CSDs are an innovative way to enable edge platforms to run advanced data analytics, including artificial intelligence and machine learning, effectively and efficiently. The only way to properly support these applications is to change the way we think about compute and storage: processing must be done right where the data resides, rather than constantly sending data long distances back and forth to the CPU or GPU for processing that is both costly and inefficient.
NGD has achieved just that with its innovative use of In-Situ processing, combining localized compute and storage in the industry’s highest capacity (up to 32TB) and most power-efficient NVMe SSDs. Our technology has been deployed by a variety of major enterprise customers. One of them, Booking.com, highlighted NGD’s low latency and small power draw, claiming that NGD’s platform will be key to building the company’s next-generation datacenters.
The Series C round will help us reach even more large customers and ramp up production, sales and marketing efforts.
We expect 2020 to be an even bigger year for us than 2019. Stay tuned for more product innovations, customer wins and industry awards as NGD helps further revolutionize computational storage.