05 February 2020:
NGD Systems has raised $20 million in Series C round of funding. The funding round was led by MIG Capital. Western Digital Capital Global Ltd (the strategic investment fund of Western Digital Corp), Orange Digital Ventures, Partech, BGV and Plug-N-Play also participated in the funding round.
With this latest funding, NGD has raised $45 million to date.
NGD also added a new member to its Board of Directors, Richard Merage, CEO of MIG Capital. Flynn will serve as a Board Observer.
The company will use the fresh capital to execute its go-to-market strategy, including supporting production as well as sales and marketing efforts.
Dan Flynn, president of Western Digital Capital, said, “As applications such as AI and ML continue to accelerate the proliferation of edge computing, new storage solutions are needed to address their evolving and dynamic workloads. Leveraging the power of NVMe, NGD Systems’ innovative Computational Storage Drives (CSDs) are purpose-built to support the volume, velocity and variety of data at the edge.”
Richard Merage, CEO of MIG Capital, said, “Pioneering companies like NGD Systems are sending a clear message to the data storage industry – there is a better way to handle the petabytes of data that all organizations must contend with to process AI and ML workloads and that is Computational Storage. Two of the most powerful trends in the future are AI and the Cloud and we see NGD is aimed at the crosshairs of these growing markets.”
Peter Buschman, Product Owner, Storage at Booking.com, said, “Two of our key datacenter metrics are Watts/TB and write-latency. At only 12W of power for a 32TB NVMe SSD, we found the NGD Systems drives to be best in class with respect to this combination of characteristics. The latency, in particular, was consistently low for a device with such a small power draw. With power, not space, being our greatest constraint, and environmental impact a growing concern, this technology holds great promise for use in next-generation datacenter environments.”
Nader Salessi, CEO and Founder of NGD Systems, said, “We are excited to have strong partners with the vision to see the value of Computational Storage. The continuous growth of massive data deployments, especially at the edge, requires low-power and large-capacity storage devices, coupled with the ability to drive more efficient in-place data analytics to take advantage of distributed and parallel processing like those used in Artificial Intelligence. NGD is solving issues that no other legacy storage architecture can address.”
(Source – NGD Systems)