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Virident Closes Series C Funding of $21M, With Investments From Data Center Industry LeadersIndustry Leaders' Investment Validates Virident's Technology and Vision (November 10, 2011)
MILPITAS, CA -- (Marketwire) -- 11/10/11 -- Virident, Inc., a performance leader in flash-based Storage Class Memory (SCM) solutions, today announced it has completed a $21 million Series C funding led by current investor Globespan Capital Partners with strategic investments from Intel Capital, Cisco and a storage solutions provider, along with existing investors Sequoia Capital and Artiman Ventures. The alignment of these strategic investors provides Virident the resources and partnerships to profoundly enhance computing and storage with its high-performance SCM solutions.
This funding announcement is coupled with the company's announcement of its next generation flagship product today, Virident FlashMAX, the industry's first SCM storage device that delivers enterprise-class reliability with built-in flash-aware RAID and data-access speeds an order of magnitude faster than hard disk-drive storage systems and other flash-based storage solutions.
"The widening performance gap between compute and storage is limiting the ability to cost-effectively scale critical application performance in enterprise and cloud data centers," said Bryan Wolf, managing director, Intel Capital. "We are delighted to make this strategic investment in a company that is focused on solving I/O bottlenecks in the data center, thereby unleashing the full potential of our next generation multi-core processor platforms."
"Virident FlashMAX is a very innovative solution that delivers on the growing requirement of I/O-intensive application workloads such as web2.0, data analytics and social media," said Ullas Naik, managing director at Globespan Capital Partners. "We are pleased to continue our investments in Virident."
"Solid-state storage continues to outpace the overall storage market," said Michael Goguen, managing partner at Sequoia Capital. "By delivering a flash-based Storage Class Memory solution that sets new performance standards, the Virident flash storage solution's capability is exactly what our own portfolio companies with rapidly growing datacenters are looking for."
"Virident's FlashMAX SCM flash storage solution is a game-changing technology," said Kumar Ganapathy, CEO and cofounder, Virident Systems. "Until now, there hasn't been a flash storage solution that has proven to deliver predictable high performance over time and across diverse workloads. Virident has changed that, and we believe our technological breakthrough, combined with this strategic alignment with data center leaders, positions us to fundamentally impact IT."
To date, Virident has raised $50 million in equity funding. The additional funds will be utilized for market expansion and product innovation as Virident continues to set new standards for sustained, predictable high performance across a wide range of workloads and maximum storage capacity utilization over years of use.
Virident Systems enterprise-class Storage Class Memory (SCM) solutions deliver unconditional, consistent performance that supports the most data intensive content and applications. The inherent advantage associated with this disruptive technology revolutionizes computing by speeding application response time and optimizing datacenter efficiency for new levels of ROI. Virident Systems is backed by strategic investors, Intel Capital, Cisco and a storage solutions provider, as well as venture investors Globespan Capital Partners, Sequoia Capital, and Artiman Ventures. For more information, visit www.virident.com.
Virident, Virident FlashMAX and the Virident logo are trademarks of Virident Systems. All other products and services listed herein are trademarks of their respective companies.
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