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Diablo Technologies Closes $28 Million Equity Investment
OTTAWA, Canada — November 8, 2012 — Diablo Technologies, a proven innovator in memory system interface products, today announced the closing of a $28 million funding round—adding several new US and European investors and Board members. The investment will be used to complete its groundbreaking Memory Channel Storage™ (MCS™) technology platform. The soon-to-be-announced MCS™ system of products enable substantial improvements in transaction processing and data analysis within compute-servers, enterprise datacenters and cloud-computing facilities worldwide. The funding round was led by Battery Ventures and included additional financing from Celtic House Venture Partners, BDC Venture Capital, and Hasso Plattner Ventures.
Riccardo Badalone, founder and Chief Executive Officer commented: “Over the past two years Diablo Technologies has developed an innovative memory channel-based solid-state storage platform. With this equity funding we are accelerating the completion of a system solution including hardware, software and a chip-set that will deliver breakthroughs in system performance and flash storage density for analytic data processing, web-page serving, cloud computing and other server-based enterprise computing applications. We are pleased to welcome Scott Tobin and Alex Benik both of Battery Ventures, and Yaron Valler from Hasso Plattner Ventures to our Board of Directors.”
“Storage is undergoing the type of a technological revolution that we see only once every few decades, and it’s an exciting time to be involved with the entrepreneurs and technologists who are leading this new wave,” said Scott Tobin, Battery General Partner. “Today’s emerging companies are attacking tough strategic problems, and creating tremendous value across the enterprise-storage stack. We believe Diablo Technologies has the technology and creativity to usher in the next phase of innovation in NAND-flash storage. This investment is the perfect complement to our recent success in the flash storage space, with Anobit (flash memory controllers) being acquired by Apple, and XtremIO (scale-out flash arrays) being acquired by EMC.”
“Existing investors BDC and Celtic House are tremendously excited to see the evolution of Diablo being positioned to redefine in-memory computing,” said Tom Valis of Celtic House Venture Partners.
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