NGD Systems, Inc. (formerly known as NxGnData), an Irvine, CA-based computational storage company, completed a $12.4M Series B round of financing.
In addition, the company has received a $4M credit facility from Silicon Valley Bank (SVB). The round, which brings total capital investment to date to $26M, was led by new investor Partech Ventures with participation from Orange Digital Ventures and existing investors Alcor Micro and Benhamou Global Ventures (BGV).
The company will use the proceeds for strategic growth initiatives, including the acceleration of commercialization activities, continued innovation of the technology, and migration of its 14nm SSD controller to mass production.
Founded in 2013 and led by Nader Salessi, President and CEO, NGD Systems focuses creating a new category of storage devices that brings computation to data. Its advanced proprietary controller technology deploys patented Elastic FTL algorithm and Advanced LDPC Engines to provide capacity and computational storage capability.