Wednesday, February 5, 2020

NGD Systems Gets $20M Funding

Irvine-based NGD Systems, a company developing "computational storage" devices which can run AI, machine learning, and analytics functions within data storage devices, has raised $20M in a Series C funding, the company said this morning. The funding was led by MIG Capital, and also included Western Digital Capital Global, Ltd. (the strategic investment fund of Western Digital Corp.), along with Orange Digital Ventures, Partech, BGV, and Plug-N-Play. NGD said it will use the few funding for go-to-market, to support production, and sales and marketing. NGD Systems' NVMe solid state disk (SSD) provides up to 32TB of storage, and includes on-board ability to run data analytics, artificial intelligence, and machine learning functions directly at the storage--reducing the latency required to move that data to a host CPU. As a result of the new funding, NGD said that Richard Merage, CEO of MIG Capital, will join the company's board as a board observer. The company has now raised a total of $45M in funding. More information »