US-based data centre computing technology developer Fungible has completed a $200m series C round led by SoftBank Vision Fund, the near-$100bn vehicle formed by telecommunications conglomerate SoftBank.
Venture capital firm Norwest Venture Partners also took part in the round, along with unnamed, existing investors. It increased Fungible’s overall funding to more than $300m, the company said.
Founded in 2015, Fungible has developed a programmable processor known as a Data Processing Unit that helps data centres handle ever increasing amounts of data generated by technologies such as cloud computing and artificial intelligence (AI).
The funding will allow Fungible to ramp up product development and boost its sales and marketing activities. Deep Nishar, senior managing partner of SoftBank Investment Advisers, which manages the Vision Fund, will join its board of directors in connection with the round.
Nishar said: “As the global data explosion and AI revolution unfold, global computing, storage and networking infrastructure are undergoing a fundamental transformation.
“Fungible’s products enable data centres to leverage their existing hardware infrastructure and benefit from these new technology paradigms. We look forward to partnering with the company’s visionary and accomplished management team as it powers the next generation of data centres.”
Samsung Catalyst Fund, an evergreen investment vehicle for consumer electronics manufacturer Samsung, lists Fungible in its portfolio and, together with Redline Capital, reportedly participated in a $60m series B round in May 2017, though details could not be confirmed.
Networking equipment supplier Juniper Networks contributed to the company’s $32.5m series A round in February 2017. That round was co-led by Mayfield Fund, Walden Riverwood Ventures and Battery Ventures.
