US-based networking technology developer Innovium announced yesterday that it has raised more than a combined $50m in its series A and B rounds, both backed by semiconductor manufacturer Qualcomm.
Both rounds were raised last year but remained undisclosed until now. Innovium has not revealed financial details about the individual rounds though it confirmed that both were oversubscribed.
Qualcomm Ventures, the corporate venturing subsidiary of Qualcomm, took part in a series A round in early 2015 alongside S-Cubed Capital. The round was co-led by VC firms Walden Riverwood Ventures and Capricorn Investment Group.
Qualcomm Ventures and all existing investors returned later in the year to back a series A round led by venture capital firm Greylock Partners.
Asheem Chandna, partner at Greylock, Dipender Saluja, managing director at Capricorn, Lip-Bu Tan, chairman of Walden International, and Mark Stevens managing partner at S-Cubed, have joined Innovium’s board of directors.
Innovium is developing semiconductor-based products for large-scale data centres, particularly focusing on the cloud.
Saluja said: “Large scale data centres have special requirements that do not require one-size-fits-all solutions. Innovium’s focused innovations promise to set it apart from alternatives.”