US-based computational storage technology provider NGD Systems has secured $20m in a series C round that included telecommunications firm Orange and disk drive manufacturer Western Digital, Axios has reported.
The round was led by alternative investment firm MIG Capital and also featured Partech Ventures, BGV and Plug and Play, while Orange and Western Digital invested through Orange Digital Ventures and Western Digital Capital respectively.
NGD has developed a computational storage system called Newport Platform that allows data to be read at source rather than waiting for it to move to the data centre memory to be processed.
Increasing amounts of data are being generated through advanced computing methods utilising artificial intelligence and machine learning, and the product’s in-situ approach and 32-terabyte storage capacity would enable large amounts of data to be processed in real time.
Partech Ventures led the company’s last round, a $12.3m series B in early 2018 backed by Orange Digital Ventures, chipmaker Alcor Micro and BGV (then known as Benhamou Global Ventures), the latter two taking part as existing investors. It has now raised $46m in total.
