NGD Systems, a US-based developer of computational-powered data storage hardware, closed a $12.4m series B round on Tuesday featuring Orange Digital Ventures, a subsidiary of telecommunications company Orange.
The round was led by venture capital firm Partech Ventures and included semiconductor technology manufacturer Alcor Micro and VC firm Benhamou Global Ventures (BGV). NGD secured a $4m credit facility with Silicon Valley Bank alongside the equity funding.
Founded in 2013, NGD Systems produces computational solid-state data drive (SSD) controllers that facilitate the processing of big data analytics.
The company had already partnered Orange subsidiary Orange Silicon Valley prior to the round, in a project that involved them working together to create a neural algorithm-based facial recognition application that runs from an NGD controller.
The cash will be used to further develop and commercialise NGD’s technology, and to bring its advanced 14 nanometre SSD controller into mass production.
NGD has now secured $26m in financing altogether, it said in a statement that identified Alcor Micro and BGV as existing investors. The company raised $6.3m of that in mid-2016, according to a regulatory filing.