US-based data centre technology developer TidalScale has secured $24m in a series B round featuring semiconductor technology producer SK Hynix and IT services provider Infosys.
Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, also participated in the round, along with VC firms Hummer Winblad Venture Partners and Sapphire Ventures as well as an undisclosed original equipment manufacturer.
Founded in 2012, TidalScale has developed software-defined server technology that enables organisations to rapidly create virtual servers that can help them effectively manage large workloads.
Infosys executive vice-president Deepak Padaki said: “There is an intensifying need from our clients to derive business value from big data. But traditional approaches to accessing more memory and cores are either too expensive or time-consuming for organisations that need to operate with agility.
“TidalScale’s breakthrough software-defined servers offer another way – one that delivers insights faster while reducing costs. TidalScale fits well with our portfolio of innovative solutions, which is why we have increased our investment in this talented, game-changing company.”
The round took TidalScale’s total funding to about, and Infosys invested $1.5m through its Innovation Fund last month, following on from a $1.5m investment it had made in the company in late 2016. Tidescale also raised $3.2m in 2013 according to a securities filing.
