NGD Systems have Raised $20 Million in Series C Funding
NGD Systems have succeeded in raising $20 Million dollars, in a Series C funding round led by MIG Capital, and further contributed to by Western Digital Capital Global, Ltd, the strategic investment fund of Western Digital Corp, and existing investors, including Orange Digital Ventures, Partech, BGV and Plug-N-Play. The investment will go to support and accelerate the production and deployment of the world's first NVMe Computational Storage Drive that continues to enable artificial intelligence and machine learning within the device where the data resides.
This investment is particularly significant for the company, as it is becoming increasingly important to meet the expanding needs of today's modern data-intensive industries, especially those managing workloads related to mass data sets and localized analytics, including edge infrastructures. NGD's approach to Computational Storage is unique in that, rather than requiring data to travel back and fourth to the CPU or GPU for processing, the data within the storage device where it lives is processed, decreasing latency and the amount of data moved.
“Pioneering companies like NGD Systems are sending a clear message to the data storage industry – there is a better way to handle the petabytes of data that all organizations must contend with to process AI and ML workloads and that is Computational Storage,” said Richard Merage, CEO of MIG Capital. “Two of the most powerful trends in the future are AI and the Cloud and we see NGD is aimed at the crosshairs of these growing markets.”
To read more about this interesting development, click here.