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Computational storage leader NGD raises $20m in Series C funding

Computational storage leader NGD raises $20m in Series C funding

Mubasher: NGD Systems has raised $20 million in Series C funding round to speed up the production and deployment of the first non-volatile memory express (NVMe) computational storage drive (CSD) in the world. 

The funding round was led by MIG Capital in collaboration with Western Digital Capital Global as well as existing investors, including Orange Digital Ventures, Partech, BGV, and Plug-N-Play, according to a statement on Wednesday.

The device enables artificial intelligence (AI), machine learning (ML), and edge computing within the device there the data resides.

The company’s patented technology performs AI, ML and advanced analytics inside its storage device, eliminating data movement bottlenecks,” the statement showed.

The latest round brings the total value of funding raised by NGD to date to $45 million to date.

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,” CEO of MIG Capital, Richard Merage, noted.

Booking.com is one of NGD Systems’ customers using NVMe computational storage drives.

Product Owner for Storage at Booking.com, Peter Buschman, said, “Two of our key datacenter metrics are Watts/TB and write-latency. At only 12W of power for a 32TB NVMe SSD, we found the NGD Systems drives to be best in class with respect to this combination of characteristics.”

The continuous growth of massive data deployments, especially at the edge, requires low-power and large-capacity storage devices, coupled with the ability to drive more efficient in-place data analytics to take advantage of distributed and parallel processing like those used in Artificial Intelligence. NGD is solving issues that no other legacy storage architecture can address,” CEO and founder of NGD Systems, Nader Salessi, pointed out.