Comverse plunges after disappointing results
The founders are all former employees of storage solutions start-up Exanet, which was acquired by Dell in 2010.
Storage solutions developer Reduxio Systems Ltd. has raised $9 million in its first financing round from Carmel Ventures and Jerusalem Venture Partners (JVP). Reduxio CEO Mark Weiner, Nir Peleg, and Amnon Strasser founded the company in 2012 at the JVP Media Quarter in Jerusalem. The founders are all former employees of storage solutions start-up Exanet, which was acquired by Dell Inc. (Nasdaq: DELL) in 2010, after a dispute between investors.
Following the successful sale of storage solutions developer Xtremio to EMC Corporation (NYSE: EMC) six months ago, JVP's interest in other storage solutions is understandable. Reduxio tackles a different aspect in the transition from hard disk drive-based storage solutions (HDD) to solid state drive (SSD) solutions. The company has developed a hybrid operating system that integrates the two technologies to prioritize the saving of data on the appropriate technology on the basis of criteria, such as importance or availability. The added value is in the systems cost/benefit because HDD is much cheaper than flash memory SSD.
Last week, IBM Corporation (NYSE: IBM) announced that it plans to invest $1 billion in storage technologies, with a focus on SSD.
Reduxio has ten employees, and plans to grow fast to exploit the market opportunity.
"Designing a system from the ground up allowed us to break free of all the limitations and to fully take advantage of new network, server and drive architectures,” said Weiner. "In this way, we can deliver revolutionary functionality to match the particular needs in cloud, virtual machine and structured data environments."
JVP general partner Kobi Rozengarten, who has been appointed Reduxio's chairman said, “We invested in Reduxio early and used our incubator to partner from their founding."
Published by Globes [online], Israel business news - www.globes-online.com - on April 17, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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