Hybrid storage developer Reduxio Systems has closed a $15 million Series B funding, led by Seagate Technology plc (Nasdaq: STX), joined by existing investors Jerusalem Venture Partners (JVP), Carmel Ventures, and Intel Capital. This latest financing comes just one year after the Series A round of $12 million.
The funds will accelerate the Israeli company's product development and support its go-to-market plan. In conjunction with this investment, Seagate will obtain a seat on Reduxio's board.
Reduxio Systems CEO Mark Weiner said, "Seagate has the know-how and the passion that has allowed them to continue to be the leader in the storage industry. Seagate's investment validates our innovative architecture and our execution to date, and will help us to bring our products to customers earlier."
Seagate President of Global Markets and Customers Rocky Pimentel said, "Reduxio has built an architecture that can truly leverage the capabilities of hard disk drives, solid state storage, and future non-volatile technologies together in a single system. We believe that systems that successfully integrate multiple media types can deliver compelling price/performance and reliability benefits and will have a unique position in the market."
Reduxio Chairman and JVP General Partner Kobi Rozengarten said, "Reduxio was created with the vision that the rapidly evolving enterprise storage space needs a new disruptive architecture. In just two years, Reduxio's team has proven its ability to provide the most advanced solutions to this rapidly growing space."
Published by Globes [online], Israel business news - www.globes-online.com - on October 6, 2014
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