Diablo Technologies Got $7.5 Million

Diablo Technologies, Inc., in memory system interface products, announced that it has closed an additional $7.5 million of funding, increasing the total equity investment of its most recent funding round to $36 million.

The oversubscription includes a new investment from U.S. Venture Partners and additional funding from existing investors.

In conjunction with the new investment, USVP Partner Chris Rust joins Diablo’s board of directors.

The additional funding will be used to support Diablo’s upcoming launch of its Memory Channel Storage (MCS) technology platform and provides the company with increased ability to market and distribute its disruptive technology across a broader set of applications. The soon-to-be-announced MCS products enable substantial improvements in transaction processing and data analysis within compute-servers, enterprise datacenters and cloud-computing facilities worldwide.

"As the Diablo team works aggressively to bring our innovative technology platform to market, it’s great to have the additional vote of confidence from USVP that we are solving a very big problem and enabling the next big step of flash market deployment," said Riccardo Badalone, founder and CEO of Diablo. "We thank USVP for their contribution to the funding round. The added resources will help us introduce a truly innovative set of products, as well as continue to strengthen our board of directors with the addition of Chris."

"Behind the disruptive technology platform that Diablo is preparing to roll out is a great team of energetic and passionate people working to make Memory Channel Storage a reality for customers," said Rust. "I’m excited to have the opportunity to join in Diablo’s funding round and am looking forward to working closely with Riccardo and the team as they expand their market scope and scale their business prospects to even greater heights."

USVP joins previously announced investors Battery Ventures, Celtic House Venture Partners, BDC Venture Capital, and Hasso Plattner Ventures.

The Diablo executive management team, now developing its third family of memory interface solutions, has decades of experience in system architecture, chip-set design and software development at companies including Nortel Networks, Matrox Graphics, Goal Semiconductor, BroadTel Communications, ENQ Semiconductor, IceFyre Semiconductor, Mosaid Techologies and Huawei.

Comments

The Ottawa, ONT, Canada-based firm raised at least $55.5 million since its inception in 2002 in four rounds of equity financing:

$5 million venture loan from MMV Financial in 2007;

$15 million in series B funding from BDC Venture Capital, GTI Capital and Celtic House Venture Partners in 2008;

$28 million in 2012 in a round led by Battery Ventures - that was an investor in Akamai Technologies (IPO), Anobit (acquired by Apple), Kashya (acquired by EMC), Netezza (acquired by IBM), and XtremIO (acquired by EMC) with current portfolio including Nutanix and Zerto - and included additional financing from Celtic House Venture Partners, BDC Venture Capital, and Hasso Plattner Ventures; and

$7.5 million more recently led by big VC U.S. Venture Partners that invested in storage companies including 3Ware, Astute Networks, Box, Exablox, Intransa, Mellanox and SanDisk.