Diablo Technologies, Inc. secured $37 million across two phases of an oversubscribed round of series C financing.
New investors Genesis Capital, LLC and GII Tech Ventures joined the second phase of the round, along with follow-on investments from Battery Ventures, BDC Capital, Celtic House Venture Partners, Inc., Hasso Plattner Ventures and ICV Partners.
The new funding comes as Diablo achieves production release and volume availability of its Memory1 128GB DDR4 system memory module and accompanying Diablo Memory Expansion (DMX) software.
In addition, Vijay Parmar, partner, GII Tech Ventures, launched by GII, LLC, has joined Diablo’s board of directors. He focuses on mid-stage technology investments in companies with a proven product in production and a strong customer pipeline. He brings a wealth of start-up and large company experience, including VxTel, ReZolt, GainSpan, AMD and Intel, and a global network of relationships to the Diablo’s team.
“We are thrilled to have Diablo Technologies in the GII Tech portfolio. The combination of Diablo’s innovative product portfolio and well-timed position in the cloud and enterprise datacenter market is extremely compelling,” said Parmar. “I’m looking forward to working with the Diablo team to help realize the company’s next wave of growth.”
“Diablo is privileged to be working with investors who are as committed as we are to leveraging the benefits of NAND-flash to enable dramatic improvements in big data analytics and in-memory computing,” said Mark Stibitz, CEO, Diablo. “This investment gives us even more capability to expand sales and customer application support, and strategically accelerate our DMX software roadmap.”