SAN JOSE, Calif., Jan. 12, 2016 – Diablo Technologies, a leading provider of ground-breaking memory solutions, today announced that it has secured an additional $19 million in capital for its Series C Financing round. The latest round is led by new investor ICV with participation from Battery Ventures, BDC Capital, Celtic House, and Hasso Plattner Ventures. The funding will be used to further accelerate customer deployments via expansion of sales, applications support and R&D.
Diablo is redefining the rules of enterprise datacenter performance and economics with its innovative portfolio of Memory1™ and Memory Channel Storage™ products. Most recently, the company has leveraged its years of expertise to deliver flash-as ‘system memory’ without any changes to server hardware, operating systems, or end-user applications. The resulting Memory1 platform provides greater memory capacity with fewer servers and lowers datacenter costs by up to 70 percent. Memory1 was awarded Best of Show for ‘Most Innovative Flash Memory Technology’ at the 2015 Flash Memory Summit – marking the third consecutive year that the company was recognized with this distinction. Diablo continues to deliver break-through solutions for the rapidly growing in-memory computing and big data analytics markets.
“We are thrilled to welcome Diablo Technologies into our portfolio. Diablo’s flash-as ‘system memory’ solutions promise to deliver massive data center performance improvement for enterprise and hyperscale customers alike, allowing them to do more with less, reducing energy costs and operational overhead, while reliably growing their businesses,” said ICV partner Glen Schwaber. “Diablo has a first-class management team comprised of industry veterans and a technology roadmap filled with proprietary innovation, not to mention a stellar, value-add existing investor base. We look forward to contributing our expertise to help grow the company to its full potential.”
In addition, the company announced that industry veteran Mark Stibitz will serve as the company’s Chairman and Chief Executive Officer. He brings extensive business management, global market, and product development experience from across start-up and public companies including Anobit, Elliptic Technologies, PMC-Sierra, Agere Systems and Lucent/AT&T-Microelectronics. Stibitz assumes this position after having served as an independent member of Diablo’s Board of Directors since February 2012. Diablo Co-founder and previous CEO, Riccardo Badalone, has been appointed the technology-centric and customer-facing role of Chief Product Officer.
“This investment will contribute significantly to our customer support, product portfolio and innovation engine. Our strategy is clear and we are focused on successfully delivering products that seamlessly deploy flash as enterprise-grade system memory and high-performance, low-latency storage,” said Stibitz. “I am excited to join the leadership team as we enable new opportunities for NAND flash and in-memory computing within enterprise-class datacenters and across large-scale IT applications.