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NVELO Secures $6.6 Million In Series A Funding

Stocks in this article: CDNS

SANTA CLARA, Calif., July 19, 2011 /PRNewswire/ -- NVELO Inc., a pioneer in storage software, and makers of Dataplex™ storage caching software, today announced that it has closed $6.6 million dollars in Series A financing led by Silicon Valley-based venture fund SKS Capital. The capital will support the expansion of the Dataplex product line for consumer computing and the launch of a new Dataplex storage product designed specifically for server storage caching.

"Our customers want affordable SSD performance with HDD capacity," said Jiurong Cheng, a Founder and CEO of NVELO. "That's exactly what we are delivering with our Dataplex software, which we are rolling out this quarter to select PC OEMs and SSD vendors. Now with this additional funding, we can ramp our R&D effort to begin targeting servers and enterprise-class storage."

"The NVELO team has a strong track record of product innovation and overall business success," said Sanjay Srivastava, general partner at SKS Capital and senior vice president, research and development, SoC Realization Group at Cadence Design Systems, Inc. "NVELO is committed to providing the industry with much needed solutions that address the cost and performance of computing storage, and we believe that this new capital will enable NVELO to accelerate the development of new and disruptive products for both the client and server markets."

Cadence Design Systems, Inc. (NASDAQ: CDNS) also holds equity investment in NVELO.

"Cadence continues to invest in companies that bring differentiated, innovative solutions to fast growing markets," said Nimish Modi, senior vice president, research and development, System & Software Realization Group at Cadence. "We see NVELO as a key player in bringing SSD technology to mainstream computing through its caching software products and scaling the core technology to address enterprise storage."

The Dataplex consumer product won the "Visionary Products Award for Mobile Consumer Electronics Storage" at the 2011 Storage Visions Conference for addressing the need for SSD performance with HDD capacity in PC and Notebook computing. Compatible with any desktop or notebook computer, Dataplex uses a low-capacity SSD as cache for the traditional HDD found in consumer computing, delivering SSD performance with HDD capacity, at incremental cost over HDDs. Dataplex continuously monitors system data traffic and dynamically adapts to user behavior for optimal placement of data in either HDD storage or SSD cache.

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