NVELO Secures $6.6 Million in Series A Funding
Summary
"Our customers want affordable SSD performance with HDD capacity," said Jiurong Cheng, a Founder and CEO of NVELO. "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." Dataplex uses advanced adaptive caching algorithms to intelligently monitor and manage user data to deliver SSD level performance across the entire capacity of the HDD. The client or consumer version of Dataplex is schedule for release in 3Q2011; the related products for server and enterprise are in development. Formed as a spin-off company during the acquisition of Denali Software by Cadence Design Systems, NVELO employs world-class engineering and management teams for R&D on its flagship product "Dataplex", which is now in the process of being introduced to the market through Computer OEMs, HDD and SSD vendors.
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