Ottawa’s Diablo Technologies has secured $19 million to close a Series C round of funding, led by new investor Israeli Cleantech Ventures (ICV), with an assist from Battery Ventures, BDC Capital, Celtic House, and Hasso Plattner Ventures.
Diablo will use the money to expand sales, increase application support as well as research and development.
“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 newly appointed Chairman and CEO Mark 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.”
Stibitz brings many years of experience with a variety of start-ups and private companies, including Anobit, Elliptic Technologies, PMC-Sierra, Agere Systems and Lucent/AT&T-Microelectronics.
Stibitz has served as an independent member of Diablo’s Board of Directors since February 2012.
Previous Diablo CEO and co-founder Riccardo Badalone will become Chief Product Officer.
Founded in 2003, Diablo opened its Ottawa office in 2004. In 2013, it introduced its memory channel storage approach to data access, and opened a Silicon Valley office in 2015.
Diablo’s main products, Memory1 and Memory Channel Storage, deliver flash as “system memory” without necessitating changes to server hardware, operating systems, or user applications by the IT department, resulting in greater memory capacity on fewer servers and lowering datacenter costs by up to 70%.
Memory1 was awarded Best of Show for “Most Innovative Flash Memory Technology” at the 2015 Flash Memory Summit, for the third consecutive year.
ICV was apparently put in touch with Diablo through contact with Massachusetts-based Battery Ventures.
“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.”
Hasso Plattner Ventures of course bears the name of Hasso Plattner, German co-founder of enterprise software giant SAP, and author of “The In-Memory Revolution”, indicating that the enterprise computing pioneer has more than a passive interest in the Big Data applications of Diablo’s technology.
Ottawa-based Celtic House was the first company to invest in Diablo back in 2005.