NGD Systems Raises $20 Million in Series C Funding to Accelerate the Deployment of the World’s First NVMe Computational Storage Drive
The latest round includes new investments from MIG Capital and Western Digital Capital Global, Ltd, that enables artificial intelligence, machine learning and edge computing within computational storage
Irvine-based NGD Systems, the leader and pioneer in Computational Storage, today announced a $20 million Series C funding round to support and accelerate the production and deployment of the world’s first NVMe Computational Storage Drive that continues to enable artificial intelligence and machine learning within the device where the data resides. MIG Capital leads the latest round with participation from Western Digital Capital Global, Ltd, the strategic investment fund of Western Digital Corp. (NASDAQ: WDC), and existing investors, including Orange Digital Ventures, Partech, BGV and Plug-N-Play.
The infusion of capital allows NGD Systems to execute its go-to-market strategy, including supporting production as well as sales and marketing efforts. The investment is particularly significant for the company to meet the expanding needs of today’s modern data-intensive industries, especially those managing workloads related to mass data sets and localized analytics, including edge infrastructures. The company’s patented technology performs AI, ML and advanced analytics inside its storage device, eliminating data movement bottlenecks.
"As applications such as AI and ML continue to accelerate the proliferation of edge computing, new storage solutions are needed to address their evolving and dynamic workloads. Leveraging the power of NVMe, NGD Systems’ innovative Computational Storage Drives (CSDs) are purpose-built to support the volume, velocity and variety of data at the edge," said Dan Flynn, president of Western Digital Capital.
NGD’s approach to Computational Storage processes the data within the storage device where the data lives – rather than requiring data to travel back and forth to the CPU or GPU for processing – significantly decreasing latency and the amount of data moved.
NGD’s patented In-Situ processing technology unites localized compute and storage in the highest capacity (up to 32TB) and most power-efficient NVMe SSD available in the industry’s standard form factors, radically reducing network bandwidth requirements to analyze mass data sets.
NGD’s Computational Storage Drives enable further innovation within edge applications where the relationship between compute and storage is particularly critical where data analysis is required, captured and stored locally. Thanks to NGD, edge platforms will be able to run data analytics, including AI and ML, effectively and efficiently, ensuring only relevant and valuable data is required to be transported and managed at the host CPU, reducing the total time and power while increasing overall performance.
"Pioneering companies like NGD Systems are sending a clear message to the data storage industry – there is a better way to handle the petabytes of data that all organizations must contend with to process AI and ML workloads and that is Computational Storage," said Richard Merage, CEO of MIG Capital. "Two of the most powerful trends in the future are AI and the Cloud and we see NGD is aimed at the crosshairs of these growing markets."
Booking.com is one customer that has seen first-hand the benefits of NGD Systems’ NVMe Computational Storage Drives.
"Two of our key datacenter metrics are Watts/TB and write-latency. At only 12W of power for a 32TB NVMe SSD, we found the NGD Systems drives to be best in class with respect to this combination of characteristics," said Peter Buschman, Product Owner, Storage at Booking.com. "The latency, in particular, was consistently low for a device with such a small power draw. With power, not space, being our greatest constraint, and environmental impact a growing concern, this technology holds great promise for use in next-generation datacenter environments."
"We are excited to have strong partners with the vision to see the value of Computational Storage," said Nader Salessi, CEO and Founder of NGD Systems. "The continuous growth of massive data deployments, especially at the edge, requires low-power and large-capacity storage devices, coupled with the ability to drive more efficient in-place data analytics to take advantage of distributed and parallel processing like those used in Artificial Intelligence. NGD is solving issues that no other legacy storage architecture can address."
NGD also added a new member to its Board of Directors, Richard Merage, CEO of MIG Capital. Flynn will serve as a Board Observer. With this latest round, NGD has raised $45 million to date.
About NGD Systems
NGD Systems manufactures the world’s most advanced computational storage drives (CSDs) that allow customers to compute anywhere the data resides. The company provides the industry’s highest capacity NVMe CSDs that are the most power-efficient while delivering the smallest form factors. NGD System’s technology is ideal for edge computing networks, data-intensive AI/ML applications, stringent SLA environments, content delivery networks (CDNs) and hyperscale environments. Founded in 2013, with headquarters in Irvine, Calif., the company’s vision is to fundamentally change the IT Industry by bringing compute to data - with high capacity computational storage solutions that will scale to meet the quadrupling of data, and in form factors small enough to compute anywhere the data resides. For more information, please visit https://www.ngdsystems.com.
Scott Shadley, NGD Systems
Jordan Tewell, 10Fold Communications
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