The Ottawa based manufacturer of memory system interface technology has raised Can$7.5 million in new financing. All in all, it has been able to raise venture capital investments to Can$36 million. The funds were provided by US Venture Partners.
Part of the deal would be appointing USVP partner Chris Rust to the board of directors at Diablo Technologies. Other funds came in from Battery Ventures, BDC Venture Capital, Hasso Plattner Ventures and Celtic House Venture Partners. The funding would be used to further develop and launch its Memory Channel Storage technology platform. This technology allows the company to market and distribute its technology to a greater market spectrum. The improvements include developments in transaction processing and data analysis within compute-servers, data centers and cloud computing services.
According to Riccardo Badalone, founder and CEO of Diablo Technologies, " As the Diablo team works aggressively to bring our innovative technology platform to market, it's great to have the additional vote of confidence from USVP that we are solving a very big problem and enabling the next big step of flash market deployment."
Join the Conversation