Virident Nabs $26M for Enterprise Server-Side SSDs

By Pedro Hernandez

Milpitas, Calif.-based Virident Systems today announced that it had completed a round of financing led by Mitsui Global Investments that totals $26 million. To date, the enterprise flash data storage firm has attracted $76 million in venture funding.

Existing investors, including Globespan Capital Partners, Sequoia Capital and Artiman Ventures, also turned out to back the Series D round. According to Virident, the influx of fresh capital will go toward new product and storage software development in addition to ramping up the firm's sales and marketing efforts.

Virident produces PCIe add-on cards for servers that accelerate application performance. The company's latest product, FlashMAX II, features a low-profile, space-saving design and targets virtualized environments with support for VMware ESXi and VDI platforms.

Pioneered by startups like Fusion-io, Virident operates in the white-hot server-side SSDs market. It's a market that in recent months has witnessed a flood of products from the likes of EMC, LSI, Intel and SanDisk.

In remarks to the press, Virident's new CEO, Mike Gustafson, says that the market will not only grow hotter, but eventually become a foundational enterprise storage technology. "The storage industry is experiencing a large disruptive market shift. Flash storage is in the infancy of its growth, and it's only a matter of time before it will be commonplace in the data center," he said.

"Virident is well positioned to take advantage of this opportunity with its world-class technology, solid backing by top investors and datacenter leaders, and our employee experience and commitment to win," he adds. Those supporters include Intel and Cisco. The company has also forged partnerships with SanDisk, NEC and Micron over the years.

Mike Gustafson is the former CEO of NAS specialist BlueArc, before Hitachi acquired the company last year. Kumar Ganapathy, former Virident CEO and co-founder, will stay with the company and collaborate on business strategy, new product development and strategic partnerships, says Virident.

Pedro Hernandez is a contributing editor at InternetNews.com, the news service of the IT Business Edge Network, the network for technology professionals. Follow him on Twitter @ecoINSITE.

This article was originally published on September 19, 2012