SCIENCE

NVELO announced that it has closed $6.6 million dollars in Series A financing led by Silicon Valley-based venture fund SKS Capital. The capital will support the expansion of the Dataplex product line for consumer computing and the launch of a new Dataplex storage product designed specifically for server storage caching.

"Our customers want affordable SSD performance with HDD capacity," said Jiurong Cheng, a Founder and CEO of NVELO. "That's exactly what we are delivering with our Dataplex software, which we are rolling out this quarter to select PC OEMs and SSD vendors. Now with this additional funding, we can ramp our R&D effort to begin targeting servers and enterprise-class storage."

"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."