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NGD Systems, Inc., the leader in computational storage, announced today the completion of Series B round of financing with $12.4M. The round was led by new investor Partech Ventures with participation from Orange Digital Ventures. Existing investors Alcor Micro and Benhamou Global Ventures (BGV) also participated in the round. In addition, the company has received a $4M credit facility from Silicon Valley Bank (SVB).

“NGD Systems is very pleased to announce the closing of our B-Series round,” said Nader Salessi, President and CEO of NGD Systems. “We see the strong participation of both our existing investors and our new lead investor as validation of both our technology, and explosive market opportunity.”

The proceeds will be used for strategic growth initiatives, including the acceleration of go-to-market activities, continued innovation of the company’s technology, and migration of its advanced 14nm SSD controller to mass production. The new round of financing brings NGD’s total capital investment to date to $26M.

“The new application architectures are increasingly requiring the capability to gather and process data at the edge of the cloud rather than send everything for central processing,” said Reza Malekzadeh, General Partner at Partech Ventures. “We believe the team at NGD Systems has the right expertise and experience to deliver this new generation of Intelligent Storage devices and their progress to date has been remarkable.”

“We are extremely pleased to see further validation of our initial investment thesis from a strong syndication led by Partech ventures,” said Amir Nayyerhabibi, Chairman of the Board of NGD Systems and partner at Benhamou Global Ventures. “We believe the new paradigm shift created by NGD Systems will impact a wide array of industry applications such as AI, cloud computing, and content delivery.”

“NGD Systems’ in-situ processing approach revolutionizes the deployment of applications that today require huge clusters of expensive multi-socket servers with large amounts of RAM. When combined with high capacity and low power consumption, the result is significant cost, footprint, and power savings,” said Mike Heumann, Managing Partner at G2M Research, a market research firm specializing in NVMe storage.

“We’re excited to expand our partnership with NGD Systems in support of their growth and expansion,” said Derek Hoyt, Managing Director at Silicon Valley Bank. “Our primary objective is to provide the right financing, connections and global services to help the NGD Systems team move their business forward quickly.”


About NGD Systems 

Founded in 2013 with HQ in Irvine, Calif., NGD Systems (formerly NxGnData) is a venture-funded company focused on creation of new category of storage devices that brings computation to data. NGD has designed its advanced proprietary controller technology which deploys patented Elastic FTL algorithm and Advanced LDPC Engines to provide industry leading capacity scalability. The controller also deploys the patented In-Situ Processing technology to enable Computational Storage capability. The company is led by an executive team that helped drive and shape the flash storage industry, with decades in leadership positions with storage companies such as Western Digital, STEC, and Memtech. Learn more about us and our products at http://www.ngdsystems.com.



About Partech Ventures 

Founded in 1982 in Silicon Valley, Partech Ventures is a global investment firm with a team spread across offices in Paris, Berlin, San Francisco and Dakar. Most Partners have been entrepreneurs themselves or have held management positions within tech companies. The partnership acts and invests as a single team, helping entrepreneurs build fast-growing tech and digital companies addressing large markets across multiple continents. Partech Ventures partners with entrepreneurs at the seed, venture and growth stages. Companies backed by Partech Ventures have completed 21 initial public offerings and more than 50 major M&A transactions with leading international companies. Since 2012, the team has built a pioneering business development platform fostering synergies and business relationships between entrepreneurs and strategic partners. Learn more about Partech Ventures at http://www.partechventures.com


About Benhamou Global Ventures 

BGV is an early-stage venture capital firm with deep Silicon Valley roots, with an exclusive focus on enterprise technology opportunities in global markets. BGV currently has 25 active companies in its portfolio. The BGV team of 8 investment professionals has successfully built and implemented a cross-border venture-investing model with companies from Israel, Europe and Asia. Eric Benhamou, former chairman and CEO of 3Com, Palm and co-founder of Bridge Communications, founded the firm in 2004. Comprised of an experienced partnership team of global operating executives and investors, BGV is often the first and most active institutional investor in a company and has a powerful network of technical advisors, executives and functional experts who actively engage with its portfolio companies. The company has offices in Palo Alto, California and Tel Aviv, Israel. For more information: visit http://www.benhamouglobalventures.com



About Orange Digital Ventures 

Orange Digital Ventures detects and supports early-stage start-ups. Endowed with a budget of 20 million euros for the first year, Orange Digital Ventures finances start-ups that are transforming the telecommunications and digital sectors with innovative solutions, disruptive technologies or through the invention of new business models in the form of minority shareholdings. Orange Digital Ventures supports start-ups focused on new connectivity services, corporate cloud and data services, payments and the internet of things. It supports start-ups worldwide. http://www.digitalventures.orange.com



About Silicon Valley Bank 

For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at http://www.svb.com

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Source: http://www.prweb.com/releases/2018/02/prweb15199320.htm

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PALO ALTO, Calif.–(BUSINESS WIRE)–IdentityMind Global™, the leader in Digital Identities You Can Trust, today announced that it has closed a $10 million Series C round of financing. In addition to all existing investors, the round was co-led by Benhamou Global Ventures and Eastern Link Capital and included Hanna Ventures, Overstock.com, and Zanadu Capital Partners.

 

IdentityMind provides a SaaS RegTech platform that builds, maintains and analyzes digital identities worldwide, allowing companies to perform identity proofing, risk-based authentication, regulatory identification, and to detect and prevent identity fraud.

According to Garrett Gafke, President and CEO, IdentityMind Global, the new funds will be used to drive expansion within international markets (Asia, Latin America and Europe), sales, marketing, and the company’s new business unit specifically dedicated to providing know your customer (KYC) and anti-money laundering (AML) solutions to address the regulatory and compliance requirements of the rapidly growing Initial Coin Offering (ICO) and cryptocurrency markets.

“We feel privileged to be working with an elite group of high quality investors who have a proven track record of success,” said Gafke. “The market demand for digital identity-based solutions in today’s global digital economy is booming. IdentityMind, the pioneer in digital identities, with hundreds of customers spanning six continents, is uniquely positioned to meet growing global market demand.”

Market research firm Frost & Sullivan estimates the global RegTech market could reach $6.45 billion by 2020. IdentityMind’s platform – uniquely built upon digital identities – provides AML, including KYC, transaction monitoring, sanctions screening and fraud prevention solutions. Further accelerating RegTech growth in financial services and virtually every industry in 2018 is the May 25, 2018 EU General Data Protection Regulation (GDPR) which dictates how companies address data privacy and protection in Europe. IdentityMind fully complies with GDPR and supports customers looking for a GDPR compliant RegTech solution.

Eastern Link Capital, a China focused private equity fund and new addition to the IdentityMind investment team, provides deep domain experience and knowledge of the Chinese and Asian markets. IdentityMInd recently opened an office in Beijing, China to capitalize on these opportunities.

“We’re excited to join the IdentityMind investment team and see the indispensable value they deliver to any company conducting digital business,” said Yudong Hou, Managing Partner, Eastern Link Capital. “The ongoing growth of synthetic or stolen identities requires digital identity-based solutions to prevent identity fraud and maintain the integrity of the global digital economy. IdentityMind has been identified as a ‘go to’ partner for those companies needing to implement an effective defense to identity thieves, online fraudsters, and money launderers worldwide.”

Demand for identity-based solutions is exploding given that global identity theft, associated with non-stop data breaches and the corresponding loss of personally identifiable information (PII), continues to grow. According to the 2017 Norton Cyber Security Insights Report, cyber-criminals were responsible for incurring $172 billion worth of damages to 978 million consumers in 20 countries in 2017.

“IdentityMind has been at the forefront of helping companies navigate the regulatory compliance waters of the fast-growing, multi-billion dollar cryptocurrency and ICO industry,” said Patrick Byrne, CEO, Overstock.com, and an investor in IdentityMind. “ICOs and cryptocurrencies are going mainstream and IdentityMind is one of the key players in helping ensure transparency, legitimacy, security and compliance which will only lead to faster and greater marketplace adoption.” In the last six months, IdentityMind has worked with over 40 ICO customers, evaluating more than 150,000 users around the world who contributed almost a billion dollars in digital currency.

“We’re excited to continue to invest in IdentityMind,” said Eric Buatois, Managing Partner, Benhamou Global Ventures. “Our investment confidence is based on IdentityMind’s continued dynamic growth, global expansion, penetration of new and exciting markets, and increasing customer demand for the company’s identity-based solutions.”

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Source: https://www.businesswire.com/news/home/20180214005264/en/Digital-Identity-Pioneer-IdentityMind-Global-Lands-10

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