Irish tech company, NVMdurance, has won a major global award for its technology that allows solid state disks, which are rapidly taking over from hard disks, to last 10 times longer.
A spin out from NDRC, the company also announced that US venture capital firm New Venture Partners is leading a €250,000 seed capital investment to grow the business. NDRC previously invested in the opportunity during its research phase and are also co-investing in this round.
Two weeks ago in Santa Clara, California at Flash Memory Summit, the annual get-together for the solid-state-storage industry, NVMdurance for the first time demonstrated actual results from its software and as a result won the Most Innovative Technology award.
Speaking after receiving the award and announcing the quarter of a million euro investment, Pearse Coyle, CEO of NVMdurance, said: "This award and the backing of a major venture firm are milestones for NVMdurance and will aid us as we grow our business and act as supplier to the storage firms we are targeting and with whom we are currently running technical trials.
"The company is now embarking on a series of customer trials with a view to our software being used on solid state disks from one or more of the major manufacturers in mid-2014. As part of our growth plans we are commencing the raising of a larger round of funding to support the commercial roll-out of the technology."
Congratulating Pearse and NVMdurance, NDRC CEO Ben Hurley said: "Enabling early stage ventures to validate their products and build better businesses is the essence of NDRC. We create jobs and market value through our portfolio successes like NVMdurance, and I am delighted that we have enabled NVMdurance to secure international investment to further develop its business."
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