Steve Wozniak's flash vendor lands another $47 million in funding

By , Network World |  Hardware, flash storage, Steve Wozniak

Flash storage vendor Fusion-io http://www.fusionio.com/ has landed $45 million in third-round financing, bringing the company to well over $100 million in total funding.

Fusion-io, which builds PCIe cards that are loaded with flash memory to speed up I/O-intensive applications, has raised more than $90 million since joining forces with Apple co-founder Steve Wozniak.  

Five innovative flash-based products for enterprise storage

Wozniak became Fusion-io's chief scientist in February 2009, just two months before the company received $47.5 million in second-round funding from Lightspeed Venture Partners and other investors.

This week, Fusion-io said it has gained another $45 million in stock financing in a round led by new investor Meritech Capital Partners. With $19 million in venture capital Fusion-io already had as of March 2008, the company has raised at least $111 million from outside investors.

Flash memory is a hot part of the storage market, with EMC predicting that solid-state drives could eventually replace http://www.networkworld.com/news/2010/030310-emc-flash-fibre-channel.html ">Fibre Channel.

Violin Memory, another flash vendor, recently secured $20 million in investments from Toshiba and other companies.

Fusion-io said it will invest its new money into "scaling up infrastructure to support rapidly increasing sales" and to "support development of next generation technologies and products."

In addition to Meritech, investors include Accel Partners, Andreessen Horowitz and Triangle Peak Partners, as well as returning investors, New Enterprise Associates (NEA) and Lightspeed Venture Partners.

Fusion-io's products include the ioDrive, ioDrive Duo and ioXtreme, which are inserted directly into servers and workstations to speed up various types of applications.

Follow Jon Brodkin on Twitter: www.twitter.com/jbrodkin

Read more about data center in Network World's Data Center section.


Originally published on Network World |  Click here to read the original story.
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