NDRC, an early stage investor in technology firm NVMdurance, has welcomed the completion of a $2.5 million Series A round of funding by the Irish company in the United States. Spun out of NDRC in 2014, NVMdurance provides software that extends the endurance of flash memory (memory stored on chips without a power supply). The flash memory industry in the US is expected to be worth $49bn by 2019. In addition to NDRC, other investors in NVMdurance include New Venture Partners, ACT Venture Capital and Enterprise Ireland.
Pearse Coyle, CEO of NVMdurance said, “We have a group of highly supportive investors in place, with NDRC providing the original seed funding to what was the ADAPT project at the time. They gave us the investment, space and hands on support to develop and commercialise the technology at a crucial early stage. This latest funding will help us expand our sales and marketing efforts, as well as growing our engineering team.”
Ben Hurley, CEO of NDRC said, “NVMdurance are an exceptional Irish technology company with global ambition and intent. They demonstrate the clear need for investors such as ourselves to continue to fund the gap between sound science and technology concepts and ventures that are seed investment ready.”
NVMdurance provides software that is proven to make flash memory last longer by extending the intrinsic endurance of the NAND flash. NAND flash chips are used in many devices, including SSDs, laptops, tablets, mobile phones, GPS devices, USB drives and flash memory cards.
NDRC was recently ranked the no 2 university business accelerator in the world at the prestigious UBI Awards.