Original URL: http://www.theregister.co.uk/2010/04/19/fusion_io_c_round/

Fusion-io gets $45m in C-round

Whopping financial injection

By Chris Mellor

Posted in Storage, 19th April 2010 08:02 GMT

Rumour Central says Fusion-io just got a $45m-$47m injection of funds in a C-round of investment.

Fusion-io is the supplier of PCIe bus-connected ioDrive and ioDuo flash solid state drives (SSD) using both single and multi-level cell flash. It has recently promoted its co-founder and chief technology officer David Flynn to the CEO spot with previous CEO David Bradford becoming board chairman.

Fusion has an OEM deal with HP and has received funding from flash chip foundry operator Samsung. It has released impressive percentage sales growth figures - though not the actual numbers as it's privately owned and keeps such information quiet.

It was also involved in last week's launch of the NextIO vSTOR multi-terabyte flash product, which shares out its flash to PCIe-connected servers using NextIO's PCIe virtualisation technology.

A Fusion-io spokesperson said: "I can confirm that Fusion-io did close a $45m round of funding."

It was a Series C preferred stock financing, led by new investor Meritech Capital Partners. Other new investors included Accel Partners, Andreessen Horowitz - yes, Marc Andreessen's investing initiative - and Triangle Peak Partners, as well as returning investors, New Enterprise Associates, Venture Partners and others.

Fusion had a $19m A-round in March 2008. This was followed by a $47.5m B-round in May 2009, with the money intended for next-generation SSD technology development. Samsung invested an undisclosed amount in October 2009, with the money being used for SSD technology innovation. Now it has gained another $45m, taking total funding to at least $111.5m, plus the Samsung cash which could total something like $5m to $10m. Let's give Fusion a round figure of $120m funding.

The $45m increase in funds will enable Fusion to both build out its sales channel and further develop its product line. ®