East Ventures and Japan’s IDATEN Ventures have invested in the Series A funding round of Nyriad Limited, a New Zealand-based exascale computing firm that specialises in advanced data storage solutions.
In a statement, Nyriad said five venture capital firms participated in its Series A funding round that raised $8.5 million. Apart from East Ventures and IDATEN, the investors include Data Collective VC of Palo Alto, Prelude Ventures of San Francisco, and New Zealand Venture Investment Fund.
Two New Zealand angel groups – Ice Angels and Enterprise Angels – and several family desks have also joined to complete the round, bringing Nyriad’s total funds raised to date to over $11 million.
Nyriad specializes in the use of graphic processing units (GPUs) for converging computing to minimize data movement during processing of large data sets, improving power consumption, and accelerating performance for next-generation data centres and supercomputers.
“This Series A capital raise gives us the resources to achieve the next stage of our commercial objectives,” Matthew Simmons, CEO of Nyriad, said.
The company, founded in 2014, said it will use the latest capital to support the continuing expansion of the business in Cambridge, New Zealand, including further investment in expanding its engineering resources and release of its first product, NSULATE, to market in the first quarter of 2018.
NSULATE is a GPU-accelerated block device that manages the storage array in Linux. It replaces traditional, static RAID-based storage controllers that were optimized for the IT world 25 years ago, by enabling support for hundreds of HDD, SSD or NVM storage devices to be combined to provide highly resilient local or distributed storage.
Headquartered in Cambridge, New Zealand, Nyriad is officially the first commercial spin-out from the Square Kilometre Array, a multi-billion dollar radio telescope and the world’s largest computing project, being constructed by a consortium of 10 nations across Australia and South Africa.