SoftBank Vision Fund leads $200m round for Silicon Valley-based Fungible

Photograph: Bloomberg

Fungible, a US-based company focused on data-centric computing, has secured a $200 million Series C financing round led by the SoftBank Vision Fund.

The round was joined by Norwest Venture Partners and the company’s existing investors, it said in an official statement.

Founded by Silicon Valley veterans Pradeep Sindhu and Bertrand Serlet, Fungible works on the Data Processing Unit (DPU), a new category of programmable processor complementary to existing processor categories, that will enable an order of magnitude improvement in the execution of data-centric workloads.

The DPU can be deployed in data centres at all scales and geographies, placing Fungible in a strong position to capture a significant portion of the $120+ billion data centre infrastructure market, the company said.

To date, Fungible has raised over $300 million in capital from venture capitalists and strategic investors including Battery Ventures, Mayfield Fund, Redline Capital and Walden Riverwood Ventures.

“Our vision is to provide such dramatic improvements to the performance, reliability and economics of data centers that applications previously unimaginable become possible,” said Pradeep Sindhu, co-founder and CEO of Fungible.

The fresh capital, the company said, will be used to accelerate its product development and to ramp sales and marketing efforts.

Following the funding, SoftBank Investment Advisers senior managing partner Deep Nishar will join Fungible’s board of directors.

“As the global data explosion and AI revolution unfold, global computing, storage and networking infrastructure are undergoing a fundamental transformation. Fungible’s products enable data centers to leverage their existing hardware infrastructure and benefit from these new technology paradigms,” said Nishar, commenting on the investment in Fungible.

For SoftBank, which also makes investments in Asia, the deal is the second announced lead investment in a US-based company this month. The fund had earlier backed California-based Collective Health in a $205 million funding round.

SoftBank is reportedly looking to raise an additional $15 billion for the Vision Fund, which already has a corpus of $100 billion, largely backed by the sovereign fund of Saudi Arabia.

Since it was launched two years ago, the Vision Fund has so far invested around $70 billion in tech companies across the globe.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.