Startup City Magazine

Vrident Receives $40M from Seagate: VB

The leading provider of hardware and storage equipments, Seagate has contributed $40M to startup Vrident in funding. Vrident is a company that focuses on Flash Storage. This investment has fetched Seagate a seat in the Board. It will also lead to partnership between a younger and new company, reports Jolie O’ Dell of Venture Beat.

Both the companies will be collaborating with their respective services; as their ervices will be used by each other. Seagate will immediately start selling Flash Based technologies, leading to other partners utilizing Vrident’s service. On the other hand, Vrident will be using Seagate’s marketing and distribution channels.

“This partnership validates Virident’s vision of pervasive flash in the performance tier and accelerates our shared vision by bringing next-generation SCM solutions to the enterprise and web datacenters worldwide.” said Virident CEO Mike Gustafson, reports Jolie O’ Dell of Venture Beat.

Vrident, founded in 2006, is based in Milpitas, California. The four rounds of funding earlier, has fetched them a grand sum of $103.7 million. The previous investors include Sequoia Capital, Intel, and Cisco.

Earlier, Seagate acquired LaCie; a French storage based company and DensBits, an Israeli company that makes Memory Modem. The technology and technoques are mainly used to provide high performance and low cost Flash Systems.

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