After closing one of the largest local funding rounds of 2012 in November, a local tech company has raised an additional $7.5 million, the company announced Tuesday.
© Supplied photo
Riccardo Badalone, Diablo Technologies founder and CEO.
Diablo Technologies, one of OBJ’s Startups to Watch in 2008, received an investment from U.S. Venture Partners as well as additional funding from existing investors, bringing the grand total of its most recent funding round to $36 million – up from the $28 million announced in November.
The additional funding will be used to support Diablo’s upcoming launch of its new technology platform, called Memory Channel Storage, which will use local memory and flash storage in tandem.
"As the Diablo team works aggressively to bring our innovative technology platform to market, it's great to have the additional vote of confidence from USVP that we are solving a very big problem and enabling the next big step of flash market deployment," stated Diablo founder and CEO Riccardo Badalone in a company release.
Alongside the funding disclosure, the local firm announced that USVP partner Chris Rust will join Diablo’s board of directors.
"I'm excited to have the opportunity to join in Diablo's funding round and am looking forward to working closely with Riccardo and the team as they expand their market scope and scale their business prospects to even greater heights,” Mr. Rust stated.
USVP joins previously announced investors Battery Ventures, Celtic House Venture Partners, BDC Venture Capital and Hasso Plattner Ventures.
Diablo’s’ headquarters are at 80 Aberdeen St. but are not affiliated with Invest Ottawa’s business accelerator. The company currently has 40 employees and plans to grow up to 60 in the coming year, according to Diablo’s media spokesperson Dan Miller in an earlier interview with OBJ.
Founded in 2003, Diablo delivers products to enhance the performance and capability of memory system designs.
The company previously received an investment from Celtic House in 2005 and funding from Montreal’s GTI Capital, as well as seed funding from the Business Development Bank of Canada.