- Data-centric computing company Fungible announced a $200 million Series C round of funding
- SoftBank Vision Fund led this round of funding
Fungible, a data-centric computing company, announced it raised $200 million in Series C funding led by the SoftBank Vision Fund. Norwest Venture Partners and existing investors also joined this round.
Including this round, Fungible has raised more than $300 million. Some of the company’s existing investors include Battery Ventures, Mayfield Fund, Redline Capital, and Walden Riverwood Ventures.
This round of funding will be used for accelerating the company’s product development and to ramp up sales and marketing efforts.
“Our vision is to provide such dramatic improvements to the performance, reliability and economics of data centers that applications previously unimaginable become possible,” said Fungible co-founder and CEO Pradeep Sindhu. “Every significant advancement in technology is ultimately enabled by a step-function improvement in one of its fundamental building blocks; the Fungible Data Processing Unit (DPU) is a new essential building block that represents just such a step-function improvement.”
What is a DPU? It is a new category of programmable processor that is complementary to existing processor categories, which will enable an order of magnitude improvement in the execution of data-centric workloads. And DPUs can be deployed in data centers at all scales and geographies. This puts Fungible in a strong position as it would be able to capture a major portion of the data center infrastructure market, which has an opportunity of more than $120 billion.
Sindhu had previously founded Juniper Networks and served in the roles of CEO, CTO, and chief scientist (current role). And Fungible co-founder Bertrand Serlet previously launched a storage startup and also worked as an SVP of software engineering at Apple.
“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,” added SoftBank Investment Advisers senior managing partner Deep Nishar. “We look forward to partnering with the Company’s visionary and accomplished management team as they power the next generation of data centers.”
In conjunction with this funding round, Nishar is joining Fungible’s board of directors.
