LONDON – Arkologic Holdings Ltd., a startup developing solid-state data storage products based on flash memory ICs, has said it has raised $6 million in a Series A financing round led by private equity firm Landtek Corp.
The company claims that compared with conventional magnetic hard disk drive storage appliances, its own multi-level cell flash based devices offer superior performance and reliability at one tenth the power consumption and in less than one tenth the space.
Arkologic (Hong Kong, China) was founded in early 2010 and is unusual in that it has its headquarters in China and its engineering base in Silicon Valley, a reversal of frequently used business model.
Arkology said that first commercial shipments are expected 1Q12. Pricing is expected to be competitive with hard disk drive based appliances, and well below that of competitive solid-state storage appliances, the company said.
"We have a great team, game-changing technology, and a timely greentech product line," said Douglas Glen, chairman of Arkologic, in a statement.
"We have attracted a very savvy group of investors," said Roger Durn, CEO of Arkologic, in the same statement. "They appreciate that there is a sea change taking place not only in data storage, but in the IT domain as a whole."
Arkologic’s engineering team is led by CTO Keith Son, who has 20 years of storage industry experience at such companies as NetApp, nCube, Silicon Graphics, DataLane and PowerFile. "Arkologic has developed and patented a unique way of combining the cost-effectiveness of MLC flash with extremely high performance and superior reliability," said Son. "And because MLC flash is mass produced for mobile phones, music players, and tablet computers, we’re able to apply consumer electronics costing to products with high-end enterprise performance and specifications."
Arkologic's senior management and sales operations are based in Hong Kong's Science Park, with engineering operations in Silicon Valley. The company was incubated at M-Lab in Hong Kong, an innovation laboratory operated under the auspices of the Hong Kong Polytechnic University. Landtek Corp. (Taipei, Taiwan) is a private equity fund that makes early stage investments in innovative technology companies, with a particular focus on the IT sector.