SiliconSystems Completes Series B Funding

SiliconSystems, Inc., the world leader in industrial-grade solid-state storage solutions engineered exclusively for the enterprise system OEM market, announced a few weeks ago, the completion of its oversubscribed Series B funding round. The Series B raise consisted of new investors Rustic Canyon Partners and Shepherd Ventures joined by Series A Investor Miramar Venture Partners (Shepherd Ventures led this new financing round).

“SiliconSystems is clearly emerging as the industry leader in the rapidly growing market for solid-state storage technology used by enterprise system OEMs,” commented George Kenney, managing partner, Shepherd Ventures. “The company has made phenomenal progress since its founding in 2002. Revenues continue to exceed projections and customer response to its patented and patent-pending SiliconDrive technology has been overwhelming. My firm is highly enthusiastic about its involvement with SiliconSystems as it moves forward to become the dominant supplier in this market.”

“Based on a single round of financing, SiliconSystems was able to deliver its first generation of products and capture significant business from the major incumbents in its space,” said John Babcock, partner, Rustic Canyon Partners. “The company’s impressive performance to date is a testimony to its resourcefulness and focus. SiliconSystems’ customers demand high performance, high reliability products with responsive support, which are the fundamental tenets driving this company. We are extremely pleased to add this team to our portfolio and we look forward to supporting their continuing success.”

Michael Hajeck, CEO of SiliconSystems stated that the Series B round of financing validated the company’s exceptional progress since its founding. “We are very proud to have Rustic Canyon Partners and Shepherd Ventures participate in our Series B round, as well as to have Miramar Venture Partners return as a Series B investor,” said Mr. Hajeck. “Our second round of financing was oversubscribed and we were able to secure more funding than planned due to the strong interest in our company by the venture capital community. Our investors recognize that we have an outstanding team, leading technology, and a unique business opportunity. With the addition of our new investment partners, we can now accelerate our growth at an even more aggressive rate.”

Mr. Hajeck stated that the Series B funding would be used to pursue key research and development initiatives as well as expand global sales and marketing programs.