Vallalla Partners and Novak Biddle Venture Partners Fund Undisclosed Amount in SolidFire

Based in Atlanta, Georgia, cloud computing company, SolidFire announced on July 28, 2010 that it has secured an undisclosed funding amount from two influential investors in the cloud computing industry. The two investors who led this funding round are Valhalla Partners and Novak Biddle Venture Partners. This funding round is the first institutional funding round for the startup.

The product that SolidFire provides is a cloud block-based storage system that allows its customers to store data from a remote server that can be accessed from any computer over the internet. The primary design of SolidFire’s technology is to improve the quality and function of solid state storage, or SSD and to increase storage per storage dollar spent.

As part of the agreement for this funding round, Valhalla’s General Partner, Charles Curran and Novak Biddle’s General Partner, Phil Bronner will both join the company’s board of directors. Furthermore, an entrepreneur from Atlanta and former Turner Broadcasting executive, Dave Wright will join the company’s board of advisors.

Dave Wright is also the CEO of SolidFire and he stated that both Valhalla Partnhers and Novak Biddle Venture Partners bring an amazing level of expertise in the cloud computing industry to the company. Before coming to SolidFire, Mr. Wright was also the cofounder and CEO of Jungle Disk, which is the first cloud storage and backup system to be used on a commercial scale. The service that Jungle Disk has built was based on the Amazon S3 cloud computing platform. Jungle Disk was later acquired by Rackspace Hosting in 2008.

Novak Biddle Venture Partners is one of the most influential venture capital firms that invests in the tech industry and specializes in the new cloud computing sector. The firm primarily invests in early stage tech companies which are located in the Eastern United States and has over $580 million under its management. Some other technological developments that Novak Biddle has had influence in include biometric and RFID technology. Some other companies in Novak Biddle’s portfolio include WealthEngine, The Auburn School, LogicLibrary, FireZone Networks, Luna Technology, and others.

Valhalla Partners is also another powerful venture capital firm with much influence in the tech industry. Valhalla’s sole mission is to help promising tech entrepreneurs form their ideas into world-class companies. The firm has over $1 billion in assets under its management and is based in Vienna, Virginia. Some other companies in Valhalla’s portfolio include Active Storage, Advertising.com, B2E Markets, Blue Stripe Software, CareerBuilder.com, GeoMagic, GetwellNetwork, and others.