October 6, 2014 / 12:08 PM / in 4 years

Israel storage company Reduxio raises funds from Seagate, Intel

TEL AVIV (Reuters) - Israel’s Reduxio Systems, a developer of computer storage technology, raised $15 million in a funding round led by Seagate Technology Plc (STX.O), the company said on Monday.

Storage company Seagate was joined by existing investors - Israeli venture capital firms Jerusalem Venture Partners (JVP) and Carmel Ventures - as well as by Intel Capital, the VC arm of Intel Corp (INTC.O).

This comes just one year after Reduxio raised $12 million.

The company will use the funds to accelerate product development and support marketing.

“Seagate’s investment ... will help us to bring our products to customers earlier,” Reduxio Chief Executive Officer Mark Weiner said.

Reduxio’s product is expected to begin selling in the middle of 2015.

As enterprises transition from hard disk drive-based storage (HDD) to flash-memory solid state drives (SSD), Reduxio has developed a hybrid system that integrates the two technologies. Data is saved on the appropriate technology based on importance or availability.

This also reduces the costs as HDD is cheaper than flash memory SSD.

Reporting by Tova Cohen

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