Globes, March 3, 2004
Removable storage co Mempile raise $11.6m in second round
| Kodiak Venture Partners led the round.
|Mempile has raised $11.6 million in its second financing round. Boston-based Kodiak Venture Partners led the round, joined by Israel Seed Partners, Jerusalem Venture Partners, Hitachi, Portview Communications Partners, and Alta Berkeley Venture Partners. Existing investors, led by Millennium Material Technologies Fund (MMT) also participated.
Mempile CEO Moshe Kelner said, "The money added to the company's reserves is intended to consolidate our financial stability, and expand development and marketing in the US and Japan."
Mempile has developed a removable optical storage disk with one terabyte (1,000 gigabytes) capacity, two magnitudes greater than other optical disks. Mempile's technology is applied to both the disk and to the disk drives. Information can be securely burned onto Mempile's disks, which have a substantially longer lifespan that current disks. The company has signed a number of strategic cooperation agreements with leading information storage products companies to manufacture and market its products.
Ortal Alpert founded Mempile in 2000. The company raised $5.5 million in previous rounds from MMT and leading private Israeli investors. It has two development centers in Colorado, and Neve Ilan, Israel, and has 23 employees.
Published by Globes [online] - www.globes.co.il - on March 3, 2004