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Israeli Storage Startup Raises $10.5 Million
Mempile promises terabyte memory on removable discs.
November 16, 2005
1 Min Read
LONDON — Mempile Inc., a startup developing removable storage technology, said Wednesday (Nov. 16) that is has secured $10.5 million in Series C funding, bringing the total invested in the company to $27.6 million.
Mempile (Neve Ilan, Israel) was founded in 2000 by Ortal Alpert, who now serves the company as chief technology officer. It raised $5.5 million in an initial round on the promise of its terabyte memory on removable discs before completing a second round of investment totaling $11.6 million in March 2004.
The latest round of money would be used to broaden the company's R&D and marketing activities in the U.S. and Japan, the company said. The round was led by Jerusalem Venture Partners with existing investors Israel Seed Partners, Millennium and Alta Berkeley also participating.
Mempile also announced the appointment of Kanji Katsuura as chairman of the board. Katsuura formerly served as the CTO of Memory-Tech Corp., a major disc replicator in Japan and he was instrumental in the development of the HD DVD standard.
“Mempile's technology will make a significant impact on the entire storage industry,” said Inc. "
“This latest round of funding provides Mempile with financial stability to accelerate our R&D and marketing efforts and make the concept of consumer terabyte technology a reality,” said Avi Huppert, chief executive officer of Mempile, in a statement.
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