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Venture-backed Virident bought by Western Digital in $645m deal

10 Sep 2013

ViridentVenture capital-backed computer storage company Virident Systems has been bought by Western Digital in a deal which values the business at $645m.

Sequoia Capital, Globespan Capital Partners and Artiman Ventures are all backers of the flash storage business, which was also financed by corporate giants Intel, Cisco and Seagate.

The purchase through Western Digital’s HGST subsidiary extends its presence in enterprise solid state devices, which IDC predicts will grow from $2.5bn in revenue in 2012 to $7bn in revenue by 2017.

Strategic player Western Digital is also an investor in venture-backed electronic storage business Tegile Systems after taking part in a $35m Series C financing round last month.

Meritech Capital Partners joined existing Tegile Systems stakeholder August Capital to back the financing.

The company says that unlike other businesses in the solid state device and hybrid storage space it had generated more revenue than it has taken from outside financing, rather than relying on exterior investment for working capital.

Strategic player SanDisk also invested in the business through the latest round. California-based August was the sole venture capital firm to take part in Tegile’s Series A and B rounds.

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