Kiwi company receives over US$8.5 million in financing round
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Exascale computing company, Nyriad, announced that it has completed its Series A investment round, bringing it to a total of over US$11 million raised to date.
The funds will be used to support the continuing expansion of the business in Cambridge, New Zealand, including further investment in expanding its engineering resources and release of its first product to market in Q1'18.
Founded in 2014, Nyriad specialises in the use of GPUs for converging computing and IO to minimize data movement during processing of large data sets, significantly improving power consumption and accelerating performance for next-generation data centres and supercomputers.
It announced its first product, NSULATE, at SC17 in Denver, Colorado.
Nyriad was pleased with the reception it received from the international and New Zealand investment communities.
Five VCs participated, Data Collective VC of Palo Alto, Prelude Ventures of San Francisco, East Ventures and IDATEN Ventures of Japan, and New Zealand Venture Investment Fund (NZVIF).
Two New Zealand angel groups, Ice Angels and Enterprise Angels, plus several family desks participated to complete the round.
Data Collective spokesperson James Hardiman says, “It is obvious that GPUs are playing a major role in the next generation of computing. Nyriad has expanded that to include storage and is now at the forefront of both of these applications."
Born out of its consulting work on the Square Kilometre Array project, Nyriad rethought the relationship between storage, processing and bandwidth to achieve a breakthrough in system stability and performance capable of processing and storing over 160Tb/s of radio antennae data in real-time, within a power budget impossible with any modern IT solutions.
NZVIF CEO Richard Dellabarca says, “This is another example of a New Zealand company developing exceptional technology for a global market and in an area exhibiting vast scale and rapid growth.
“Although it is a young company, Nyriad is already involved in major global projects and is gaining traction with large international customers.”
“We are pleased that NZVIF and other investors have been able to support the company with capital investment at this stage. We look forward to supporting Nyriad's growth journey in the coming year.”
The software will be commercially available in the first quarter of 2018.
Nyriad CEO Matthew Simmons says, “I am thrilled by the support we have had from both the local and international investment communities.
“Nyriad has a unique business proposition powered by a bold vision.”
“This Series A capital raise gives us the resources to achieve the next stage of our commercial objectives, so I personally thank all who made this funding round a success."