The Venture Codex

Participated · Equity · Sep 2023

Upmem is a fabless semiconductor company specializing in processing-in-memory (PIM) solutions. Its processor architecture places programmable coprocessors directly into memory, enabling data-intensive operations to be computed in place. That design makes it possible to modify large data analytics and AI applications to run on the coprocessors using programming languages. The company was founded by Fabrice Devaux and Gilles Hamou and is based in Grenoble, France. Upmem recently raised €7M — a mix of equity and an EIC grant — to support growth. The company intends to use the funds to expand operations and further development efforts.

Participated · Series A · May 2023

Ethernovia is a San Jose–based semiconductor company creating a new class of automotive and edge packet processors designed to aggregate, route and manage high-bandwidth sensor, vision and AI data with deterministic latency and leading power efficiency. Its unified, Ethernet-centric architecture enables zonal and centralized systems that simplify vehicle and robot design while supporting advanced driver assistance, autonomous driving and other real-time, safety-critical applications. The processors provide a flexible, programmable data fabric that can evolve through over-the-air updates, allowing OEMs to deploy software-defined platforms that grow in capability over time. Ethernovia positions its technology as the “nervous system” for physical AI, addressing networking bottlenecks that legacy in-vehicle and industrial networks cannot handle. The firm plans to use new capital to accelerate development and production of its next-generation packet processor family, broaden software and system capabilities, and deepen customer engagements across automotive, robotics and industrial markets. Specific financial or user metrics were not disclosed in the article.

Participated · Series C · May 2021

Wasabi Technologies has built a high-growth business offering Hot Cloud Storage that emphasizes predictable pricing by eliminating egress and API request fees. The company serves customers in over 100 countries and operates 16 global storage regions. Wasabi recently acquired Lyve Cloud from Seagate Technology and introduced Wasabi Fire, an NVMe-based storage class designed for compute-intensive AI and ML training. The business has raised over $700 million in total funding and was valued at $1.8 billion following a $70 million equity round led by L2 Point Management with participation from Everpure. Wasabi says it will continue investing in its platform, infrastructure, and global expansion to meet rising demand for scalable, secure data storage.

Participated · Series B · Mar 2021

Iridia, headquartered in Carlsbad, CA, is developing integrated DNA-based data storage that combines proprietary enzymology and semiconductor technology to write, store, and read information in synthetic DNA. Its core approach uses enzyme-based chemistry and programmable semiconductor systems to add DNA-based bits, aiming for orders-of-magnitude higher density and durability than conventional archival technologies. The company positions its solution as more energy-efficient, cost-competitive, and secure, with a much smaller physical and carbon footprint than current data-center storage. Iridia is working toward commercially viable, decodable DNA storage by developing working prototypes that can manipulate single DNA molecules and read them back using the same device. Current plans funded by new financing include further validation of the technology, prototype development, and doubling headcount and physical footprint to accelerate growth. Iridia develops an integrated DNA-based memory chip that combines semiconductor technology with proprietary enzyme-based chemistry to write, store, and read digital data using synthetic DNA as the storage medium. The company’s chip-level approach aims to increase data density and durability while dramatically reducing the physical and carbon footprints of commercial data centers. Iridia says its technology can encode and read DNA on-chip, eliminating the need for complex storage infrastructure and laboratory sequencing. Management projects a dramatic cost reduction in encoding and retrieving 1 TB of DNA-stored data from more than $1 million today to less than $1. The recent financing is intended to accelerate development of the world’s first commercially viable DNA memory chips and to demonstrate scalability. Iridia is headquartered in Carlsbad, California.

Participated · Series E · Aug 2020

SiFive develops CPUs based on the open-source RISC-V instruction set aimed at large data center operators and hyperscalers. The company plans to offer rapidly customizable CPU solutions intended as alternatives to prevalent Nvidia AI accelerators and Arm-based server chips. SiFive intends to expand its software ecosystem to support its hardware offerings. In the funding announcement, SiFive said it will use newly raised capital to accelerate product and software development for AI data centers. The competitive landscape cited research estimating roughly 135 companies are developing or planning AI processors, with only about 25 expected to survive by 2030. SiFive's recent $400 million funding round values the company at $3.65 billion, reflecting its current financial backing.