Megh Computing, Inc., a leader in providing a platform for accelerating Real Time Analytics using FPGAs (Field Programmable Gate Arrays)-as-a-Service from the edge to the cloud, today announced that it had secured $1.75M in Series Seed Round financing. The round was led by previous investors Rogue Venture Partners and Oregon Venture Fund. Also joining in this round are the Revolution’s Rise of the Rest Seed Fund and previous investor Portland Seed Fund and other local investors. Tom Sperry of Rogue Venture Partners and Drew Smith of the Oregon Venture Fund will be joining as board members.
Megh Computing will use the investment to build out its world class teams in Portland, OR and Bangalore, India. This will allow the company to accelerate its product execution schedule and support the proof-of-concept engagements with leading Retail and Finance customers followed by product release in 2019. This investment follows the previous Seed Round of $1.5M raised in July 2018.
Enterprises are increasingly using Real Time Analytics with Machine Learning and Deep Learning technologies with Spark and other frameworks to offer differentiated solutions by making better decisions quickly with data as it is moving. As these applications are demanding better scale-out performance, FPGAs are being proposed as the best hardware accelerator for these workloads. However, there are many challenges in developing FPGA accelerators and in using and managing them in the data center. Megh’s solution addresses these challenges and offers a platform with the leading FPGAs in collaboration with Cloud Service Providers (CSPs) and Original Equipment Manufacturers (OEMs). Megh will be targeting vertical solutions for Retail, Finance and Communications segments by implementing the complete analytics pipeline in the FPGA. Megh’s solution provides real time insights with new capabilities and delivers >5x performance at lower latencies resulting in a >2x decrease in total cost of ownership compared to software solutions runnng on CPUs only.
“Megh Computing is founded by a veteran team that pioneered the use of FPGAs in the data center at Intel and proved the value of reconfigurable accelerators to deliver better performance at lower latency,” said Prabhat K Gupta, CEO of Megh Computing. “This support from investors enables our strategy of building a set of libraries that abstracts the FPGA and integrates it into existing Big Data Analytics applications that need real time performance.”
Tom Sperry, Managing Director of Rogue Venture Partners, said, “We believe that the innovative solutions that Megh Computing plans to deliver will lead to the adoption of FPGA accelerators by Enterprises and its wide spread deployment in the data centers. Megh Computing is well positioned to be the leading provider of FPGA-accelerated solutions for data analytics.”
“We’re delighted to support Megh Computing’s technology to allow customers to harness the power of FPGAs transparently, without the need for specialized programmers,” said Drew Smith, entrepreneur in residence at the Oregon Venture Fund and its investor lead for Megh Computing. “This should allow customers to focus on the business aspects of their solutions while tapping the performance and cost benefits of FPGAs.”
About Rogue Venture Partners:
Founded in 2011, Rogue Venture Partners is an early stage venture capital fund based in Portland OR. Rogue is currently investing out of their 3rd fund.
For more information, please visit https://roguevp.com/
About Oregon Venture Fund:
Founded in 2007, the Oregon Venture Fund (formerly Oregon Angel Fund) is a community supported, professionally managed, collaborative venture capital fund backed by the leaders of Oregon’s business, technology, and entrepreneurial communities. Consistently one of the top performing venture funds in North America, OVF invests $10 million annually in the most promising startups and growth companies in Oregon and SW Washington. Over 2,900 jobs have been created by the 56 companies in the portfolio. OVF’s largest investors include the State of Oregon, Oregon Community Foundation, and Meyer Memorial Trust.
In 2018, the group launched Oregon Venture Fund XII, to accommodate additional institutional investors and family offices. The $30M+ fund has a 5-year investing period and invests alongside each annual Oregon Venture Fund in the same portfolio.
For more information please visit: www.OregonVentureFund.com
About Megh Computing:
Megh Computing, established in 2017, is based in Portland, OR with offices in Bangalore, India. Megh Computing’s mission is to enable the 3rd wave of computing in data centers with the deployment of scale out FPGA (Field Programmable Gate Arrays) based accelerators. The company’s solution provides a scalable, efficient platform for Real Time Analytics using FPGA-as-a-Service delivering high performance with low latencies for the edge, public or private cloud.
For more information, please visit https://www.megh.com