Platypus attracts $13.1m in VC funding

Platypus attracts $13.1m in VC funding


Australian-born storage system developer Platypus Technology has secured $13.1 million in second-round funding from a group of venture capital firms.

The fund-raising, led by Australia's Technology Venture Partners (TVP) and US-based Ecentury Capital, included key investors such as Mitsubishi, JAFCO Asia and The Carlyle Group.

Platypus develops solid-state storage systems under the QikDATA brand, which are designed to free applications from the I/O bottlenecks caused by hard drives. The systems allow mission-critical files to run from silicon rather than from rotating platters - resulting in faster data-transaction rates, increased hardware reliability and lower power utilisation.

Solid-state storage is viewed by IDC storage guru Graham Penn as a burgeoning market. "The market growth potential for solid-state disk is increasing as the speed gap between microprocessors and rotating disk drives widens," he said.

Although established in Sydney, Platypus Technology is now headquartered in the US. The company maintains a research and development facility in Sydney, a sales office in the UK, and relationships with distributors and resellers around the globe.

"Our success in securing funding during the current economic climate is a strong validation of our market opportunity and technology," said Platypus co-founder Geoff O'Reilly.

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