David Combs, who has an extensive background in information technology and storage networks, is the new president and chief executive officer at iVivity.
And he will have funds to work with – $13 million, in fact.
iVivity, which is developing key internal processing chips for storage area networks (SNAs), disclosed Combs’ appointment and the closing on a $13 million round of financing led by existing investors. The company has raised $25 million.
The deal is the third largest closed in Georgia this year, according to Local Tech Wire figures. The only larger ones were Prenova ($15.5 million) and STI Knowledge ($14 million).
Coombs previously was president and CEO of Ricoh Silicon Valley. He also had executive positions with Hitachi Data Systems and Digital Equipment. Coombs served in both operations and sales roles.
Investors include: LSI Logic, HIG Capital, Commonwealth Capital Ventures, Kinetic Ventures, Cordova Ventures, and Bergman & Associates.
iVivity, which is based in Norcross, GA, was launched in 2000 by Sukha Ghosh, Sanjay Sehgal, and Zulfiqar Qazilbash. Sehgal is the chief operating officer. Qazilbash serves as chief science officer.
The Technology Association of Georgia selected IVivity as its “best emerging technology company” in 2001.
“Storage networking has emerged as a key growth technology in the network computing environment,” Coombs said in a statement. “iVivity has a world-class team and ground breaking products in customer trials, and I am excited by the opportunity to help the company capitalize on its incredible potential.”
Sehgal added that the funding would help the company pursue further research and development of storage processor chips.
iVivity wants to sell its chips to original equipment manufacturers for storage area networks. Qazilbash said its products “will significantly reduce system design complexity and time to market for next generation storage infrastructure products.”
In a statement released by iVivity, the president of Strategic Research Corporation said continuing improvements in SNAs “call for a new class” or processors such as ones built by iVivity.