MemVerge Raises $24.5M for Intel Optane-Based Infrastructure Software

MemVerge, a startup that’s building software to converge memory and storage, today announced it has raised $24.5 million in a Series A funding round and will launch a beta of its product in June. The startup’s first round of funding was led by Gaorong Capital, Jerusalem Venture Partners, LDV Partners, Lightspeed Venture Partners, and Northern Light Venture Capital. MemVerge CEO and co-founder Charles Fan, a former VMware and Dell EMC executive, said that the company will use the majority of the funding on product development and R&D. The remainder, he said, will be used to build a sales and marketing team starting in the second half of this year.