Fungible, a startup focused on data-centric computing, said it has raised $200 million in a third round of funding led by the SoftBank Vision Fund. The round included participation from Norwest Venture Partners and existing investors.
Fungible has raised over $300 million in capital from top-tier venture capitalists and strategic investors, including Battery Ventures, Mayfield, Redline Capital, and Walden Riverwood Ventures.
The money will go toward accelerating the company’s product development and ramping up sales and marketing efforts. As part of the raise, SoftBank senior managing partner Deep Nishar will join Fungible’s board of directors.
“It is rare to find such an accomplished executive team squarely focused on addressing what is perhaps the most significant challenge in today’s datacenters,” said Nishar in a statement. “Fungible is fundamentally changing datacenters to empower them for rapidly expanding data demands.”
The company was founded by Silicon Valley veterans Pradeep Sindhu and Bertrand Serlet. Sindhu previously founded Juniper Networks, where he held roles as CEO and chief technology officer and is now chief scientist.
Prior to Fungible, Serlet founded a storage startup, and before that was senior vice president of software engineering at Apple.
“Our vision is to provide such dramatic improvements to the performance, reliability, and economics of datacenters that applications previously unimaginable become possible,” said Sindhu, who serves as CEO, in a statement. “Every significant advancement in technology is ultimately enabled by a step-function improvement in one of its fundamental building blocks. The Fungible Data Processing Unit (DPU) is a new essential building block that represents just such a step-function improvement.”
The DPU is an entirely new category of programmable processor, complementary to existing processor categories, that will enable an order of magnitude improvement in the execution of data-centric workloads, the company said.
The DPU can be deployed in datacenters at all scales and geographies, placing Fungible in a strong position to capture a significant portion of the $120 billion datacenter infrastructure market. Fungible has about 200 employees.