July 29, 2009
VC Firm, Braemar Energy Ventures Leads $24 Million Investment in Series B Funding for Convey Computer
Based in Richardson, Texas, Convey Computer announced that it has closed $24 million in Series B funding with Braemar Energy Ventures leading the round of funding. Other vc firms that participated in this round of funding include existing investors, Centerpoint Ventures, Intel Capital, Interwest Partners, Rho Ventures, and Xilinx.
As part of the agreement of this round of funding, Convey Computers also announced that two people will join the company’s board of directors, who are Dr. Jiong Ma, PhD of Breamer Energy Ventures and Joshua Ruch of Rho Ventures.
Convey Computer is a company that is disrupting the computer industry by building the first Hybrid-Core Computer, which is designed to break the barriers in power, performance, and programmability. Furthermore, Convey’s products also marry cost efficiency and a simple programming model that is of a commodity system that has the performance of a customized hardware architecture. Convey Computers is a unique company in that it brings to the market many years of experience and intellectual assets. Furthermore, Convey Computer has experienced executive and design teams who have built other known companies, such as Hewlett-Packard and Convex Computer Corporation.
According to the Chairman of Convey Computer’s board of directors, Philip Gianos, this large investment that Convey Computer has closed today is a great feat in these current difficult financial times. Mr. Gianos further stated that Convey Computer is one of the most interesting computer companies that have emerged over the past decade. Furthermore, the company’s ability to raise money speaks to the size of the market that is out there for this type of product that Convey Computer offers.
Another addition to the success that Convey Computer is experiencing can be attributed to the energy efficiency of its hybrid computers, which are able to conserve more energy that the conventional high-performance computer does. Furthermore, the computers created at Convey Computer are also much easier to program by reducing many programming challenges that exist with conventional computers and this further allows the user of Convey’s computers to easily adapt to current and new applications.
According to Dr. Jiong Ma, principal at Braemar Energy Ventures and new board member, having a data center can cost millions of dollars to run with energy and cooling costs counting for half of the costs in operating the system. Basically in operating a server that can handle today’s bandwidth requires a watt of energy for cooling for every watt of energy for system operation. What Convey Computer has done is in fact reducing energy costs by minimizing the number of server requirements in running its HC-1 computer. As a result of this, the typical Convey Computer customer anticipates to reduce operating costs up to 92% by using Convey’s HC-1 computers.
Braemar Ventures is a vc firm that mainly invests in entrepreneurs in the clean-tech industry. The vc firm has over 55 years of experience in both operating and financing power technology companies. Braemar Energy Ventures mainly makes early stage and growth stage companies which have market leading technologies. Some other companies in Braemar’s portfolio include EnerNoc, Solicore, PowerGenix, CoalTek, CirisEnergy, and others.
For more information about Convey Computer, click here.