Mempile raised $11.6m in its second investment round.

March 4, 2004
 
Kodiak acted as the leader with Israel Seed, Hitachi CSK, Portview, Alta Berkeley, and JVP joining the investment round together with existing investors.

Mempile completed a second round of investment totaling $11.6m; Kodiak Ventures lead the investment and was joined by Israel Seed Partners, JVP, Hitachi CSK, Portview, and Alta Berkeley. Current investors, headed by Millennium Materials Technology Fund, also took part in the investment.

Moshe Kelner, CEO of Mempile, said at the closure of the round that "the additional funds will be used to provide the company with financial strength as well as to broaden our development and marketing activities in the United States and Japan."

Mempile developed a removable optical drive capable of storing one Terabyte (1,000 Gigabytes) of data on a single disc; two orders of magnitude more than what is available today. The company's technology comprises both the disc itself and the drive required to read and write. Mempile's discs will allow for fully secured storage of information and the application of robust digital rights management schemes; also, its discs have a much longer projected shelf-life than what is common today. Mempile has signed a number of cooperation agreements for the manufacturing and marketing of its products with major media and storage corporations.

Mempile was founded in 2000 by its current CTO, Ortal Alpert. The company raised $5.5m in its initial round from Millennium Materials Technology Fund and some of Israel's major private investors. The company operates two development centers: one in Neve Ilan, Israel, and the other in Colorado Springs, CO, in the United States. Mempile currently employs 23 workers.