Cloud computing technology developer Megh Computing has a base at Portland State's accelerator and has secured capital from three local investors.
Megh Computing, a US-based cloud computing technology developer based at Portland State University’s Business Accelerator, has obtained $1.5m in a round led by regional VC vehicle Portland Seed Fund.
Rogue Venture Partners and Oregon Venture Fund also took part together with unnamed angel investors. However, a regulatory filing dated July 17 suggests the round has raised $965,000 of a targeted $1.5m in the form of debt, options and securities.
Founded in 2017, Megh Computing develops technology to speed up real-time analytics on cloud computing services such as Microsoft Azure and Amazon Web Services.
The technology operates on field programmable gate arrays (FPGAs), a form of reconfigurable semiconductor that offers more capabilities and lower latency. FPGAs are considered a promising option for running deep computing technologies from the cloud more efficiently.
Megh Computing has allocated the funding to bolster its headcount in software and FPGA programming, as well as in product marketing and sales. In addition to a team of five working from the PSU accelerator, Megh Computing also has four employees in India.
Jim Hutson, co-managing director of Portland Seed Fund, said: “Megh has developed a set of libraries and application programming interfaces to make the ability to program the FPGA in the data centre easier and faster and allow people to come up with applications much faster without as much unique or special training.”
“The bet we see is the need for FPGAs in the data centre growing dramatically.”
