# CNEX Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cnex-labs

- Industry: Hardware
- Headquarters: San Jose, US
- Website: www.cnexlabs.com
- Total disclosed funding: $85M
- Latest round: Series D (Oct 10, 2018)
- Investors on record: 11

## About

CNEX Labs, Inc. develops high-performance semiconductor storage solutions, focusing on advanced NVMe PCIe SSD controller ASICs that enhance data management and processing efficiency for enterprise applications.Founded in 2013, CNEX Labs, Inc. is located in San Jose, US. The company specializes in semiconductor storage solutions, particularly through its SSD controller technology. Alan Armstrong, Joe DeFranco, and Yiren Huang are the founders, with Alan Armstrong currently serving as CEO. CNEX has successfully raised a total of USD 14.72 mn across multiple funding rounds, with its most recent round being Series F on February 24, 2021. As of now, the company holds a valuation of USD 124.014 mn.CNEX Labs specializes in innovative semiconductor storage solutions, primarily through its advanced NVMe PCIe SSD controller ASICs. These controllers support LightNVM and Open-Channel operations, enabling high-performance data processing with low latency. CNEX’s products include host-based Flash Translation Layer flexibility and native NVMoE I/O connectivity, catering to diverse end-users, such as data center operators and storage vendors. The company’s offerings are available globally, including in North America, Europe, and Asia.CNEX Labs generates revenue through sales of its SSD controller ASICs and associated software solutions to enterprise clients in the data center and storage sectors. The primary transaction structure involves B2B sales, where customers, including leading data center operators and storage vendors, purchase CNEX products for system integration. Direct purchasing agreements are established to meet specific performance needs, supported by partnerships with NAND Flash manufacturers.Following the Series F funding round on February 24, 2021, where CNEX Labs raised USD 14.72 mn, the company plans to invest in the development of new products and enhancements to existing technologies. CNEX is targeting expansion into new geographic regions, with specific plans to enter additional markets in Europe and Asia by the end of 2023. The recent funding will be utilized to support research and development initiatives, aiming to broaden its product line and improve market penetration.

## Funding rounds

- Series D, Oct 10, 2018, $23M — Sierra Ventures, Walden VC, Brightstone Venture Capital, M12, Dell Technologies Capital
- Series D, May 15, 2018, $13M — Alumni Ventures Group, Dell Technologies Capital
- Series C, Feb 17, 2017, $13M — Sierra Ventures, Walden Catalyst, Dell EMC, Micron Technology, Inc., M12, UMC Capital
- Series B, Apr 16, 2015, $19M — Sierra Ventures, Walden Catalyst, LDV Management, Dell Technologies Capital
- Series A, Jun 9, 2014, $17M — Sierra Ventures, Dell Technologies Capital

## Investors

- Sierra Ventures (https://capitalatlas.ai/funds/sierra-ventures) — Series A, Series B, Series C, Series D
- Dell Technologies Capital (https://capitalatlas.ai/funds/dell-technologies-capital) — Series A, Series B, Series D
- Walden Catalyst (https://capitalatlas.ai/funds/walden-catalyst) — Series B, Series C
- LDV Management (https://capitalatlas.ai/funds/ldv-management) — Series B
- Dell EMC — Series C
- Micron Technology, Inc. — Series C
- M12 (https://capitalatlas.ai/funds/m12) — Series C, Series D
- UMC Capital (https://capitalatlas.ai/funds/umc-capital) — Series C
- Alumni Ventures Group (https://capitalatlas.ai/funds/alumni-ventures-group) — Series D
- Walden VC (https://capitalatlas.ai/funds/walden-vc) — Series D
- Brightstone Venture Capital (https://capitalatlas.ai/funds/brightstone-venture-capital) — Series D