San Diego Business Journal

Astute Networks Inc., a San Diego developer of flash solutions for accelerating servers, desktop and cloud computing environments, said June 19 it raised $12 million in a Series B funding round.

The company said the funding was oversubscribed and led by Samsung Venture Investment Corp., the investment arm of South Korea’s Samsung Group. Current investors Tallwood Venture Capital and Narra Venture Capital also contributed to the round. New participants included Ayala Capital, ICCP Venture Partners, and TIFF (The Investment Fund of Foundations).

Astute said it plans to use the money to further expand global sales, marketing, channel development, support efforts, and ongoing development of its products.

Astute cited a report by tech research firm IDC that found the global market for solid state disc (SSD) technology — the market the company operates in — grew 105 percent to $5 billion between 2010 and last year.

“Led by storage network veteran Steve Topper, Astute Networks is well positioned to capitalize on the burgeoning SSD market,” the company said.