Converge’s Dennis Uy joins board of US data security startup
MANILA, Philippines—Fiber internet tycoon Dennis Anthony H. Uy of Pampanga joined the board of Axiado Corp., a Silicon Valley startup producing cutting-edge security processors used in data centers and mobile networks, after leading a $25 million (P1.2 billion) investment round.
Uy is the co-founder and CEO of broadband giant Converge ICT Solutions Inc.
He was joined by new and existing investors like Orbit Venture Partners, Axiado chair and founder of Infinera Dave Welch, Dick Kramlich, chair emeritus of New Enterprise Associates and general partner of Green Bay Ventures.
The Series B funding, otherwise known as the second stage of venture capital financing, was oversubscribed following “robust product development with strategic partners”, Axiado said in a statement.
Established in San Jose, California in 2017, Axiado develops artificial intelligence-driven hardware security solutions.
Its breakthrough product, Trust Control/Compute unit or TCU, is a new category of secure processors capable of detecting and eliminating breaches using AI features.
“This Series B funding reflects the support from our investors and customers, and it provides Axiado with the runway to launch the TCU™ in the market to address the growing problem of ransomware and cyberattacks,” Welch said in a statement.
Uy said in the same statement that Axiado TCU can make Philippine data centers safer “as we build gateways from the United States to an interconnected Asia.”
Through Converge, Uy controls the country’s biggest pure fiber internet provider. Recently, Converge said it would achieve its target to cover 55 percent of nationwide households two years ahead of schedule, or by 2023, given its aggressive rollout plan.
Axiado’s CEO Gopi Sirineni noted the Series B funding marks also the success of the company’s other partnerships with companies such as Cisco, Cloudfare and AMI.
“These partnerships are crucial in helping us to refine the product and to achieve a dynamic product-market fit in the cloud-first markets,” he said.
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