Cornice Secures $51M in Additional Funding
The additional funding brings the total capital invested in the maker of the 1-inch Cornice Storage Element to $81 million.Cornice Inc., manufacturer of the 1-inch drive known as the Cornice Storage Element, announced that it has received an additional $51 million in funding. The additional funding brings the total capital invested in the company to $81 million. The companys new capital comes from Cornices existing investorsCIBC Capital Partners, Nokia Venture Partners and VantagePoint Venture Partnersas well as from new firms including BA Venture Partners and GIC Special Investments Pte. Ltd.
Cornices Storage Element has been part of the resurgence in small-form-factor rotating storage. Cornice is not the only company with a 1-inch drive. Hitachi Global Storage Technology Inc. manufactures the 1-inch Microdrive. And Toshiba Ltd. has announced plans to develop a 0.8-inch drive, with other manufacturers expected to follow suit.