Dennis Uy of Converge Joins Board of Directors of US Data Security Startup
MANILA, Philippines â Internet fiber mogul Dennis Anthony H. Uy of Pampanga has joined the board of directors of Axiado Corp., a Silicon Valley startup producing advanced security processors for use in data centers and mobile networks, after leading a $ 25 million (P.P. 1.2 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 such as Orbit Venture Partners, Chairman of Axiado and Founder of Infinera Dave Welch, Dick Kramlich, Chairman Emeritus of New Enterprise Associates and General Partner of Green Bay Ventures.
The Series B funding, also known as the second stage of venture capital funding, was oversubscribed following ârobust product development with strategic partners,â Axiado said in a statement.
Established in San Jose, California in 2017, Axiado develops hardware security solutions based on artificial intelligence.
Its revolutionary product, Trust Control / Compute unit or TCU, is a new class of secure processors capable of detecting and eliminating breaches using AI functionalities.
“This Series B funding reflects the support of our investors and customers, and it provides Axiado with the lead to bring the TCU â¢ to market to address the growing problem of ransomware and cyber attacks,” Welch said in a statement.
Uy said in the same statement that Axiado TCU can make Filipino data centers more secure “as we build gateways from the United States to interconnected Asia.”
Through Converge, Uy controls the country’s largest fiber-optic Internet service provider. Recently, Converge said it would meet its goal of covering 55% of households nationwide two years ahead of schedule, or by 2023, given its aggressive rollout plan.
Axiado CEO Gopi Sirineni noted that the Series B funding also marks the success of the company’s other partnerships with companies such as Cisco, Cloudfare and AMI.
âThese partnerships are crucial to help us refine the product and achieve dynamic product market adjustment to cloud markets first,â he said.
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