Solon-based Folio Photonics, which is developing a new standard for optical solutions for data storage, has closed an $8 million seed funding round, which will be used to further drive partner engagements, beta customer acquisition, product development and general corporate growth.
The round was led by the early-stage, Cincinnati-based venture firm Refinery Ventures. Cleveland funders Pavey Investments and Capital One Partners also participated in the round.
Managing Partner of Refinery Ventures Tim Schigel and former Panasonic Corp. of North America CEO Joe Taylor have joined Folio Photonics' board.
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"We founded Folio Photonics to address a rapidly growing problem – archival data storage," Folio Photonics founder Kenneth D. Singer said in a statement.
Unlike existing archival storage solutions, Folio Photonics' terabyte-scale multilayer DataFilm Disc delivers an extremely long shelf-life, small environmental footprint and low total cost of ownership.
The product emerged from Singer and his collaborators' laboratories at Case Western Reserve University's National Science Foundation Center for Layered Polymeric Systems in Cleveland. The invention involves the design of a multilayer film capable of being written with existing Blu-Ray laser technology and produced in a highly scalable roll-to-roll process.
The initial disc offering will have a capacity near one terabyte per side with plans to deliver 10 terabytes per disc. Based on the long life, high capacity, and robust product road map, Folio Photonics anticipates driving the cost of archival data storage significantly below the competition.
