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Corporate Venture

Investments

29

Portfolio Exits

10

About Western Digital Capital

Western Digital Capital is a strategic investment fund targeting innovative companies within the broader storage industry and related markets aligned to Western Digital's strategic plan. Western Digital Corp. (NASDAQ: WDC), Irvine, Calif., is a global provider of products and services that empower people to create, manage, experience and preserve digital content. Its companies design and manufacture storage devices, networking equipment and home entertainment products under the WD, HGST and G-Technology brands.

Headquarters Location

3355 Michelson Drive Suite 100

Irvine, California, 92612,

United States

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Fortune 500 Investor list

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Latest Western Digital Capital News

Niron Magnetics Receives Strategic Investment from Western Digital Capital

Feb 23, 2022

Investment to accelerate next-generation Clean Earth Magnet™ development for use in hard disk drives for enterprise cloud storage, data centers and more February 23, 2022 09:00 AM Eastern Standard Time MINNEAPOLIS--( BUSINESS WIRE )-- Niron Magnetics , the company developing the world’s first high-performance permanent magnets free of rare earths, today announced it has received an investment from Western Digital Capital , the investment arm of data storage solutions provider Western Digital. The new funding will enable Niron to build upon its innovative Clean Earth Magnet™ to deliver better performance at lower costs, while eliminating the need for rare earth materials. “As demand in the data storage market continues to grow, innovation is essential to find an alternative for the magnets used in the actuators of disk read- and-write heads and spindle drive motors while avoiding environmentally damaging rare earth mining and mitigating the risk of supply disruptions,” said Andy Blackburn, CEO of Niron Magnetics. “The new investment from Western Digital Capital demonstrates strong global interest in utilizing our unique Clean Earth Magnet technology to create a more sustainable future in data storage.” Niron’s Clean Earth Magnet technology, developed from a decade of research, leverages materials science innovations to eliminate the need for rare earth content in magnets and instead uses some of the most common elements on earth – iron and nitrogen. Clean Earth Magnets are less expensive, more sustainable, globally available, and are made from abundant input materials not subject to supply constraints or price instability. Niron’s production process is up to 95% less damaging across certain environmental impacts than alternatives, as its input materials require no toxic mining and refining. The second generation of Niron’s Clean Earth Magnet is expected to offer an industry leading magnetic field strength and address applications in various areas of data storage, including HDDs for enterprise cloud storage, data centers and more. “Western Digital is driving toward a more sustainable supply chain, and magnets play a critical role in that chain for HDDs,” said Dan Steere, Senior Vice President, Western Digital Capital. "While most of the materials used in our HDDs are plentiful and readily available, rare earth magnets are difficult to process and available only in limited geographies and quantities. Niron’s technology has the potential to help strengthen our supply chain and reduce the life cycle impacts of our products.” To learn more about Niron Magnetics and its Clean Earth Magnet technology, please visit https://nironmagnetics.com/ . About Niron Magnetics Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet™ technology based on Iron nitride enables magnets that possess inherently higher magnetization and can be produced at a lower cost compared to today’s rare-earth magnets and will enable a revolution in the design of new electric motors and generators. Niron participates in a U.S. Department of Energy funded project that aims to develop more cost effective and sustainable drivetrains for electric vehicles. For more information, please visit https://nironmagnetics.com/ . Contacts

Western Digital Capital Investments

29 Investments

Western Digital Capital has made 29 investments. Their latest investment was in SiFive as part of their Series F on March 3, 2022.

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Western Digital Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/16/2022

Series F

SiFive

$175M

No

21

2/23/2022

Series D - II

Niron Magnetics

Yes

1

5/20/2021

Series C - II

Wasabi

$25M

Yes

10

3/16/2021

Series A - V

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$99M

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10

2/24/2021

Series C

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$99M

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10

Date

3/16/2022

2/23/2022

5/20/2021

3/16/2021

2/24/2021

Round

Series F

Series D - II

Series C - II

Series A - V

Series C

Company

SiFive

Niron Magnetics

Wasabi

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Amount

$175M

$25M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

21

1

10

10

10

Western Digital Capital Portfolio Exits

10 Portfolio Exits

Western Digital Capital has 10 portfolio exits. Their latest portfolio exit was Excelero on March 07, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/7/2022

Acquired

$99M

7

9/10/2019

Acquired

$99M

4

7/9/2019

Acquired

$99M

11

2/14/2018

Acquired

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$99M

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10

1/3/2018

Acquired

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$99M

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10

Date

3/7/2022

9/10/2019

7/9/2019

2/14/2018

1/3/2018

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

7

4

11

10

10

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