The company, founded as Spin Transfer Technologies in 2007, has extended its Series B by $8.3 million, according to reports. Other investors who extended the company’s Series B were Abies Ventures (Abies), as well as the company’s founding investor, Allied Minds. The company announced it had raised $52 million in its original Series B back in November 2018 (see ARM, Applied, seek to replace SRAM with MRAM).
“The additional investment validates the work we’re doing here at Spin Memory and demonstrates the value of our unique MRAM IP offerings – especially during such challenging times,” said Tom Sparkman, CEO of Spin Memory, in a statement.
Spin Memory is striving to bring MRAM performance closer to that of SRAM. Once there, the non-volatility of MRAM could allow major changes in processing archiectures (see MRAM revolution could trigger new ARM architecture).
Spin Memory has a commercial agreement with Applied materials and a licensing agreement with ARM. ARM is using that license to develop embedded MRAM design IP.
“The rapid expansion of the Internet of Things and edge computing is fueling the need for new types of fast, low-power memory,” said Om Nalamasu, Applied Materials CTO, in the same statement.
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