Strategic investors Globalfoundries Inc. and Western Digital Capital have joined forces with venture capital firms to raise $29 million for a Series B round of financing for Everspin Technologies Inc., a developer of magnetic RAMs.
The fact that Globalfoundries had invested in Everspin (Chandler, Ariz.), but not the amount, was disclosed in December 2014, along with the fact that the foundry would be making magnetic tunnel junction (MTJ) Spin-Torque Magnetoresistive Random-Access Memory (ST-MRAM) technology on 300mm diameter wafers and 40nm CMOS with a view to progressing to 28nm CMOS. Everspin has now announced that Globalfoundries and Western Digital have joined existing investors New Venture Partners, Lux Capital, Sigma Partners, Epic Ventures, and Draper Fisher Jurvetson in Everspin’s Series B Round.
The company did not state exactly what the money would be used for but spoke of investing in product development, scaling of production and ecosystem building.
Western Digital Capital is the investment arm of Western Digital Corp., one of the world's largest hard disk drive manufacturers. As a potential data storage customer the investment marks an endorsement of spin-torque MRAM as a non-volatile memory for solid-state drive applications.
"Everspin is investing heavily in advanced technology, higher densities, volume scalability, and a pervasive ecosystem to further enable ST-MRAM adoption and continue our history of rapid revenue growth," said Phill LoPresti, CEO of Everspin Technologies, in a statement. "With a leading worldwide foundry and storage customer participating in Everspin’s Series B investment round, the entire industry spectrum is acknowledging ST-MRAM as the leading contender to drive beyond the limits of current mainstream memory."
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