FREMONT, Calif.--(BUSINESS WIRE)--Spin Memory, Inc., the leading MRAM developer formerly known as Spin Transfer Technologies, Inc., today announced its $52 million Series B funding round.
This funding round was led by Applied Ventures LLC, the venture capital arm of Applied Materials, Inc. (Applied), and Arm. The round is comprised of $29.0 million raised or otherwise committed from these new investors, as well as existing investors, and $23.0 million from the exercise of convertible securities subscribed for in an earlier bridge round by Allied Minds, Woodford Investment Management and Invesco Asset Management.
Along with the funding, Spin Memory announced a commercial agreement with Applied to create a comprehensive embedded MRAM solution — and a commercial agreement with Arm for the licensing of Spin Memory’s Endurance Engine design IP to address static random-access memory (SRAM) application in SoCs.
The funding and commercial agreements represent a new model of collaboration that Spin Memory is driving to establish MRAM as a mainstream alternative to embedded SRAM and a range of other non-volatile memories.
“These new agreements with Applied and Arm provide Spin Memory the opportunity for strong ecosystem collaboration,” said John Kispert, chairman of the board of directors at Spin Memory. “Spin Memory is driving a unique industry approach to bringing breakthrough memory technology IPs into the mainstream. We are proud to be engaging with industry leaders in our mission to enable new and exciting embedded memory applications.”
Previously known as Spin Transfer Technologies, the company has rebranded itself as Spin Memory to differentiate itself from its former business goals and objectives. “Our company has completely transformed over recent years — moving from delivering industry-changing technologies to offering a full suite of MRAM solutions,” said Tom Sparkman, CEO at Spin Memory. “The rebranding reflects this shift in intent, as we transform the industry with a new MRAM IP ecosystem, overcoming the limitations of today’s embedded memories.”
About Spin Memory
Spin Memory, Inc. (formerly Spin Transfer Technologies, Inc.) is the pre-eminent MRAM IP supplier. Through collaboration with industry leaders, Spin Memory is transforming the semiconductor industry by solving memory challenges vital for AI, ADAS, 5G, IoT and more. Spin Memory’s disruptive STT-MRAM technologies and products provide SRAM-like speed and endurance that can replace SRAM and ultimately DRAM in both embedded and stand-alone applications. For more information, please visit www.spinmemory.com.