Spin Transfer Technologies, Inc. a Boston, UK-based developer of a MRAM universal computer memory technology, secured $36m in Series A funding.
The round was led by Boston-based parent company Allied Minds and Invesco Asset Management.
The company intends to use the funds to scale operations, purchase equipment and grow its team.
Led by General Manager Steven Cliadakis, Spin Transfer Technologies was established by Allied Minds and New York University to develop and commercialize its orthogonal spin transfer magnetoresistive random access memory technology, OST-MRAM.
The technology, discovered by Professor Andrew Kent, has implications for the development of spin transfer MRAM devices, including faster switching times, lower power operation and scalability to smaller dimensions.