Spin Memory, Inc., a Fremont, CA-based MRAM developer formerly known as Spin Transfer Technologies, Inc., closed $52m in Series B funding.
The round was led by Applied Ventures, the venture capital arm of Applied Materials, Inc. (Applied), and Arm.
The round is comprised of:
– $29.0m raised or otherwise committed from these new investors, as well as existing investors, and
– $23.0m from the exercise of convertible securities subscribed for in an earlier bridge round by Allied Minds, Woodford Investment Management and Invesco Asset Management.
Led by Tom Sparkman, CEO, Spin Memory is an MRAM IP supplier for AI, ADAS, 5G, IoT.
Along with the funding, the company announced a commercial agreement with Applied to create a comprehensive embedded MRAM solution — and a commercial agreement with Arm for the licensing of its Endurance Engine design IP to address static random-access memory (SRAM) application in SoCs.