Spin Transfer Technologies (STT), a Fremont, California-based developer of Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology (OST-MRAM™), raised $70m in funding.
The round was led by Woodford Investment Management with participation from Invesco Asset Management and SandAire.
The company intends to use the funds to accelerate commercial development.
Led by Barry Hoberman, Chief Executive Officer, STT develops and commercializes patented Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology, OST-MRAM™, which aims to innovate in the field of spin-transfer-based MRAM devices, enabling faster switching times, lower power operation, lower manufactured device cost, and scalability to smaller lithographic dimensions. Application areas can potentially address large parts of the semiconductor market – in particular, the standalone memory markets and the embedded memory market in logic, microprocessors/microcontrollers and analog integrated circuits.
The technology was originally developed from research conducted in the laboratory of Professor Andrew Kent at New York University. The company was formed and capitalized by Boston-based Allied Minds (LSE: ALM) in 2007.