Everspin Technologies, Inc., a Chandler, AZ-based developer and manufacturer of discrete and embedded MRAM, closed a $29m Series B round of venture capital and strategic investment.
Backers included new strategic investors Globalfoundries and Western Digital Capital, and current investors New Venture Partners, Lux Capital, Sigma Partners, Epic Ventures, and Draper Fisher Jurvetson. The close of the round followed a partnership between Everspin and Globalfoundries for the supply of fully-processed 300mm Spin Torque MRAM wafers at the 40nm and 28nm technology nodes.
The company intends to use the funds to invest in advanced technology, higher densities, volume scalability, and the ecosystem to further enable ST-MRAM adoption.
Led by Phill LoPresti, President and CEO, Everspin Technologies designs, manufactures, and commercially ships discrete and embedded Magnetoresistive RAM (MRAM) and Spin-Torque MRAM (ST-MRAM) into markets and applications where data persistence and integrity, low latency, and security are paramount. The company has over 40 Million MRAM and ST-MRAM products deployed in data center, cloud storage, energy, industrial, automotive, and transportation markets.