Avalanche Technology, Inc., a Fremont, CA-based developer of non-volatile STT-MRAM memory technology products, completed a $23m funding round.
Backers included Thomvest Ventures, Vulcan Capital, Rogers Venture Partners, and VTB Capital. The equity round was complemented by a debt facility with Horizon Technology Finance.
The company intends to use the funds to use the funds to transition from R&D to commercialization and production in 2016,
Led by Petro Estakhri, founder and CEO, Avalanche Technology is advancing patent-backed discrete and embedded non-volatile memory products based on STT-MRAM, Now available in discrete form for OEMs and as an embedded license for strategic customers and partners, the company’s STT-MRAM is being deployed as a replacement for DRAM and SRAM across many applications, including enterprise storage, consumer wearable devices, Internet of Things (IoT), computing/networking as well as automotive and other industries.