MRAM developer company Spin Memory (formerly known as Spin Transfer Technologies) has announced that it has raised $52 million in Series B funding. This round of funding was led by Arm and Applied Ventures LLC, which is the venture capital arm of Applied Materials.
“Our company has completely transformed over recent years — moving from delivering industry-changing technologies to offering a full suite of MRAM solutions,” said Spin Memory CEO Tom Sparkman. “The rebranding reflects this shift in intent, as we transform the industry with a new MRAM IP ecosystem, overcoming the limitations of today’s embedded memories.”
Of the $52 million round, $29 million was raised or committed from the new and existing investors. And $23 million comes from the exercise of convertible securities subscribed in an earlier bridge round from Allied Minds, Woodford Investment Management, and Invesco Asset Management.
Spin Memory also announced a commercial agreement with Applied Materials to create a comprehensive embedded MRAM solution. And the company also set up a commercial agreement with Arm for the licensing of Spin Memory’s Endurance Engine design IP to address static random-access memory (SRAM) application in system-on-chips.
And Spin Memory is now pursuing a new model of collaboration to drive MRAM as a mainstream alternative to embedded SRAM and other non-volatile memories. This funding round and the commercial agreement will help drive this initiative. Plus Spin Memory is collaborating with several industry leaders to solve the memory challenges necessary for AI, ADAS, 5G, IoT, etc.
“These new agreements with Applied and Arm provide Spin Memory the opportunity for strong ecosystem collaboration,” added Spin Memory’s chairman of the board of directors John Kispert in a statement. “Spin Memory is driving a unique industry approach to bringing breakthrough memory technology IPs into the mainstream. We are proud to be engaging with industry leaders in our mission to enable new and exciting embedded memory applications.”