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Spin Memory announces extension of Series B funding

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Spin Memory, a developer of MRAM technologies, has announced an extension of its Series B funding round, as a result of having received additional investment from all of its leading investors.

The funding includes recent investors, Arm, Applied Ventures, LLC (the venture capital arm of Applied Materials) and Abies Ventures (Abies), as well as the company’s founding investor, Allied Minds.

“The additional investment validates the work we’re doing here at Spin Memory and demonstrates the value of our MRAM IP offerings – especially during such challenging times,” said Tom Sparkman, CEO of Spin Memory. “We are proud to be part of the growing MRAM eco-system in both the embedded and stand-alone implementations.”

As the industry demand for high-speed, low-leakage, non-volatile memory continues to grow, Spin Memory is working on bringing MRAM closer and closer to SRAM-like performance as a new mainstream memory solution. Applications such as autonomous driving, artificial intelligence and edge computing are all looking at a vast expansion of memory and Spin’s MRAM IP is seen as holding a critical key in delivering high-retention, high-endurance, high-density and high-speed. The technology has been bolstered by over 250 patents, a commercial agreement with Applied Materials, and a licensing agreement with Arm.

“The rapid expansion of the Internet of Things and edge computing is fue;ling the need for new types of fast, low-power memory,” said Om Nalamasu, President of Applied Ventures and Chief Technology Officer of Applied Materials. “Applied Ventures is excited to support Spin Memory as part of our current portfolio of active investments spanning Materials to Systems and we look forward to their success as they work to accelerate commercialization of MRAM technology.”

The additional funding will support Spin Memory’s continued research for MRAM as the company pushes the envelope – exploring new discoveries and advances to bring SRAM-like MRAM to market. As DRAM and SRAM are hitting scaling and efficiency limits, demand for a novel, memory alternative is rapidly growing.