Magnetic RAM (random access memory) company Everspin Technologies raised USD 15 million in its Series B funding round. New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures supported the Arizona-based firm. Everspin said it would be using the funds to support the launch of its Spin-Torque magnetic RAM (MRAM) products. Part of the funds raised would also be used to fuel its growth in the storage market space. Everspin is the world's first volume MRAM supplier and holds over 600 active patents and applications to its name.
Managing Partner of New Venture Partners Stephen Socolof said they are excited with the possibility of Everspin's Spin-Torque product. "We are excited as Everspin's second generation MRAM, Spin-Torque MRAM, is poised to penetrate massive mainstream markets across various storage and computer applications," he said.
Everspin Technologies President and CEO Phil LoPresti said that the support of their investors is a vote of confidence in their product. "We will use this new funding to productize our ground breaking Spin-Torque MRAM technology, significantly broadening the multi-billion dollar market opportunity," he added.
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