Spin Memory executes extra series B cash

Spin Memory, a US-based random access memory technology spinout of New York University, has raised $8.3m in a series B extension backed by commercialisation firm Allied Minds to bring the round to $60.3m.
Semiconductor equipment producers Arm and Applied Materials, through its investment subsidiary Applied Ventures, also contributed, as did venture capital firm Abies Ventures.
Applied Ventures and Arm had co-led a $29m tranche in 2018, with participation from unnamed new and existing investors, to bring the series B round to $52m.
The full series B amount includes convertible securities subscribed to by Allied Minds, Invesco Asset Management and Woodford Investment Management in 2017.
Formerly known as Spin Transfer Technologies, Spin Memory builds random-access data (RAM) storage products that store information using magnetic states rather than electrical charge as with existing technologies – an approach known as magneto-resistive RAM.
The approach is intended to hold larger amounts of data and conserve battery power while it is being accessed, supporting applications such artificial intelligence and internet-of-things (IoT).
Spin Memory has a commercial agreement with Applied Materials providing access to the latter’s patents, and also has a licensing arrangement with Arm.
Spin Memory secured $70m in a 2014 round led by Woodford Investment Management and backed by Allied Minds and Invesco Asset Management, both of which had co-led a $36m series A for the company in 2012.