Spin Memory turns to corporates to raise $52m

Spin Memory, a US-based magnetoresistive random access memory (MRAM) technology developer spun out from New York University, has raised $52m in a series B round co-led by semiconductor equipment producers Arm and Applied Materials.
Arm and Applied Materials, which invested through subsidiary Applied Ventures, joined undisclosed new and existing investors to supply $29m of equity funding.
The rest consisted of convertible securities already subscribed to by Invesco Asset Management, Allied Minds and Woodford Investment Management in an October 2017 bridge round.
Formerly known as Spin Transfer Technologies, Spin Memory provides MRAM intellectual property (IP) for developers of technologies such as artificial intelligence or internet-of-things products.
The company was formed by commercialisation firm Allied Minds and New York University and was spun out of New York University in 2007.
The funding was secured alongside an agreement with Applied Materials to jointly develop an embedded MRAM product, and a partnership with Arm that will involve the latter licensing the design for its Endurance Engine static random-access memory technology from Spin.
John Kispert, chairman of Spin Memory, said: “These new agreements with Applied and Arm provide Spin Memory the opportunity for strong ecosystem collaboration.
“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.”
Allied Minds and Invesco Asset Management provided $36m in series A funding for the company in 2012, before Spin added $70m from Woodford Investment Management, Invesco and SandAire two years later.