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AZ Tech Beat | March 29, 2017

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MRAM manufacturer Everspin closes $29 million Series B

MRAM manufacturer Everspin closes $29 million Series B
Jesse A. Millard

Chandler-based MRAM manufacturer Everspin Technologies Inc. closed on a $29 million Series B round after more investors joined in the round.

Everspin’s added two more investors, GLOBALFOUNDRIES and Western Digital Capital, to reach the $29 million finish line. The other investors in the deal include New Venture Partners, Lux Capital, Sigma Partners, Epic Ventures, and Draper Fisher Jurvetson.

GLOBALFOUNDRIES, one of the contributors of the new funds, and their new partnership announced last year aim to create new MRAM technology for the next generation of technology, according to Iris Dorbian of PE HUB.

Additional investors came to Everspin because they saw the important role Everspin’s new hardware could play in the advancement of high-performance storage systems, Dorbian said.

“With a leading worldwide foundry and storage customer participating in Everspin’s Series B investment round, the entire industry spectrum is acknowledging ST-MRAM as the leading contender to drive beyond the limits of current mainstream memory,” Phill LoPresti, President and CEO of Everspin Technologies, said in a statement.

*The article has been updated since its original post for clarification