Everspin Raises $15M Growth Financing
Company surpasses 10M cumulative MRAM product shipments;
New investment drives continued sales expansion
CHANDLER, Ariz., August 12, 2013-- Everspin Technologies today announced that it has closed a Series B financing, raising $15 million to accelerate growth in the enterprise storage market and support the launch of its ground-breaking Spin-Torque MRAM (ST-MRAM) products. Investors in the round included leading venture capital firms New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson, and Epic Ventures.
Everspin’s MRAM is the fastest non-volatile memory with virtually unlimited endurance, providing superior solutions for non-volatile SRAM and DRAM applications and complementing incumbent memory technologies such as NAND and DRAM.
The company also achieved a major milestone in the adoption of MRAM technology, announcing more than 10 million cumulative MRAM product shipments. Everspin is the only company in the world to successfully commercialize MRAM products.
“Everspin is breaking through to become a major supplier of the next generation non-volatile memory technology,” said Stephen Socolof, Managing Partner of New Venture Partners. “We are excited as Everspin’s second generation MRAM, Spin-Torque MRAM, is poised to penetrate massive mainstream markets across various storage and compute applications.”
“Our MRAM products bring new levels of reliability, performance and endurance to persistent memory applications,” said Phil LoPresti, president and CEO of Everspin Technologies. “The support we’ve seen from leading investors is a vote of confidence that we’ve developed an only-in-class technology and are making a significant impact on the global memory market. We will use this new funding to productize our ground breaking Spin-Torque MRAM technology, significantly broadening the multi-billion dollar market opportunity.”
About Everspin Technologies
Everspin Technologies is the leading developer and manufacturer of magnetic RAM (MRAM), offering stand-alone and embedded Toggle and Spin-Torque MRAM products. As the world's first volume MRAM supplier, Everspin has established itself as “The MRAM Company” with an intellectual property portfolio of more than 600 active patents and applications, many of which are fundamental and essential for MRAM technologies. Today Everspin delivers MRAM products to broad applications in the data center and storage, energy and infrastructure, and automotive and transportation markets. www.everspin.com
Michael Schoolnik, 415-674-3816
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