February 13, 2012
Spin Transfer Technologies, Inc. a leading developer of a breakthrough MRAM universal computer memory technology announced today that it secured $36 million in Series A funding. The raise was led by its Boston-based parent company, Allied Minds and Invesco Asset Management.
Spin Transfer Technologies (STT) will use the funds to scale operations, purchase equipment and grow its team to accelerate development of its patented orthogonal spin transfer magneto resistive random access memory technology (OST-MRAM). The company is poised to create the next generation of memory applications combining the non-volatility of flash with the read and write performance of DRAM and SRAM into one, seamless product. Initial performance data from STT bit cells has far exceeded industry standards in key areas.
“From servers to mobile platforms, our memory technology has the potential to significantly boost the performance of nearly all forms of computing applications. The additional capital we’ve secured will help further advance our efforts towards development and ultimately commercialization,” stated Steven Cliadakis, General Manager of Spin Transfer Technologies.
The potential benefits of the STT approach are significant: superior processing speed, lower manufacturing cost, greater scalability, significantly lower power consumption and virtually unlimited endurance.
“Since our initial investment, we continue to witness positive technical outcomes with the orthogonal spin transfer approach,” said Chris Silva, CEO of Allied Minds. “These exciting results coupled with the growing interest among potential collaborators make us confident that STT’s MRAM technology will gain wide acceptance across the industry.”
About Spin Transfer Technologies
Spin Transfer Technologies, Inc. was established by Allied Minds and New York University to develop and commercialize its orthogonal spin transfer magnetoresistive random access memory technology, OST-MRAM. The technology, discovered by Professor Andrew Kent, has enormous implications for the development of spin transfer MRAM devices, including faster switching times, lower power operation and scalability to smaller dimensions. www.spintransfer.com.
About Allied Minds
Allied Minds is a private equity-funded innovation company that forms, funds, manages and builds startups based on early-stage technology developed at renowned U.S. universities and national labs. Allied Minds serve as a diversified holding company that supports its businesses with capital, management and shared services and is the premier firm to utilize this novel and fully-integrated approach to technology commercialization. Investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and groundbreaking products and services. Subsidiaries include Allied Minds Devices, Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure, and Spin Transfer Technologies. www.alliedminds.com/about