Avalanche Technology Secures $30 Million in Third RoundAfter $7.5 million in 2010 for non-volatile magnetic memory start-up
This is a Press Release edited by StorageNewsletter.com on 2012.08.01
Avalanche Technology, Inc., in Spin Programmable Memory (SPMEM) spin-transfer torque (STT_MRAM), has closed its third round of equity funding by raising $30 million.
This round has participation from current investors including Vulcan Capital, Sequoia Capital, Bessemer Venture Partners, Thomvest Ventures and Qualcomm Ventures and included new Russian investor VTB Capital.
These funds will be used to further the development and bring into production proprietary, non-volatile storage class memory solutions.
Patented SPMEM technology has been demonstrated on silicon show casing its stability, reliability, unlimited endurance, and scalability, while exhibiting performance, low power dissipation, and virtual complete resistance to external perturbation.
The technology solves many of the challenges other existing memory technologies such as DRAM, SRAM, Flash, NOR and Field MRAM memories face today including lack of scalability, high leakage, low endurance/wear-out as well as larger cell sizes and high power consumption.
Avalanche has been developing its SPMEM technology since 2006 and is currently working with 300mm fab partners and OEM customers on prototyping and production of its first generation SPMEM embedded and stand-alone products processed at ≤65nm CMOS.
The non-volatile storage class memory solutions will be utilized in the solid state storage market, such as SSD, as well as enable mobile, networking and computing platforms to take advantage of the attributes of STT-MRAM.
"Avalanche customers can choose to embed SPMEM technology into their existing and next generation SoC solutions as well as design in Avalanche's branded stand-alone discreet devices enabling customers to essentially replace several memory types with one common memory interface/technology," said Michael Ofstedahl, VP Business Development for Avalanche.
"This round of funding will enable Avalanche to deliver in production this extremely highly sought after memory technology," said Petro Estakhri, founder and CEO of Avalanche Technology. "We are moving quickly toward delivering this groundbreaking patented technology ideally suited for high volume applications across a number of computing platforms to key customers we are currently working with."
Estakhri added: "It's a pleasure to welcome VTB Capital to the Avalanche team including our board of directors."
"Avalanche has an extremely promising combination of a cutting-edge proprietary technology for high-volume markets and a seasoned and very ambitious team of industry veterans who were able to build very successful memory companies in the past, taking them from scratch to billion dollars in revenues and IPO," said Aidar Kaliev, global head of Venture Capital at VTB Capital. "We were strategically interested to have an investment in next generation memory technologies, and have decided to bet on Avalanche."