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In RRAM to Compete With SSD, Crossbar Closes Series D Funding of $35 Million

Bringing total investment to $85 million

Crossbar, Inc. has completed a $35 million Series D funding round.

Tyche Partners, Oriza Holdings and Cheerful Link Ventures joined all of existing investors in the round, bringing total investment to $85 million to date.

Crossbar plans to use the funds to continue the commercial ramp of its game-changing non-volatile (NVM) memory technology.

The future of electronics innovation rests largely on new developments in memory technology,” said George Minassian, CEO and co-founder, Crossbar. “Crossbar RRAM has been enthusiastically embraced as the leading contender to replace aging non-volatile memory due to its manufacturability and scalability for a variety of applications. This latest round of funding will enable us to take the next crucial steps in bringing our technology to market.”

Innovative RRAM technology is based on a simple device structure using CMOS friendly materials and standard manufacturing processes. It can be stacked in 3D, making it possible to combine logic and memory onto a single chip at the latest technology node. RRAM’s low power, small size, high performance and low latency make it a memory solution for an assortment of applications, from very small devices such as wearables and connected devices for the Internet of Things, to very high capacity, very fast SSDs in cloud data centers.

Crossbar emerged from stealth-mode in August 2013 and has continued to execute its technology development plan. It is currently working with beta customers for its embedded memory solution, targeted for production in 2016. The company also continues to achieve technical milestones to bring to market its high capacity standalone memory – enabling a terabyte of data to be stored on a chip the size of a postage stamp.

Crossbar’s Series D financing closed on August 26th, 2015, led by new investor, Tyche Partners. Other investors included Artiman Ventures, CBC-Capital, Cheerful Link Ventures, Correlation Ventures, Kleiner Perkins Caufield & Byers, Korea Investment Partners, Northern Light Venture Capital, Oriza Holdings, SAIF Partners, Tao Invest and the University of Michigan.

In conjunction with the latest round of funding, Tyche Partners founder and managing partner Weijie Yun has been named to the board of directors.

The storage market faces a tipping point in the next five years and is ripe for a disruptive, yet proven, technology such as Crossbar RRAM,” said Weijie Yun, founder and managing partner, Tyche Partners. “This new round of funding will bring Crossbar one step closer to enabling a new world of storage that promises to change how consumers live, work and play.”

Crossbar’s rapid march toward commercialization and embrace by major customers and foundries clearly demonstrates the promise of their technology and team,” said Wen Hsieh, general partner, Kleiner Perkins Caufield & Byers. “By inventing a new class of low-latency, high-density and low-cost RRAM storage solutions that can be manufactured by any semiconductor foundry, Crossbar is enabling a revolutionary transformaton of the global memory industry.”

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