Spin Transfer Technologies Raises $36 Million in Series A

Spin Transfer Technologies, Inc. (STT), developer of MRAM universal computer memory technology, secured $36 million in Series A funding.

The raise was led by its Boston-based parent company, Allied Minds and Invesco Asset Management.

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 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."

STT 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 implications for the development of spin transfer MRAM devices, including faster switching times, lower power operation and scalability to smaller dimensions.