Everspin Garners $15 Million in Series B Financing

Everspin Technologies, Inc. has closed a series B financing, raising $15 million to accelerate growth in the enterprise storage market and support the launch of its Spin-Torque MRAM (ST-MRAM) products.

Investors in the round included venture capital firms New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson, and Epic Ventures.

Everspin’s MRAM is a non-volatile memory with virtually unlimited endurance, providing solutions for non-volatile SRAM and DRAM applications and complementing incumbent memory technologies such as NAND and DRAM.

The company also achieved a milestone in the adoption of MRAM technology, announcing more than 10 million cumulative MRAM product shipments.

"Everspin is breaking through to become a major supplier of the next generation non-volatile memory technology," said Stephen Socolof, managing partner, 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, Everspin. "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."