Everspin Increases Series B Funding to $29 Million

Everspin Technologies, Inc., developer and manufacturer of discrete and embedded MRAM, announced that the company has closed its $29 million Series B round of venture capital and strategic investment.  

New Everspin strategic investors include GlobalFoundries and Western Digital Capital, joining current investors New Venture Partners, Lux Capital, Sigma Partners, Epic Ventures, and Draper Fisher Jurvetson.

The close of the Series B round follows the recently announced partnership between Everspin and GlobalFoundries for the supply of fully-processed 300mm Spin Torque MRAM wafers at the 40nm and 28nm technology nodes.

Western Digital Capital is the investment arm of Western Digital Corp. The strategic investment recognizes the important role that ST-MRAM will play in the development of high-performance storage architectures and systems with low latency and increased reliability.

“Everspin is investing heavily in advanced technology, higher densities, volume scalability, and a pervasive ecosystem to further enable ST-MRAM adoption and continue our history of rapid revenue growth,” said Phill LoPresti, president and CEO, Everspin. “With a leading worldwide foundry and storage customer participating in Everspin’s Series B investment round, the entire industry spectrum is acknowledging ST-MRAM as the leading contender to drive beyond the limits of current mainstream memory.”