Avalanche Technology Closes $23 Million Preferred Series Investment
Used to transition from R&D to commercialization and production of STT-MRAM in 2016
This is a Press Release edited by StorageNewsletter.com on February 3, 2016 at 3:10 pmAvalanche Technology, Inc. has completed a $23 million funding round.
Thomvest Ventures, Inc., Vulcan Capital, Rogers Venture Partners, and VTB Capital participated in the round. Complementing its equity investments, Avalanche has a substantial debt facility in place with Horizon Technology Finance Corp.
This equity round and debt facility will enable Avalanche’s transition from R&D to commercialization and production in 2016, with its family of patent-backed discrete and embedded non-volatile memory products based on STT-MRAM.
“This investment round will enable Avalanche to ramp production and commercialize our disruptive STT-MRAM products,” said Petro Estakhri, founder and CEO, Avalanche. “The hard work of the Avalanche development team and our fab partners is apparent; we have been awarded 185 patents and have numerous additional patent filings in process. As a result, we are now bringing our SPMEM discrete products to tier 1 OEMs and licensing our embedded AvRAM technology to strategic partners I couldn’t be more pleased.”
“We are excited with the progress made by the entire Avalanche team. This capital raise underlines and furthers a truly unique and leading technology platform that corners the entire emerging STT-MRAM market,” said Will Stewart, general partner, Rogers Venture Partners. “Given its outstanding feature set, low-cost production model and ability to serve a broad range of applications, I am confident of Avalanche’s long-term success in the market.“