Avalanche Technology, Inc., the industry leading innovator of Spin Programmable Memory (SPMEM™) MRAM based on spin-transfer torque (STT_MRAM), announced that it has closed its series D of equity funding by raising $30 mln. This round has full participation from Avalanche’s current investors including Vulcan Capital, Sequoia Capital, Bessemer Venture Partners, Thomvest Ventures and Qualcomm Ventures and included new investor DFJ VTB Capital Aurora.
Avalanche's existing investors, which include Bessemer Venture Partners, Qualcomm Ventures , Sequoia Capital, Thomvest Ventures and Vulcan Capital, led the round, each taking its pro-rata share or beyond. New investor DFJ VTB Capital Aurora also participated in the round. Aidar Kaliev, Global Head of Venture Capital at VTB Capital, will join the company's board.
These funds will be used to further the development and bring into production Avalanche’s leading edge, proprietary, non-volatile storage class memory solutions.
Avalanche’s patented SPMEM™ technology has been successfully demonstrated on silicon show casing its stability, reliability, unlimited endurance, and scalability, while exhibiting high performance, significantly lower power dissipation, and virtual complete resistance to external perturbation. Avalanche’s SPMEM™ technology essentially solves many of the challenges other existing memory technologies such as DRAM, SRAM, Flash, NOR and Field MRAM memories face today including lack of scalability, high leakage, low endurance/wear-out as well as larger cell sizes and high power consumption. Avalanche has been developing its SPMEM™ technology since 2006 and is currently working with leading world-class 300mm fab partners and OEM customers on rapid prototyping and production of its first generation SPMEM™ embedded and stand-alone products processed at ≤65nm CMOS. This places Avalanche in the forefront of non-volatile storage class memory that will be utilized in the solid state storage market, such as SSD, as well as enable mobile, networking and computing platforms to take advantage of the many attributes of STT-MRAM. Avalanche customers can choose to embed SPMEM™ technology into their existing and next generation system-on-chip (SOC) solutions as well as design in Avalanche’s branded stand-alone discreet devices enabling customers to essentially replace several memory types with one common memory interface/technology.
, Founder and CEO of Avalanche Technology, said: “This round of funding will enable Avalanche to deliver in production this extremely highly sought after memory technology. With our initial SPMEM™ products, we will bring a new paradigm to a number of high volume markets and are moving quickly toward delivering this groundbreaking technology ideally suited for embedded and discrete stand-alone memory applications. That is a pleasure to welcome VTB Capital’ venture capital to the Avalanche team.”
, Global Head of Venture Capital at VTB Capital, said: “Avalanche has an extremely promising combination of a cutting-edge proprietary technology for high-volume markets and a seasoned and very ambitious team of industry veterans who were able to build very successful memory companies in the past, taking them from scratch to billion dollars in revenues and IPO. We were strategically interested to have an investment in next generation memory technologies, and have decided to bet on Avalanche.”
Avalanche’s SPMEM™ unique characteristics make it particularly suitable to a wide variety of telecommunication, networking, computing and handheld applications currently using DRAM, SRAM, NOR and/or Flash memory technology. Unlike traditional field write MRAM, Avalanche’s SPMEM™ utilizes a revolutionary proprietary spin current and voltage switching technology allowing for lower write current, smaller cell size and excellent scalability to future technology nodes beyond 10nm. It is the only truly scalable new memory technology providing non-volatility, scalability, low power dissipation, unlimited-write-endurance, high-density, and high-performance. It is particularly well suited to applications requiring high data reliability and high performance and has the unique potential of becoming the next generation of universal embedded memory technology for SOC as well as stand-alone devices in a number of high availability storage applications.
Avalanche is a mid-stage company comprised of successful serial entrepreneurs and veterans in semiconductor, memory and storage industries. Avalanche Technology set out to fundamentally change the memory industry with a disruptive low power, high performance, scalable, non-volatile magnetic memory protected by a comprehensive US and foreign patent portfolio. The company licenses its technology platform for embedded and standalone chip applications in a wide variety of telecommunication, networking, storage, computing and handheld applications. Avalanche is supported by top tier VC’s including Vulcan Capital, Sequoia Capital, Bessemer Venture Partners, Thomvest Ventures, Qualcomm Ventures, Leader Ventures and VTB Capital.
VTB Capital Investment Management
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