Everspin Technologies, a US-based developer and manufacturer of data storage technology, closed a $29m series B round yesterday featuring Western Digital Capital, the investment unit of hard disk drive producer Western Digital.
Semiconductor foundry GlobalFoundries also joined the round, which previously closed at $15m in 2013. New Venture Partners, Sigma Partners, Lux Capital, Draper Fisher Jurvetson and Epic Ventures had already contributed funding.
The company, spun out off semiconductor manufacturer Freescale in 2008, raised $44.5m in a series A round the same year and an additional $5m in 2012, according to regulatory filings.
Everspin’s magnetoresistive random-access memory (MRAM) technology stores data using magnetic fields, as opposed to the more common electric charge method.
MRAM was first developed by communications technology producer Motorola in 1995, before Motorola spun out Freescale to exploit the technology in 2004.
– Image courtesy of Everspin