Avalanche Technology, a US-based company specialising in computer memory technology, secured $11.5m on Monday in a round that saw participation from Qualcomm Ventures, the corporate venturing unit for telecom and semiconductor corporation Qualcomm.
The series C round was led by Vulcan Capital, the investment firm backed by Microsoft co-founder Paul Allen, and included contributions from venture capital (VC) firms Sequoia Capital and Bessemer Venture Partners, and VC fund Thomvest Ventures.
The three venture investors previously backed a $7.5m series B round in February 2010. According to its SEC filings, Avalanche has raised a total of $34.3m in equity and $950,000 in debt financing, with boutique equity firm Peregrine Capital and financial services company Sand Hill Capital among its earlier backers.
Avalanche is working on a memory technology, known as Spin Programmable Memory, which promises higher performance and scalability for use in applications covering telecommunications, computing, mobile, and networking verticals. The funding will ensure Avalanche can continue to build upon its memory technology base.