Spin Memory, a US-based random-access memory (RAM) technology developer backed by semiconductor technology providers Arm and Applied Materials, has decided to liquidate.
Founded in 2007, Spin had been developing RAM data storage technology that uses magnetic states to store information, as opposed to electrical charges.
UK-listed commercialisation firm and Spin shareholder Allied Minds announced on Wednesday the company had faced “significant liquidity issues” resulting from challenges in customer acquisition and the covid-19 pandemic.
Spin closed a $60.3m series B round in July 2020 with an extension featuring Arm, Applied Materials subsidiary Applied Ventures and Abies Ventures.
The final close followed a $29m tranche in 2018 co-led by Applied Ventures and Arm as well as $23m of convertible securities financing from Allied Minds, Invesco Asset Management and Woodford Investment Management the previous year.
The company had previously received $106m of funding between 2012 and 2014 from investors including Woodford Investment Management, Allied Minds and Invesco Asset Management.