LONDON – Spin Transfer Technologies Inc., a startup pursing the development of a type of magnetic random access memory, has raised $36 million in a series A funding round led by Allied Minds Inc. and Invesco Asset Management.
Spin Transfer Technologies (Boston, Mass.) was founded as an LLC in 2007, to commercialize orthogonal spin transfer magnetoresistive random access memory technology, OST-MRAM, a technology originally discovered by Professor Andrew Kent at New York University (NYU). Some of the subsequent research was performed by Spin Transfer Technologies’ collaborators
at NYU, led by Professor Kent, with industrial
collaborators Singulus Nano Deposition Technologies GmbH and Hitachi Global Storage
Spin Transfer Technologies (STT) claims it is poised to create a universal memory that combines the non-volatility of flash memory with the read and write performance of DRAM and SRAM. The company has presented initial performance data from STT bit cells. These results were for cells that included a magnetic tunnel junction for memory state read-out making the technology compatible with CMOS logic. The OST-MRAM showed 100 percent probability of switching with current pulses of 500-ps duration and of 250-femtojoules energy and a 100 percent magnetoresistance ratio.
STT said that OST-MRAM has a number of benefits of rival non-volatile memories including: lower manufacturing cost, greater scalability, lower power consumption and virtually unlimited endurance. STT said it will use the money to scale operations, purchase equipment and grow its team to accelerate development of the OST-MRAM.
"From servers to mobile platforms, our memory technology has the potential to significantly boost the performance of nearly all forms of computing applications," said Steven Cliadakis, general manager of Spin Transfer Technologies, in a statement issued by Allied Minds.
"Since our initial investment, we continue to witness positive technical outcomes with the orthogonal spin transfer approach," said Chris Silva, CEO of Allied Minds, in the same statement. "These exciting results coupled with the growing interest among potential collaborators make us confident that STT’s MRAM technology will gain wide acceptance across the industry."
Allied Minds is described as the parent of Spin Transfer Tech. Allied Minds is a private equity-funded innovation company that forms, funds, manages and builds startups based on U.S. university research and work done in federally funded research institutions. The company has a number of subsidiaries in the medical and life sciences sectors as well as SiEnergy Systems LLC (Boston, Mass.), a solid-oxide fuel cell company, and Spin Transfer Technologies Inc.