From Russia with love
The funding round has been supported by Avalanche's current investors
including Vulcan Capital, Sequoia Capital, Bessemer Venture Partners,
Thomvest Ventures and Qualcomm Ventures. The round also included VTB
Capital (Moscow, Russia). VTB Capital has taken part in numerous deals
instrumental in attracting investments to Russia.
It was not disclosed whether there is a Russian relocation element to the deal although a VTB Capital representative is joining the board of directors of Avalanche.
working with multiple 300-mm fab partners and OEM customers on
production of its first generation SPMEM embedded and stand-alone
products processed in CMOS at geometries of 65-nm and greater.
customers can choose to embed SPMEM technology into their existing and
next generation system-on-chip 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," said Michael Ofstedahl, vice president for
business development for Avalanche, in a statement.
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," said Aidar Kaliev, global head of venture capital at
VTB, in the same statement.
Russian investors have a penchant for
MRAM technology. In May 2011, Crocus Technology Inc. (Santa Clara,
Calif.) announced it would receive an investment of about $300 million
in a round led by Rusnano, the Russian state-owned nanotechnology fund,
with most of the money earmarked for the creation of a manufacturing
joint venture in Russia.
Related links and articles:
Russia backs MRAM startup Crocus in $300 million deal
Aeroflex offers 16-Mbit, 64-Mbit rad-hard MRAMs
Russia drives into U.S. fabless funding
The old magnetism's back