Everspin raised $29 million from Global Foundries, Western Digital and others

Everspin Technologies announced that it closed a $29 million funding round, led by Global Foundries and Western Digital Capital. Existing investors (New Venture Partners, Lux Capital, Sigma Partners, Epic Ventures, and Draper Fisher Jurvetson) also joined in the round.

In October 2014 Everspin entered into a partnership with GlobalFoundries to build fully processed 300mm wafers with Everspin’s ST-MRAM technology. In October it was announced that GF acquired a stake in Everspin (this is probably before this recent investment) and also acquired ST-MRAM processing equipment (40-nm).

Everspin announced the world’s first STT-MRAM chip back in 2012, and they started offering it to customers in 2013. In August 2014 Everspin announced it is ramping up production, and the company disclosed several new customer and ecosystem relationships.

This new cash injection is significant of course, and also significant is the fact that Western Digital is one of the new investors. As Everspin themselves say: “the strategic investment recognizes the important role that ST-MRAM will play in the development of high-performance storage architectures and systems with ultra-low latency and increased reliability.”

Source: Everspin