17th Jul 2020 09:18
(Alliance News) - Intellectual property commercialisation company Allied Minds PLC on Friday said it has invested USD4 million in Spin Memory as part of a wider financing round undertaken by the portfolio company.
Spin Memory has netted USD8.3 million in total funding, of which the remaining USD4.3 million will be paid by Arm Ltd, Applied Ventures LLC and Abies Ventures.
Allied Minds currently owns a 43% stake in Spin Memory.
The funding will go towards research for MRAM as it continues to explore new discoveries and advances to bring SRAM-like MRAM to the market. MRAM, or magnetic RAM, is a memory technology that uses electron spin to store information and is a lower-power option to SRAM, or static RAM.
Allied Minds shares were down 3.6% at 33.00 pence each on Friday morning in London.
By Greg Roxburgh; [email protected]
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