9th Oct 2014 10:08
LONDON (Alliance News) - Allied Minds PLC Thursday said its subsidiary Spin Transfer Technologies (STT) has raised USD70 million in financing to accelerate commercialisation of its innovative computer memory technology.
The company believes its patented OST-MRAM technology has the potential to replace large segments of the Flash, SRAM and DRAM markets, which collectively had a combined estimated value of USD60 billion a year in 2013.
In a statement Thursday, the US science and technology development and commercialisation company said that out of the USD70 million raised by the subsidiary, Allied Minds bought roughly 1.7 million preferred shares, contributing around USD20 million. The rest was raised with WIM and Invesco, two substantial shareholders of Allied Minds.
Allied Minds said the total valuation of STT increased from USD137.0 million to USD251.0 million, and Allied Minds' ownership adjusted value increased by USD44.6 million to USD121.5 million, which would give it a 48% holding.
"These proceeds will enable [Spin Transfer Technologies] to accelerate the development and commercialisation of our proprietary, next-generation technology, putting us in an excellent position to significantly impact the sizeable market segments that the company aims to serve," said STT Chief Executive Officer Barry Hoberman.
Shares in Allied Minds were trading flat mid-morning Thursday at 273.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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