Everspin takes $29 million to develop next generation MRAM chips

Everspin Technologies is on a mission to replace dynamic random access memory (DRAM) chips and Flash memory chips by combining the features of both in a single chip.

The result of the marriage is the Magnetic Random Access Memory (MRAM) chip, which performs the same functions as permanent Flash memory chips but also has the responsive speed of DRAM.

Everspin now announces that it has closed a fresh $29 million funding round, led by a couple of new investors — Global Foundries and Western Digital Capital. Existing Everspin investors New Venture Partners, Lux Capital, Sigma Partners, Epic Ventures, and Draper Fisher Jurvetson also joined in the round.

In October, Chandler, Ariz.-based Everspin said it was working with Santa Clara, Calif.-based Global Foundries to develop the 300-millimeter CMOS silicon wafers for its latest MRAM.