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11 January 2018

STT turns to $22.8m

Spin Transfer Technologies has completed a $22.8m bridge facility after receiving commitments worth $10.3m to add to $12.5m from commercialisation firm Allied Minds.

Author: Callum Cyrus, reporter

Spin Transfer Technologies (STT), a US-based data storage spinout from New York University (NYU), closed its $22.8m convertible bridge round today after raising $10.3m from Invesco Asset Management and Woodford Investment Management.

Commercialisation firm Allied Minds had underwritten the entire facility in October 2017 but will now contribute $12.5m given Invesco and Woodford’s involvement.

The developer is working on a magnetic-based temporary data memory device called ST-MRam that would retain data even when the computer is switched off, unlike the temporary memory chips available today.  

Retaining data on temporary-style chips could facilitate a universal memory product that offers high speed and a reduced physical profile coupled with endurance and low power consumption.

The bridge facility will help fund STT until it completes its series B round, which should close by the end of the first quarter of 2018.

Proceeds will also be used to prepare a commercial product. STT is aiming for a 2018 release date to stay in line with other vendors developing similar technology.

Allied Minds helped found STT in 2007 to further research by Andrew Kent, a professor of physics at NYU who runs a lab focused on nanoscale magnetic materials.

STT subsequently raised $36m in 2012 in a series A round co-led by Allied Minds and Invesco, before Woodford led a $70m round backed by Invesco and Sandaire Investment Office in 2014.

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