Spin Transfer Technologies raised $36 million to accelerate its OST-MRAM technology development

Spin Transfer Technologies (STT) announced that they raised $36 million in series A funding led by parent company, Allied Minds and Invesco Asset Management. STT will use the money to accelerate the development of its patented orthogonal spin transfer magneto resistive random access memory technology (OST-MRAM) - by scaling operation, hiring new employees and purchasing equipment.

This is great news for STT. The last we heard from the company was in November 2010 when they announced the successful development of the STT-MRAM device that uses STT's proprietary orthogonal spin transfer technology with a magnetic tunnel junction (MTJ) for memory state read-out.

Back in October 2008 we have interviewed Vincent Chun, who was then the executive in charge at STT.