Micromem

Micromem announced today that they have raised $340,000 Canadian in a private placement.

Micromem says that their Memory (MRAM) product is now complete through the Global-Communication-Semiconductor and BAE Systems foundries. The MRAM is fully packaged in arrays, and it's being tested and evaluated against standard and routine memory tests.

Micromem announced that they have raised 375K$ in a private placement.

They will use the proceeds from the offering for general working capital purposes.

Micromem reports that their MRAM RFID samples will be available by the end of the month. The MRAM arrays are manufactured by Global Communications Semiconductor, and are currently undergoing full performance testing.

Micromem also says that BAE Systems has completed manufacturing of Micromem's wafers. BAE's initial products will also be delivered during December. BAE makes both MRAM arrays and Magnetic Sensors based on Micromem's tech.

As a foundry and business development partner with Micromem Applied Sensor Technologies, BAE Systems’ Microelectronics Center in Nashua, New Hampshire, will further develop Micromem designs and manufacturability for advanced magnetic random-access memory (MRAM) products. The goal is to bring the designs to maturity and begin production of gallium arsenide-based nano-sensors that offer features such as very high-speed and low-power capability, radiation-hardness, and overall robustness.

Micromem Technologies is pleased to announce that it is fully engaged and conducting business development work in two foundries in the United States. The company expects to enter into a third foundry contract by Q3 2008. Joseph Fuda, the company’s CEO, stated, “With our potential clients beginning to validate our technology and moving towards specific productization  plans for their product lines, it is imperative that we continue to have full access to foundry operations. This will ensure the process of moving from constant innovation to product revenue is accelerated.”

Micromem Technologies is pleased to announce the company has significantly enhanced its product offering as a result of the foundry success with its MRAM design. With the success of the GaAs version the company can now look to enhance its memory offerings with recently filed patents for silicon germanium and silicon designs. Micromem plans to announce market release dates for each memory option in the future. The company’s sales and marketing effort is now being divided between MRAM and sensors.

Micromem also announces that its foundry success has enabled the company to explore the lucrative magnetic sensor market. The ultra low power, high sensitivity Hall cross sensor, is a strategic component of the non-volatile random access memory design. Based on business development contacts and sharing foundry results with key verticals, Micromem has now expanded its portfolio into the following key markets:

Micromem Technologies is pleased to announce its Magneto-resistive random access memory (MRAM) is a highly probable candidate for the  universal memory, characterized mainly by high speed (read/write), high density and non-volatility. Micromem has designed a new process architecture for MRAM. We are pleased to announce that our foundry tests have demonstrated a number of valuable advantages for a magnetic-based sensor and memory device: including high sensitivity, thermal stability and simplicity and low cost manufacturing.