Avalanche Technology announced that it has raised $30 million from existing investors (Vulcan Capital, Sequoia Capital, Bessemer Venture Partners, Thomvest Ventures and Qualcomm Ventures) and also from a new investor, VTB capital. Avalanche hopes that this investment will enable them to bring the first products into the market.

Avalanche will produce STT-MRAM chips based on their proprietary SPMEM (Spin Programmable Memory) technology. SPMEM uses a revolutionary spin current and voltage switching technology that enables "lower write current, smaller cell size and excellent scalability". The first products will use a 65 nm process, but the company says that their technology is scalable to 10 nm or even less.