Orthogonal Spin Transfer MRAM (OST-MRAM) technology developer Spin Memory is shutting down. The company's main investor and founding company, Allied Minds, said in a statement that the main reasons challenges in securing new customers and COVID-19 which "significantly delayed the required testing of its development chip with ARM".
This is a sad ending to Spin Memory, which began its way as Spin Transfer Technologies - a spin-off from NYU that was established together with Allied Minds.
Spin Memory raised a total of $50.5 million in several financing round from Allied Minds and other investors (the last one was in 2020, when it raised raised $8.3 million in an extension to its Series B funding. The company developed several innovative technologies, including the Universal Selector, which was said to significantly improve existing and emerging memory technology capabilities.
Thank you Tom from Coughlin Associates and Jim from Objective Analysis, for the tip. These two recently released a new edition of their emerging memory market report.