Allied Minds had invested over $50m in New York University RAM technology spinout Spin Memory, which has decided to liquidate its assets to pay creditors.
Spin Memory, a US-based random-access memory (RAM) technology developer spun out of New York University, has decided to liquidate.
Commercialisation firm and Spin Memory shareholder Allied Minds announced on Wednesday the company had faced “significant liquidity issues” resulting from challenges in customer acquisition and the covid-19 pandemic.
Spin Memory had been developing RAM data storage technology that uses magnetic states to store information, as opposed to electrical charges. Allied Minds had invested a total of $50.5m for a 34% stake, and revealed the details along with plans to initiate a $3m share buyback programme.
The company closed a $60.3m series B round in July 2020 with an extension backed by Abies Ventures and Allied Minds as well as semiconductor technology providers Arm and Applied Materials, the latter through its corporate venturing unit, Applied Ventures.
The final close followed a $29m tranche in 2018 co-led by Applied Ventures and Arm as well as $23m of convertible securities financing from Allied Minds, Invesco Asset Management and Woodford Investment Management in 2017.
Spin Memory had previously received $106m of funding between 2012 and 2014 from investors including Woodford Investment Management, Allied Minds and Invesco Asset Management.
