STT turns to $22.8m

Jan 11, 2018 •

Spin Transfer Technologies has completed a $22.8m bridge facility after receiving commitments worth $10.3m to add to $12.5m from commercialisation firm Allied Minds.

Spin Transfer Technologies (STT), a US-based data storage spinout from New York University (NYU), closed its $22.8m convertible bridge round today after raising $10.3m from Invesco Asset Management and Woodford Investment Management.

Commercialisation firm Allied Minds had underwritten the entire facility in October 2017 but will now contribute $12.5m given Invesco and Woodford’s involvement.

The developer is working on a magnetic-based temporary data memory device called ST-MRam that would retain data even when the computer is switched off, unlike the…

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